Dear Friends and Neighbors,
2001 has been a rewarding year! "Celebrating the Heart & Soul of American Song", the third annual benefit concert I've co-produced for the Cambridge Housing Assistance Fund was a BIG success! With a lot of hard work, we raised over $95,000, enough to assist seventy families who are making the transition from a homeless shelter to renting their own apartment. Let me know if you'd like to join our Planning Board!
2001 has been a busy year in the Cambridge real estate market. While the first seven months saw continued price appreciation, the declining stock market, increased inventory and the events of September 11th have put a damper on the fall market. The number of properties on the market in October 2001 was 260, compared to 165 in October 2000 and 200 in October 1999. Historically low interest rates, increased selection, price sensitivity and a slower pace have made the market more favorable to Buyers. Sellers can still benefit from the appreciation of the past several years although they may have to be more careful in devising a pricing strategy.
The rental market has slowed significantly. While tenant demand has decreased due to the decline of the 'dot.coms', supply has increased with the construction of new rental buildings. Rentals over $2,000/month are particularly slow, and landlords are advised to hold onto good tenants.
As the country recovers from the September 11th disaster, we at DeWolfe expect low interest rates and increased selection for Buyers to lead to a very busy Spring 2002 market.
DeWolfe will continue its commitment to the Internet next year. DeWolfe Home Movies, video virtual home tours of DeWolfe listings, can be viewed at www.dewolfe.com. With over 50% of all households using the internet, DeWolfe is committed to offering cutting edge technology services to our clients and customers. I will continue to update my own web site at www.DavidPap.com
If you are considering buying or selling, the time is now to start planning! I am always available if you would like an update on the value of your home, or if you would like a consultation on your real estate needs. We offer Buyer and Seller representation at DeWolfe, so that if you are buying and selling, I can represent your interests in both transactions. If you are considering purchasing, ask me about WebHunter, which can email you daily updates of new listings.
Most of my business is from personal referrals by satisfied clients. With fifteen years experience as a designer/builder/woodworker and fifteen years as a successful Realtor I have thirty years experience in the Cambridge housing market. If you have a friend about to enter the challenging maze of the Cambridge real estate market I would be glad to be their guide.
I always enjoy hearing from friends and clients whether to simply ‘catch up’, or if they have a real estate need, or simply need advice on what renovations will add value to their home.
I look forward to hearing from you, and wish you Happy Holidays!
David Pap
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