Monthly Archives: February 2020

This could be the right time to upgrade…

The hasn’t been a lot of interest in the luxury home market with much of the demand for housing coming from first-time buyers looking for starter homes. But, it looks like activity is starting to increase in this segment of the market.

According to the January Luxury Report from the Institute for Luxury Home Marketing (ILHM):

“In a snapshot of 2019, despite pessimism at the start of the year, the last quarter showcased a strengthening, with an upswing in the luxury market for sales in both the single family and condo markets.”

Momentum is growing, and those looking to enter the luxury market are poised for success in 2020. With more inventory available at the upper-end, historically low interest rates, increasing average wages, and home equity on the rise, the stage is set for buyers with an interest in this tier to embrace the perfect move-up opportunity.

The report highlights the increase in buyer activity in this segment, resulting in growing sales toward the end of 2019:

“According to reports from many luxury real estate professionals, the significant increase in number of properties bought at the end of 2019 versus 2018 is reflective of an early 2019 holding pattern.

Many of early 2019’s prospective luxury buyers held off while waiting to see how prices would react to new tax regulations and other policy changes. Buyer confidence returned in late spring and compared to 2018, above average sales were reported in the final quarter of 2019.”

With evidence of strong buyer confidence, this is great news, as more homeowners are building and growing equity in their net worth throughout the country:

“Many homeowners are now diversifying their wealth, owning several properties rather than a single mega mansion. In addition, there have been an increase number of home purchases taking place in smaller cities, reflecting the rising number of people relocating from major metropolises. Their property equity wealth or ability to pay high rental costs have afforded them the opportunity to purchase luxury properties in…secondary cities throughout North America.”

With a strong economy and a backdrop set for moving up this year, it’s a great time to explore the luxury market. Keep in mind, luxury can mean different things to different people, too. To one person, luxury is a secluded home with plenty of property and privacy. To another, it is a fancy condo in the center of a bustling community.

Bottom Line

If you’re thinking about upgrading your current house to a luxury home, or adding an additional property to your portfolio, we can help. There are many properties available on Cape right now that should interest you. Please contact us at 508-568-8191 or msennott@todayrealestate.com so we work with you to find the home of your dreams.


Did you know that Mari has been awarded a “Best of Zillow” designation?

A Zillow Premier Agent, Mari’s  Zillow profile displays the “Best of” badge, which means that she has been “recognized for going above and beyond” throughout the transaction process.

Check out her Zillow page at https://www.zillow.com/profile/msennott/  to see her Five-Star
reviews.
Enjoy your week…

Mari and Hank

It may be a sellers’ market, but…

Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is key to driving the best price for the sale.

If you’ve ever watched the show “The Price Is Right,” you know the only way to win the game is to be the one to correctly guess the price of the item up for bid without going over. That means your guess must be just slightly under the retail price.

When it comes to pricing your home, setting it at or slightly below market value will increase the visibility of your property and drive more buyers your way. This strategy actually increases the number of people who will see your home in their search process. Why? When potential buyers see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer.

When this happens, you’re more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price. At the end of the day, even when inventory is tight, pricing it right or pricing it to sell immediately makes a big difference.

Here’s the other thing: homeowners, who make the mistake of overpricing their homes, will eventually have to lower the prices anyway after the property sit on the market for an extended period of time. This leaves buyers wondering if the price drops were caused by something wrong with the home when in reality, nothing was wrong. The initial price was just too high.

We’ve seen many instances of this over the last several months. We actually didn’t get a few listings in 2019, because sellers wanted to price their homes higher than the analysis justified. In just about every case, the property didn’t sell — sometimes for several months with few, if any showings — until the the price was lowered to what the market was dictating.

In the meantime, these high priced sellers lost money as they continued to pay the mortgage, insurance, taxes and utilities on homes that they wanted to leave. (And in a few cases, had already left!)

It also important for sellers to keep in mind that while inventory is tight, buyers are savvy and know when a home is overpriced. If you’ve been thinking about selling your home, we would appreciate the opportunity to meet with you and give you an honest assessment of market conditions and where your home’s value sits.

Please contact us at 508-568-8191 or msennott@todayrealestate.com. We’d be happy to review options with you.  Thanks.

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Please take a moment and check out the most recent segment of A Moment with Mari. We’re looking for the names of local organizations that you’re most passionate about.  You can watch it here.

Enjoy your week…

Mari and Hank

2019 by the Numbers

The median sale price for a single family home rose once again on Cape Cod in 2019.

According to preliminary data released by the Cape Cod & Islands Association of REALTORS (CCIAOR), the year end median sale price was $410,000, a 2.4% increase over 2018.

Truro, Provincetown, and Dennis had the highest increases (30.7%, 8% and 7.5% respectively). Brewster (-3.5%) and Eastham (-2.1%) were the only Cape communities to experience a price drop.

All upper Cape towns saw increases:

                                          2018                               2019

Bourne                        $376,500                         $395,000

Sandwich                    $405,000                         $409,900

Mashpee                     $443,500                         $470,000

Falmouth                    $462,000                         $469,950

Barnstable                  $390,000                         $405,000

While inventory has declined Cape-wide over the last five years (3,276 in 2015 vs. 1,723 in 2019),  last year was otherwise consistent with the past when taking into account median sales price increases and other measurements. It’s interesting to note that sales volume for 2019 was on par with 2018, but with a lower inventory,

What’s the bottom line?

  1. People remain interested in living on Cape Cod, either in year round or second homes.
  2. The market is strong for sellers, who are realistic about sales price and the condition of their property.
  3. Cape property owners  — who have been thinking of selling and haven’t — are losing money because of their hesitation.
  4. With overall sales volume for 2018 and 2019 remaining consistent, buyers should not be discouraged by “lack of inventory.” Those waiting for prices to drop should reconsider their strategy.

If you have any questions about the year end market data or would you like to review your options, please contact us at 508-568-8191 or msennott@todayrealestate.com. We’d be happy to share what we know and help you make an informed decision about buying and/or selling your property. Thanks.


In last week’s segment of a “Moment with Mari,” we paid forward a friendly wager with our Coach Tom Ferry and visited the Sandwich Food Pantry.

A donation of $100.00 can feed upwards of 400 people! For more information about the organization, please visit www.sandwichfoodpantry.org.

Enjoy your week…

Mari and Hank

 

 

 

 

A Week to Remember

This past week was a special one for Mari Sennott and Associates and Today Real Estate itself.

At an event held at the Chatham Bars Inn on Thursday (1/30), company management revealed our new logo; related promotional and sales material, and operating principles that are known as the “Home Team Advantage.”

Why the Home Team Advantage?

Today Real Estate is the leading locally owned and family run real estate firm on Cape Cod. This gives us an intimate understanding of the local market; we live and work here.

We also have state-of-the-art technology that facilitates matching buyers and sellers. Our mission as an organization is to provide unparalleled service…for unsurpassed results.

We were pleased to be recognized Thursday night as #4 in our company  (out of 100 agents at four locations) for total number of transactions, as well as total dollar volume of sales.

We frequently use the hashtags #whoyouworkwithmatters and #localrealtorslocalknowledge in our social media postings.

It’s one way to acknowledge that the days of just sticking a For Sale sign in the ground and waiting for buyers to show up are gone. Also passe is sending clients out by themselves to Open Houses and telling them “let me know if you find anything.” Our business has changed and  successful real estate professionals and companies — like Mari Sennott and Associates and Today Real Estate — have updated their approach in response.

If you’re thinking of making a change in your living situation, please contact us at 508-568-8191 or msennott@todayrealestate.com. We’d be happy to help you sift through your options and explain why Mari Sennott & Associates and  Today Real Estate’s “Home Team Advantage” is a wise choice.


According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR) for 2019, median sale prices rose by 2.5% Cape-wide, for a year-end median sale price of $410,000, while inventory dropped 18.4% from 2018.  Closed sales were nearly flat (-0.5%).

More on this and what it means for Cape homeowners soon…

Enjoy your week.

Mari and Hank