I get this question a lot. 

The Cape Cod market, like other vistor-driven areas of the country is cyclical.  The holidays also affect most markets.  Most people begin thinking about buying a home or are actively searching as we get closer to Spring.

So even though we haven't reached the end of February, I thought I'd run some quick numbers just comparing January, 2008 to February, 2008, to date.  So far, it would appear that this year is no exception.  While activity is down from the same time-frame last year, February looks to be quite an improvement over January.  Hopefully, the trend will hold true for March and April. 

According to the Cape & Islands MLS, January saw 436 homes either under contract or sold.  There were 5,016 homes in the inventory.  So far for February there are 635 homes sold or under contract.  Given the skittishness of Wall Street, forecasts of a collapsing real estate market, and more stringent criteria for mortgage approval, and increase of 200 in sales and pendings isn't too shabby!  There are also about 480 fewer homes in inventory.

So what does this mean?  Is it a Buyer's Market or a Seller's Market?

Maybe.  Gee thanks. Great answer, Cathy.  That helps a lot!

Well, here's my take on it as I gaze into my crystal ball and all numbers are open to interpretation.  It's more of a Buyer's market than a Seller's market but there are qualified Buyers out there who ARE buying.  There are also Sellers who are motivated to sell. 

So is it a good time to buy or sell?  Depends on your own personal situation. 

If you are a seller in an up-side down mortgage (owe more than it's current market value), probably not.  However, if you have equity in your home and room to negotiate with a valid Buyer, you can probably either move up and get more for your money or taken the equity and downsize.

Buyers need to have a good credit score and debt to income ratio.  Interest rates are still good, and mortgages are being approved.  Speak with a lender to see what you could qualify for.  Be realistic.  If you qualify for $300,000, don't start looking at $450,000 homes thinking that you're going to find the deal of the century.  Not likely.  Stay within your range, know what you want to pay monthly, keeping mind taxes and insurance. 

All real estate is cyclical and local.  The numbers we hear on the news are National.  Even local news outlets are using statewide statistics.  Different counties are experiencing varying levels of foreclosure, inventories and sales. 

Whether you want to buy or sell, the Spring market on Cape Cod is looking up for both!

Pay Pal Scam Alert!!!

Many of us, especially this time year, use PayPal to make online purchases.  This morning I received an email indicating that there was a potential security breach to my account from a foreign IP address and, unless I confirmed my information, my account would be suspended.

So, being the fool that I am, I clicked on the link to see what was going on.  Mind you, I haven't used PayPal in quite some time but have in the past. 

I reached a screen that "appeared" very official.  It asked for a log-in and password.  .  However, it was asking me to give my name (don't they already have that?) credit card number AND Social Security number.  I get the heck out of there fast and open a new window and go to PayPal's official site.  I notice that their address is PayPayl.com.  The return address on my email is PayPal.us.  Search "scam" on their site and while this one is not specifically mentioned, there's a similar one documented on their site.

I now have to go through and change all my passwords just to be safe.  I have a feeling that this other "site" would have accepted any log-in name and password and I was foolish enough to use a real one.

Beware!!!!!

A few years back, I wanted to show a vacant home a couple of days after a foot of snow had fallen.  Made the appt with the listing agent and off we went.  There were a few other, occupied homes on the list, as well.  I showed the "occupieds" first and saved the vacant for last. 

Upon arrival, the very long driveway was impassable even in my SUV with brand new tires.  It wasn't just that particular snow fall but a previous one which had not been cleared. My Client and I are undeterred and park on the street.  We New Englanders are a hardy sort and don't let a little snow get in our way.  I grab my trusty shovel out of my car and we trudge up the driveway and find that because of snow drifts we can't get to the lockbox.  Both of us give up at this point.  We could waste all sorts of time shovelling the walkway and stairs but, you know what?  No way.  Just not worth it.

I called the LA and told her we couldn't get in the house and didn't believe anyone else would be able to either.  I received a call-back a few days later indicating that the driveway, walkway and stairs were cleared and would my Client like to see it now?  Too late.  She bought something else.

One of the many traditions of giving on Cape Cod is now in its 6^th year in Buzzards Bay and will begin on Wednesday, December 12, 2007. 

Beginning at 8:00 a.m. Bourne, MA Firefighters will camp out in the parking lot of Mezza Luna on Main St, Buzzards Bay, for 103 hours (ending Sunday, December 16^th). 

Why do they do this?  To raise money for those of us who are less fortunate.  This was the brainchild of Firefighter Craig Poirier and has since taken on a life of its own.

They accept cash donations and non-perishable food items, as well as toys which are donated to Toys for Tots.  Over the past five years, this group has raised more than $60,000 in cash, about 15,000 pounds of food and over 15,000 toys.  Every year, the turn-out is better than the last. 

Despite the devastating loss of Mezza Luna Restaurant in a fire two months ago, the generosity of the Cubellis Family once again proves why they are so respected in the Town of Bourne.  Their family's 70 year-old restaurant, a fixture here, went up in flames, fought by the very Firefighters who will be homeless.  Mr. Cubellis couldn't imagine this event being held anywhere else. 

So, next to the burnt remains of the restaurant, the Firefighters will pitch their tents, get the fires burning in the barrels, Mr. Cubellis will keep them fed, and they will do what Firefighters do best:  Look out for those who are in danger and need help.

The weather between now and Sunday does not look good.  Three storms of varying intensity have been forecast.  Including rain, sleet and snow. But this is a hardy group of individuals and they've weathered worse.

With charitable donations down everywhere because of economic conditions, our help is needed more than ever.

The goal this year is to exceed last year's donations of $17,000 by another $3,000. 

We hardy and crusty New Englanders can surely venture out into a little bad weather to help them reach their goal! 

So take a little detour to Main Street in Buzzards Bay.  No matter how small your donation, it will help a lot of people.

And a huge thank you to all who participate in this wonderful example of how people who give so much always find a way to give more.

If you're nowhere near Cape Cod, there is probably a similar effort in your area.  Toys for Tots is terribly strapped this year.  So far they've raised only 50% of their goal.  Usually they're at 95% by now.  The toy recalls have really hit them hard so if you're unsure of what to buy, a cash donation will take the guesswork out of it.  Your local food pantry is also in dire straights.  Demand is greater this year and resources are fewer.  Whether it's a non-perishable food item or cash, your donation will be most appreciated. 

May everyone have a joyous season and a healthy, happy and profitable New Year!

The Cape & islands MLS recently published 2007 year to date statistics with a comparison to the same time last year.  The results have surprised many given the condition of real estate throughout the country and media reports of a falling market and glut of inventory.  It just proves, once again, that all real estate is local!

Despite the reports of higher than normal inventories, the Cape actually has fewer homes actively listed as of the end of August.  4,262 compared to 4,477 in 2006.  Condos on the other hand have about 280 more actives this year than last, an increase of almost 16%.

Sales statistics reflect the active inventory.  There have been 2,226 residential sales this year vs. 2,220 last year.  Thirty fewer condos were sold this year than last, about a 5.5% reduction.

Average sale prices have decreased in the single family market but not to the degree experienced by many areas.  Under 1%, in fact.  Condo sale prices decreased on average by about 7.5%.  Active list prices are down by 2.2%.

I find these statistics interesting.  Many Cape Cod Buyers are listening to the national media outlets and deciding to "wait until spring, 2008" believe that the bottom will fall out of the Cape market and bargains will abound.  If I had that crystal ball, I'd be rich!  However, the numbers generally don't lie and the Cape does not appear to be suffering the setbacks we hear about around the country.  Interest rates are still low and there's still an opportunity to own that Cape Cod getaway or year-round home.  If everyone waits until Spring to begin looking again, there's no guarantee that rates will be as low as they are now and will a glut of Buyers then create a Seller's Market?

It will be a struggle for Agents through the winter months but if all the Buyers wait until the Spring.......this is where I want to be!

The Massachusetts Association of Realtors® has released July 2007 sales figures for Massachusetts with comparisons to July of 2006.

Despite the national media's reports of panic in the housing market, Massachusetts has experienced very little change over the same month last year.    In fact, there has been some rather good news!

Single family home sales were UP 6.0%, with an increase in the median selling price of 1.3%.  Not so bad!  Condominium sales basically remained unchanged (-0.1%) and the median selling price increased 6.3%!

Despite the forecast of gloom and doom, interest rates are still at historical lows and sales are in most cases steady, if not increasing.  Sounds like a good time to buy or sell!

Although one lane was closed between 12:30 and 1:30 due to a breakdown, The Cape Cod Times reports that the Sagamore Flyover is providing visitors to Cape Cod with decreased travel times.  A good sign, especially with the price of gas!  Not only that, but it's on time and under budget!

The "flyover" involved the elimination of the Sagamore Rotary which was designed for 1930's traffic of 40,000 to 50,000 cars per day rather than the up to 90,000 it was handling.  It allows vehicles direct access to the Sagamore Bridge for travel further down Cape and redirects local traffic underneath.

Although navigating the construction of the flyover was somewhat confusing to us locals, it appears as though, at least for now, that it was well worth it.

It's a Beautiful Day on Cape Cod!  Come See Us!