Another indication that we’re in a sellers market is the number of days a home is available before a contract is signed.
This July, the cumulative days a home was on the market was 83. Last July that figure was 108. That’s more than a three week difference!
Several times this year, we’ve sold a house or a condo within a day of listing. Earlier this summer, we sold three properties within a week.
We mentioned in our last posting that the median price for single family homes on the Cape last month was up $60,000 from July 2017. Here are some figures for upper Cape communities.
7/2017 7/2018 % diff
Sandwich $362,000 $405,000 +11.9%
Bourne $369,500 $370,000 +0.1%
Mashpee $417,500 $450,000 +7.8%
Falmouth $410,000 $442,000 +7.8%
Barnstable $355,000 $390,000 +9.9%
Industry experts predict that increases will level off to the $3% – 5% range within a year. While not unreasonable, this estimate is not keeping with today’s eye popping figures.
If you’re in a position to put your home on the market to take advantage of today’s higher prices, don’t hesitate. In general, a house sold within the next few weeks would probably close sometime in late October or early November giving you and your buyers a chance to be settled in your new homes by the holidays.
If you have any questions about whether this is the right time for you to sell, please call us at 508-568-8191 or send us a note via the comment section. We’d be happy to help you make the best decision for your family.
If you’re a renter who has been on the fence about buying, consider this…
According to a recent article in Entrepreneur Magazine outlining 12 steps to get rich, while “renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”
As an owner, your mortgage payment is a form of forced savings which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.
Congratulations to our friends at Holly Ridge Golf Club in Sandwich for successfully hosting an event involving several area Chambers of Commerce. They received rave reviews on social media and elsewhere.
But that’s not news to us. Holly Ridge is one of our favorite spots. While we haven’t played anywhere near as much golf this summer as we planned, we’re there every Tuesday night as our six-year old granddaughter takes lessons. The award winning food in the restaurant is a convenient excuse not to go home to cook.
We also hosted Mari’s first ever Customer Appreciation Party at Holly Ridge last year and the gathering following Hank’s Mothers funeral this past June.
Jen, Joe, Darren and the whole staff do a great job.
For more information about Holly Ridge, check out their website at www.hollyridgegolf.com.
Mari and Hank