I made a sales call this past weekend to a young first-time homebuyer from California who couldnt believe that she could buy a 2 to 3 bedroom, year round home here on Cape Cod for $225K to $250K at excellent % interest rates. Prices out where she is in Southern California are outrageous comparatively.
Prices here have been on the decline here for over two years while interest rates are very good at around 6.25% (now less than 6%) with plenty of mortgage money available for first-time homebuyers from FHA, Fanny Mae and Massachusetts Housing loans to name a few. Of course mortgage requirements are much stricter than in the past with a good percentage down payment (3 to 5%) needed and full documentation required by buyers- tax returns, W-2's, etc. Yes most mortgage people will tell you that 100% financing with no down payment is long gone. Many a buyer took advantage of that great giveway while also ending up in foreclosure as well!
Steve White is the Owner/ Webmaster of
SDW Realty of Cape Cod.com website and agent of Ocean Blue Realty, LLC of Falmouth. He has over 30 years of Administrative, Military, Computer and Web Experience. He has lived on Cape Cod since 1974 relocating
from Medford Ma near Boston. He has earned his E-Pro Internet Professional and ABR Accredited Buyer Representative Designations. He has actively participated and blogged on Active Rain since February of 2008. He is an active member of the Cape & Islands Association of Realtors CCIAOR, National Association of Realtors NAR, and the Massachusetts Association of Realtors MAR.
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The prices you describe for Cape Cod seem to spell "buyer opportunity" . . .I think that's true in so many areas of the country. It's been a long time since buyers have had so much to chose from with affordable prices too!
Myrl Jeffcoat
http://www.myrljeffcoat.com