The Market is Active!

Market Snapshot
Activity since January 1, 2008

For those of you who are wondering how the market is doing this year, here is a year-to-date account of what’s happening in the three towns on the Outer Cape!

Provincetown:
There are currently 317 properties for sale, including Single Family, Multi Family, Land, Commercial, Condominiums and Hotel/Motels.
33 properties are under agreement, and there have been 29 sales ( 24 condos, 3 single families, 1 hotel, and 1 Multi)

Truro:
There are currently 196 properties for sale, including Single Family, Multi Family, Land, Commercial, Condominiums and Hotel/Motels.
19 properties are under agreement, and there have been 7 sales (3 condos, 3 single families, 1 Piece of Land)

Wellfleet:
There are currently 131 properties for sale, including Single Family, Multi Family, Land, Commercial, and Condominiums.
12 properties are under agreement, and there have been 8 sales (6 single families, 2 Commercial Sales

The Grass is Always Greener

It's mid-March and soon the sun will shine brighter, days will get longer and spring will arrive.

If you have a lawn, here are some quick tips you may want to follow in order to make sure you have green and lush grass.

1. Rake the lawn to remove all dead leaves that the blustery winds of winter blew onto your lawn. If there are no leaves, rake the lawn thoroughly to remove dead grass. Raking removes thatch, a build up of dead leaves and grass which prevents the proper growth of individual blades of grass.
   
2. If you have mossy type plants growing in your lawn, you may want to apply lime to ensure the soil acidity is proper for grass. Not every lawn needs lime so exercise caution and read instructions.
   
3. Seed the lawn. If you have bare spots that need to be seeded or a part of the lawn is worn after being used as a walkway during the winter, get out the rake again. Pay special attention to these areas with the rake to make sure all thatch is removed. Then, use a garden rake to create grooves for the seed. Spread the grass seed. Ask your garden center expert about which seed is best for your location.
   
4. Once the lawn is raked and seed planted, buy a multi step fertilizer and weed killer. Spread this over the entire lawn. Follow the instructions and make sure you don’t over apply. If you use too much fertilizer, it will burn the grass causing more harm than good. Make sure your fertilizer is a cool season fertilizer depending on where you live.

A typical time to start spring lawn care is now if you have warm weather. You can wait as long as mid April providing the weather is cool. Temperature for sprig lawn care should be at least consistently in the 50’s.

Once you follow these simple steps, you too, can enjoy tall glasses of cool lemonade while standing barefoot in cool green grass.

Put it in Reverse

Reverse mortgages are becoming increasingly common as baby boomers reach retirement age and are seeking ways to supplement their income.

These mortgages can be a welcome gift for those homeowners who have a sizeable chunk of equity they can draw from. The interest rates on reverse mortgages can be quite competitive and can be the answer many retirees need for that extra cash.

However, using a skilled and reputable mortgage company or bank is strongly encouraged. There are sinister organizations popping up that are promising low closing costs and cheap financing. These mortgage vampires are preying on retirees and feeding off their equity.

On Sunday, The Boston Globe reported that a certain company has been providing reverse mortgages with an agenda to unsuspecting consumers. When the reverse mortgage closes, homeowners are finding that they unwillingly commit most of the proceeds of their mortgage to investment schemes created by this particular mortgage company.

We must always act with diligence and use trusted real estate professionals when refinancing, especially with reverse mortgages.

Keeping your home in which you live until the very end, is part of the American dream. The reverse mortgage, when calculated properly and used for its intended purpose can make this a reality.

Treat Before the Heat

The winter winds are blowing and the air is freezing that’s for sure. It’s nice to stay warm indoors this time of year. However, while you are sipping your tea and cozying up to a book, termites, ants and bees may be laying dormant within your walls, just waiting until the warm weather to make their presence known. 

If you own you may want to make it a point to have your home treated prior to springtime in order to stop insect infestation. 

Telltale signs of termites are visible conduits of saw dust that they construct as roads, one might say, on the surface of interior walls. Bees or wasps like to hide behind the wooden shingles that many of our homes have as siding. Be on the lookout for sawdust drippings caught in cobwebs. And ants…well they are a more clever where they reside in the winter, they can’t help but be seen once spring arrives. You’ve seen these guys or should I say gals…they are those big black, black ants.

If you rent, pay attention to any noises you hear within the walls. It may sound crazy but you can actually hear termites chewing wood if you listen carefully. Don’t be afraid to burden your landlord with a call. I’m sure they’d love to know.

In our older homes here on the cape, the seasoned wood is like a bottle of aged wine to any bug. It is mind boggling how quickly a support beam can be consumed.

Although its not a pleasant thought and could cause the creepy crawlies, insect infestation is not uncommon on Cape Cod. Property owners pay thousands of dollars yearly in repairs and treatment related to insects. These are definitely those house guests that will eat you out of house and home. Awareness is key to prevention and in the end will saving you money.

A Mind for Selling

Lately we’ve been discussing methods of selling property in the soft real estate market. We’ve shared advice on topics such as staging your home, lowering your price, gimmicks and interest rates. One area that hasn’t been covered is the Seller’s mental health when it comes to living in a home that won’t sell.

If you live in your listed house and are feeling the anguish of not selling, you may want to make some changes to help you stay sane. Keep in mind that it can take up to one year to sell a house so you should be comfortable and like where you live.

Lets start in the living room: Buy a slip cover for your couch and chairs. Make sure they are matching. Add new cushions. Change out old magazines on your coffee table and buy fresh flowers every week. 

In your kitchen, start by clearing canisters and unnecessary items from your counter top. If you don’t have a backsplash, add either a faux tile or put in a tiled backsplash. It won’t cost too much and will make your kitchen feel drastically different. 

In your dining room or eating area change the light fixture that hangs over your table. A new light will give it a new feel.

In your bedroom, think about adding a slipcover to your headboard to make it feel new. There are quilted covers that make it appear your headboard is padded. If you have a chair in your bedroom or exercise machine, remove them. These only make good clothes catchers and are rarely used for their purpose.

In your bathroom try changing the vanity. Home Depot and Lowes offer low cost vanities and medicine cabinets that can totally change the feel of your bathroom.

These inexpensive and small changes in each room can make a big difference for your mental health. Who knows maybe you’ll get a buyer once you make the changes. However, the main point is to feel better about living in your home until it sells.

Setting the Stage

Can you please tell me if staging my condo will help it sell quicker?

Thanks for your question and it is one that has Sellers on the fence as to whether or not to go through the hassle. There is actually some factual data that we can draw on in order to try and answer this inquiry.

In 2003 when the market was strong, an organization called HomeGain researched the results of staging a home and found that a properly staged home or condominium sold for close to $3,000 more than an un-staged or vacant property. 

In 2005, the online training company Stagedhomes.com discovered that staged properties did indeed sell for 6.9 percent higher than other homes. 

These stats did lead many entrepreneurs to start home staging companies for both resort markets such as Cape Cod and primary markets. Staging fees range from $500-$1000 for consultations and actual staging.

Our buyers on Cape Cod seem to go off instinct and know immediately if they like a property based on a gut reaction when entering for the first time. If you are selling your fully furnished second home, make sure it is clean and de-cluttered at all times as if a renter will be using the property. Just doing this, according to HomeGain, made homes and condominiums sell for close to $2400 more than the competing untreated properties. As for staging homes on the cape, if it is brand new and vacant, you may want to add a few pieces of furniture and touches to warm it up. However, there is no factual data to support that this will sell your property.

In my experience, the best thing to do is keep your house clean and ready for showings at any moment’s notice. Get rid of clutter and any extreme personal affects such as religious icons and an overload of family photos. 

The theory “less is more” is true in selling real estate. Just remember: Price it right, keep it clean and it will sell. Just be patient. 

Until it's a Deal

Overconfidence and complacency are two sister evils that can ruin any real estate transaction.

The old saying that a deal is not a deal until it’s a deal is true today stronger than ever before. Most real estate transactions are only as strong as the ink on the deposit receipt the teller hands the seller at the bank.

In all seriousness, today’s climate is making for stressful real estate transactions. Banks are no longer handing out money like they used to and financing guidelines are making it more difficult to obtain a home mortgage.

If that hurdle is crossed then there is the home inspection. Most buyers today are aware that they are getting a deal, however, some have decided to upgrade to a property a little higher in their budget than what they originally wanted. This is due to the fact prices are low. But, due to this, the buyer’s sense of caution is heightened and the home inspection becomes an all new important measure that is no longer just another step toward closing. Small issues now become major problems. Large items can ruin a deal. A skilled realtor, compromising seller and patient buyer are all need to make a deal happen today.

If all obstacles are overcome and the purchase and sale agreement is signed, there can still be problems that can sideline a transaction. The point here is to be very cautious on both sides and truly listen to what is being communicated. Only then, with diligence and intellect can both parties walk away from the closing table with smiles.

Otherwise, to use a sports analogy, with one minute left in the big game, don’t think you have a deal because you’ve gone undefeated all season. Otherwise you could end up being upset. Buyers and seller should now be keeping their eyes on the ball for the entire game until it’s officially over.