Monthly Archives: September 2020

Housing Market on Track to Beat Last Year’s Success

Back in March, as the nation’s economy was shut down because of the virus crisis, many so called experts were predicting that the real estate market would face a major collapse. Some predicted a 15-20% decline in transactions.

However, six months later, the housing market has never been stronger.

According to Mark Fleming, Chief Economist at First American:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Here on Cape Cod, the numbers are staggering. Comparing this August to a year ago, median sales prices are up 26% ($430,500 vs. $545,000); closed sales have increased 30.5% (390 vs. 509), and pending sales are up 71%! (355 vs. 607).

Year to date, median sales prices are up 11.2% to $478,000. Closed sales are up 5.1% to 2,818.

In many ways, this seems to defy logic. You might think it’s too good to be true after what we’ve been through.

But, as we have been sharing with you for the past several months, the real estate market was in a strong position before the crisis. Many homeowners also had substantial equity in their property. (Unlike 2008)

The virus caused buyers to temporarily put their plans on hold. In addition, the crisis caused urban dwellers to reconsider their priorities making places like Cape Cod — with open spaces, fresh air and good schools — attractive.

With the situation currently on a somewhat even keel, buyers are moving forward as the statistics show. Sellers are now in a strong position to realize a solid return on investment in their property, while at the same time giving themselves an opportunity to make the move that they have been considering.

Not sure if this is your time? We’d be happy to help you review your options. Advising clients has been our full time job for 21 years, not a part-time hobby.

Let’s connect at 508-568-8191 or msennott@todayrealestate.com to start the conversation.

Stay healthy. Stay optimistic.

Mari and Hank

Is This Really a Good Time to Move?

Some of you must be wondering whether this is a good time to move. On average, we spend 10 years in a home, but with everything going on….

With today’s changing housing expectations — especially given how the current health crisis has altered our daily lives — many are reconsidering where they’re living now and thinking about moving to a home with more room for their families, as well as workspace and other considerations.

The real estate market has changed in many ways over the last 10 years. Current homeowners are earning more equity today than they did in the past. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put towards a move than you realize.

Dialing back 10 years, many homeowners locked in a fairly low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, But current interest rates are now at historic lows.

Is Now a Good Time to Move? | MyKCM

Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math, making a move now into a new home and locking in a significantly lower rate than you currently have could save money on a monthly basis, as well as over the life of your loan.

As the example in the above chart shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.

As a homeowner, you have a huge opportunity right now. Whether you want to save more money each month; get more home for your investment based on your family’s changing needs, or downsize to space that better fits your current situation, this really is a great time to make a change. Buyers are actively looking and you can realize a solid return, if you market your home now.

Interest in living on Cape Cod is strong as the area checks a number of boxes including open spaces, good schools, and limited virus impact.

Need an outside perspective on your options? We’d be happy to meet with you. Helping our clients make the right decisions has been our full time job for 21 years.

Let’s start the conversation at 508-568-8191 or msennott@todayrealestate.com.

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Looking for helpful tips about buying and/or selling this fall? We’d be happy to send you our free guides. If your’re looking to buy, please click here. Or here if you’re looking to sell. You’ll receive the guide via email.

Stay healthy. Stay optimistic.

Mari and Hank

Who Doesn’t Love Ice Cream?

We were happy to recently host an ice cream social for our neighborhood. It was a great way to bring together people who haven’t seen much of each other during the last several months.

It also gave us a chance to share in a low-key way information about the current state of the market and how it’s impacting where we live. Like everywhere on Cape Cod, home prices are increasing.

Our neighborhood is one of the more established in our Town. It’s very close to both grammar schools and the high school. The new central public safety complex has just opened nearby. Coupled with some great restaurants, several nearby churches, and easy highway access to Boston, Providence and down Cape, buyers are always interested when property becomes available.

We provided at least some food for thought for our neighbors — along with free ice cream courtesy of our friends at Cape Cod Slush and Ice Cream Company.

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ICYMI… Todd Machnik, President of Today Real Estate, was quoted in a recent Cape Cod Times article discussing the current real estate market and what it means for the future. You can read the article by clicking here.

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It’s around this time every year that we attend a week long Summit staged by the Tom Ferry organization.For the last few years, it has been at the Anaheim Convention Center and attracted over 8,000 real estate professionals from around the world.

Ferry is consistently voted our industry’s leading coach and trainer. In addition to attending Ferry events, we receive individual weekly coaching from one of his experienced trainers, who are also successful realtors. Working with clients is our full time job, not a part-time hobby. So it’s important for us to stay current on emerging trends and best practices.

This year, the Summit was held virtually with over 7,000 in attendance. Mari participated in a one on one discussion with Tom about the challenge of listing homes during the virus crisis.

If you’re wondering if this is the time to make your move as a seller, buyer or both, we’d be happy to help you sift through your options. We can meet virtually or at a safe distance. Let’s start by connecting at 508-568-8191 or msennott@todayrealestate.com. See you soon…

Stay healthy. Stay optimistic.

Mari and Hank

We Made It!

Labor Day 2020.

Somehow we made it. A summer like no other and where did the time go?

Our kids and grandkids are returning to school either in person or virtually. Some of us are slowly returning to our workplaces. Others are remaining in homes offices as employers have discovered that working remotely is more cost effective. Healthcare workers, public safety officers, and grocery store employees never left the job as they kept vital services available.

For those who lost employment over the last few months, we can only hope that as the economy recovers new opportunities will emerge.

So, what’s next?

It defies logic, but the real estate market on Cape Cod is as busy as ever. Influenced at least in part by the virus crisis, buyers are looking to places like the Cape for more elbow room in case we ever find ourselves in another stay at home situation.

Those who have been thinking about a house on the Cape, but weren’t interested in the daily commute over the bridge are also seriously searching as the need to report to the office on a regular basis has been reduced or eliminated.

In addition, this area was never a Covid hot spot making families more comfortable with the idea of moving here.

We know this sounds crazy given all that we’ve been through, but for Cape homeowners, the opportunity to receive a substantial return on investment or buy that someday home in that someday neighborhood has never been better.

The median sales price for a single family home on Cape last month was $505,000.00. A year ago that figure was $426,000.00. With many of us having significant equity in our homes, now is truly the time to make that move.

Interested? Intrigued? Maybe a little confused?

We’d be happy to meet with you virtually or at safe distance to help you sort through your options. Helping our clients has been our full time job for 21 years. (As of this coming Wednesday; all with Today Real Estate. We’ll also be married 31 years on the same day!)

Let’s connect at 508-568-8191 or msennott@todayrealestate.com. We’re looking forward to meeting with you.

Stay healthy. Stay optimistic.

Mari and Hank