Good Time to Buy?

Clients ask us everyday about how the market is performing and what time of the year would be the best time to buy on the Outer Cape. The best way to answer this is by reviewing market activity and to examine any trends. This way, you can make an informed decision about when to jump into the market. 

It is interesting to note that many buyers who have been in a holding pattern for the past two years have chosen this summer to make their move. Year to date sales volume is up in Provincetown and Truro compared with the same period in 2007. 

(Unlike those two towns, Wellfleet volume is lagging compared to last year’s performance) Even though volume is up, we continue to see multiple price reductions each week, in all markets. Some feel that the increase in the number of buyers will lead to a slowing of price adjustments.

A recent property in Provincetown was introduced to the market at a price that was 5-10% below market value. Four offers were submitted and the property will most likely sell above asking price. What does this tell us? Properties that are priced competitively are selling. It also illustrates that the buyers in today’s market are savvy and are waiting for and recognize a good value when one presents itself.

The best time to buy, is when you want to make that investment. Whether emotional or financial, an opportunity will present itself if you start the search.