Monthly Archives: August 2018

Homes Are Flying off the Shelf!

Another indication that we’re in a sellers market is the number of days a home is available before a contract is signed.

This July, the cumulative days a home was on the market was 83. Last July that figure was 108. That’s more than a three week difference!

Several times this year, we’ve sold a house or a condo within a day of listing. Earlier this summer, we sold three properties within a week.

We mentioned in our last posting that the median price for single family homes on the Cape last month was up $60,000 from July 2017. Here are some figures for upper Cape communities.

                                                      7/2017                             7/2018                               % diff

Sandwich                                  $362,000                         $405,000                           +11.9%

Bourne                                      $369,500                         $370,000                             +0.1%

Mashpee                                   $417,500                         $450,000                              +7.8%

Falmouth                                  $410,000                         $442,000                             +7.8%

Barnstable                                $355,000                         $390,000                             +9.9%

Industry experts predict that increases will level off to the $3% – 5% range within a year. While not unreasonable, this estimate is not keeping with today’s eye popping figures.

If you’re in a position to put your home on the market to take advantage of today’s higher prices, don’t hesitate.  In general, a house sold within the next few weeks would probably close sometime in late October or early November giving you and your buyers a chance to be settled in your new homes by the holidays.

If you have any questions about whether this is the right time for you to sell, please call us at 508-568-8191 or send us a note via the comment section. We’d be happy to help you make the best decision for your family.

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If you’re a renter who has been on the fence about buying, consider this…

According to a recent article in Entrepreneur Magazine outlining 12 steps to get rich, while “renting on a temporary basis isn’t terrible, you should most certainly own the roof over your head if you’re serious about your finances. It won’t make you rich overnight, but by renting, you’re paying someone else’s mortgage. In effect, you’re making someone else rich.”

As an owner, your mortgage payment is a form of forced savings  which allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person building that equity.

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Congratulations to our friends at Holly Ridge Golf Club in Sandwich for successfully hosting an event involving several area Chambers of Commerce. They received rave reviews on social media and elsewhere.

But that’s not news to us. Holly Ridge is one of our favorite spots. While we haven’t played anywhere near as much golf this summer as we planned, we’re there every Tuesday night as our six-year old granddaughter takes lessons. The award winning food in the restaurant is a convenient excuse not to go home to cook.

We also hosted Mari’s first ever Customer Appreciation Party at Holly Ridge last year and the gathering following Hank’s Mothers funeral this past  June.

Jen, Joe, Darren and the whole staff do a great job.

For more information about Holly Ridge, check out their website at www.hollyridgegolf.com.

Mari and Hank

 

Home Sale Prices Reach an All-Time High

   It continues to be a sellers market on Cape Cod.

According to initial data just made available by the Cape Cod & Islands Association of Realtors (CCIAOR), the median sale price for single family homes hit an all-time high in July: $439,700.

In July 2017, the median sale price for a single family home was $379,950.

That’s an increase of almost $60,000!

Year to date, 2,223 single family homes have been sold on Cape for a median price of $422,500. In 2017, 2,429 single family homes were sold with a median sale price of $389,000. (A $33,500 difference.)

While the market is always changing, homeowners should be having serious conversations about whether they want to take advantage of these record high prices.

September and October is a busy time for hiring and potential job transfers. Families return from vacation, schools reopen and work resumes its normal routine. Personnel managers are more available for interviews and applicant screening.

Fall is also the time when potential buyers, who are looking to be settled in their new homes by the holidays, begin to look in earnest.

If you’re thinking that now might be the time to sell your home, we’d happy be to sit down with you and discuss options. Just contact us via the comment section or call 508-568-8191.

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With school re-opening, children will again be standing on sidewalks and street corners waiting for the bus. They don’t always pay attention, so it’s important to be vigilant, especially on side streets where maybe we’ve become accustomed to driving a little quicker since June.

If your schedule allows it, this is also the time to contact your local school to see what the needs may be for volunteers, guest readers, or tutors.

It’s a great way to meet your community’s dedicated teachers and interact with our very curious younger generation,

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When writing about the Tom Ferry Success Summit that we attended in California, we told you about the Realtors, who were killed in a private plane crash on their way to the conference.

Ferry and his wife, Kathy, committed to match the proceeds from the sale of event tee-shirts on the first day of Summit with the funds sent to the victims’ families.

With the Ferry match, $23,000 is being donated; hopefully in some way helping loved ones through a difficult time.

Mari and Hank

 

You Can’t Just Plant a Sign

The challenge after attending a conference like the Tom Ferry Success Summit is to process all the information and figure out what’s applicable and practical for your own business.

One message came through loud and clear, though. The old way of doing things; the strategies and approaches that worked just a few years ago are not going to be enough in the years ahead.

Open houses, print advertising, mailings, and phone calls will always be part of the equation. But, more is required to successfully represent buyers and sellers in the 21st century.

Think about it. Before any of us make a purchase, what’s our first step? We go on line.

When clients call us today asking to tour a home, chances are pretty good that they’ve already seen it on a website.

It’s also not unusual to visit potential sellers and be told that they already know about us, because they’ve visited our website or seen the videos we post on Facebook, Instagram and elsewhere.

If you’re not on line, the saying goes, you don’t exist. We know that to be true, as well. Sellers have also told us that they selected Mari Sennott and Associates to represent them, because we had an on line presence and our competition didn’t.

To insure a successful transaction, potential buyers or sellers need more from the agents they’re interviewing than anecdotes about past successes; a list of what social and civic clubs they belong to, or who their important friends are. What they really need to be clear on is what the agent is doing now to be effective and what they’re planning for the future.

The days of planting a For Sale sign in a front yard and waiting for the phone to ring are over.

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Another advantage to attending an event like the Ferry Summit is the opportunity to meet other agents from around the country and the world.

We made connections with agents from Israel, Italy and British Columbia, in addition to several states including New York, Colorado, California, Minnesota, Hawaii and Florida.

What this means for our clients is that our network of contacts is broader than just Cape Cod. We can reach out to colleagues in other parts of the Ferry ecosystem to discover how they have responded to particular challenges. They can also refer clients to us, who are looking for summer/retirement homes on the Cape or maybe investment properties. In turn, we can help our customers, who need to relocate, find top notch out-of-state agents.

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The Anaheim Convention Center, where the Ferry event was held, is a short drive to Disneyland. While we didn’t have a chance to visit the Park itself, we did go to Downtown Disney. In short, its counterpart in Florida is bigger and has many more options in terms of activities, restaurants and shops.

Before arriving in California, we spent a few days in Reno/Tahoe. Next to a Cape Cod sunset, there’s nothing more spectacular than the Lake and surrounding Sierra Nevada Mountains. (Pictured below at 7:00am)

Mari and Hank

Getting Our Summit On

We’re writing from Anaheim, CA and the Tom Ferry Success Summit 2018. It’s a gathering of over 5,500 agents from around the world, who have come to together to learn about the latest trends in our field and what we can expect from the market over the next 18 months.

Tom is the leading coach and trainer in our profession. He and his staff have put together an impressive line up of topics and speakers. The knowledge we’ll gain from being here will allow us to better serve our clients.

Indications are that the housing market will be entering a period of slow, but steady growth in terms of prices. We won’t experience the roller coaster ride that characterized the last decade. What we can expect is a 3-5% increase in valuations.

As real estate professionals, it will be our job to educate our buyers and sellers about this “new normal,” as Ferry describes it. Now, more than ever, it’s important for sellers to listen to the market when thinking about asking prices and considering offers. Today’s buyers are savvy. They know an over priced home when they see it. But those properties that are priced right can sell quickly.

If you’re thinking about selling your home in the closing months of this year or in 2019, we’d be happy to speak with you about where the market is headed and what’s the best time for you to make your property available.

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The unofficial start of the Summit was Monday’s “Tom X” which featured rock star agents from across the country talking about their formulas for success and how they sometimes reached or exceeded their goals in the face of seemingly overwhelming odds.

But, the highlight of the day was 87 year old legendary tennis coach Nick Belletteri, who has worked with superstars such as Andre Aggasi and the Williams Sisters.

He talked to the gathering about the Mindset of a Champion and the importance of teamwork saying that it’s never “I did it, but we did it.”

Teamwork — not the cliche but the real thing — is one of the hallmarks of Today Real Estate. We’ve been able to attend this conference and take a short vacation before getting here, because of the support we’ve had back on Cape from our colleagues. With their help, three of our properties have gone under contract, while we’ve been out of the office.

A big thanks to our colleagues in the Sandwich for their support!

This is just one of the many ways that Today Real Estate is unique on Cape Cod.

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This week’s conference began on a sad note with word that five of our California colleagues were killed in a plane crash on their way to the Summit.

Ferry and his wife, Kathy, have pledged to match the proceeds from Monday’s tee-shirts sales with the funds being sent to the victims’ families to assist them through the difficult days ahead. At last report, conference attendees had made over $10,000.00 in tee shirt purchases.

Mari and Hank