My Cape Cod Real Estate 2012 prediction,
Cape Cod Real Estate has seen a pretty tough time over the last few years. Before 2006 the Cape Cod market was hot, hot, hot. Many agents got into this booming market because, one could do no wrong.
Everything was selling. I heard of stories of agents sticking the sign in the yard and before they even got back to the office, there were 2 or 3 offers waiting from buyers who were afraid they might lose or be out bid if they took to long to act.
Well that’s not my realty. I got into the game right when the shift happened.
Many people look at national trends and news outlets to come up with opinions about our local Cape Cod Real Estate. You may have heard what happen in Vegas stays in Vegas. I like to say what happens on Cape Cod happens last. Don’t ask me what it means….
What’s my Cape Cod outlook for 2012?
Here is what the market is telling me about this 2012 market. Most economist (who get paid to get it right ) are predicting anywhere from 1.1% to 4% decline in home values before we see an uptick in the last quarter.
What does this mean? Well if you’re a seller, Get selling NOW. Waiting for the proverbial spring market might not have the effect one desires. If you’re a buyer, don’t wait hopping to save big. Waiting for that 2% decrease in price could cost you 1% in your mortgage rate.. you do the math. and you could be picking over the leftovers. yuck
The Cape Cod Real Estate market might be a little slower to bounce back from this down turn because we are a big second home, vacation home market.
Now, I love to play golf but if I were a potential buyer and I’m uncertain of the economy. I might be less inclined to dig into my piggy-bank to buy that golf course home on the 18th tee.
However in any Real Estate market there is always an opportunity.
The Cape is no different. Real Estate is bought and sold every day. Sellers who purchased their homes many years ago have still seen their equity grow and for the buyers who are not sitting on the fence but getting in while the gettin’s good… well its all good!
Oh one thing. In Mass we have a slightly higher ration of foreclosures that are pending.. This will affect us moving forward. I will have to keep an eye on the data to see if this is factored into most predictions.
