At the NAR convention in Las Vegas last November, people were predicting a tsunami of first-time home buyers who have been sitting things out for the past two years to arrive in 2008. If the past two months on Cape Cod as any indication of things to come, they were correct.
Buyers looking to purchase their first home on Cape Cod have come out of the woodwork. In 2006 there were no homes under $300,000 on the Cape, today there are a handful of fixer-uppers under $200,000. When these houses are listed on the MLS, phones literally jump off the hook. On several occasions, we've had multiple offers on the same day (shades of the boom days).
The lower home prices and low interest rates combined with the pent-up demand seem to be creating an optimistic outlook for houses under $300,000 this year.
What are you seeing?
Comments(3)