Bob's Eastham
Real Estate Newsletter #253
April 2024
Bob Sheldon, Realtor®
508-237-9545
BobSheldon@remax.net
RE/MAX - Eastham
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In This Issue:
- Eastham Market Update
- Billingsgate Island
- NAR Settlement...
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Eastham - February Market Report |
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Single Family Homes....
- February had only 5 closings - the slow start continues. Last year, February also had 5 closings. .
- The median sale price was $1.1M, there were too few closings to draw any conclusions. The YTD median was $900K - ditto.
- On March 15th we had 13 single family homes for sale in Eastham, with an average list price of $1.14M and a median price of $889K. (Note: last year there were 9 active homes at this time). There are 16 homes in the 'Pending' status.
Condos...
- There were 6 condo sales in February - all one bedroom units on Intonti Way.
- There are 7 condos for sale in Eastham. Three are at $730K for new-build Cedar Banks condos, 2 more to-be-built units on Intonti Way, one is my listing on Dory Lane (see below), and.one is 3/3 with amazing views of Town Cove,
Residential Land...
- February 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:
The 'story' continues to one of supply, or lack thereof. Although we have an uptick in active listings the last few weeks, that hasn't been enough to attract buyers to venture down to the Outer Cape.in search of the 'perfect' place. [note - this is the highest March we've seen since COVID] The few sales we had in February were skewed toward the higher price points, driving the YTD median sale price to $900K, a total mis-cue on the market. More sales will bring it back where it belongs.
The Fed appears to have stopped raising its rates and says that rate reductions are in our future, but probably not soon.
One of my character flaws is my continued optimism for the future market. I see inventory improving, mortgage rates holding, and spring coming. However, this is an election year with more than normal (what's normal?) angst.
That said, 2024 has started slowly. Supply and demand will continue to drive the market.
Buyers: If this is your year to Buy - stay alert! Your 'perfect' home will sell quickly.
Sellers:Low inventory (and spring) drives higher prices and quicker sales. Is this your year to sell?
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Big Changes - Coming Soon
You may have read about the massive settlement that the National Assoc of Realtors (NAR) has made to end the ongoing litigation over Buyers' agent compensation. (See press release below). As a result of this, the way real estate will be sold is likely to undergo major change in the US. The fact that it seems to have worked reasonably well for decades is currently irrelevant.
The settlement (other than $$) will also force changes in how agents operate. NAR agreed .....
- Not to create rules that require listing agents to set commissions for buyer’s brokers
- To no longer display compensation in multiple listing services (this wouldn’t take effect until mid-July)
- That agents who use the MLS would be required to have a written buyer representation agreement in place with buyers before looking at homes together
Next month I will discuss the results of these new rule changes - and some unintended consequences.
Of note - these changes need to be court approved AND will be completed by mid-July.
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National Association of REALTORS® Reaches Agreement to...
The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction ...
Read more
www.nar.realtor
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Mortgage Corner - Holding at 6.5%
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 6.500% (APR 6.570), 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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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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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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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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4 Bedroom Captain's Cape
NEW LISTING - EASTHAM - This is a beautiful 4 bedroom, 2.5 bath, contemporary Captain;s Cape home in a great South Eastham neighborhood, close to Conservation trails, the bike path and convenient to Orleans shopping. The many town and the 2 National Seashore beaches are just a short drive away. This home has a large front-to-back vaulted living room, a separate dining room, and an eat-in kitchen on the first floor. Also on the first floor is a large primary bedroom, another bedroom (that had been used as an office), a laundry area, and 1.5 bathrooms. Upstairs are 2 good-sized bedrooms, another full bath, and a larger attic/storage area. This home sits on a nicely landscaped half acre. The rear kitchen slider takes you to large deck and the 'mandatory' outdoor shower. Other features - natural gas heat, Anderson windows, and a 2 car garage. Dream here!
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Large 2/2 Brackett Landing Condo
NEW LISTING - EASTHAM - This is a beautiful 1558 sqft 2 bedroom, 2 full bath, 2007 home in Eastham's premier established year-round condo community. We have hardwood floors, granite counters, stainless appliances, vaulted ceilings, gas fireplace, central AC, natural gas heat, Town water, a full basement, and an a detached 1 car garage. Downstairs is the open living/dining/kitchen as well as a good-sized primary bedroom. Upstairs is a large open loft (perfect for a home office) and a second primary bedroom. Outside is a larger 'exclusive use' area, Located adjacent to the bike path and a short stroll to the North Eastham commercial area (bank, PO, deli, etc). Super nice. Dream Here!
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Cute 3 Bedroom Ranch
NEW LISTING - EASTHAM -Cute and well maintained, this 3 bedroom ranch cottage should provide your family many summers of enjoyment. This property sits on a pleasant half acre on a quiet cul-de-sac and has been a great rental. Being sold 'Turnkey' (fully furnished with just a few exclusions).
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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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More homes are up for sale this spring, but rising rates ...
The spring selling season could be more robust this year as housing inventory picks up steam.
Read more
finance.yahoo.com
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The Atlantis of Cape Cod
Discover Billingsgate Island in Eastham, Massachusetts: The Atlantis of Cape Cod reemerges during the lowest of tides.
Read more
www.atlasobscura.com
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Testimonial - A Buyer
We have known and worked with Bob for 5 years since meeting him at an open house and hitting it off. His knowledge and guidance (and patience!) was invaluable during our search the "the dream" in Eastham. He knew what we wanted and our style, and did not push us into homes he knew were not right. When the right home finally came on the market he guided to a successful offer. And when some rather significant issues arose prior to closing his guidance and advice was spot on, allowing a successful close. Very happy to say we are now "neighbors" and will continue to be friends I am sure. We are grateful to have met Bob. Thanks Bob!, [thank you, Stephanie]
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Hopper's 'Sailing' (1911)
Edward Hopper painted a this sailboat in 1911 and sold it at the NY Armory Show in 1913. It's thought to be the first painting he actually sold. He went on to paint many sailboats during his many summers in South Truro.
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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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