Despite the slowing economy and the nationwide mortgage crisis, Realtors on Cape Ann say business remains comparatively strong.
"We are experiencing an up-kick in the number of inquiries about our property — and an up-kick in appointments and offers," said Ruth Pino, branch executive at Carlson GMAC Real Estate.
Pino says sales are doing well due to a large inventory and low interest rates.
"Buyers are seeing that now is a good time to buy," Pino said.
A year ago, people were somewhat hesitant.
"Buyers had the impression that prices would go lower," she said. This year, people feel they are getting a better deal.
"It's a buyers' market and they are seeing the light at the end of the tunnel. Last year they were entering the tunnel," she said.
Because it is a buyers' market, sellers are more inclined to negotiate with potential buyers, Pino said. "This trend usually doesn't last too long," Pino said, "so buyers are trying to strike while the iron is hot."
Joan Wogan Sr., vice president and manager of Coldwell Banker Real Estate on Eastern Avenue in Gloucester, said business has been great so far this year.
"March has been wonderful. The attitude is up; and buyers are upbeat," she said. "Under-agreements have doubled from January to February," said Wogan.
Like Pino, Wogan credits her success at Coldwell to the number of listings on the market coupled with low interest rates.
Wogan said local banks have been very helpful despite the fact that mortgages have become more difficult to attain. In the past, mortgages had more lenient qualifying rules, which allowed people to put less money down. This caused monthly payments to shoot up after a few years, which in turn led to a large number of foreclosures.
According to Wogan, Cape Ann is a good area for real estate because of the amount of beachfront property. "People are looking into buying vacation homes," she said.
Jon Gray of J Barrett & Co. Real Estate — based on Union Street in Manchester, and featuring a downtown Gloucester office as well — said he is experiencing the same positive sales trends as Pino and Wogan.
"Business is chugging along nicely," said Gray, "Our agents are busy with the arrival of spring, our busy season."
According to Gray, business has been good for at least a year.
"The market is a strong as it was at this time last year," he said. "If it's priced right, it's moving."
