The real estate market on this little cape is hot. Demand for vacation homes is creating a shortage of housing for year-round residents, so it’s a seller’s market. If you’re a buyer, you’ll have to be more strategic in your search. Research the market. When you find the “perfect” home, compare the price with similar properties and find out how long it’s been on the market. This will help you determine your initial bid.
Did You Know?
- Half of all second homes in Massachusetts are on Cape Cod
- It’s estimated that over the next eight years, the demand for vacation homes will grow six percent at a minimum – twice as fast as for year-round dwellings.
The demand for homes is a sure sign that buying a rental property on the Cape could be a great investment.
The Best Time of Year to Buy & Sell Rentals on Cape Cod
Cape Cod has a year-round appeal. In the summer months, the island is packed with visitors ready to enjoy the sun, sand, lobster rolls, and quaint villages. There is just as much to do in the fall and winter, with holiday celebrations galore and more than 2,000 places to shop.
There are benefits and drawbacks to buying and selling, no matter what time of year. Take a look at the following seasonal considerations and think about what works best for your real estate and financial plans:
This is the time of year when there is the most competition for Cape Cod properties – and, from a seller’s standpoint, a great time to list.
People planning to buy want to close on their property and be in their home – or have it rented – by Memorial Day to take advantage of the summer season. There’s also the end of the school year to consider, which influences buying schedules.
Every year, visitors to the Cape come for a vacation and end up wanting to invest in a vacation property, so summer can be a good time to put your home on the market. But, if you’re planning to sell during the summer, consider how selling your rental property will affect both your renters and your income.
August is one of the slower months for selling on the Cape. It’s high-occupancy time, and everyone is on vacation. Because of high summer occupancy rate, it can be quite difficult to view homes during peak season.
If you have your heart set on buying during the summer, the weekend is a good time to shop around. Most week-long rentals end on Saturday, so you might be able to sneak a view right after a home has been cleaned – and before new renters arrive. Your realtor should be able to help you schedule a visit.
It’s estimated that up to 60 percent of second homeowners come back to Cape Cod for the holidays, which means that Fall buyers are keen to secure a property in late October or early November. This can be a competitive time of year for buyers, and a profitable one for sellers.
December is another slow-selling month because of the holiday bustle, but motivated buyers who want to start renting their property in the winter may be willing to move quickly.
Bookings begin to rise again after the holidays. Buyers will want to close deals in time to spruce up their rental and be ready for January and February.
Ready to Buy & Sell Rentals on Cape Cod?
Housing on the Cape moves fairly quickly any time of the year – increasingly so with the current shortage of available housing. If you’re buying, figure out what you can afford to spend, get your financing in order, and make a list of the “must-haves” of your new property.
As a seller, check our local listings to compare properties so you can determine your home’s value – be sure to decide your bottom-line selling price in advance.