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Cape Cod Condo Absorption Rate Improves

This 3 BR 2.5 bath Falmouth condo has been completely renovated!

This 3 BR 2.5 bath Falmouth condo has been completely renovated!

The number of months it takes a seller to sell a condo decreased 33% from October 2009 to February 2010. In October, the absorption rate stood at 20 months and it is now at 13.5.

The most dramatic drop is in Wellfleet where the rate dropped from 39 months to 7.8, followed by Provincetown with a drop from 35.1 months to 12.2.

What does this all mean? It is a positive indication that the sale of condos has picked up significantly. The absorption rate of single family homes is now only 2% better at 11.3 months, the closest the two have been in over two years.

Good News for Cape Cod Vacation Home Buyers

We received news on Friday that at least one local Cape Cod lender, Cape Cod Five, is reinstituting 90% loans for second home buyers. (NOTE: Contact Meryl Watson for details: mwatson@capecodfive.com). This was made possible because no title insurance companies would insure more than 80% loans but now at least one company is willing to offer the coverage.

95% Financing is Available for Cape Cod Condos

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NAR Released Second Quarter Condo Statistics

Cape Cod Real Estate News

The National Association of Realtors has released its second quarter sales results for Cape Cod condos. The good news is that lower prices and attractive interest rates have increased affordability for both year-round and second Cape Cod home buyers. Click the link below to see the survey.
NAR Second Quarter Condo Sales Results

Searching for a Cape Cod Condo

If you are ready to browse the Cape Cod MA MLS listings, then feel free to contact me, Steve Clay, your Cape Cod Condo Realtor to set up home viewings or to learn more.

Until next time,

Buyers Still in Control of Falmouth (MA) Condo Market

Falmouth Home Buyers Are In a Great Position

Some startling statistics show that it’s a great time for anyone to be a Cape Cod condo buyer in Falmouth (MA). This is especially true what with the ample Cape Cod real estate inventory that is still growing. That means Cape Cod sellers are usually more flexible. With mortgage interest rates at historic lows, it could entice more condo buyers to emerge from their winter hibernation.

What Does This Mean to You as a Cape Cod Condo Seller?

Since there have been more Cape Cod condos coming on the market than have been sold, there is still downward pressure on prices and the inventory remains high. Condo buyers are Three bedroom condo in Falmouth , MA waterfront communityclearly in control and will stay in control until there are three consecutive months with more Cape Cod residences being sold than come on the market. The key to selling your Cape Cod condo in this market is to price the property correctly.

What’s Your Feedback?

Leave a comment and tell us what you think.

Until next time,

Get on Stage – It Really Works!

Small, but better staged than vacant

This one bedroom, free-standing condo in North Falmouth, MA had been on the market for nearly a year. The sellers decided to enter into a short-term lease with a couple who was renovating their home as long as they could continue to market the property. The tenants moved in and tastefully decorated their temporary home. The next buyers who came in bought it!

Staging Your Cape Cod Home For Sale

I became an instant convert. The current market certainly requires that homes be priced properly and effectively marketed, but staging seems to have a larger role than ever before. Statistics show that staging a home can increase the selling price by up to 7%, but there are still skeptics everywhere.

HGTV states on its website that “in a cold market, a properly-staged home can sell in half the time.” It now offers several series that focus on staging, and the network will have a separate staging special, “Staging Secrets and Myths,” on Sunday, April 12 at 8:00 PM.

Clutter, Clutter Everywhere Hurts Your Cape Cod Home Sale

Occupied homes present a unique challenge. It is the opposite of home decorating. A home decorator helps home owners to personalize the home to their own tastes and needs. A home stager, on the other hand, depersonalizes the home so that buyers can more easily visualize themselves and their furniture in the space.  Even more important than the depersonalization, in my mind, is the decluttering that is always part of the process.  Each home I’ve seen staged seems to have doubled in square footage after the home stager’s visit.

Since this process can be threatening to Cape Cod real estate sellers, and therefore dangerous to the welfare of the real estate agent, I have made special pricing arrangements with talented stagers to provide 1.5 hours with my sellers to provide them with a “to do” list. I provide this at my expense and use it as an incentive to secure listings.

For the most part, the “to do” list is simply a case of “packing now” rather than waiting until the house is under agreement. In some cases, the stagers have made suggestions about repainting particular rooms, rearranging/editing furniture for better “flow,” or substituting a more appropriate furniture piece to better fit the space.  In other cases, it requires some serious sprucing up. In all cases, the results have been very encouraging.

Painting on a Blank Canvas

Pristine, yet vacant, living room/dining area

Vacant homes and condos offer a unique opportunity. Local furniture stores will, for a fee, stage a home as long as it is not occupied. I recently listed an updated, 2 bedroom 1056 square foot ranch condominium with an open floor plan.  The first two open houses and several showings resulted in two primary comments from potential buyers:

1.   I’m not sure my furniture will fit in here.

2.   Since it was built in the late 70’s, it’s too old for me.

Bring on the Stagers!

A view of the staged, living room/dining area

I called a stager and told her that I wanted to give buyers an idea of the real size of the rooms and to make the home feel more current. The owners agreed to a two month staging agreement and the furniture was delivered.

The results have been amazing. The most enjoyable aspect for me has been seeing the look on the people’s faces as they entered the condo. Of course, an offer will be even more enjoyable.

You can view the staged condo and take a virtual tour at www.273seawardbend.com.

Until next time,