Bob's Eastham
Real Estate Newsletter
Bob Sheldon , Realtor®
508-237-9545
May 2020 - Newsletter #206
BobSheldon@remax.net
RE/MAX Spectrum
Check Out my 'All New' Video Newsletter. Some stats and my commentary on the Coronavirus 'situation'.
In This Issue..

  • My market update through March.
  • COVID-19
  • My New Designation - RSPS
  • What is Forbearance?
  • One New Listing
Eastham - May 2020 Report

Single Family Homes....
  • March had 12 closings (compared to 10 last year). The average selling price was $447,033, and the median price of $409,250.
  • The YTD average price was $492,323, down 12.7% from full year 2019. The YTD median price of $449,900 is 5.3% under the full year 2019 median.
  • With 11 new listings in March, we currently have 56 single family homes for sale in Eastham, with an average list price of $868,443 and a median price of $684,000. (Note: last year there were 72 ‘active’ homes at this time). There are 13 homes in a 'Pending' status.
Condos...
  • There were no condo closings in February.
  • There are 11 condos for sale in Eastham. These range from $130K to $399K.
Residential Land...
  • March had no land sales. 
  • There are 7 residential building lots available, ranging from $157K to $436K, a 3 acre lot backing up to the Seashore.. .
Commentary:
There's probably not a lot of new things to talk about when the only topic on the news is the virus. It's short-term affects on Eastham real estate are obvious from the numbers. We were on track for a gang-buster year with first quarter sales up 29% from last year, a good year. That all ended about mid-March. Since then the market has slowed considerably. We can see that the number of March new listings is down dramatically (48%), with the number of Active listings likewise down (22%) from last year. The April numbers will be far worse. Of note, while things have slowed, they haven't stopped. I'm still showing homes and still have pending deals.

Looking Forward:
Although I see a steep hill to climb to get back to normal (whatever that is/was), I see huge potential for an upside later this year. How much pent-up spring demand will we see this summer? How many off-Cape folks will want a home on the Cape to escape to, next time? How many folks will want to up-size after being cooped up for a few months?

Whatever the answers are, I'm here to address your Eastham real estate needs (and wants). Eastham has been largely spared the actual virus (only 6 cases to date), but not the economic ramifications. I stay on top of the mortgage issues, the Town permitting issues, the Registry, etc. so that buying and selling real estate still happens as smoothly as possible, Please call me if you have any questions.
More Interesting Articles

Several times a week I post articles that deserve to be re-seen. I post these to my Facebook 'corporate' page. Here are a few from the last month or so.


Would you like to follow me on Facebook? No problem!  Just go to my page on Facebook and press "Like"
Forbearance - Be Careful .....

If you are having difficulties in making mortgage payments, due to Coronaviris- forced changes in your income, you should call your mortgage company/bank. They may offer you something call 'forbearance'. Simply said, this is the ability to delay payment until we get the all-clear and you can go back to work. Every mortgage is unique and what they offer you may be different than what they offer someone else. Here's where you need to be careful. You need to accept only what you can actually do. Here are a few possible options....
  1. A lump sum back payment due on a specific date after the crisis is over. This could mean that a balloon payment (principal and interest) of 3,4, or more months payments is due. Ugly.
  2. The missing payments are simply pushed to the end of your loan period, extending the 30 year loan to 30 years plus a few months. The unpaid interest may simply extend the mortgage a few months. This is also known as Deferment.
  3. The loan may simply be re-financed after the all-clear to account for the missed payments. This will likely increase the monthly payment somewhat, but (conceivably) the new lower rates may actually keep you pretty much where you are.
Option #1 is a formula for foreclosure. If you are hurting, financially, during this crisis, the balloon payment at the end may completely do you in. Careful!

The RSPS Certification

During my forced 'Social Distancing' time I took the opportunity to further my real estate education by earning the RSPS (Resort and Second-Home Property Specialist) certification. This certification is for REALTORS® who specialize in buying, selling, or management of properties for investment, development, retirement, or second homes in resort, recreational, and/or vacation destinations.
New Listings - Every Day!

Would you like to get notice of new listings? With a lessened inventory, your ability to act quickly depends, in part, on you finding out about new listings as they come online. I provide a service that will give you immediate notice of any new listings that are entered into the Cape Cod MLS that meet your criteria. This service is so good that I use it myself to get instant updates to Eastham listings. Sign up for this new service .... HERE!
Brand New 3 Bedroom Cape
EASTHAM - Brand new (2020) contemporary Cape that needs to be seen to be appreciated. We have a stainless kitchen with an enormous quartz island, oak flooring, gas fireplace, vaulted ceiling with skylights, central AC, on-demand hot water, 3 large bedrooms with lots of storage, including a huge walk-in closet. A one car garage connected to the home via a 12x12 heated breezeway. Great location near the Cape Cod Rail Trail bike path. Dream Here!
COVID-19 Real Estate Update

These last 4 weeks have certainly been a challenge. It's not my style to stay at home sitting on my hands while the virus and the government dictate my every move. Nicely, real estate has been designated as an essential service. With the exception of a few ongoing transactions, however, the business of real estate has ground to (almost) a standstill.

While many of the basic services that are a part of the home buying and selling processes have become nearly impossible, we've found work-arounds for some,of them. Here's where we are.... .
  • The Registry is open only for attorneys and electronic filings
  • Appraisals are still happening, but homes need to be vacant. Appraisers ask that someone else tough the light switches, etc
  • Smoke and CO detector inspections are still happening
  • Septic work (both inspections and installations) is still happening
  • Town offices are open and work being done, but no in-person meetings are being held - phone only. Septic installation inspections still being done
  • My photographer is still working
  • Attorney's offices still open. Call first.
  • Banks and mortgage companies still open - very busy. Call first.
It's a bit of a mess. The spring market is on hold. Very few showings, fewer sales. We are not doing Open Houses. Virtual open houses and Broker Tours are happening. In-person meetings with clients are discouraged.

Nationally and locally, there are still more questions than answers. We have no idea what the summer tourist (or rental) season will look like. Answers may be a long time coming. If you have any real estate questions that may have answers, please give me a call. If you are thinking of selling your home, now may be the time to do the prep-work that needs to be done before it can go on the market . If the spring market is a bust (as it probably will be), let's get ready for a fabulous fall.

Stay well!
My Weekly Coronavirus Videos
For the last few weeks I've been publishing a weekly Coronavirus video newsletter. They have been well received. In case you missed one or more of these, here are the links...
Mortgage Corner - 3.500% - Leveling Off?

Mortgage rates have swung wildly over the last few months. I expect that they will settle down at about the current level, the mid-3's. They are currently 3.500% (3.559% APR) for a 30 year fixed mortgage. Is now the time to buy your Eastham summer home?
Buying? / Selling?

Is it time for you to buy or sell Eastham property? Allow me to step through your options as your real estate agent. Call me at 508-237-9545 or send me an E-mail at  BobSheldon@remax.net .

Buyers: If you plan to come to Eastham this spring, I'd love to show you what's available with a customized list of homes. Then, when you come out, we can go see the homes that seem to work for you. Call me to get started.

Sellers: This is, potentially, a really good time to sell your home in Eastham. Lower inventory means higher prices. Would you like to know what your Eastham home is worth in today's marketplace? Call me for a no-obligation market analysis review of your property.
If your home is currently listed with another agent please disregard the promotional components of this newsletter.