MARKET STATUS: I am frequently asked about the current state of the real estate market. In my opinion, the Cape Cod market is still very much flourishing. Although prices are starting to stabilize, properties in desirable locations that are priced appropriately still receive multiple offers.
However, buyers are not overpaying as much as they used to, which is both interesting and telling. The market appears to be capping at a certain price point, with buyers pausing and no longer willing to exceed it. The winning bid usually ends up being slightly above the other offers or may have better terms, such as a cash sale or no home inspection, or both. Although there was a lull in the market when interest rates increased, buyers have since adjusted their strategies. They realize that unless they want to wait years until the rates come down, they should take advantage of the current rates.
While the inventory of available homes for sale on Cape Cod is still very much at an all time low, I don’t think home prices will decrease, and I do anticipate gradual appreciation over time.
New construction is still thriving, but I have noticed a slight slowdown in recent months. My company is receiving increasingly more solicitations from construction vendors looking to take on new projects, which is a new development. Building new homes can be more expensive due to different codes and regulations, particularly when building on water, compared to purchasing existing properties on the water and remodeling them.
Feel free to ask me any questions you may have about the Cape Cod market or anything else. I’m always here to help!
TIA LILLY
Founder, Broker/Owner
Mobile: 508·280·5728 | Tia@PropertyCapeCod.com