The most recent Cape Cod single family home sales statistics are now available. The year is off to a somewhat slow start with just 337 new single family listings as of February 28.  This is 20% lower than last year at the same time and a whopping 60% lower than February 2020 (pre-Covid).  This is good news for sellers but tough news for buyers who have been waiting for inventory to improve.  On the bright side, the median sale price of $660,000 is up only 2% over the same time last year, suggesting that prices are continuing to level off somewhat.  In December 2019 (pre-Covid), the median sale price for a single family home on Cape Cod was $433,000. 

 

To view the most recent Cape Cod Real Estate market report, click here. For a town-specific report, click on the map.  Or, if you want to dig deep into the market data yourself and narrow your statistics by price, number of bedrooms, or other specific criteria, visit my new Market Insights page where you can even sign yourself up for periodic updates.  

A recent survey of homebuyers who purchased a home in 2021 and 2022 found that 72% had buyer’s remorse. Thirty-one percent paid over asking price, a median of $65,000; 36% made offers without seeing the home; and 43% made concessions to sellers such as waiving a home inspection.

If you’re planning to buy a home in 2023, how can you avoid buyer’s remorse syndrome?

Get prepared. Research neighborhoods and types of homes so you can find a home you’ll be happy with for years to come. You’ll need earnest money, a down payment, moving costs, utility deposits, unexpected repairs and replacements and more. Talk to your lender and get pre-approved for a loan, so you’ll know the ceiling of what you can comfortably afford. Be clear about your needs and dealbreakers so your Berkshire Hathaway HomeServices network professional can help you search for the right property.

Buy within your means. While you peruse homes online, shop within your budget. It does no good to look at homes you can’t afford or that aren’t the best fit for your household. If you need to consider fixer-uppers, make sure your mortgage loan can cover necessary improvements. Be aware of all the costs, including taxes, HOA fees, mortgage insurance, moving, etc.  

Ask for seller concessions. Sellers in many markets are lowering their prices, agreeing to fix or replace expensive appliances or operating systems, paying the buyer’s closing costs, and other concessions. All you need to do is ask. 

 

For expert financing assistance, feel free to reach out to one of my trusted lending partners below.

 

Cape Cod Five

Pride Rock Mortgage

HarborOne Mortgage

Repairs or replacements that the homebuyer requires to be completed before closing on the sale of your home can blindside you if you’re not prepared. While any unforeseen expenses are an unwelcome surprise, you’ll still have to fix the problems or risk letting your buyer out of the contract and having to disclose the problems to future homebuyers.

Homebuyers have the right to have the home they’re buying professionally inspected. The purpose of the inspection is to inform the buyer as to the condition, age and likely lifespan of major systems and appliances in the home. As a contingency in the contract, the buyer has the choice to proceed with the contract or ask the seller for repairs or replacements. This is fair because many issues with a home can’t be seen with the naked eye. An inspection gives a rough idea of future expenditures; if there are more problems than the buyer is willing to allow, the transaction will be in jeopardy. The buyer can’t help but wonder what other problems may come to light about the home.

Your Berkshire Hathaway HomeServices network professional knows that the less the buyer finds wrong, the smoother the transaction will be. Before you put your home on the market, hire a licensed home inspector to alert you to unknown problems and repair or replace them so the buyer has no misgivings. You’ll also be able to ask a higher price for your home when it’s in pristine condition. 

Painting kitchen and bath cabinets a fresh, new color can give your home the much-needed update it desires for only a few hundred dollars. Make the job simple by using these guidelines to produce a smooth-to-the-touch finish without streaks, wavy lines or drips.

According to HomeDepot.com, the type of paint you buy will depend on what materials the cabinets are made of. Wood or compressed wood can be sanded, then repainted. Laminate cabinets should only be painted with products designed to stick to plastic surfaces. While acrylic and alkyd paints can do a great job, glossy or semi-gloss oil-based paint is best for durability and scratch-resistance. Use good quality synthetic bristle brushes for acrylic and natural bristle brushes for oil paints.

Clear all clutter from countertops, empty the cabinets, remove all hardware and cover backsplashes, appliances and floors with plastic sheeting secured with painter’s tape. Label all drawers and hardware so you know where to put them back. Open windows for ventilation and cover doors with sheeting to keep dust and fumes from the rest of the house.

Begin paint preparation by degreasing the cabinets and sand surfaces smooth. Prime the cabinets with paint primer and use a wood filler on all holes to give hardware a tight secure fit.

Allow plenty of time between coats for the paint to dry thoroughly to prevent thin spots, peeling and bubbling. ThisOldHouse.com recommends finishing with a high-gloss acrylic varnish over the final coat of paint for a rich, modern look. 

If you've been away during the winter, you might have missed the grand openings or news of these noteworthy newcomers.  Check them out before the summer folk return!

 

Las Chidas (Orleans) - What once was the Local Scoop ice cream parlor is now one of the hottest new hangouts on the Cape!  And for good reason.  Tasty, inspired tacos, creative cocktails, and a cool vibe make Las Chidas a top pick.  I also love that they have a nice selection of imaginative "spirit free" cocktails.  Kudos to Owner Meredith and Head Chef Amanda on their new venture.  Visit their website for hours and directions.

 

Leonessa (Yarmouth Port) - Replacing Grill 43 on route 6A in Yarmouth Port, husband and wife Diego and Taylor are planning to open this new Italian restaurant by mid-April.  The couple have significant restaurant and hospitality experience in both Boston and on the Cape, and are planning a varied Italian menu featuring fresh New England ingredients.  Keep an eye out for their grand opening!

 

Drifters Cape Cod (Chatham) - This one is more "newish" than new, but is worth mentioning since if you're not from Chatham, it may have gone unnoticed.  Drifters took over the space previously occupied by The Talkative Pig on route 28 in South Chatham.  Serving both lunch and dinner, Drifters offers a nice selection of both small and larger plates, craft cocktails, and a largely European wine list. Check their website for current hours and days of operation.

Peace, tranquility, and nature surround your every step throughout this home both inside and out. Glorious bright and natural light filles every room with the Walker's Pond calling to you from beyond just outside your doorstep. Stunning open floor plan fills the main level with wall to wall sliders to bring the outside in (or inside out), and fills the air with light fresh breezes throughout the day. An expertly finished lower level, including office space and a bar for overflow entertaining, walks right out to your backyard with the deeded moss pond path that leads to a shared decking path, patio for seating, and pond deck for relaxing. Enjoy those summer evenings, or easily launch your kayak or paddleboard for a morning water journey. A perfect home for entertaining on your deck overlooking the pond, or spread out inside in the formal and informal living rooms that flow to and from with easy access to the kitchen. All bedrooms enjoy pond views, and ample unfinished storage space on the lower level. This location provides the perfect amount of privacy while just a short drive away from shopping and dining.  Offered at $1,250,000.   View Details

 

 

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