Cape Cod Real Estate has seen a dramatic drop in home and condo prices and now more than ever is proving to be a great time to invest. The following are some great points on why you should invest in Cape Cod, Ma Real Estate.
This is a buyer's market and sellers are more apt to negotiate on their listing price giving you a great deal on Cape Cod real estate. Now that the summer rush is over sellers are thinking of having to carry their homes over the winter and are undable to enjoy their Cape homes or condos. We're four to five years into the biggest housing bust in modern history and home and condos for sale continue to drop in price roughly about 22%. Although prices may still come down, you are still going to get a fantastic deal and you will never be able to time the bottom of the market.
Interest rates on Cape Cod are amazing. Banks have great programs out there and fantastic rates for any buyer. Whether you are a first time home buyer, investor or second home or condo owner there are great rates out there. 30 year fixed for around 4.3%. What's not to like? These are the lowest rates since they have been keeping record. Just two years ago they were running about 6%. With these interest rates on a 30 year fixed based on a $300k loan you are saving over $300 per month, and over a $100k over the lifetime of the loan. If the market picks back up, which it will interest rates will rise and you will be shelling out more money, and it is unlikely rates will return to these levels, making the time to act now.
Tax deductions!! You can deduct the mortgage interest and the real estate taxes giving you a great deduction on your annual taxes. However you will only get the income tax break if you itemize your deductions. The majority of people will find that tax breaks mean owning a home or condo on Cape Cod, Ma costs them less, often a lot less, than renting.
It is all yours. You can renovate and decorate any way you like. When you are renting a home or condo on Cape Cod, Ma landlords are sticklers for renters to be able to change anything in the home you rent. You can make your home your own and will achieve a more personal solitude knowing your home is reflective on who you are rather on who your landlord is, which is generally cheap.
It is much easier to purchase a home or condo on Cape Cod, Ma with the floor plan and most importantly the location that best suits you rather than trying to find a good rental property. Cape Cod rental property is very difficult to come upon and in most cases they tend to be pretty tired properties. Obviously the more money you are willing to spend the better the rental. However, Cape Cod is a bit different as the rental market is on a mostly summer rental basis and there are not alot of year round rentals on Cape Cod.
It is a solid investment if you are ok with waiting a little while for the Cape Cod real estate market to turn around. Real estate is a cyclical process and it seems every 8-10 years we see a full spectrum in the market. This last collapse may take a little longer to recover, but the truth of the matter is that you would be safer investing in a Cape Cod home or condo now while the interest rates are at all time lows and home values are down over 20%. When the market recovers you can sell and reap the benefits. Also, with home prices and rates so low you will be able to pay down the mortgage much faster and have the security of having your own home. If you rent the owner may decide to sell or use it himself leaving you with the hassle of having to find another home or condo on Cape Cod, which can be very difficult.
Choices!!There are alot of home and condos on the market right now on Cape Cod. You have your choice of location and style of homes. There are also more and more homes that continue to come on the market making this a great time for the buyer. You have the pick of the draw and are able to negotiate more aggressively with sellers. With more inventory sellers on Cape Cod are looking deeper into those once scoffed at low ball offers. Take your time and don't fall in love with any home or condo. You should always be prepared to walk away because some owners still are not in touch with reality.
Sooner or later, the market will recover and settle down. There are always people out there with money ready to buy a home. Be smart and realize that this is a historic time to buy and beat other homebuyers to the punch. If you sit on the fence forever trying to time the bottom of the market, chances are you will miss it.
For more information on Cape Cod Real Estate please feel free to contact me at danneske@coldwellbankerjmw.com or 774-994-0084 cell. You can also go to my website at www.capecodrealestatebydan.com. There is a link on my site that enables you to search for all homes and condos for sale on Cape Cod via the mls. Good luck.
