Summer Ended with Tight Inventory

The continued tight housing inventory on Cape Cod led to the same total of number of homes being sold this August as in August 2018. That’s according to statistics provided by the Cape Cod and Islands Association of Realtors.

In the last month of summer, 382 single family homes and 95 condominiums sold for median sales prices of $430,500.00 and $349,000.00, respectively. A year ago, 368 single family homes and 109 condos sold at median prices of $417,000.00 and $289,000.00, respectively.

While sale prices for single family home are higher than a year ago, the number of pending transactions at the end of August for those homes are down 15%, while condos are up 7.5%. New listings for single family homes and condos were also lower than August 2018.

What remains constant is that interest in homes at the median and lower price ranges remains strong with many qualified buyers hoping to take advantage of decreased interest rates.

Also remaining true is that with limited competition, homeowners interested in selling are in a strong position.

If you’re in considering entering the market, we’d be happy to meet with you to review your options and discuss the best strategies for pricing and promoting your home. Please contact us via the comment section below or via 508-568-8191 or msennott@todayrealestate,com.

Thanks for your consideration…

With the comparatively higher inventory of condominiums for sale on Cape, entry level buyers might consider condos as an option.

Before doing so, however, it’s important to understand how HOAs, or Homeowner Associations work.

According to a recent article on realtor.com,

“In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.”

An HOA is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R),

“Simply put, CC&Rs are just the rules you’ll have to follow if you live in that community. Unlike zoning regulations, which are government-imposed requirements on how land can be used, restrictive covenants are established by HOAs to maintain the attractiveness and value of the property.”

It’s important for homeowners to understand that each HOA is a little different. They usually have monthly or quarterly fees that can vary based on property size, number of residents, amenities, and more. There may be additional fees charged to homeowners if the reserve fund for the HOA cannot cover a major or unexpected cost, like severe storm damage.

The fees, however, also help maintain common areas such as swimming pools, tennis courts, elevators (for high-rise buildings), and regular wear and tear. Although they are an added cost to the homeowner, an HOA can be a major benefit when it comes to maintaining the value of your neighborhood and your property.

Most lenders will factor your HOA fees into your loan package, ensuring the amount of the loan is appropriate for what you can truly afford.

October is Breast Cancer Awareness Month. Apart from skin cancers, breast cancer is the most common cancer type in women.

Today Real Estate is one of the lead sponsors of the Cape Cod “Making Strides” Walk on Sunday, October 20 at 11:00am. It starts at the Barnstable County Superior Court House and involves either 2 mile loop or 4 mile loop around Barnstable Village.

Mari will be participating with the team from Today Real Estate. We hope you’ll consider joining the event as an individual, part of a team or making a donation.

For more information, you can visit Making Strides Cape Cod.

Thanks…

Enjoy your week…

Mari and Hank