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Greetings!
It's hard to believe how quickly 2011 has gone, it only seems like it was yesterday when we were enjoying that fantastic Cape Cod summer weather. Perhaps the time has gone so quickly due to the very mild weather we have experienced in 2011.
2012 looks to be shaping up as a very active Real Estate year with some of the lowest interest rates in history. Add to that a fairly healthy inventory of active property for sale and the desire to own a vacation or second home on Cape Cod and you have a " perfect storm " for a very active market coming into 2012.
Property values on the Cape have stabilized and in some cases have seen an increase in value. When a property is well maintained and priced properly it will sell, it's active days on market have just increased. The buyer of Cape Cod property not only purchases a property for a sound financial investment, but also for the personal usage factor which is impossible to set a financial value on.
Looking forward to assisting you with any of you Cape Cod Real Estate needs in 2012.
Brian Pothier Realtor
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Market Overview Cape Cod
General Market Overview
When comparing real estate results from 2010 to 2011, it is important to
remember that during the first six months of 2010, first time and not recent owners received an incentive. After removing those six months sales from each year, the number of sales in 2011 has slightly better (2%) numbers than 2010. Comparing sale prices in the following months, it is also interesting to note that the median sale price is exactly the same at $320,000. The number of active sales on the market is down from previous months but this is attributed to typical year-end withdrawal of properties during the holiday season. Sellers usually place their homes back on the market right after the New Year. Pending sales happen to be the same as last year at 670. The market could very well have hit its bottom and the general consensus is that 2012 promises to show improved results.
The Residential Market
Single Family and Condos- in the last 12 months, 3714 properties were sold with an average price of $431,800. In 2010, 3854 properties were sold with an average sale price of $432,400. This indicates a 3.7% decrease in number of sales and a similar average sale price. Expect the market to be very active with interest rates at what is now and all time low. It's never been a better time to enter the Cape Cod home ownership market.
The High-End Market
Residential Sales over $1M-In 2011, 224 properties were sold. In 2010, 208 were sold indicating a 3% increase. The average sales price of $1,795,100 is just about the same as 2010 .Brewster, Chatham, Eastham, Harwich and Orleans have all been very active in the high end of the market in the fourth quarter, with many sales being recorded over the million dollar level. Of note in Eastham was a property on the bay that sold for $2.5 million dollars, it's been some time since Eastham has had a sale in the range. Chatham had 11 sales in the fouth quarter over 2 million dollars, one being sold at 6 million dollars and being on the market less than thirty days. All indicators point to an improving market.
Remember all real estate is local - Cape Cod is internationally famous as a summer resort area and is increasingly popular for retirement living. It has miles of beaches, natural attractions, historic sites, art galleries, and four star restaurants and hotels. It also offers great outdoor activities such as world class boating, coastal and deep sea fishing, numerous public and private golf courses, and a wide variety of other summer sports. The Cape is also located less than 100 miles from Logan Airport in Boston, or T.F. Green Airport in Providence, Rhode Island.
When purchasing real estate, the old standard rule applies - LOCATION-LOCATION-LOCATION
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Staging Your Home To Sell
Staging is intended to create an atmosphere for the prospective buyer where they can envision themselves in your home. You create a Cape Cod lifestyle with your staging, and through how you stimulate the senses.
Is your home most likely to be bought as a Cape Cod getaway? Do you have a waterfront home that will appeal to the right demographics for second home buyers? When staging is done right, buyers will pay top dollar for not only your home, but the lifestyle it will afford them.
Staging done by a professional stager or designer creates ambiance, showcases the highlights of your home, and appeals to a wide range of buyers ... all sure fire ways to sell that Cape Cod property !
 
I utilize the exclusive services of " The Real Deal " for any staging services. The Real Deal has been featured in numerous magazine and newsprint articles on staging Cape Cod Real Estate. From a simple consultation which is offered free to any of my clients, to a complete redo from scratch "The Real Deal" delivers a turn-key hassle free process that will help your property sell faster and at a higher sale price. Recently I have had clients utilize the services of " The Real Deal " for preparing the property for a summer rental program, again it helps get a higher weekly rate and less vacancy.
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Mortgage rates hit lowest level ever recorded
Headline says it all - mortgages are at their lowest rate since most organizations started recording them. For example, says Bankrate, the 30-year fixed-rate mortgage fell to 3.75 percent, "the lowest rate level the fixed rate has reached since Bankrate started the weekly mortgage survey 26 years ago."
Mortgage Applications Increase as Low Mortgage Rates Remain Steady
While economic data being reported for the U.S. has been on the positive side, global markets continue to react to European financial problems. The housing and mortgage markets are showing signs of recovery as mortgage applications increased 12.8% for the week ending December 2nd. Mortgage refinance applications were up 15.3% and purchases were up 8.3%. Freerateupdate.com's survey of wholesale and direct lenders show that for the past week mortgage rates, except jumbo 30 year fixed mortgage rates, remained steady bringing in a surge of borrowers. 30 year fixed mortgage rates are at 3.750%, 15 year fixed mortgage rates are at 3.125% and 5/1 adjustable mortgage rates are at 2.500%. These low mortgage rates are available with 0.7 to 1% origination fee for borrowers who have a history of good credit. With Consumer Sentiment up in early December, it is evident that consumers are saving and spending at the same time. Right now, home prices are still down and can provide a more affordable means of housing in comparison to rent. For those who are already homeowners, refinancing an existing mortgage to lower mortgage rates can also produce an impressive monthly savings. It is important for borrowers to have stable employment and assets for reserves, both of which the lender will verify, in order to receive mortgage approval.
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Kinlin Grover Acquires ERA 55 Main Street Orleans Location
December 08, 2011
ORLEANS - Kinlin Grover Real Estate, which has 15 offices from Provincetown to Falmouth, has announced the addition of a new office in Orleans.
The new office is located at 55 Main Street.@,Friends Marketplace, Orleans (formerly ERA Cape Real Estate)
The combination of Kinlin Grover's acquisition of the 55 Main street office and merging with Atlantic Realty two years ago reflects the company's commitment to growth in the Orleans area.
According to Brian Pothier It's a " win win " for both Kinlin Grover Real Estate and the agents (formerly ERA Cape Real Estate). The company gets another top location in Orleans with a group of well seasoned top producing agents. The agents get the support and financial strength of the largest Real Estate firm on Cape Cod
Kinlin Grover has more than 275 agents and staff and, according to a Real Trends publication, ranks as the 129th largest residential real estate firm in the United States.
"We have continued to experience strong sales volume in the Nauset-area communities," "Since merging with Atlantic Realty, we have nearly doubled our local market share. As we attract more sales professionals, we need to accommodate them and their clients with the most convenient locations and resources. With our 32 & 55 Main Street office locations on both sides of Route 6A, we accomplish that."
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Fun Things To Do On Cape Cod
Doane Rock, Doane Memorial, Nauset Marsh Coast Guard Beach Trail
Directions: East on Doane Road, one mile from Salt Pond Visitor center (on road to Coast Gurad Beach) Look for brown and white picnic area sign on right.
Lenght: 1 mile each way taking the dirt trail extension that leads to Coast Gurad Beach
Doane Rock, the largest glacial boulder exposed on Cape Cod, can be seen from the main roadway. Deacon John Doane was one of the first of seven families from Plymouth Colony to settle in this area in 1644. A memorial stone was erected some two hundred years later by the Doane family members. This memorial is located along the dirt trail extension of the hiking trail.
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Mortgage Rates
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Effective
December 21,2011
loan to $417,000.
30 year fixed 4.00%
15 year fixed 3.525%
loans $417,000 to $1,500,000.
30 year fixed 4.45%
15 year fixed 3.93%
Adjustable up to $1,500,000
5/1 2.98%
7/1 3.487%
If you are shopping around for the best mortgage rates you could not have picked a better time. We are seeing the lowest rates ever!
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