June on the Outer Cape

June has long been a well-kept secret of outer Cape residents, but word is getting out! The gardens are in bloom. All of the businesses are open and in full swing. But because the full summer crowds have not quite arrived in full, the beaches, bike trails, shops, shows and restaurants are all very accessible this month. And most years, the weather cooperates! Don’t miss out on these special festivals, or come just for a weekend get-away to eat out and see a show.

June 4-7
Women of Color and Friends Weekend: Join hundreds of women of color, their friends, families, & supporters in Provincetown for the third annual gathering! Click Here

June 17-21
Provincetown International Film Festival: Celebrating 11 years of cutting edge, independent filmmaking on the edge. Enjoy 5-days of films, panels and parties Click Here

June 25-28
Provincetown Portuguese Festival & Blessing of the Fleet: Music, great food and parade festivities! Click Here


The 2009 Theatre schedules have been set. Don’t miss these great performances.

Wellfleet Harbor Actors Theatre Click Here

Provincetown Players Click Here

Mortgage Rate Update

It appears spring flowers aren’t the only things inching up this time of year. Mortgage interest rates for 30 year products have been slowly increasing after reaching record lows in late April.

The national average mortgage rate is now 4.84%, this is up from 4.78% a few weeks ago as reported by Freddie Mac. The rates have been hovering in the high 4’s for two months straight and all eyes are watching this movement. The low rates have created a flood of business for banks and mortgage brokers catering to consumers seeking to refinance and save thousands a year in monthly payments. The latest increases in rates may push even more consumers to act.

The 30 year rates were impacted positively in March when the Federal Reserve announced that it would purchase $1.2 trillion in mortgage backed securities and $300 billion in government debt. 15 year mortgages have also been affected. The rates for these less traditional mortgages are around 4.5% according to The Boston Globe.

Local banks are offering 30 year products at or around 5% with no points. A local branch of a large national lender is offering a rate in the high 4’s with points attached.

Here’s a note of caution. Be careful when shopping for a new mortgage. Although the days of teaser products are gone, read the fine print and make sure all fees, including points are disclosed up front. You don’t want the illusion of paying a 5% interest rate and find out that it adds up to 6% when all is said and done.

Going Green means Saving Green!

Are you considering any renovations to your property this year? If you make energy efficient choices, you may be eligible for significant tax credits. The American Recovery and Reinvestment Act of 2009 encourages homeowners to help the nation reduce its great dependence on energy by making green choices.

New energy efficient windows, doors, insulation, roofs, HVAC systems, water heaters and biomass stoves will bring a credit to you of up to 30% of the cost, with a cap at $1500. But more heavy duty systems, like solar panels, solar water heaters, geothermal heat pumps, small wind energy systems and fuel cells, will bring a credit of 30% of the cost with no upper limit and you can benefit from these credits through the end of 2016!

If you are not planning any major work, there are still some relatively easy things you can do to live greener and save energy along the way.

• Install low flow toilets and showerheads in your bathrooms.
  
• Update your thermostats for maximum efficiency.
  
• Insulate your attic.
  
• Seal air leaks.
  
• Use energy efficient light bulbs.
  
• Unplug your chargers when they are not in use.

For more information on Federal Tax Credits for Energy Efficiency, click here.

Lets be Optimistic about Real Estate

This week brought some peculiar behavior in the real estate market which led to conflicting reports and opinions as to whether we’ve reached a turning point.

The past few Saturdays have been buzzing with real estate shoppers. Realtors from Provincetown to Orleans reported that the combination of scheduled showings, walk in inquiries and busy open houses, were reminiscent of a stronger market. The weather cooperated as well.

Mortgage brokers reported that although the majority of their traffic is refinance business, the number of buyers seeking pre-approval letters, are increasing.

The Boston Globe reports that home values slipped an average of 15% in Massachusetts since the market peak in 2005. This is not a tremendous slip compared to other states which saw a 50-60% decrease in value. Outer Cape property is in line with the rest of the state experienced an average 10-20% adverse adjustment in value. The Globe also reported that sales have consistently increased over the past three months, although by a small margin.

It’s hard to predict when the curve will turn upwards, but here are some significant signs that momentum is building for something to happen:

1. Pre-approved buyers are shopping. Getting a mortgage these days is not an easy thing and going through the process shows commitment to buy.
   
2. The interest rates remain historically low.
   
3. Low prices are creating extreme opportunity.
   
4. Closed sales in the hardest hit markets of Phoenix and South Florida have already increased three months in a row due to the purchase of foreclosed properties and short sales.
   
5. The Housing stimulus package is helping sellers keep their homes and avoid slipping into foreclosure or listing their homes at fire sale prices.

Stability may be returning to the real estate market. Although there is a long road ahead, it appears that there is change on the horizon.