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Here at Lomenzo Properties, we couldn't be happier about the start of this New Year, both for ourselves and on behalf of our clients. Being sort of "glass half-full" types anyway (or, in Peter's case, "glass always overflowing"!) we are very optimistic about what this New Year will bring to the Cape Cod Real Estate market.
The numbers are in for most of 2008 and they are not all that bad. The Mid-Cape towns of Yarmouth, Dennis and Brewster had a total of 989 transactions for the year, down from 1046 in 2007. The market is still what we call "active" and more so since January 1 as our phones have been ringing and showings are taking place. This past weekend, we've actually received offers on three of our lower-end properties that have been sitting on the market for some time.
In Sunday's Wall Street Journal, columnist Alan Murray refers to the "ONCE IN A LIFETIME BONUS OF LOW PRICES AND LOW INTEREST RATES" as a great impetus for prospective buyers. He actually states in his article entitled "2009 Could Be Better Than You Think" that this will be a good year to invest in real estate. His opinion is that if you find a property you like, have good credit AND a realistic seller, then NOW IS THE TIME to take advantage of the low rates and low prices. Makes sense to us!