Welcome to the “New Normal”

Home prices on Cape Cod remain higher than in the past, but the pace at which houses are selling is slowing.

According to preliminary sales data for September compiled by the Cape Cod & Islands Association of Realtors, 372 single family homes and 116 condos sold on Cape during the month with a median price of $426,000 and $294,500, respectively.

Year to date, the median price for a single family home is $422,500, as compared to $392,500 through September 2017.  Condos have sold at a median price of $289,000, as compared to $271,000 for the first nine months of last year.

Inventory has stabilized across the Cape, while sales prices remain at or near record highs. Fewer homes are being sold, but those that are sell faster and for higher prices than they did in previous years.

This appears to be the start of the “new normal” that experts have been predicting and that we have mentioned in earlier postings.

With the potential for interest rates increasing and slowing the market, this might be the time for you to buy your first home, upsize or downsize.

If you’ve been thinking about this and are not sure about your options, we’d be happy to sit down with you to discuss the possibilities.  Just contact us through the comment section or call 508-568-8191.

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If you are ready to embark on a home search, here are five tips to keep in mind courtesy of industry resource KCM:

  1. Get pre-approved for a mortgage before you start looking.
  2. Know the difference between your “must haves” and “would like to haves.”
  3. Research and chose a neighborhood where you would like to live.
  4. Pick a house style and stick to it.
  5. Document your home visits.

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For more information about interest rates and other financial news that impacts the real estate market, please check out Markets in a Minute from our partners at Residential Mortgage Services (RSM) that is linked below.

The Markets in a Minute

Enjoy your week.

Mari and Hank

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