Monthly Archives: July 2019

A Deeper Dive

Last week we shared with you the generally positive news about the Cape real estate market. While the median sale price for a single family home is up in a year to year comparison, prices for condos are lower. The inventory of single family homes also remains tight.

So, this week, we want to tell you about prices in some of our upper Cape communities.

In Bourne, for example, the median sales price for single family homes is up almost 11% ($381,500 vs. $424,500) when comparing this June to last. Year to date, median prices have increased almost 4.5% ($368,750 vs. $385,000).

Prices in Sandwich are up just slightly comparing this to last June, $405,000 vs. $412,000, a 1.7% increase. Year-to-date prices have increased 4.5%. ($389,000 vs. $407,500)

In Mashpee, the median sales price is down slightly (-1.8%) for single family homes when making the year to year comparison. ($517,000 vs. $508,000) Year to date, Mashpee median prices are up 0.2%, $444,225 vs. $445,000.

When making the June to to June comparison, Falmouth prices have also dropped a bit (0.7%) $426,000 vs. $423,000. However, year to date, prices are up 5.3%. ($427,250 vs. $450,000)

So, what does this mean?

For those of you who are hoping for prices to come down, you may have a long wait. While there’s always a bargain out there based on the personal situation of an individual seller, the overall upward trend in prices is in keeping with many expert predictions. Those “in the know” also say that prices will continue to rise at about the same rate at least through next year.

With inventory remaining tight, this continues to be a good time to market your house. Many buyers are looking to be settled in their new homes by early in the school year, if not before. So if you’re in a position where you can close quickly, now’s your time.

If you’re looking to purchase, prices are the lowest they will be. With interest rates expected to creep up by year’s end, your best value is available now.

If you have any questions, or would like to discuss your options, please contact us. The consultation is free and worth your time, if you’re considering entering the market as either a buyer or seller.

We can be reached through the comment section or be calling 508-568-8191. We look forward to meeting with you…


Home prices increasing not just on Cape, but across the country as the graphics below illustrate.

Home Prices Up 5.05% Across the Country [INFOGRAPHIC] | MyKCM


We’ve mentioned in the past our involvement with the Tom Ferry organization. We attend many of their training events and Mari is part of a weekly coaching program.

One of the many benefits of our association are the contacts we make with agents from across the country and around the world.

Last week, Mari was a guest on a podcast hosted by Maui (as in Hawaii) realtor Tom Tezak. His program focuses on the second home and vacation real estate market. Mari shared her thoughts about working on Cape Cod.

You can watch it below.

Enjoy your week…

Mari and Hank

Cape Cod housing prices remain strong but…

Home Price Appreciation Forecast | MyKCM

The real estate housing market remains in a positive position, according to preliminary figures released by the Cape & Island Association of Realtors.

But, while single family home median sales prices are up in a year to year comparison, prices for condos are lower. The inventory of single family homes also remains tight.

Cape-wide in June, 417 single family homes sold for a median price of $450,000, while 102 condominiums were purchased at a median price of $315,000.00.

In June 2018, 439 single family homes sold at a median price of $435,000.00 and 122 condos sold at a median price of $322,500.00.

New listings for single family homes in June (525) were down 3% from last year at the same time (541). New listings for condos remained essentially the same. (140 as opposed to 138).

As Mari — who serves on the Association’s Board of Directors — noted in the report: “In January, a lot of agents and media thought that the market was going to crash; that has not been the case. If we could just convince a few more sellers to list, we would have a very strong and balanced market. If priced correctly, homes are selling at a very fast pace, even in the $500,000.00 and above market.”

If you’ve been on the fence about listing your home or have made a decision to purchase, we’d be happy to meet with you to review your options. This a great time to be in the real estate market as competition is still limited if you’re going to sell. If you’re looking to buy, there are many great homes available that are priced right.

Please contact us at 508-568-8191 or msennott@todayrealestate.com or hsennott@todayrealestate.com. We look forward to teaming with you..

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Questions continue to come up about where home prices will head throughout the rest of this year, as well as where they may be going over the few years beyond.

Our associates at industry resource KCM recently gathered data from the some of the most reliable sources to help answer that question.

 

Home Price Appreciation Forecast | MyKCM

As you can see, every source sees home prices continuing to appreciate, which is great news for the strength of the market. The increase is steepest throughout the rest of 2019, and prices should continue to rise as we move through 2020 and beyond.

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We were pleased to be recognized as Agents of the Month in Today Real Estate’s Sandwich office. We received the designation based on having the highest average sales price for the month.

We grateful to our clients who continue to show their trust in us by deciding to “make their move with Mari” when the time comes to buy or purchase a home.

Enjoy your week…

Mari and Hank

Buying your first home this summer?

Are you thinking about buying your first home this summer? Here are 10 steps you should follow courtesy of our friends at industry resource KCM.

  1. Save your down payment.  You don’t necessarily need 20% down to buy a home. There are financing options that allow you to put down as little as 3%. So be aware of your options when you start to put money aside.
  2. Know your credit score. Your credit score is a major factor in determining the types of loans you can qualify for and what your interest rate will be.
  3. Find a real estate professional. Once you have your down payment and know your credit score, engage a qualified real estate professional — like Mari Sennott and Associates — who can guide you through the home buying process.
  4. Get pre-qualified. As real estate professionals, we can provide you with a list of reputable lenders, who can work with you to secure a pre-approval for your mortgage. This will help you stay on budget when you…
  5. Start home shopping. Make a list of what you want versus what you need in your home. With our 20 years of experience in the Cape Cod market, we can compile a list of houses that match your interests.
  6. Make an offer. When you find the home that fits your requirements and your budget, we will help you determine what is the best price to offer. Remember, this will probably start a negotiation process where the seller will attempt to determine how far you’re willing to go in terms of price. Don’t be offended, the seller is trying to maximize his/her profit. As experienced real estate professional, we know how to negotiate and can give you the best advice. (Not your Uncle Harry.)
  7. Schedule a home inspection. Once your offer is accepted, we can provide you with a list of qualified inspectors, who will go through your home and identify any hidden issues. Their primary job is to look for structural and safety issues, not to offer advice on the color of the kitchen cabinets.
  8. Get a home appraisal. Your lender will send out an appraiser to be sure your new home is worth the value that you are paying.
  9. Close the sale. When all the paperwork is completed, you can make the purchase official.
  10. Congratulations! You’re a homeowner!

Why It’s Probably Not a Good Idea to Sell Your Home Yourself

Rising home prices coupled with a lack of inventory in today’s market may cause some homeowners to consider selling their home on their own (known in the industry as a For Sale By Owner). However, a FSBO might not be a good idea for the vast majority of sellers.

1. Online Strategy for Prospective Purchasers

Recent studies have shown that 95% of buyers search online for a home. In comparison, only 13% use print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

  • 50% on the Internet
  • 28% from a Real Estate Agent
  • 7% from a yard sign
  • 1% from newspapers

The days of selling your house by putting up a sign and listing it in the paper are long gone. Having a strong Internet strategy, as we do,  is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent, who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The appraiser, if there is a question of value

4. FSBOing Has Become Increasingly Difficult

The paperwork involved in the process has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 7% over the last 20+ years.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, they may actually cost themselves more. One of the main reasons for the price difference at the time of sale is:

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

The more buyers that view a home, the greater the chance of a bidding war for the property. The study found the difference in price between comparable homes of size and location is currently at an average of 6%.

Listing on your own leaves you to manage the entire transaction yourself. Why do that when you can hire an agent without additional cost?

Whether you’re a first time home buyer or someone thinking about selling your home yourself, we’d be happy to sit down with you to review your options and provide you with an up-to-date assessment of the market.

Please contact us via the comment section or by calling 508-568-8191 or emailing us at msennott@todayrealestate.com. We look forward to teaming with you.

Enjoy your week…

Mari and Hank