CHATHAM — As Hurricane Jose churned north toward New England, coastal residents on Cape Cod were rushing Tuesday to take boats out of the water and preparing for high winds, swells, and possible flooding.

Fishing boats were clustered closely in Ryder’s Cove here in anticipation of wind gusts that forecasters said could reach 40 to 50 miles per hour by Wednesday afternoon.

Jose is expected to weaken to a tropical storm by the time it reaches the Cape. But with the forecast seeming to change by the hour, some were taking the mid-September storm in stride.

“No one is getting frantic,’’ said Barbara Madson, office manager at Ryder’s Cove Boat Yard, and a Harwich resident. “We’re just taking it one day at a time, waiting to see what the weather does.’’

“This is the sort of thing that is one of those nuisance situations,’’ said Bill Woodward, 76, a seasonal resident of Harwich. “There’s a collection of boats up the cove. I saw three more of those big fishing boats coming in.’’

A tropical storm warning was still in effect Tuesday night, but the impact on the Cape and Islands might not be as severe as first predicted, a forecaster said.

“Right now the latest track has Jose going further east and staying to our south,’’ said Lenore Correia, a meteorologist at the National Weather Service in Taunton on Tuesday afternoon. “We’re not expecting as much significant impacts inland.’’

As of 5 p.m. Tuesday, Jose was about 285 miles away from Nantucket. The storm could dump between 3 to 5 inches of rain on Martha’s Vineyard, Nantucket, and Cape Cod through Wednesday, which could cause isolated flooding, according to the service.

Conditions will ramp up overnight and will reach their peak around 2 p.m. on Wednesday. There is also rain expected across the entire southern New England area, Correia said.

Robert Duncanson, director of health and natural resources for the town of Chatham, said officials expect the storm could cause sand erosion.

As of Tuesday afternoon, the town’s east-facing beaches were expected to take the brunt of the storm. Town officials didn’t expect water shortages, but there was the potential for sporadic power outages, he said.

Homeowners were encouraged to look around their yard for items such as furniture that needed to be brought inside or tied down.

“Here on the Cape we tend to get those kind of events whether it be a nor’easter or a blizzard,’’ Duncanson said. “People know the kind of precautions they need to take.’’

John Tuttle, 65, a Chatham fisherman for 40 years, pulled his boat, the Cuda, off the water. He expects to take a financial hit from Jose.

“These storms are so unpredictable,’’ Tuttle said. “This is going to take money away from us if we can’t work for a week. We’re governed by the weather.’’

Around Ryder’s Cove Boat Yard, other boat owners continued to make necessary preparations.

“They’re saying the heavy winds and high tides are supposed to be astronomical,’’ said Tom Blute, 52, of Harwich. “That’s what makes you nervous.’’

Near the Chatham Lighthouse, Jerry Evans, 51, stopped to grab lunch. Owner of Chatham Wind and Time, he creates clocks and signs, and repairs weather instruments. He received a number of calls before the storm on the latter, which measure wind speed and direction and barometric pressure.

His friend, Michael Leon of Hyannis, was looking forward to the high surf Jose could bring.

“I prepared for the storm by getting my windsurfing gear in my car,’’ said Leon, who was having lunch with Evans in a van by the water. “We were taking a quick break and to see if the surf had arrived yet.’’

Downtown, tourists and locals alike wore raincoats and sought refuge from the rain inside restaurants. Most weren’t worried about the rough weather heading their way.

“I’m really not concerned,’’ said Christina von der Heyde, 21, a Chatham resident and server at the Chatham Squire. “After everything in Florida it seems like it’s not going to be as bad so we might as well be thankful.’’

Elsewhere in coastal Massachusetts, residents were closely watching Jose’s path, and preparing for the worst.

On Nantucket, the harbormaster closed the town pier and anchorage, and the access ramps to public beaches were removed.

The public works department took off lids from sidewalk trash barrels so they can’t be swept up by strong winds. They also brought out barricades that can be used to divert traffic if any roads flood.

“Yesterday was a very busy day,’’ Nantucket police Lieutenant Angus MacVicar said Tuesday.

The Massachusetts Emergency Management Agency on Tuesday sent out an advisory about the storm, which is expected to weaken and be downgraded to a tropical storm.

Heavy rain is expected over a small part of southern New England as Jose passes offshore Tuesday evening and Wednesday, and minor to moderate coastal flooding is possible. Cape Cod, Nantucket, and Martha’s Vineyard might get up to 3 to 5 inches of rain, and the storm surge forecasts have been slightly lowered to 1 to 2 feet, according to MEMA.

MacVicar estimated that nearly 1,000 boats have been removed from the waters around Nantucket.

“There’s not many boats left,’’ MacVicar said.

If it were earlier in the summer, some boat owners would hesitate to take their vessels out, he said. “What’s also working in our favor is it’s the end of the season,’’ MacVicar said.

Kevin Morley, the public information officer for the Barnstable County Regional Emergency Planning Committee, said the storm is expected to bring 25- to 35-mile-per-hour winds with gusts of up to 55 miles per hour.

“For the Cape, those winds aren’t unusual,’’ Morley said.

But unlike a winter nor’easter, he said, the trees still have their leaves now, which means scattered power outages are possible.

Hank Lipe, the emergency preparedness director for the town of Plymouth, said the Plymouth County Sheriff’s CodeRED notification system and social media were used to alert residents about the storm and potential flooding in certain areas.

“Fortunately, overnight the forecast changed,’’ Lipe said, “reducing the threat of coastal flooding and storm surge.’’

While driving on Route 3, Lipe said he’s noticed a lot of people have pulled boats out of the water.

“I did see a lot of boats on trailers coming out of the Cape,’’ Lipe said. “I think people are making smart decisions.’’

Danny McDonald of Globe staff contributed to this report. Emily Sweeney can be reached at esweeney@globe.com. Follow her on Twitter @emilysweeney.