Real Estate Information

A weekly report of Harwich Cape Cod single family home sales  activity from 10/15/09 to 10/22/09;

                                      5      Homes   "New to market"

                                      3     Homes   "Under Contract"

                                      1      Homes   "SOLD"

A small uptick from last week, but supply still far outpaces demand, so there is continued downward pressure on prices in the area.  Banker and Tradesman, the Massachusetts real estate data source, shows that Harwich home sales are down 12% in 2009, with 152 home sales through September, down from 173 in the same time frame in 2008.  Median sales price is down 10% over 2008, from $360,000 to $324,900. There is one bright spot in 2009, the median price in January was $328,750, a scant 1% drop to September. 

If you are considering listing your home for sale, ask yourself this question, "Am I willing to do whatever it takes to sell my home in this market?"  If you're not sure, consider not listing!  There is such an amazing number of homes on the market, in some price ranges, there is over a 3 year inventory of homes for sale! 

Until we reach a point that "under contract" and "SOLD" homes outpace homes coming on the market, prices will continue to moderate.  With over 4 Million homes on the market in the US, and with over 1 Million Realtors selling those homes, if each Realtor took one overpriced listing off the market, we could make a good start!!  Ask your Realtor to update your market analysis, to make sure your home is priced right for this market!

Are we at the bottom yet?  As a local Realtor, I get asked that question a lot lately, from Buyers, waiting on the sidelines to buy, and from Sellers, questioning whether this is the time to list.  Depending on who you listen to, the answer varies.  I do know one thing for certain, if you price a house properly, stage it with some curb appeal outside, and clean and neat inside, you will sell.

In an article posted today by Les Christie of CNNMoney.com, FISERV, a financial information and analysis firm, the national median home price is predicted to drop by 11.3% by June 30, 2010.  Christie reports that the chief economist with Moody'sEconomy.com, Mark Zandi, agreed with FISEV's assessments.  "I think more price declines are coming because the foreclosure crisis is not over".

This opinion is at odss with the S&P/Case-Shiller Home Price index which indicated the most housing markets may have already stablilized because the composite index of 20 cities rose in May, June and July, stating that home prices have gained 3.6%

Metrostudy chief economist, Brad Hunter, which provides housing market data to the real estate industry feels that Case-Shiller may be just a temporary reprieve due to the estimated 1.8 million home buyers who benefited from the first time home buyers tax credit, providing a temporary boost to home sales.

On Cape Cod, Cape & Business magazine, a staff economic forecast predicts that prices will fall through the first half of 2010, followed by flat prices through 2011, after which prices should begin rising, appreciating about 5% in 2012.

Banker & Tradesman, a Massachusetts real estate data research company shows that in my town of Harwich on Cape Cod,  sales are down 12% in 2009, with 152 home sales through September, down from 173 in the same time frame in 2008.  Median sales price is down 10% over 2008, from $360,000 to $324,900. There is one bright spot in 2009, the median price in January was $328,750, a scant 1% drop to September.

Bottom line remains the same.  There have been 152 home sales this year in Harwich, and in many communities on Cape Cod.  Well priced, well staged homes do and will continue to sell! 

A weekly report of Harwich Cape Cod single family home sales  activity from 10/9/09 to 10/16/09;

                                      6      Homes   "New to market"

                                      5      Homes   "Under Contract"

                                      0      Homes   "SOLD"

A mixed bag this week! I'm pleased to report that our Team put 3 of the 5 homes "Under Contract", with only 6 listings new to the market. I'm somewhat disappointed there were no closings last week in Harwich! However, the "under contract's" only had 82 days on market average, again, just more evidence that WELL PRICED HOMES ARE GETTING CONTRACTS!

Supply still far outpaces demand, so there is continued downward pressure on prices in the area.  We have been advising clients of late, that their motivation to sell has to be stronger than either the Buyers motivation to buy, or frankly, the Real Estate Agents motivation to sell!  Unfortunately, we are still seeign listings coming on the market that are substantially overpriced, with some Sellers and Agents unfamiliar with the current market activity.  Many hope to get lucky and want to "test the market".  In a declining market, "testing the market" can have a very detrimental impact on the final selling price of your home.  Most showing activity occurs in the first two weeks that a home is on the market, so "testing the market" may set a Seller's value further back.

Price it right, stage it so it looks good, both inside and out, and get it SOLD!