The Falmouth Real Estate Market 3-8-21

By
Real Estate Agent with https://teamcoker.robertpaul.com 9023635

Well, we have already had two months of very, very, limited inventory on Cape Cod in 2021.
Time flies when you're trying to get a place on Cape Cod right now.
If you are looking to buy or sell there are some crazy things happening!

For example, today on 3/8/21, there are 38, thirty eight, less than 40 listings "available".
The average: price = 1,400,000+ , Bedrooms = 3+ , Baths 3+ , Days On Market = 71.
This is all crazy, because we have usually closed an average of 38 homes a month in Falmouth in the past.

If you're preparing to buy in Falmouth, here are some suggestions.
Be prepared to bid higher than the asking price.
Have your financing as ready as you possibly can, because you want your offer to looked on favorably.
Decide how much work you are willing to take on in any property, and look at the viewing as if you are at a home inspection - roof, ceilings, electrical, septic, windows, kitchen, bath(s), basement, rot, rodents, bugs, insulation, leaks, and on and on.
Have in your mind a firm idea of how long you will own the property, and decide what your plan is in case/when the market turns.

If you are a seller, it would seem like "you have it made".
However there are some questions to deal with.
Selling now, may mean that you are unable to replace what you have - and that could be forever if the market keeps on going, or a few years at least if the market turns.
Taking advantage of buyers can be either selling in an up market or gouging - like in Texas recently when fleabag motels with power and water went from $60/night to $260/night because "people would pay it."

As real estate professionals, this has been our long term business, and we plan to be here a lot longer.
Advising both buyers and sellers is very, very, difficult in this kind of market.
One thing we can say from our decades of experience - there will be at least a leveling off.
Many sellers will not be able to replace their properties for a while.
Some buyers will end up regretting their over bids.
And some owners will ride out the market and just enjoy their property.

What a roller coaster!

Posted by

Heath Coker, Associate Broker
Berkshire Hathaway Homeservices Robert Paul Properties
teamcoker.robertpaul.com
508-548-8888  Licensed in MA
Its a beautiful day on Cape Cod!

James Heath Coker | Create Your Badge

Comments (3)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Associate Broker Falmouth MA Cape Cod Heath Coker this is valuable information for Buyers and Sellers in your area.

Mar 08, 2021 01:43 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sounds like you are (like many locations) enjoying a HOT market.  Great market update.

Mar 08, 2021 03:05 PM
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Associate Broker Falmouth MA Cape Cod Heath Coker This is a great market update you have shared. I wish you more success!

Mar 08, 2021 06:28 PM