Archive | January 2015

Cape Cod Real Estate Trends for End of Year

As a real estate attorney, Kathleen Kilkenny draws on an in-depth knowledge of the Cape Cod market. Kathleen Kilkenny has represented numerous home buyers and is herself a resident of the town of Chatham.

According to the Zillow real estate network, Cape Cod is currently a buyer’s market. The home value index of $356,900 is likely to rise 1.6 percent over the coming year. Prices tend to vary by community, with the greatest increases happening in Chatham over the past year. In the longer term, Orleans home prices have experienced the greatest average year-over-year increase. By contrast, the town of Brewster has seen a 4 percent decrease in median sales prices in the past five years but experienced an increase of only $2,910 in the past year.

Home sales remained strong through the summer of 2014, though September saw an expected slowdown. Real estate sales tend to dip as the holidays approach and pick up again in mid-January, when new homes come on the market and sellers list for their asking price. This makes the slow season an ideal time for buyers to find a good value.

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The Importance of Title Insurance

Attorney Kathleen Kilkenny represents the interests of buyers, sellers, and lenders in the Cape Cod, Massachusetts area from her practice’s office in Chatham. Kathleen Kilkenny is also affiliated with national title insurance companies. She is a member of the American Land Title Association, which advocates for consumers by helping to provide trouble-free real estate transactions.

Upon the signing of the sales contract and before closing, titles to the property are searched at the Registry of Deeds and probate courts for any obstacles to transferring the title of the home. Around one-third of these searches reveal problems, such as a failure of the previous owner to pay local or state taxes, errors in the deed, undisclosed heirs, or forgery.

Generally valued at the home’s purchase price, an owner’s title insurance policy protects buyers against these and other unforeseen issues that may arise. Payment for the policy involves a one-time fee for coverage that lasts as long as the owners or his or her heirs have an interest in the property. The policy provides for possible legal fees if the title is challenged. It is offered automatically in some states and optionally in others. In the latter case, owners should take the initiative in buying the policy.