I became a real estate agent at the bottom of the market during the "great recession" when it was firmly a buyer's market. Through the years, the market became more balanced but this year has really changed. As is the case for many resort areas, Cape Cod has become an attractive alternative for people who are working from home for the foreseeable future. Properties are flying off the market with multiple bids and above asking price. This has made it challenging when representing a buyer to say the least. I've increased efforts to find homes to list by reaching out to previous clients who purchased a few years ago to see if they might want to sell. Comp reports are almost useless as the properties regularly sell for higher than can be comped. Buyers need to have more cash to put down in order to secure the loan, knowing that the house won't appraise out at what they are purchasing it at. A new experience for me to be sure.
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