Posts Tagged ‘cape cod real estate’

Why Are So Many Homes For Sale in this Neighborhood?

Sunday, November 1st, 2015

Have you ever driven through a neighborhood and noticed that a number of houses all have a For Sale sign posted out front? Did you wonder “what the heck is going on here, is something WRONG that is making everyone move?!” Let me address this as it relates to Chatham and Lower Cape Cod. But first, we have to backtrack.

Investing in vacation homes on Cape Cod, particularly Chatham and the Lower and Outer Cape, really became more doable for people around the 1950’s. Transportation and roads improved, making the ride to the Cape quicker and easier. People had more discretionary income after the war years, and owning a second home became a real possibility. Planned neighborhoods started popping up around the Cape. During the 1960’s and 1970’s there was steady growth and summer populations increased as more home buyers secured their own piece of Cape Cod.

Fast forward to Today. Many of those neighborhoods are that much older. In their heyday, they were new, popular, desirable places to own. Today, most of these homes now belong to the children and heirs of the original owners. While their location hasn’t changed and they are still desirable places to live, many of the homes haven’t changed much, either. So we now have neighborhoods that once flourished with homes that are not in keeping with the standards that today’s Buyer is accustomed to. And while some heirs hang onto the house, for most it is not a reality and they end up selling.

We are at the point where these homes are hitting the market at a higher rate than in the past. Thus, some neighborhoods now seem completely for sale as this cycle of life continues. These properties will be bought and renovated, or in some cases, torn down and rebuilt for today’s lifestyle. The most important thing to keep in mind is LOCATION, because that doesn’t change. If you like a property in a neighborhood where there are several others for sale, look to see if there is evidence of a rebirth of the neighborhood. Are other Owners renovating, building, updating their home? Like they say, “you want the worst house in the best neighborhood”. That is usually a smart investment in any market, in any decade.

So if you see a lot of “For Sale” signs in a certain area, don’t assume this is a negative. Look a little deeper to see if the neighborhood is heading in the right direction. And if it is, you’ll be more than ready to jump when you recognize a listing that’s a good deal.

Why Hasn’t My House Sold?!

Monday, October 19th, 2015

Have you ever listed a home for sale that didn’t sell? Not only didn’t sell, but it was rarely shown. Or perhaps it was shown many times, but you STILL never got an offer. If you have ever experienced this, you probably were very disappointed and wondered ‘why’. And probably blamed the Realtor too, right?! Each home is different and there could be a hundred possible reasons why yours didn’t sell. In my experience however, there are usually two common denominators when a home doesn’t sell.

First, was your home priced to sell? And by this I don’t mean what you wanted to net from the sale. Priced to sell means your home is priced at a realistic number that will compete favorably with the other comparable homes on the market. The goal here is that your listing is perceived as the best value in your price range. In a second-home market like Cape Cod, Buyers that come to look at properties don’t have an unlimited time frame. They choose the homes they want to see in the allotted time they have. If there are many listings for sale in your price range and yours is not the best value or even close to it, your home will get scrapped before anyone even sees it.

Along these same lines, today’s Buyers are shopping for a home online first. Their computer is their window as they scroll through all the available listings for sale. If you don’t have an attractive lead photo that grabs your attention and a complete, compelling description, the Buyer will just click ‘NEXT’! You absolutely HAVE to have great photos, and they should also be changed out often to keep the listing fresh. If it’s the middle of winter when the house is listed, your agent should be out there taking new pictures as soon as there are leaves on the trees. It really aggravates me to see snow pictures in a listing in June. So many Sellers never follow up to see how their home is being represented online, I don’t understand that.

Speaking of photos, there also should be the maximum number of photos allowed on each website. If 30 photos are allowed, there should be 30 photos. And unless your property needs MAJOR renovation and does not show well inside, there should be a virtual tour or slide show too. I don’t care if your list price is 300K or 3 Million dollars, you deserve equal treatment. Your ad copy should also be the maximum allowed, well-written and descriptive with no spelling errors. Some of the descriptions I see are nothing less than pathetic!

Those two things are usually why homes do not sell. Their list price is not realistic, and/or the listing is not well-represented online. I don’t care what your house needs in the way of updates, whether it’s a new roof, landscaping, new bathrooms – you need to price it with this in mind. That is why it’s important for you to interview a number of Realtors and get their suggested list price and projected sale price for your home before listing. Once you do this, DO NOT choose the one who quotes you the highest list and projected sale price! This is called ‘Buying a Listing’ and unfortunately, it’s common in the industry. Study the comparable sales offered in your market analysis and try to be as open-minded and unbiased as possible. I know this is not easy as nearly every Seller has some type of emotional attachment to their home. Every Seller also WANTS a certain price for their house. But, IT IS WHAT IT IS, numbers don’t lie! Do you really want months (or years) to pass while you hold to an unrealistic price? Waiting for the right Buyer to happen along who will pass up all the other homes in your price range, and pay YOUR price that is way above market value?! Would YOU do this as a Buyer?

Price, location, and condition all need to be in-line when selling a home. That’s first. Second, your listing needs to receive the very best representation and presentation possible. Do these two things, and you won’t have another house that lingers unsold on the market.