How Do Summer Homes Spend the Winter?

Credit: http://malcolmpollack.com/2008/12/31/december-31st-2008/

A summer home on Cape Cod is a sanctuary, a retreat from the stresses of landlocked life. But it does not come without its own worries. What if there's a cold snap in the dead of winter and the pipes freeze? What if a bunch of kids breaks in and trashes the place? What if there's a strong storm that damages the property?

These are real concerns, and can obscure the peace and calm that a vacation home is meant to provide. How do second homeowners get their properties safely through the off-season?

• One of the lovely things about Cape Cod is our friendly community. If there is a year-round resident in your neighborhood, make friends with them! Most of us would be happy to hold a key and keep an eye on the house for you.
• You may have a trusted handyman who already knows the property. For a minimal fee you can probably ask him to take a peek at the house from time to time, and call you if there's a problem.
• If you really just want to put all worries out of your mind, and you don't mind paying for it, you can call a professional home watch company like Cape Associates, Inc. which will visit your home every week, exercise your heat system, inspect the interior and exterior, and even make a special trip to inspect after extreme weather.

Barnstable County Registry Report for December 2013

Barnstable Registry December 2013 Recording Statistics

JOHN F. MEADE, REGISTER OF DEEDS

REPORT OF BARNSTABLE COUNTY REAL ESTATE ACTIVITY

FOR THE MONTH OF DECEMBER 2013

VOLUME & VALUE DROP!

Barnstable County Register of Deeds, John F. Meade, reports that the volume of real estate sales in December 2013 was down 26.9% from December 2012 volume and the total value of sales was down 46.4% from the previous year.  The median individual property sale value was down 10.2% from the previous year.  There was a 48.7% decrease in the volume of mortgage activity from December 2012 levels.

Year to Date: Volume of Sales is down 4.5%; Total Value of Sales is down 5.7%; Individual Sales Value is up 5%; Mortgage Volume is down 17.5%.

Register Meade reports that there were 523 deeds recorded at the Barnstable Registry of Deeds in December 2013 with stated sales values above $50,000.00 representing a stated value of $230,348,880.00 in county-wide real estate sales. Based on all property sales valued above $50,000.00, the median sale price of property in Barnstable County in December was $300,000.00.

There were 967 mortgages recorded with values above $50,000.00 in December with a total value of $370,380,179.00.  The median mortgage amount, commercial, residential or other, was $236,000.00.

By way of comparison, there were 715 deeds recorded at the Barnstable Registry of Deeds in December 2012 with stated sales values above $50,000.00 representing a stated value of $429,576,008.00 in county-wide real estate sales. Based on all property sales valued above $50,000.00, the median sale price of property in Barnstable County in December was $334,000.00.

There were 1,884 mortgages recorded with values above $50,000.00 in December with a total value of $634,028,900.00.  The median mortgage amount, commercial, residential or other, was $240,000.00.

  

REAL ESTATE ACTIVITY THROUGH DECEMBER 2013

AS COMPARED TO THE SAME PERIOD IN 2012.

All figures are based on sales or mortgages ABOVE $50,000.00.

2013 sales volume: 6,660

2012 sales volume: 6,977

2013 total sales value:  $2,939,337,043.00

2012 total sales value:  $3,118,098,649.00

2013 median sales price: $315,000.00

2012 median sales price: $300,000.00

2013 mortgage volume: 15,989

2012 mortgage volume: 19,381

2013 total mortgage value:  $4,908,086,238.00

2012 total mortgage value:  $6,143,202,509.00

2013 median mortgage amount:  $227,130.00

2012 median mortgage amount:  $231,260.00

TRAILING TWELVE MONTHS MEDIAN SALES VALUE:

(Sales values above $50,000.00)

M/Y                Value                          % Differential/prior month

Dec        2012:     $334,000.00                                 +6.0%

Jan         2013:     $280,000.00                                -16.2 %

Feb         2013:     $300,000.00                                +7.1 %

Mar        2013:     $305,000.00                                +1.7%  

Apr         2013:     $290,000.00                                 -4.9%  

May        2013:     $320,000.00                                +10.3%

June        2013:     $320,000.00                                  0.0%

July         2013:     $325,000.00                                +1.6%

Aug         2013:     $318,000.00                                -2.2%

Sep          2013:     $330,426.00                                +3.9%

Oct          2013:     $320,950.00                                 -2.9%

Nov         2013:     $317,250.00                                 -1.1%

Dec          2013:     $300,000.00                                 -5.4%  

FORECLOSURE DEEDS

MONTH                     YTD              

2013    10                                171                                                                                                     

2012    15                                392

Chg.    -33.3%                        -56.4%

from  http://www.barnstabledeeds.org/viewnews.php?id=114

Want to sell by summer? Better get started!

With all the good news in the real estate market, lots of sellers have decided that this is the year.

What many people don’t realize is that the time between the first conversation with a Realtor to the day you collect your proceeds can be longer than you think. If you want to be at the bank by summer, you need to get started!

Typical home sale timeline:

1.     Interview and select Realtor (1 week)

2.     Valuation, paperwork, photos (1 week)

3.     Shine up your property for sale (4 weeks)

4.     Allow current average market time for Cape properties (3 months)

5.     Plan on 4-6 weeks to close.

That’s 6 months. If you start today, your property could go live just in time for the hot spring Cape Cod market, probably go under agreement in May with the hope of a June closing. For each month you wait to make that first call,  add a month to your timeline.

Cape Cod Real Estate Forecast for 2014

Image courtesy Horizons Beach Resort, North Truro, MA

What is on the horizon for Cape Cod real estate in 2014? In general the slow, steady recovery of 2013 will continue. Notables:

• Expect to see a continued decline in distressed sales. This affects investors and first-timers. Only the most savvy will get a crack at these diamonds in the rough.
• Buyers: With low inventory, you and your agent need to vigilantly monitor new listings. The good valued properties practically evaporate as soon as they hit the market. Be ready with your financing.
• Sellers: Presentation is always important, but it's especially important now. You want your property to be the one everyone clamors for. Put the time, money, and effort into making it outshine the competition, and you will be in the drivers seat.

Some wildcard factors to keep an eye on:

• Rising interest rates. Not really a wildcard--it's happening. But it's not always clear when we'll see these increases.
• Tax law changes
• Government squabbling (another shutdown?)
• FEMA flood maps

For more information visit www.realtor.org

Source: Cape & Islands Association of Realtors