No Kidding, Buyers. It's Time.

Prices on the Cape up 9% in six months.

We've all been hearing that now is the time to buy, but still people are holding out waiting for 'the bottom'. Well, folks, the bottom has come and gone. We are now on our way up, as evidenced by the rising of both interest rates selling prices. In six months Cape Cod has gained a half percent in rates and 9% in prices. The Wall Street Journal just named the Cape as one of the Hot Spots for buying vacation homes in 2010.

Let me spell it out for you: A lot of you have been shopping since this summer. If you were looking at a $500k house then, you could have gotten an 80% mortgage for under $2000/mo. Today, that same house is valued at $545k, and if you want that same $2k payment you'll need to come up with about $168k (or 30%). Summer 2011 will bring even more growth.

Don't get me wrong, this is still a very auspicious time to be a buyer. But the low interest rates, low prices and relatively high inventory were all symptoms of an unwell economy. As we recover, the rare opportunities that are in front of you now will fade. Get off that pot.