Monthly Archives: October 2020

Home Values To Keep Rising

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As we enter the final months of 2020 and work through the challenges the year has brought, many remain surprised by increasing home values. As we reported in last week’s blog, the median sales price for a single family home on Cape Cod set an all time record in September.

But it is certainly legitimate to wonder whether the continuing virus crisis and possible economic fallout could impact home prices in the months ahead.

Looking at the big picture, the rules of supply and demand give us the clearest idea of what we can expect.

Due to the undersupply of homes on the market, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply, consumers are willing to pay more. That’s what’s happening today. The housing supply shortage is also resulting in bidding wars, which drive price points higher.

Home Values Projected to Keep Rising | MyKCM

There’s no evidence that buyer demand is going to wane. As a result, experts predict that price appreciation will continue over the next 12 months.

Here on Cape, open houses are busy and multiple offer situations not uncommon. Homes that are priced right and marketed correctly move quickly.

At the start of 2020, no one would have looked at a home that was appropriately priced and on the market for a few weeks and wonder “what’s wrong with it?” Those comments were reserved for houses that had been for sale for a few months. That question is now being asked about properties that have been on the market for as little as a few days!

Maybe selling your home in 2020 wasn’t part of your plan. Maybe you held back on making your move this year, because of concerns about the virus and the economy.

We can only tell you that the opportunity exists right now for you to realize a solid return on your real estate investment. Concerned about where you will find next home? Low inventory doesn’t mean no inventory. Your choices are just fewer than they would have been in the past. New construction is also an option as builders are responding to the continuing demand.

Curious about your options? Helping our clients make the best decisions has been our full time jobs as realtors for 21 years. It’s not a part time hobby. Let’s connect at 508-568-8191 or msennott@todayrealestate.com. We hope to be speaking with you soon…

Like to cook?

Or do you just like to see what others are having for dinner?

Back in the spring, Mari started a Facebook group, Cape Cod Dining at Home (and anywhere else.) She hoped it would be an opportunity for people to share their creativity during the early days of the virus shut down. She also wanted to promote local restaurants that were providing take out.

Since its start a few months ago, the page has grown to nearly 3,000 members from across the country. There are competitions that are often sponsored by local restaurants. Home chefs share photos of their dishes and recipes.

We’ve heard many times that members appreciate the group because it’s fun; they enjoy seeing and making different foods, and it’s a welcome respite from the crazy world we live in.

If you haven’t, please consider joining. This week’s competition has a Halloween theme. Details are on the group page.

Closing days of Election 2020

Please remember to vote. There are many ways to cast your ballot this year. Last week’s blog also contains links to an interview Hank did with our Town Clerk about your options in Massachusetts. If you have specific questions, please contact your local election officials.

Stay healthy. Stay optimistic.

Mari and Hank

Voting Early. (But, not often…)

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We don’t think it’s news to anyone that we have an important election coming up in a few weeks.

Voting used to be a pretty simple process. Go to the polls on Election Day and cast your ballot.

But, like so many things this year, the virus crisis has made voting a little more complicated. As a result, there’s been some confusion and misinformation.

As part of his “Let’s Meet for Coffee” series, Hank spoke with our Town Clerk, Taylor White, about the various options that we have this year to vote.

In part one of their conversation, Taylor talks about in person, early voting. In part two, he explains absentee ballot/mail in voting,

We voted in person yesterday (Sunday). The process was simple, easy, and safe.

Please click on the above links to see the interviews. We hope you will find the information helpful. If you have further questions, please contact your local election officials.

Cape Cod Real Estate Market Continues to Set Records

The Cape Cod real estate market continued its record-breaking performance last month, setting new highs for median sale price, pending sales, closed condo sales, and total volume.

The median sales price for September – $550,000 for a single-family home – is the highest ever for a single month in Barnstable County. With both single-family homes and condos also setting records for pending sales, October looks to be another strong month for the Cape Cod market.

However, inventory has dipped to its lowest level ever, with the total number of homes for sale Cape-wide — from Bourne to Provincetown — dipping to just 921 units for the first time since the MLS began recording computerized data. Many communities are below two months of inventory, far below the industry benchmark of five months for a healthy, balanced market.

This record low number of available homes is the result of continuing and strong buyer demand. Another reason is potential sellers being skittish about where they’re next move is.

We’ve also heard from homeowners who say that they’re waiting until the election is over before making a final decision. To be frank, we’re not sure what the difference will be between now and November 4 in terms of buyer demand and the opportunity to realize a strong return on investment. If anything, deciding to wait until the election concludes seems to imply a fear that there will be a negative reaction to the result. So why delay?

If you have questions about the current status of the real estate market and what your next move should be, we’d be happy to help. Assisting our clients in making the best decision 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. Speak with you soon…

Stay healthy. Stay optimistic.

Mari and Hank

38 Showings

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We’re not the only real estate professionals, who have been saying for the last several weeks, if not months, that this is the best time to market your home.

Given all that we’ve lived through this year, we’re aware that this may sound like just a lot of sales talk. As we’ve acknowledged in earlier posts, it seems counter-intuitive. How could this be the best time to sell your home?

38 showings.

Mari called last week to set up an appointment for one of our clients to visit a moderately priced property. The seller’s agent told Mari that while she was was more than welcome to bring them over, she had to be honest and tell her that there were already 38 showings scheduled.

38 showings!

This isn’t the only property we’ve encountered over the last several weeks where there have been a large number of showings scheduled. Hank was out with clients last Thursday afternoon where there were several buyers waiting in line to view the same home.

That’s right. A line on a Thursday afternoon.

Buyers are very active for a number of reasons.

There are the ones we expect, such as those who have decided that they’ve reached the point in their lives when it’s finally time to purchase that house on Cape Cod.

They’re being joined by people, who are looking to move to a larger home with a defined worked area, as well as room for their children to learn remotely, if necessary. Others are buying second homes earlier than planned. Access to open space, fresh ocean air, and good schools are always priorities.

So, as crazy as it sounds, this truly is a great time to make your move whether upsizing, downsizing or moving to that someday neighborhood.

We can help you review your options that will maximize your investment in your home by taking advantage of the Cape’s current record setting market. Helping our clients make the best decisions 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 discussion. We look forward to working with you.

Looking for additional information about the ins and outs of selling or buying? Please download our Sellers Guide and/or Buyers Guide by clicking on the links. They will be emailed directly to you. We hope you’ll find these guides helpful. If you have any questions after reading them, please get in touch. Thanks.

Stay healthy. Stay optimistic.

Mari and Hank

The Best Time to Make Your Move?

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With fall now quickly upon us, here are four reasons why deciding to sell your home now is an easy one.

1. Buyers Are Actively in the Market

ShowingTime, a leading provider of real estate market stats, says that buyer traffic has jumped 60.7% compared to this time last year. That’s a huge increase.

It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. On Cape Cod and across the country, multiple buyers are entering bidding wars to compete for the home they want. Taking advantage of engaged buyer activity can allow you to sell your home for the most favorable terms.

2. There Are Not Enough Homes for Sale

In the latest Existing Home Sales Report, the National Association of Realtors (NAR) said that there were only 1.49 million units available for sale. That number is down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.

At the end of August, there were 1,019 single-family homes for sale and 333 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last August, there were 2,096 single-family homes and 530 condos listed for sale, a 51.4 percent decrease, and a 37.2 percent decrease, respectively.

Due to the health crisis, many homeowners have been reluctant to list their properties. This is changing as the economy continues to recover. The choices buyers have will increase as we head into 2021. Don’t wait until additional sellers enter the market before deciding to make your move.

3. The Process Is Going Quickly

Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home.

4. Finally…

You’ve likely spent much of the past six months at home. Maybe now you realize how small your house is and that you really need more space. If you’re working from home and/or if your children are going to school virtually, your current floor plan just might not work for your family’s changing needs.

Concerned about where you can find your next home? Because of increased market activity, builders are ramping up. New construction will allow you to choose the exact floor plan to match what your family needs, plus make sure that you have all the outdoor space that you want.

Have you concluded that now is the best to make your move? Still not sure? We can help. Advising our clients on the best decisions for them 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. We look forward to working with you…

Stay healthy. Stay optimistic.

Mari and Hank