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Great time to find a dream Cape home

11 Sep 2012 8:26 AM
Great time to find a dream Cape home

Cape Cod has long been one of the most desirable places to buy a luxury home, as it provides residents with some of the most scenic ocean views on the East Coast and features a beautiful landscape of pristine beaches, winding roads and friendly communities. In fact, numerous people harbor dreams of retiring to the Cape for years before they leave the workforce. The mild weather, beach-going lifestyle and low property taxes are enough to keep them looking forward to their golden years with mounting excitement.

As such, many people keep a close eye trained on the Cape's housing market, hoping to identify the best time to buy. If you're in that group, you will probably be happy to learn that some experts and homebuyers believe now might be the perfect time to buy one of the Cape Cod homes on the market. According to The Boston Globe, the combination of recession-lowered prices and a favorable lending market make this one of the best opportunities to purchase Cape real estate in recent memory.

"We see prices on the Cape are low and properties are starting to move again," Walter Herlihy, a financial planner with offices on the Cape, told the news source.

As people become more comfortable financially with the economy warming, the prospects of owning a prime piece of desirable Cape real estate is becoming a reality for some.

For example, Judy Watkins, a Massachusetts native who fled the Bay State (and its notorious winters) for Florida, has always kept a close eye on the Cape's housing market. Thoughts of spending half the year walking barefoot across the region's famous beaches and eating fresh seafood had her keeping her fingers crossed for the perfect opportunity. She believes now is that time.

"This is absolutely, definitely the time to buy, for sure," she told the news outlet. After years of looking, she settled on a two-bedroom, three-bath house on tree-lined grounds in East Falmouth.

In the coming months, there may be many more people like Watkins. Median prices across the peninsula have dropped from their peak prices, according to the Warren Group. These drops, combined with rising confidence in homebuyers, are likely factors in a possible rush for some of the region's prime real estate. Another factor, however, may play an even more significant role. Low mortgage rates may be the final push some fence-sitters need to make the plunge and buy their dream home.

"A lot of folks in that age bracket can remember the 12 to 18 percent rates of the late '80s," real estate agent Russ Pelletier told the Globe. "So a 3 percent mortgage now is almost looking like free."