Monthly Archives: June 2019

Are We Shifting to a Buyers’ Market?

New figures from the Cape and Islands Association of Realtors suggests that we may be shifting from a sellers’ to a buyers’ market on Cape Cod.

Median sales price for 441 single family homes this May was $427,000.00. A year ago, 413 of those homes sold at a median cost of $429,000.00.

While a $2,000.00 difference may not seem significant, the statistics are more striking when looking at individual towns.

In Barnstable, median sales price this May was $396,500.00. Last May it was $424,500.00, a drop of 6.6%.

For Mashpee, the decrease from year to year was even more dramatic: $415,000.00 this year as compared to $472,000.00 in 2018. That’s a 12% decrease!

Median sales price for single family homes in Sandwich is down, as well: $418,750.00 this year, as opposed to $420.000.00 a year ago. That’s a 0.3% drop.

These decreases are offset by a 2.3% increase in Bourne and a whopping 17.8% in Falmouth.

While a shift to a buyers market is not necessarily a bad thing, those of you who have been on the fence waiting for prices to inch higher potentially risk losing money, if you continue to delay. For buyers, the change could make the market more inviting if you have been shut out.

We’re happy to meet with you to review the most recent housing sales data and review your options. If you’re looking to either sell or buy, this could be the best time to act. (See the next section.)

Please contact us at 508-568-8191 or by using the comment section.

____________________

3 Things to Know in the Housing Market Today!

3 Things to Know in the Housing Market Today! | MyKCM

A lot is happening in the world, and it’s having a direct impact on the housing market. The reality is this: some of it is positive and some of it may be negative. Some we just don’t know yet.

The following three areas of the housing market are critical to understand: mortgage rates, building materials, and the outlook for an economic slowdown.

1. Interest Rates

One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. The biggest question is: “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.3 Things to Know in the Housing Market Today! | MyKCM

2. Building Materials

Talk of tariffs could also affect the housing market. According to a recent article,  as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.

3. Economic Slowdown

We began the year with many economic leaders thinking we could expect a recession in late 2019 or early 2020. As spring approached, economists started to push that projection past 2020.  Now, three leading surveys indicate that it may begin in the next eighteen months.3 Things to Know in the Housing Market Today! | MyKCM

Bottom Line

We are in a strong housing market. Wages are increasing, home prices are appreciating, and mortgage rates are the lowest they have been in 21 months.  Whether you are thinking of buying or selling, it’s a great time to be in the market.

____________________

Congratulations to Joe O’Connor and Jennifer Webster, the husband and wife team who own Sandwich’s Holly Ridge Golf Course, for being the cover story in the most recent edition of MassGolfer magazine.

Holly Ridge is our home course. It’s a challenging par 3 layout that tests your skills without taking all day to play 18. Their youth program, under the guidance of teaching pro Darren Falk, is becoming increasing popular.  Our seven year old granddaughter is in her third year of lessons.

The restaurant is top notch with a great staff and award winning menu items. We’ve hosted a client appreciation party there, as well as family and friends after Hank’s Mom’s funeral.

If you haven’t played Holly Ridge yet, we recommend it. If you’re not a golfer, the restaurant is worth the trip. (If you see Jen or Joe, tell them we sent you!)

Enjoy your week….

Mari and Hank

 

Making Your Home Vacation Safe

When preparing for a trip,  we often have a  list of items needed to guarantee a successful get away  We make sure we’ve confirmed our reservations; have the necessary identifications, and packed all the necessities.

But do you prepare your house for the time that you’ll be gone? Here are some actions to consider.

Make it appear that someone is around. Use timers or an app on a few lights throughout the house, scheduling them to turn off and on at various times after dark. You can also ask a relative or single friend to house sit for a night or two.

Leave a car in the driveway or ask a neighbor to park at your house on occasion.

If you’re going to be gone for more than a week, make arrangements to have your lawn mowed. Either stop mail delivery or ask a neighbor to bring it in for you. If you still have a newspaper delivered, put it on hiatus. Don’t order anything online that will be delivered while you’re gone. Nothing says there’s no one around like newspapers and packages left outside for several days.

Be sure your property looks like you’re still there. Shades or blinds closed in every window; deck furniture, plants and outdoor decorations taken in could signal that something has changed.

Use extra caution when talking about your adventures. Don’t post photos until you’re back. You may trust your online friends, but can you trust theirs?  With just a few likes or shares details about your plans could end up in the wrong hands.

The Cost of Waiting ‘Till Next Year

If you’re on the fence about what to do with your property, we can help you sort through your options. Please contact us via the comment section or at 508-568-8191. We look forward to meeting with you and explaining why this is a great time to make the move you’ve been dreaming of.

…and finally

Happy Fathers Day to all the Dads, Grandads, Great Grandads and those who are considered “like Fathers.”

Enjoy your week…

 

Some Great Reasons to Buy a Home This Summer

On the fence about buying a home this summer? Here are four reasons from industry resource KCM about why now is the time to act.

Prices will continue to rise. CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 3.7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.

Since home values will continue to go up, waiting for prices to go down in order to get a better deal makes little sense.

Mortgage rates are expected to rise. Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed mortgage have started to level off around 4.3%. However, most experts also predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will be greater if a mortgage is necessary to buy your next home.

Owning or renting, you’re paying a mortgage either way. Some renters have not yet purchased a home, because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

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

It’s time to get on with your life. The cost of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

Examine the actual reason you are thinking about buying and decide if it is worth waiting as costs will increase in the months ahead. Whether you want to have a great place for your children to grow up, greater financial security for your family, or you just want to have control over renovations, now could be the time to buy.

Thinking of Selling Your Home Yourself?

According to a recent article in American Life Style magazine, people who sell their own home work more than necessary and end up with less money in their pockets than they would if they engaged a professional realtor.

While we all know someone, who knows someone, who sold their home themselves, only about 8% of For Sale by Owners (FSBOs) are actually successful.

The article also reports that about 38% of FSBOs are sold to someone, who has a relationship with the seller. In this case, the final price is 36% less than actual market value!

American Life Style also cited a study showing that 49% of those selling their homes themselves do not even actively engage in marketing activities. Those who do, depend on yard signs and word of mouth, both strategies that may have been successful in the previous century, but not in today’s social media driven society.

If you’re thinking about selling your home yourself, we’d appreciate the opportunity to speak with you to discuss the advantages of working with successful real estate professionals. We can show you how our aggressive marketing plan — backed by the resources of Today Real Estate — can actually save you money and generate a stronger final sales price than you could working on your own. Who you work with matters!

Please contact us via the comment section or call us at 508-568-8191. We look forward to meeting with you.

And finally…

“Owning a home is a keystone of wealth…both financial affluence and emotional security.” — Suze Orman

Enjoy your week.

Mari and Hank