Hi Joe,

There are many buyers with the same thought process as you...There certainly are tremendous deals out there considering the current market. Your best bet is to align yourself with an aggressive and top producing Realtor here on the Cape. Make sure they have their ABR (accredited buyer representative) and know the specific area that you are intersted in. You are right, this is not a good market for "flipping". Bank owned and short sale properties are a thought as they are obviously priced well below value as to sell quickly. Most will need a bit of work but that is where you will find most of your deals... Just a fair warning....most bank owned properties in Barnstable County are getting within 95% of their asking price, especially if sold within 30 days. Again, your realtor will know where all the deals are..Most agents attend weekly tours to become familiar with the current inventory and are aware of certain properties where folks are anxious to move on. If you'd like a referral, I'd be happy to help. If you want the best resale value, make sure you buy as close to the beach as your pocket will allow. In fact, a brand new bank owned came on the market this morning directly across from famous Cragiville Beach. Call me if you want the info on that. If bank owned properties are not your thing, I still feel that you can find a good deal as all the other sellers still need to be priced well to compete with all the bank owned out there...
Good luck and hang in there...
ps..I know you wish to wait till spring ( you're probably hoping to have prices drop more) please consider interest rates too. Even if the price of a house drops 10-15K, the amount is nullified if the rates on a 30yr go up....that is of`course if you mortgage any of it....

Deborah Del Negro
Realtor, ABR, SRES
Today Real Estate
508-568-8183