MLS Access
Did you know that you can receive daily updates of "what's new" in Eastham (or Wellfleet, Truro, etc.) real estate? You can set your own parameters so you only receive notice of relevant homes and/or building lots. I use this tool to catch up on "what's new" each morning over my morning coffee (actually my 2nd cup!). The Emails arrive between 7:30 and 8:30 AM. You can even send me notes directly from the listings if you have any questions or you want to schedule a showing. It's a great way to use the Internet! Sign up..... here ...
Eastham Sales for October
Wow! Sales in Eastham rose to 24 in October. This is the highest this year. In fact, it's higher than September and August, combined (13 & 7, respectively). The average sale price was $434K. This compares to the (corrected) September average sale of $390K.
The year-to-date average (of 108 sales) is $409K, up 6.95% from $382,575 for all of 2002. The selling price to asking price ratio (i.e. SP/AP) took a dive this month to 93.17%. The meaning of this (as a single data point) is difficult to determine. The high number of closings, mostly originating in late summer, may have driven the ratio down as sellers chose to accept lower offers as a way to ensure a completed sale before the end of the buying season.
Looking forward, I expect the year-to-year (2002-2003) sales price appreciation to be in the order of 7%. The fall selling season has begun to taper off. Again, as in the spring, the weather has not been overly cooperative. Also, as mentioned last month, is the "supply and demand" situation. The supply of mid-priced ($350K-$450K), 3 & 4 bedroom homes has been non-existent. This bodes well for future price appreciation, but leaves very little to sell. I see this as an opportunity for those who want or need to sell their home to relocate off-Cape. Now may be the time to sell!
Featured Listing for December ....
This month we have a property that's only about 400 feet from Campground Beach, with deeded rights to the beach. There are 2 homes on the property, one has 4 bedrooms, the other is a one bedroom cottage. Sold fully furnished. This house has been a great rental property due to it's closeness to the water. The list price is $625,000. Call me for the details.
Mortgage Rates
Mortgage rates continue to be fairly stable at about the 6.00%. The latest rate we've seen from local banks is 5.875% (30 yr/zero points, 5.880% APR). This rate is 3/8ths of a point lower than last month. If you are considering buying, or refinancing, now may be the time.
On an annual basis, the 30-year fixed-rate mortgage is expected to rise gradually from an average of 5.9% this year to an average of 6.5% in 2004. "Even with the modest increase, we have to go back to the 1960s to see two comparably affordable years for mortgage interest rates." This is a quote from David Lereah, NAR's (National Assoc. of Realtors) chief economist, at the NAR annual conference, November 7th to 10th.
I get nearly daily faxes from three local banks, so give me a call and I'll tell you the current best rates and provide you with the "special client" phone numbers to speak to their mortgage loan officers. Stay alert!
Homes on the Market Lose Their Personality
That's the title of an article in the Real Estate Journal (published by the Wall Street Journal). The gist of the article is that the jury is still out on house "staging". House staging is the practice of preparing a house that's for sale as if it was a furniture showroom, with everything arranged so that the house's best features are highlighted (and its ugly components are minimized). It also emphasizes the removal of personal effects and clutter. Go here to read the article.
Those Special License Plates
I'm sure you've seen them. Ever wonder what they are about? Those Massachusetts license plates with the Nauset Lighthouse and the tail of a right whale are "Special" plates where the extra proceeds going toward specific projects. You don't have to live on the Cape to have these plates, but you need to reside in Massachusetts.
Proceeds from the Cape Cod & Islands special plate fees go towards economic development on the Cape Cod and Islands. Check here ... http://capecodvisit.net/plate/ and here ...http://capeandislandsplate.com/ .. for more details.
Proceeds from the Preserve the Trust special plate fees go to the Massachusetts Environmental Trust which provides grants to educate and preserve the Massachusetts environment. Check here ... http://www.state.ma.us/rmv/express/whalemet.htm
One last Special plate ... the Cape Cod Baseball League. This plate isn't a reality yet... but stay tuned.
Go here for details..... http://www.capecodbaseball.org/plate/index.htm
A good holiday is......
A good holiday is one spent among people whose notions of time are vaguer than yours. ...John B. Priestly
Raw Data
Buying ?? / Selling ??
Is it time for you to buy or sell Eastham property? Allow me to step through your options as your real estate agent. Call me at 508-255-3560 or 508-237-9545 (mobile) or send me an E-mail at [email protected]. Hopper Real Estate is located in Seatoller Plaza, on Route 6, in North Eastham, Massachusetts.
Bob Sheldon