Monthly Archives: July 2020

Two Reasons We Won’t See a Rush of Foreclosures This Fall

Two Reasons We Won’t See a Rush of Foreclosures This Fall | MyKCM

The virus crisis has led many businesses to reduce or discontinue services. This has greatly impacted the workforce resulting in many people being laid off or furloughed.

Naturally, the situation would lead some to believe that there might be a rush of foreclosures as we saw in 2008.

But, today’s market is very different.

There are two reasons why we shouldn’t see a rush of foreclosures this fall: forbearance extension options and strong homeowner equity.

1. Forbearance Extension

Forbearance, according to the Consumer Financial Protection Bureau (CFPB), is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage.”  This is an option for those who need immediate relief. In today’s economy, the CFPB has given homeowners a way to extend their forbearance, which is helping those families, who need it at this critical time.

2. Strong Homeowner Equity

Equity is also working in favor of today’s homeowners. This savings is another reason why we won’t see substantial foreclosures in the near future. Today’s homeowners, who are in forbearance, actually have more equity in their homes than what the market experienced in 2008.

Two Reasons We Won’t See a Rush of Foreclosures This Fall | MyKCM

Please remember these facts when the talking heads on your favorite cable TV news channel start making dire predictions for the fall. Today’s real estate market is very different than 12 years ago when many homeowners walked away from their properties when they owed more than their homes were worth.

This time, equity is stronger and plans are in place to help those affected weather the storm.


Even though the virus is on the rampage again in states like Florida, Arizona, Texas, and California, it still appears that the housing market is leading the economic recovery.

With record-low mortgage rates driving high demand from potential buyers, homes continue to be purchased at an accelerated pace.

On Cape Cod, an all time record was set last month for the number of pending sales., with 650. A year ago, that number was 369. The median sales price for a single family home last month was $475,000.00, a 5.8% increase over June 2019.

A married realtor couple working in Pinellas County, Florida, who are friends of ours, told us on Friday that they added seven new listings over the last two weeks with three more expected. Peter and Allyson also said that they had recently sold seven homes.

In terms of our own goals, we’re actually ahead of last year’s pace when we finished fourth among Today Real Estate’s 100 agents in terms of number of closings and total dollar volume.

If you’re ready to make your move — or if you’re seriously thinking about it — we’d be happy to meet with you at a safe distance or via technology to discuss your options. Please contact us at 508-568-8191 or msennott@todayrealestate.com. Thanks.

Stay healthy. Stay optmistic.

Mari and Hank

Homes Haven’t Been This Affordable in Years

Everyone is ready to buy a home at different times in their lives. Despite the virus crisis, these days are no exception. Understanding how affordability works and the key market factors that impact it may help those of you who are ready to buy a home take advantage of today’s prime opportunity.

These are three main factors that go into determining how homes are affordable:

  1. Mortgage Rates
  2. Mortgage Payments as a Percentage of Income
  3. Home Prices

The National Association of Realtors (NAR), produces a Housing Affordability Index, which takes these factors into account and determines an overall affordability score for housing.

The higher the index, the more affordable it is to purchase a home. Below is a graph of the index going back to 1990. The green bar represents today’s affordability. You can see that homes are more affordable now than they have been at any point since the housing crash, when distressed properties (foreclosures and short sales) dominated the market. Those properties were sold at large discounts never seen before in the housing market.

Taking Advantage of Homebuying Affordability in Today’s Market | MyKCM

Although there are three factors that drive the overall equation, the one that’s playing the largest part in today’s home buying affordability is historically low mortgage rates. It is more affordable to buy a home today than at any time in the last seven years.

If you’re considering purchasing your first home or moving up to the one you’ve always hoped for, it’s important to understand how affordability plays into the overall cost of your home. With that in mind, buying while mortgage rates are as low as they are may save you quite a bit of money over the life of your home loan.

Let’s connect to discuss your options. We can do so at a safe distance or via technology. You can reach us at 508-568-8191 or msennott@todayrealestate.com.


As regular readers of this bog know, we donate $200.00 from each closing to a non-profit suggested by one of our clients.

With last week’s closing, we are happy to make a donation to the Matthew 25 Fund at Christ the King Parish in Mashpee. The fund supports the parish’s food pantry.

That brings our total donations to $3,000.00 for the year. (With more to come…)

We also support the Clearwater Marine Aquarium in Clearwater, FL. Home to Winter and Hope of “Dolphin Tale” movie fame, it’s a favorite of our granddaughter. We had plans to take her there this year, but the trip has fallen prey to the virus crisis.

If there’s a non-profit that’s near and dear to your heart that you’d like us to add to our donation list, please contact Hank at hsennott@todayrealestate.com. Thanks…

Stay healthy. Stay optimistic.

Mari and Hank

Committed To Our Community

New kiosk at CVS on Quaker Meetinghouse Rd in Sandwich

We’ve lived on Cape Cod for 26 years. We moved here when our daughter was three. She’s 29 now. It’s been a lifetime.

We’ve always believed in the importance of playing a positive part in our community.

For a decade, Hank was involved in Sandwich Town government. He chaired the Finance Committee for two years; served a term a term on the Board of Selectmen, and headed the committee that wrote the Town’s first charter.

We’ve both volunteered for various organizations over the years. Mari is now the Chair of the Health Grant Review Committee for the Cape and the Islands United Way. She’s also a member of the Board of Directors of the Cape Cod and Islands Association of Realtors.

We donate $200.00 from each our closings to non-profits suggested by our clients. So, we’re excited to tell you that as a result of all our recent closings, we’ve been able to support to the Sandwich Food Pantry, Cape and Islands United Way, Boston Children’s Hospital, A Baby Center in Hyannis, and Angel Babies of Massachusetts. A special thanks to our clients, who helped make these possible. Please consider supporting these important organizations, as well.

The newest example of our commitment to the community is a kiosk in the CVS at Quaker Meeting House Road in Sandwich that distributes sanitizing sheets. Especially at public places like a pharmacy, it’s important to have resources available to wipe your hands, carts, etc.

We also have our own “brand” of hand sanitizer that we’ve been distributing to clients and at open houses since April.

In the overall scheme of things, small gestures. But as realtors and residents, it’s our contribution to making Sandwich and Cape Cod a great place to live.


The numbers show that the housing market is making an historic rebound as we attempt to emerge from the virus crisis.

Across the country, pending home sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001.

So, what exactly are pending home sales index? According to the National Association of Realtors:

“A leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.”

With the COVID-19 pandemic and a shutdown of the economy, there was a steep two-month decline in the number of houses that went into contract. In May, however, that number increased dramatically nationally, as the graph below shows. This jump means buyers are back in the market and purchasing homes right now, according to NAR’s Chief Economist Lawrence Yun.

Here on Cape, pending sales are lagging behind national statistics, but appear to be on the rebound.

As we move through the year, experts say we should see an increase in the number of houses being built. This will address a small portion of the inventory deficit. The lack of overall inventory here on Cape, as well as in many other places across the country, is creating an opportunity for homeowners, who are ready to make a move.

If you decided not to sell this spring because of the virus, maybe it’s time to get in the market, while buyers are still actively looking for homes.

Let’s connect today to discuss your best move forward. We can meet virtually or at a safe distance. Please contact us at 508-568-8191 or msennott@todayrealestate.com. Thanks.

Stay healthy. Stay optimistic.

Mari and Hank