There are many homes for sale on Cape Cod today. Buying a home on Cape Cod is a dream for many. Today, it can be a reality. The perfect storm of real estate has hit. Good inventory levels, low interest rates, tax credits and relatively low prices.
That does not mean that sellers are giving away their homes. Cape Cod property tends to maintain its value compared to other communities across the country. The highly desirable neighborhoods that are near beaches are of a limited amount. This keeps the values up.
Posted below are the prices for properties in each of the 15 Cape Cod towns. As you will notice, the median price tends to increase the further the town is down Cape. This is due in part to the scarcity of land. The National Seashore Park takes up a large portion of the lower Cape, making land more valuable and the area more desirable for many,
There are currently 2,699 single family homes on the market with the Cape Cod & Islands MLS.
Low High Median
Sandwich $149,900 $3,995,000 $434,450
Barnstable $139,900 $19,500,000 $499,000
Bourne $159,900 $4,500,000 $419,900
Mashpee $125,000 $3,495,000 $540,000
Falmouth $79,900 $6,500,000 $484,400
Yarmouth $134,900 $16,900,000 $362,450
Dennis $189,900 $2,490,000 $417,450
Harwich $186,900 $5,500,000 $599,900
Chatham $275,000 $9,995,000 $864,950
Brewster $129,000 $2,750,000 $539,000
Orleans $228,500 $4,750,000 $699,950
Eastham $230,000 $1,995,000 $450,000
Wellfleet $269,900 $3,447,000 $699,000
Truro $339,000 $4,995,000 $892,500
Provincetown $325,000 $3,699,000 $849,000
Bank owned real estate and short sales are creating another opportunity for buyers. Investors are acting quickly and picking up some very good buys. Cash buyers and those with very good borrowing power can buy these properties fix them up and often resell them for a profit. There are a few distressed sales on or near the water, but for the most part they are in year round neighborhoods.
Short sales can pose a risk for first time buyers as the process can be delayed. This could result in the missing of the deadlines that are part of the incentive. Bank owned properties may offer a better opportunity, depending on the property's condition.
There are currently 148 distressed properties ranging in price from $79,900.00 to $1,995,000
Ocean front real estate, the most desired, is still held at a premium. However, prices are better than they have been in a long time. There are currently 202 properties listed as oceanfront for sale in the Cape Cod and Islands MLS, ranging from $439,000.00 to $19,500,000 with a median of $1,825,000.
2010 will be a defining year for many who buy on Cape Cod. The tax credits for first time buyers and for repeat buyers are sure to make an impact on the market. There are also reports of many bank owned properties that are to be coming onto the market this year.
Combining these incentives with already record low mortgage interest rates and low prices, it is sure to be a busy year. Many will take advantage of this "perfect storm". Yet, some won't and many a "should have" will be born. The buying season appears to have moved up a few months and there will be many enjoying the summer in their new Cape Cod home. Are you going to be one of them?
The first step for finding your perfect Cape Cod home is to seek out a trusted lender, get pre-qualified and then meet with a Realtor do design a personal plan. Call a Realtor today to find a lender who works on Cape Cod and knows the market.
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