Bob's Eastham
Real Estate Newsletter #254
May 2024
Bob Sheldon, Realtor®
508-237-9545
BobSheldon@remax.net
RE/MAX - Eastham
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In This Issue:
- Eastham 1Q Market Update
- Town Meeting
- Remember Watergate?
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Eastham - March Market Report |
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Single Family Homes....
- March had 8 closings - the slow start continues. Last year, March had 9 closings.
- The median sale price was $730K. The YTD median was $812K. Coming back to earth after last month's $1M+ median.
- On April 15th we had 13 single family homes for sale in Eastham, with an average list price of $1.08M and a median price of $875K. (Note: last year there were also 13 active homes at this time). There are 20 homes in the 'Pending' status.
Condos...
- There were no condo sales in March.
- There are 3 condos for sale in Eastham. Two are at $599K for new-build units on Intonti Way, and.one is 3/3 with amazing views of Town Cove,
Residential Land...
- March had no land sales.
- There are 2 residential building lots available, ranging from $475K and $1.2M. Both are waterfront.
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Commentary:
While the 'story' continues to one of supply, or lack thereof, I'm perplexed at how slow the year is starting off. Last year (2023) started off with more of a bang and then just fizzled. We started this year in the fizzle and it seems to be continuing.
The recent uptick in active listings hasn't continued either. I've noticed that most of the folks I see at Open Houses already have homes on the Cape, which means there isn't enough inventory to attract new Buyers. It isn't helpful that it's rained almost every weekend and we have renewed uncertainty on the other side of the globe. Ugh.
Enough whining.
We finally have enough sales to draw some (early) conclusions. I see the median sale price holding steady (or slightly up) from 2023 levels.
The Fed promises to cut rates this year, maybe a few times. Any rate reduction should bring out some 'waiting' Buyers. And help some Sellers decide that 'now is the time',
Looking forward - I continue to be optimistic for the spring market. Inventory will improve, mortgage rates will hold (or get better), and spring is coming (I promise). The economy is improving, so thoughts of a summer at the beach will drive off-Cape Buyers our way. .
Buyers: If this is your year to Buy - stay alert! Patience is your friend.
Sellers:Low inventory (and spring) drives higher prices and quicker sales. Is this your year to sell?
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Commissions - An Update
A lot has been written, and many YouTube videos created, discussing the ramifications of the commission structure changes coming to real estate. Unfortunately, it's getting more confusing, not less. For the time being, the market will proceed as it has for about a hundred years (note - I can only account for 22 of them). Supposedly, this will all sort itself out by mid-summer. Stay tuned ...
For a summary - read the flyer - right ....
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Eastham Town Meeting - Saturday May 4th |
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This year's Eastham Town Meeting will likely be fairly interesting with a few Zoning articles that will likely stir up some debate. The more interesting articles are...
- Article 5A - Specialized Energy Code - this would encourage (ie force) new construction to adhere to new, more stringent, building codes for the heating, cooling, amd operation of residential and commercial structures
- Article 5D - Short term rentals of residential properties - limiting the number of short term rentals to 2 per owner and/or company. The current few (I believe only 9) who own 3 or more are 'grandfathered'.
- Article 6 - Pesticides - exterior use to be generally prohibited. Complicated. Confusing. I seems to favor the mice. (see section 6A - exceptions)
- Article 7A - 'Fractional' home ownership is to be prohibited.
- Article 7B - Perimeter vegetation - further clarification of the 'clear cutting' ordinance from last year. Confusing
- Article 7C - Site Coverage - further clarification of last year's ordinance limiting the size of a home based on lot size. The clarification pertains to properties with more than one dwelling unit (eg condo complexes)
I'll be attending the meeting, scheduled for May 4th at 10AM at the Nauset Regional High School. It will be outdoors, on the athletic field. All are welcome to attend, but only registered voters of Eastham may vote. And, I'll report on these issues next month. A copy of the Warrant can be found on the Town website ... HERE. The meeting will also be available via Zoom (link in the Warrant).
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More Interesting Articles
Several times a week I post articles that deserve to be re-seen. I post these to my Facebook 'corporate' page and/or my Twitter page.Here are a few from the last month or so.
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1) HomeBot Property Analysis
Have you thought about what your Eastham home might be worth in today's market? A starting data point can be had through a number of computer models, such as one I now provide through HomeBot. Give it a try... HERE. HomeBot will not only give you a good idea of your property's current market value, but it will provide an automatic update, roughly monthly, of how the market has changed. Give it a try. (Note - if you hate it, you can simply unsubscribe).
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Watergate History Made in Eastham
Many of us lived through the sad part of our history, resulting in the resignation of President Nixon, known as 'Watergate'. The name Watergate was (and is) the name of an office complex in Virginia that housed the Democratic Party's election headquarters. It was a long, and ugly, time.
What I just learned is that some of the planning was carried out here in Eastham in a house owned then (and now) by the National Seashore. I scouted out the house and took the photo (above) from the deck. The home is used from time to time by the Seashore to house seasonal employees.
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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.
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Custom 3 Bedroom Cape - Pristine!
Coming Soon - EASTHAM - In the next week or so, you'll see a 3 bedroom, 2.5 bath custom contemporary Cape in a great location, just a short distance to the bike path, Great Pond Beach (Wiley Park), and Kingsbury Beach. A total win!
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New - Listing StoryBooks
I'm experimenting with a new listing tool for my listings. This tool (I'm calling StoryBooks) allows me to showcase a home and it's location in a story book fashion. Buyer's can virtually page through the book, seeing the photographs in a manner that can capture their imagination and (hopefully) create a desire to see the house in-person. I can highlight beaches, the bike path, shopping, etc that are appropriate for the listing. I've done a few so far - check one out ===> Here.
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Mortgage Corner - Up a Bit to 6.75%
The latest word from the Fed is that they think they are helping the economy and killing inflation. The current rates (just a snapshot) have the mortgage rates 6.750% (APR 6.860), for 30 yr/fixed loans. It looks like the Fed is forcing us to keep guessing when they will start to cut rates. Sooner than later would be better!
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How the settlement in the real estate commission will ...
Sellers won't be required to pay the buyer's agent, so what could this mean for first-time home buyers?
Read more
www.boston.com
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Nearly 30% of recent homebuyers have zero clue how much...
"Many Americans make the biggest purchase of their life" without knowing how much their realtor gets paid, Redfin chief economist says.
Read more
fortune.com
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Testimonial - A Seller
We really enjoyed working with Bob. He really knows the area and shared many helpful resources with us. Bob managed all aspects of our homes sale and --as first time home sellers--we truly appreciated that Bob was always available to answer our many questions. We would definitely recommend Bob to anyone looking to buy or sell real estate. [Thank you - Linda]
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Hopper's 'Catboat' (1922)
Hopper's image celebrates summer's warmth as two muscular men sail a cat-boat, distinguished by its single sail, along the New England coast. The artist had returned to New York from Paris in 1910 and took up etching when his paintings failed to find buyers, producing about 70 prints between 1915 and 1923. Strangely, this etching appeared on the PBS show 'Antiques Roadshow'. Check it out ...HERE.
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Do Your Future Agent a Favor
With spring happening, do yourself and your future real estate agent (hopefully, me) a favor. While your home looks it's very best, go take a few photos of your home with the spring and summer colors. These photos can be used in the MLSs, and the online listings, to show how wonderful your home can look. On the Cape, we sell a lifestyle that is very attractive.
Remember, these photos should be horizontal, and have no people, pets, power lines, or cars. The latest generation of mobile phones (either Android or iPhone) take photos that are plenty good enough for outdoor home photos.
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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 email me at BobSheldon@remax.net.
Buyers: If you plan to come to Eastham this spring/summer, 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: Is now the time to sell your home in Eastham? Lower inventory means higher prices and faster sales. 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.
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If your home is currently listed with another agent please disregard the promotional components of this newsletter.
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