Monthly Archives: September 2018

Thinking about selling? Fall is a great time!

Contrary to what you may be thinking, this fall is a great time to put your home on the market.

There’s less competition this time of year so buyers are often more aggressive in pursuing the home of their dreams. (Hopefully yours!)

Current inventory on Cape also remains below the six months supply that is generally considered the standard in a “normal” market.

Another reason to consider selling your home now is because its worth has possibly never been higher, as values have risen dramatically over the last 12 months.

CoreLogic’s most recent Home Value Index Report has revealed that national home prices have increased 6.2% year over year.

The chart below shows the four price ranges from the report, as well as each one’s year over year growth from July 2017 to July 2018.

Lower priced home have appreciated at greater rates than those at the upper end due to increased demand from first time home buyers and baby boomers looking to downsize.

Price points and values vary from market to market, so it’s important to sit with a local realtor to receive the exact information on what’s happening in your neighborhood and on your street.

Everyone’s situation is unique. We’d be happy to meet with you to discuss the options that make the best sense for you. You can contact us via the comment section or by calling us at 508-568-8191.

Mari has also just returned from an intense, three day training in Baltimore with our industry’s leading coach, Tom Ferry. She has a lot of new ideas to help sell your current home or buy a new one.

We’re looking forward to putting  those ideas to work for our clients!

Mari and Hank

 

Single Family Home Prices Remain High

Single family homes continue to sell at higher prices on Cape Cod than they did one year ago.

According to preliminary data for last month, the median sale price for single family homes on Cape was $420,000. The median price for condominiums was $289,900.

In August 2017, the median price of a single family home was $390,000.  Condos were selling at a median price of $270,250.

That’s a very significant $30,000 difference in median price for single family homes!

According to the Cape Cod & Islands Association of REALTORS® (CCIAOR), year-to-date, 2,598 single-family homes have sold for a median price of $420,500 and 683 condominiums have sold for a median price of $293,512.

Cumulative days on market for this August decreased 6.3% for single-family homes compared to last August, shrinking from 96 days to 90 days. Condominiums also saw cumulative days on market decrease compared to last August, shrinking from 95 days to 83 days, a 12.6% decrease.

The fall remains a great time to put your house on the market. Interest in Cape Cod properties remains high, especially with potential buyers looking to be settled in their new homes in time to celebrate the holidays with family and friends.

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Here’s more evidence that owning a home is still a great investment. The following chart illustrates that actual home value appreciation has exceeded projections for the first six months 2018.

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Mari is in Baltimore this week with a number of our Today Real Estate colleagues attending the Blueprint  training session put on by the Tom Ferry organization. Blueprint is an immersive three-day business strategy conference that teaches professionals how to get out of the trenches and operate their business from a CEO’s perspective.

We’re committed to staying up-to-date on the latest trends and strategies in the real estate field. It helps us remain competitive, as well as provide the best possible customer service to those who select Mari Sennott and Associates to help them complete one of life’s most important tasks: buying or selling a home.

Hank

 

What about buyers??

Much of the talk this year has centered on the fact that we continue to experience a seller’s market.

Record high prices this summer and low inventory resulting in increased competition for properties are just two of the factors that lead to a seller’s market.

The situation must be leaving potential buyers wondering what they should do. Continue to pay rent and their landlord’s mortgage while waiting for the market to change? Or just resign themselves to paying “too much” for their new home.

Here are a few things potential buyers should consider:

The market sets prices. An overpriced home is overpriced, whether it’s a buyer’s or seller’s market. While you might ending paying more for your home than you originally expected, you won’t pay too much.

Be realistic about your must haves. Are granite counter tops really a deal breaker? Is a third bathroom necessary?  Being clear about what you absolutely need in a new home and what are niceties will help when considering price range.

It’s imperative to be pre-approved for financing. Knowing what you can afford will help you focus your search and keep you from being disappointed when the home you fall in love with is outside your price range,

Most importantly, work with a Realtor, who is familiar with the communities where you’re interested. Your sister’s cousin’s husband, who is an agent based 25 miles away, will not have an accurate sense of what is a reasonable price in the area you’re looking. So, there’s a good chance you will end up paying too much,  (This just happened in our own neighborhood.)

If you’re thinking about buying and would like to learn more about your options, please call us at 508-568-8191 or contact us via the comment box. We’d be happy to meet with you.

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Home ownership may be in your blood.

According to an analysis of millennial homeowners by the Urban Institute, the homeownership rate of those whose parents rent is 14.4%, while the rate among millennials whose parents are homeowners is 31.7%!  According to the report:

“A young adult’s odds of homeownership are highly correlated with their parent’s home ownership.

Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the home ownership rate for young adults whose parents are renters and young adults whose parents are homeowners.”

The study also revealed that as a parent’s net worth increases, so does the likelihood that their child will own a home. These two findings are not surprising as we know from the Survey of Consumer Finances that a homeowner’s net worth is 44x greater than that of a renter.

So, a parent who is a homeowner will have more wealth which will, in turn, increase the chances that their children will own their own homes in the future.

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It’s always nice to know that your work is appreciated. We recently received the following five star review on Zillow from a seller.

Mari and her team were phenomenal. She recently represented us selling our home in Mashpee. There were a lot of moving parts and it was a bit of a roller coaster. But Mari always kept her calm, putting things in perspective, and was tremendous at getting our home closed quickly for over asking price. Couldn’t have been happier!

We sincerely appreciate the positive comments.

Mari and Hank