When will real estate values on Cape Cod begin to appreciate again?
Posted by John Barrett on August 24, 2009
Vacation areas like Cape Cod aren’t immune to real estate recessions, but they don’t last like in other areas. The clientele is more diverse and because of this there is always someone in the market to buy or sell real estate on Cape Cod.
Cape Cod attracts first-time home buyers, second home clients, investors, and contractors who purchase downtrodden properties to fix up and resell.
A real estate recession has to run itself out and usually gets worse before it gets better. Right now on Cape Cod, the real estate market is very active for properties under $300,000, because it includes all of the above clients. We might get a call on an ad for $200,000, but once the customer learns more about the current market, they will usually spend more. There are tremendous values available now. This means the real estate market is currently on the move, and prices will creep up slowly and it will quickly become a seller’s market as prices have leveled off after hitting bottom this summer.
This fall is a great time to invest in Cape Cod real estate. There is a limited supply, every property is close to the water, and that is always valuable in any type of market.
