Monthly Archives: December 2020

What to Expect in 2021

With the New Year just a few days away, let’s take a look at what we can expect from the real estate market in 2021.

The graphic below summarizes some of the major expectations for the year ahead.

The big takeaways?

If you were planning on making your move in 2021, there’s no reason why you shouldn’t. Mortgage interest rates are expected to remain low and values will continue to appreciate.

If you’re still on the sidelines because of safety concerns related to the virus, you should talk to a real estate professional — hopefully Mari Sennott and Associates — about precautions that have been used successfully for the last several months that helped the market set all time records.

With more people being vaccinated as the year rolls on, it’s safe to assume that additional buyers will be entering the fray. So, if you’ve been holding off selling, you don’t want to wait much longer, as the competition is sure to increase.

This also remains a good time to buy. While prices may be a higher, the cost of borrowing is still historically low putting you in a solid position to purchase that first home, second home, or investment property.

2021 Housing Forecast [INFOGRAPHIC] | MyKCM

We already have 11 “under contract” heading into 2021. Statistically, the average agent has three for the year!

If you’re ready to make your move or want to discuss your options, let’s connect at 508-568-8191 or Helping our clients make the best decisions for their individual situations has been our full time job for 21 years, not a part time hobby.

Let’s talk soon…

To help you get the process underway, we hope you’ll order one of our free guides whether you’re a buyer or a seller. (Or both!)

You can find them at our secondary website – Real Estate with Mari and Hank Sennott. Just fill out the order form and the guide will be emailed to you.

Author C.S. Lewis (1893 – 1963) wasn’t thinking of 2020 when he wrote “there are far better things ahead than any we leave behind.” But, his words do apply to a year that we bid a not especially fond farewell to.

We wish you a happy and safe New Year’s celebration. May your goals become reality in 2021.

Stay healthy. Stay optimistic.

Mari and Hank

Bringing the Curtain Down on 2020

It’s safe to say that none of us have ever looked forward to the start of a new year more than we do right now.

2020 has been a year of stunning contrasts. Even though vaccines are in early stages of distribution, we still hear of tragedies on a daily basis as the virus continues to claim more victims. Families are shattered and businesses shuttered.

But the virus also has forced us be creative and innovative. In the real estate profession, we adopted new technologies and changed procedures to protect the health and safety of both our sellers and buyers.

Many talking heads predicted a dire year. What they failed to realize is that even in a pandemic, life goes on. People still change jobs. Members of our military are transferred. Young couples living in one bedroom apartments look for their first homes when they start families. Older couples finally come to the conclusion that with the kids out on their own, the family home is just too big.

What no one could have predicted was the migration of urban dwellers to more open spaces. With remote working and learning the norm, it became no longer important to live close to the office. People, who were planning to buy a home on the Cape or in similar places “someday,” decided that now was the time.

For many in our profession, ourselves included, 2020 has been — unbelievably — a banner year. Like any business, we have our goals and we reached them in October. We have 11 homes already under contract for 2021!

We’re grateful to everyone, who decided to “make their move with Mari” this year. We met many wonderful people. Some have become friends and we look forward to spending time with them in the new year.

We sincerely wish you a happy and safe holiday. We’ll be following safety precautions suggested by pubic health authorities and keeping our celebration small with family we see on a regular basis.

We hope you do as well.

If we want our favorite local restaurants or merchants to stay open, then following all the recommended safety procedures through the holidays is important. Public health officials can’t control the number of people we have in our homes; that’s up to us. But, they can put limits on how many customers can go into a restaurant or shop.

With several communities on Cape Cod in the red zone in terms of infections, it’s important that we all do our part to limit the spread of the virus until the vaccine can be widely distributed. Thank you.

Merry Christmas. Stay healthy. Stay optimistic.

Mari and Hank

How Technology Has Changed the Way We Buy Homes

In a year when we’ve learned to do so much remotely, buying or selling a home is no exception.

Rather than delaying purchases due to the virus crisis, buyers – working with their real estate professionals – have been turning to the Internet to do more than just a typical home search. In some cases, they have bought without even stepping foot inside the property.

In fact, the National Association of Realtors says that throughout the virus crisis, one in every 20 home buyers purchased a house sight-unseen.

Today, we and many other real estate professionals are using digital practices to help homebuyers and sellers virtually walk through the many steps in the process. While following all safety protocols, we work with buyers and sellers using virtual tours, 3D floor plans, high-quality photos, videos, online open houses, and more.

Virtual practices help buyers safely narrow down their top choices, so they don’t have to unnecessarily walk into more homes than they need to see, as the graph below shows.

This also means that sellers don’t need to open their doors over and over again, while their home is being marketed.

As we’ve written about before, we’ve successfully assisted remote buyers this year. We’ve also worked with homeowners, who were very concerned about safety procedures being followed. Once we agreed on guidelines and effective technologies, the process itself was actually surprisingly smooth.

So, if you’re ready to make your move — or still thinking about it — let’s connect at 508-568-8191 or to discuss the safe and effective options that are available to buy or sell a home.

We hope you’ll join us in supporting local merchants this holiday season.

Gift cards from restaurants and shops make great stocking stuffers, for example.

Please don’t forget local non profit organizations — especially food pantries. Many social service providers have been pushed to the limit assisting those who have been impacted by the virus crisis. People, who have never turned to these organizations before for help, now find that they need their assistance.

Anything you can do will be appreciated. Thanks.

Stay healthy Stay optimistic.

Mari and Hank

So, How’s the Market?

If there’s one question we can safely say we are asked all the time as realtors, it’s this: “How’s the market? How ya doin’?”

If you told us when the virus crisis started that the real estate market on Cape Cod — and elsewhere — would have a record setting year, we would have questioned your sanity. We didn’t expect the bottom to fall out as your Uncle Harry, who “knows a little something about real estate,” and many TV talking heads predicted. There were simply too many people already in the pipeline.

What we couldn’t have predicted were the number of urban dwellers, who after stay at home orders were lifted, decided that it was time to move to larger homes and/or more open spaces and fresher air. With remote learning and work, there’s no longer a need for many to be close to Boston, Hartford or Providence. For them, Cape Cod became a desired destination.

As a result, we’ve experienced a year like no other. According to preliminary data just released by the Cape Cod & Islands Association of REALTORS® (CCIAOR), 700 homes sold in October, 564 single-family homes and 136 condominiums. Median sales price was $549,950 for single-family homes and $407,500 for condominiums. Last October, 498 homes (388 single-family homes and 110 condos) sold at a median price of $438,750 for single-family homes and $299,500 for condominiums.

But there is a continuing concern about supply being able to meet demand.

At the end of October, there were 808 single-family homes for sale and 248 condominiums for sale in the Cape Cod & Islands Multiple Listing Service. Last October, there were 1,991 single-family homes and 526 condos listed for sale, a 59.4 percent decrease, and a 52.9 percent decrease, respectively.

Open Houses are jammed and many homes are subject to bidding wars.

If you have been sitting on the sidelines wondering if it’s time to cash in on your investment and move to that someday neighborhood or finally sell your parents home that you and your siblings can’t agree on what to do with, please connect with us at 508-568-8191 or to review your options. Helping our clients make the best decisions has been our full time job for more than 21 years, not a part-time hobby.

Let’s talk soon…

We trust that you are continuing to stay safe as the virus crisis continues. With a vaccine on the horizon, it’s important to still follow safety precautions.

We conduct Open Houses and on site meetings wearing masks. We also have booties and gloves, if a client wants to see those used. Hand sanitizer — our very own Mari Sennott and Associates brand! — is always available.

In addition, Today Real Estate policy allows only one group of people in an Open House at a time.

We’re also happy to personally do our part to keep people safe by sponsoring a kiosk at our local CVS.

So, as we look forward to 2021 and a better year for all, we hope that everyone stays healthy and optimistic.

Mari and Hank