Question: I get your emails that post new listings and I'm a bit taken on how many Eastham houses continue to go on the market. Where's everyone going and why?Answer:
- First – the number of houses on the market isn’t, historically speaking, very high. We currently have only 110 active listings. A year ago we peaked at 119. We’ve had as many as 141, back in 2006.
- I haven’t seen a common theme in the Sellers. Many just feel its time to move South, where its warmer. Others feel that it’s time to cash out to pay for college. The most common story is the death of the owner, forcing the family to sell the home to settle the estate. I’m also seeing a fair number of totally unused (abandoned) homes that are being sold.
- I’ve had no buyers even hesitate about water issues or any local issues. Although we’ll certainly see increases in our taxes to pay for wherever the water issue takes us, Eastham taxes are significantly less than other places in New England.
- I believe that the average American family moves every 7 years or so. That seems excessive to me since I lived in my NY home for 29 years. Also, many of these moves are due to work transfers. That said, the Cape had a boom in the mid-to-late 1990’s that may be the statistical fact that says that we will see continuous turnover for the foreseeable future. As a Realtor, I’m OK with that.
- As you know from my newsletters, the current market is VERY slow. There were only 2 sales in Eastham in September, usually a BIG month. As things start moving again there will be more new listings. My next newsletter, due out in 2 weeks, will provide the details of September sales.
- Lastly: The biggest problem with real estate right now is economic uncertainty. Folks are simply saying that now isn’t the time to spend big money on a vacation property. Hopefully, the market will signal ‘all clear’ soon.
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