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!