Winter Market Report 2009
OPPORTUNITY TIME!!!
This is truly opportunity time to buy a home on the Cape for less money than in the previous few years and at an interest rate that is most attractive. One of our local banks quoted a 30 year fixed rate mortgage today...with no points...of 4.87%. Many homes are listed at around assessed value or less, especially if they have been on the market a while.
As you will see by the charts below, there is quite a large amount of inventory to choose from. Homes are staying on the market longer, which means motivated sellers will no doubt keep lowering their asking prices.
I have included list and sale prices for all the homes that have sold in Chatham during the past few months. This should be interesting and informative for you to look at and help you have an idea of what is happening here on the Cape and especially in Chatham. While prices are down a bit, we are fortunate not to have many short sales and foreclosures here in Chatham as well as Orleans, Brewster and Harwich. This means our area is considerably more stable than many areas off Cape, and while good buys are available here, they are also good investments that will keep their value and appreciate as a rule.
If you are thinking of selling your house and it shows well and is in good condition and you are willing to offer it at a competitive price, by all means list it. However, if you are waiting to get the type of price prevalent several years ago...that may not be likely...and we anticipate it will take several years to return to those prices. Do keep in mind the cost of heat, insurance and mortgage payments and other incidental expenses you will have to be paying in the meantime.
If you would like additional information on other towns, please go to the company website... www.raveis.com and on the home page on the left side on the bottom, there is a key to click that will give you more to peruse.
I hope you will find this information helpful. Do call or write to me and I will be happy to help you find your very own piece of Cape Cod!
Evelyn Doane®
www.ChathamByTheSeaWithEvelyn.com
William Raveis Real Estate Company
37 Cross Street
Chatham, MA 02633
508-237-1629 cell
These opinions are those of the author and are to help you make an informed decision.
Homes Sold in November, 2008
Address Bedrooms List Price Sale Price Days on Market
75 Emery 3 1,745,000 1,616,650 225
26 Baileys 3 849,900 800,000 236
20 Teaberry 4 650,000 615,000 322
61 Meadowbrook 3 499,000 520,700 27
47 Wequasset 3 299,900 285,000 50
November Averages 3 808,760 767,470 172
Homes Sold in December, 2008
86 Capri 4 3,495,000 3,025,000 354
3 Windsong 4 1,075,000 950,000 136
109 Cockle 3 895,000 850,000 101
75 Indian Hill N 3 510,000 495,000 280
28 Lakeview 3 539,000 490,000 148
20 Chatham Heights 2 489,000 436,000 221
49 Florence 2 369,000 340,000 140
107 Heritage 3 325,000 310,000
December Averages 3 962,125 862,000 197
Homes Sold in January, 2009
107 Seaview 4 879,000 879,000 263
370 Stage Harbor 3 749,000 700,000 106
98 Deep Hole 3 539,900 500,000 189
65 Eliphamets 2 449,900 425,000 149
26 Evergreen 2 399,000 353,250 434
159 Holly 2 355,000 340,000 43
January Averages 3 561,967 532,875 197
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