Category Archives: Single Family Homes

How You Can Use Your Home’s Equity

If you’re currently a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity builds over time and can help you achieve certain goals. According to the latest Equity Insights Report from CoreLogicthe average borrower with a home loan has almost $300,000 in equity right now.

As you weigh your options during these somewhat confusing economic times, it’s important to understand your assets and how you can leverage them. As real estate professionals, we can be a good source of information to help you understand how much home equity you have and suggest some of the ways you can use it.  Here are a few examples.

1. Buy a Home That Fits Your Needs

If you no longer have the space you need, it might be time to move into a larger home. Or you may have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle.

If you want to upgrade your house, you can put your equity toward a down payment on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some of the cost of your next home, if not all.

Earlier this year, we used the equity in our home to put us in the position to make a successful offer on our new home without including a home sale contingency. We then marketed our house after our offer was accepted.

If you’re concerned about where you will move when you successfully market your home, your equity allows you to answer that question before listing your property.

2. Reinvest in Your Current House

According to a recent survey from Point, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space, but you aren’t quite ready to make a move.

Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others.

For example, a report from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. We can advise you on which projects to invest in to get the greatest return on your investment when you sell.

3. Pursue Your Personal Goals

In addition to making a move or updating your house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, buying a vacation home, or funding an education.

While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other personal goals.

Bottom Line

Your equity can be a game changer. If you’re unsure how much equity you have in your home and how might you best use it, let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’re happy to help.

Mari and Hank

Mortgage Rates Will Come Down, It’s Just a Matter of Time

This past year, rising mortgage rates have slowed the red-hot housing market. Over the past nine months, we’ve seen fewer homes sold than the previous month as home price growth has slowed. This is due to the fact that the average 30-year fixed rate mortgage r has doubled this year, putting the breaks on escalating prices.

This was the goal of the Federal Reserve when it raised rates: to cool down the market.

This month, the average rate for financing a home briefly rose over 7% before coming back down into the 6% range. But we’re starting to see a hint of what mortgage interest rates could look like next year.

Inflation Is the Enemy of Long-Term Interest Rates

As long as inflation is high, we’ll see higher mortgage rates. Over the past couple of weeks, we’ve seen indications that inflation may be cooling, giving us a glimpse into what may happen in the future. The mortgage market is eagerly awaiting positive news on inflation. As Ali Wolf, Chief Economist at Zondasays: “We are watching for any additional stability in the MBs market, signs of cooling inflation, and/or less aggressive Federal Reserve action to give us confidence that mortgage rates are past their peak.”

What Does This Mean for the Future of Mortgage Rates?

As we get through the inflation battle and start to see that coming down, we should expect mortgage rates to follow. We’ve seen nods of this over the past couple of weeks. As the Federal Reserve works to bring inflation down, mortgage rates will come down as well. Bill McBride from Calculated Risk says: “My current view is inflation will ease quicker than the Fed currently expects.”

Not every mortgage lender is the same. They offer different options and different rates. For example, local banks that have their own portfolios and don’t sell their mortgages to investors have different financing opportunities when compared to mortgage finance companies that do sell their mortgages. So, it’s important to shop around.

As a buyer, it’s a questionable strategy to sit on the sidelines waiting for your magic number when it comes to interest rates. We know for sure that the chances of seeing rates of 3% or less are almost non-existent. Consider meeting with your financial advisor or lender and determine what the impact of rates in the 4% to 6% rate range, can have on your personal financial situation. You could miss out on the home you really want while waiting for a rate that will never be available.

And remember: mortgages can be re-financed to lower rates.

If you don’t have a working relationship with a lender, we can recommend several who we work with on a regular basis. Please contact us at 508-360-5664 or msennott@todayrealestate.com. With inventory increasing every day, be in the position to make your move when you find your next home.


We were happy to host our Third Annual Thanksgiving Pie Party last Tuesday at JD’s Burgers and Sushi in Sandwich. More than 70 of our client-friends turned out to re-connect with people they met last year and make new acquaintances.

We donated the pies that were not taken to the Sandwich Food Pantry, which reminds us that tomorrow is Giving Tuesday. Please take a moment to support a charity or non-profit that is close to your heart. Thanks…

Mari and Hank

Top Questions About Selling Your Home During the Holidays

In our blog two weeks ago, we made the suggestion that you should consider selling your home before or during the holidays.

That led to several questions.

1. But, doesn’t it make more sense the wait?

Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market:

Top Questions About Selling Your Home This Winter | MyKCM

While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year.

On Cape Cod, we have a 2.2 months inventory of homes which means that if nothing else would become available, it would take 2.2 months to exhaust the supply. A “normal” market is considered six months.

2. Are there buyers still out there?

If you’re thinking of selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. As an article in Forbes explains:

At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”

While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.

3. If I sell, can I afford to buy my next home?

If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize.

Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American: “. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal.” 

For us, that meant that we were able this spring to use our equity to make a significant down payment on our new home, then market our old one. We didn’t have a home sale contingency in the offer to purchase our new home.

If you’re intrigued about the idea of selling your house before year’s end, let’s connect at 508-360-5664 or msennott@todayrealestate.com to review your options. Remember: your home never looks better (or is more marketable) than during the holidays.

Thursday is Thanksgiving and we would be remiss if we did not wish everyone a blessed and memorable day. We’ve all come to appreciate this holiday more because we lost the chance to celebrate it during the height of the pandemic. So we hope you enjoy the chance to spend time with family and friends.

Mari and Hank

What Impacts Home Affordability

Every time there’s a news segment about the housing market, we hear about the affordability challenges facing today’s buyers. Those headlines are focused on how much mortgage rates have climbed this year. And while it’s true rates have risen dramatically, they’ve also dropped to much less media coverage and comment.

But, it’s important to remember that mortgage interest rates aren’t the only factor in the affordability equation.

Here are three measures used to establish home affordability: home pricesmortgage rates, and wages. Let’s look closely at each one.

1. Mortgage Rates

This is the factor most people are focused on when they talk about homebuying conditions today. So far, current rates are almost four full percentage points higher than they were at the beginning of the year. As Len Kiefer, Deputy Chief Economist at Freddie Mac, explains: “U.S. 30-year fixed mortgage rates have increased 3.83 percentage points since the end of last year.”

The increase in mortgage rates is impacting how much it costs to finance a home purchase, creating a challenge for many buyers as it’s pricing some out of the market. While the current global uncertainty makes it difficult to project where mortgage rates will go in the future, experts do say that rates will likely remain high as long as inflation does.

But, it’s important to remember that individual lenders offer different rates and different options. You have many potential sources for your mortgage from banks, to mortgage finance companies and credit unions. Be sure to shop them all before deciding what you can or can’t afford.

2. Home Prices

The second factor at play is home prices. Home prices have made headlines over the past few years, because they skyrocketed during the pandemic. nationally have decelerated for a fifth consecutive month. (shown in green in the graph below):

Key Factors Affecting Home Affordability Today | MyKCM

This deceleration is happening, because higher mortgage rates are moderating demand, and as a result, easing the buyer competition and bidding wars that previously drove prices up.

What’s worth noting though, is how much higher home prices still are than they were before the pandemic (shown in blue in the graph above). Even now, we have a long way to go to get to more normal levels of home price appreciation, which is historically closer to 4%. When both mortgage rates and home prices are high, affordability and your purchasing power become a greater challenge.

But while prices are still elevated in many markets, some areas are seeing slight declines. It all depends on your local market.

On Cape Cod, prices are moderating. Property is not being sold in a weekend and there are more price reductions. Those crazy bidding wars seem to be over. Open houses have returned to normal as those lines down the driveway are gone. Sellers are seeing more competition from their neighbors.

3. Wages

The one big, positive component in the affordability equation is the increase in wages. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have grown over time. This year is no exception.

Key Factors Affecting Home Affordability Today | MyKCM

As the Bureau of Labor Statistics (BLS) reports: “Median weekly earnings of the nations 120.2 million full-time wage and salary workers were $1,070 in the third quarter of 2022. This was 6.9% higher than a year earlier.”

So, when you think about affordability, remember the full picture includes more than just mortgage rates. Home prices and wages need to be factored in as well. Because wages have been rising, they’re a big reason why serious buyers are still active.

The decision to buy is not as simple as the so called experts and commentators would like the public to believe.

It’s important to work with a reputable lender, who can keep you appraised about the impact mortgage rates are having on what you can afford. If you’re not connected with a lender, we can put you in touch with several who we work with.

If you’re looking to sell, as well as buy, you should know the value of your current property. Please visit our website to find out what your home is worth and how much equity you may have.

Finally, please sit down with us to review your options whether buying, selling, or both. Let’s connect at 508-360-5664 or msennott@todayrealestate.com.

Earlier this year, we sold our home and bought something that better suits our lifestyle. So, hopefully our experience can help you make the best decisions for your situation. Talk soon…

Mari and Hank

Why Today’s Housing Market Isn’t Like 2008

With another uptick in mortgage interest rates and all the media talk about a shift in the housing market, you might be thinking we’ve entered a housing bubble. But the good news is, that there’s concrete data to show why this is nothing like the last time.

There’s Still a Shortage of Homes on the Market Today, Not a Surplus

For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to almost 15 years of underbuilding.

The graph below uses data from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just a 3.2-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 | MyKCM

On Cape Cod, there is a little over a two month’s supply of homes. While this is certainly an increase over past months, it’s not would be considered a normal market. So, with demand still strong and inventory tight, prices will remain steady. Decreases will come on a house-by-house basis determined by the initial asking price, condition, competition, buyer interest, etc.

Mortgage Standards Were Much More Relaxed Back Then

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home.

Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. (Mari recalls going to closings where buyers signed paperwork for three loans!)

Today, things are different, and purchasers face much higher standards from mortgage companies.

The graph below uses Mortgage Credit Availability Index (MCAI) data from the Mortgage Bankers Association (MBA) to help tell this story. In that index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is. In the latest report, the index fell by 5.4%, indicating standards are tightening.

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 | MyKCM

This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards over the past 14 years have helped prevent a scenario that would lead to a wave of foreclosures like the last time.

The Foreclosure Volume Is Nothing Like It Was During the Crash

Another difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been lower since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM Data Solutions to help paint the picture of how different things are this time:

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 | MyKCM

Not to mention, homeowners today have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Today, many homeowners are equity rich. That equity comes, in large part, from the way home prices have appreciated over time. According to CoreLogic: “the total average equity per borrowers has now reached almost $300,000, the highest in the data series.”

Rick Sharga, Executive VP of Market Intelligence at ATTOM Dataexplains the impact this has: “very few of the properties entering the foreclosure process have reverted to the lender at the end of the foreclosure. We believe that this may be an indication that borrowers are leveraging their equity and selling their homes rather than risking the loss of their equity in a foreclosure auction.”

This shows that homeowners are in a completely different position this time. For those facing challenges today, many have the option to use their equity to sell their house and avoid the foreclosure process.

Bottom Line

So, if you’re concerned that the same decisions that led to the last housing crash are being made again, this information should help alleviate your fears. Concrete data and expert insights clearly show why this is nothing like the last time.

If you have questions and concerns, please let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’re in touch with experts not only on Cape, but across the country. We’ll give you honest answers and help guide you to the best decisions for you and your family.

Please be careful tonight as trick or treaters will be out at the same time as many of us are coming home work. They’re not always easy to see, so please be careful, especially on dark streets.

Let’s make it a Happy Halloween.

Mari and Hank

What’s Next for Home Prices

As the housing market cools in response to the rise in mortgage rates, home price appreciation is slowing as well. If you’re following the headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. 

But what’s true? What’s most likely to happen moving forward?

While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections, so you have the best information available today.

What the Experts Are Saying About Home Prices Next Year

The graph below shows the most up-to-date forecasts from five experts in the housing industry. These are the experts that have most recently updated their projections based on current market trends:

What’s Ahead for Home Prices? | MyKCM

As the graph shows, the three blue bars represent experts calling for ongoing home price appreciation, just at a more moderate rate than recent years. The red bars on the graph are experts calling for home price depreciation.

While there isn’t a clear consensus, if you take the average (shown in green) of all five of these forecasts, the most likely outcome is, nationally, home price appreciation will be fairly flat next year.

What Does This Mean?

Basically, experts are divided on what’s ahead for 2023. Home prices will likely depreciate slightly in some markets and will continue to gain ground in others. It all depends on the conditions in your local market, like how overheated that market was in recent years, current inventory levels, buyer demand, and more.

Prices vary from market-to-market and parts of the country. We’re friendly with colleagues in our business from across the country and watch them market homes for $450,000.00, for example, that would fetch $650,00.00 or more here.

What’s not going to happen is a dramatic drop in prices that some buyers are waiting for. No reputable expert is predicting the “crash” that would allow that to occur.

The good news is home prices are expected to return to more normal levels of appreciation rather quickly. The latest forecast from Wells Fargo shows that, while they feel prices could drop slightly in 2023, they also think prices will recover and net positive in 2024. That forecast calls for 3.1% appreciation in 2024, which is a number much more in line with the long-term average of 4% annual appreciation.

And the Home Price Expectation Survey (HPES) from Pulsenomics, a poll of over one hundred industry experts, also calls for ongoing appreciation of roughly 2.6 to 4% from 2024-2026. This goes to show, even if prices decline slightly next year, it’s not expected to be a lasting trend.

As Jason Lewris, Co-Founder and Chief Data Officer for Parcl, says: “In the absence of trustworthy, up-to-date information, real estate decisions are increasingly driven by fear, uncertainty and doubt.”:

As “Prof Hank” explained in a recent video posted to our YouTube channel, the media is not your best source of information.

So, don’t let fear, uncertainty or misinformation change your plans. If you’re unsure about where prices are headed or how to make sense of what’s going on in today’s housing market, let’s connect.

Please consider subscribing to our YouTube channel where we post up-to–date information for buyers and sellers that is pertinent to where we live. Or let’s chat at 508-360-5664 or msennott@todayrealerstate.com.

As we’ve mentioned before, we sold and bought earlier this year, so we had many of the same questions and concerns as homeowners as you might have. We’re happy to share with you what we learned as homeowners, as well as our perspective as real estate professionals.

Let’s talk soon…

Mari and Hank

What Actually Determines Your Mortgage Rate

There’s lots of commentary about impact when the Federal Reserve raises the federal funds rate. (That’s the amount banks charge each other for short term loans.)

Even though the rate has very little to do with mortgage interest, it often becomes a point for discussion, which can illustrate how much he “experts” actually don’t know about the subject.

So, here are the four items that do impact your mortgage interest rate.

Your Credit Score

Credit scores can play a big role in your mortgage rate. Freddie Mac explains: “When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid back your loans as agreed and used your credit wisely. Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate.”

That’s why it’s important to maintain a good credit score. If you want to focus on improving yours, a trusted financial advisor can give you expert advice.

Your Loan Type

There are many types of loans, each offering different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says: “There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

When working with your real estate advisor, make sure you know which types of loans you may qualify for as it may influence the kind of property you can purchase.

Your Loan Term

Another factor to consider is the term of your loan. Just like with location and loan types, you have options. Freddie Mac says: “When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Depending on your situation, the length of your loan can also change your mortgage rate.

Your Down Payment

If you’re a current homeowner looking to sell and make a move, then you can use the home equity you’ve built over time toward the down payment on your next home. The CFPB explains: In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have more stake in the property. So if you can comfortably put 20 percent or more down, do it—you’ll usually get a lower interest rate.”

To learn more, connect with a lender to find out the difference a higher down payment can make for your new mortgage.

Bottom Line

These are the major factors that can help determine your mortgage rate, if you’re buying a home. It’s important to work with a reputable lender, who can pre-approve you and give you honest advice about interest rates now and what can be expected in the future.

If you are looking for a lender, we work with several, who we can highly recommend. Let’s connect at 508-360-5664 or msennott@todayrealestate.com and we’ll pass along their contact information.

Knowing what you can afford then helps us locate the homes that fit your budget. And we’ll be sure that you stay in touch with your lender in case a rate change impacts what you can afford.

Let’s talk soon…

Mari and Hank

Why Homeowners Are Selling Now

Some people believe there’s a group of homeowners who are reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current residences. You may even have the same hesitation if you’re thinking about selling your house.

Data shows that as of this April, 51% of homeowners have a mortgage rate under 4%. And while it’s true mortgage rates are slightly higher than that right now, there are other non-financial factors to consider when it comes to making a move. Your mortgage rate is important, but you may have other things going on in your life that make a move essential, regardless of where rates are today.

As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explains: “Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce, or a new job….”

So, if you’re thinking about selling your house, but hesitating, it may help to explore the other reasons homeowners are choosing to make a move. The 2022 Summer Sellers Survey by realtor.com asked recent home sellers why they decided to make their move. The visual below breaks down how they responded:

Top Reasons Homeowners Are Selling Their Houses Right Now | MyKCM

As the visual shows, an appetite for different features or the fact that their current home can no longer meet their needs topped the list for recent sellers. Additionally, remote work and whether or not they need a home office or are tied to a specific physical office location also factored in, as did the desire to live close to their loved ones.

If you, like the homeowners surveyed, find yourself wanting features, space, or amenities your current home just can’t provide, it may be time to consider marketing your house.

That’s what we did a few months ago. Our three bedroom, two bath Cape on a corner lot with a swing set in the backyard served us very well for 28 years. But, it had become too much space with too many stairs and a yard that was getting too big to take care of. (And the swing set was rarely used in a recent years!)

For us, the answer was downsizing to a ranch style condo in an over 55 community.

So, even if you’re concerned about mortgage rates, your lifestyle needs may be enough to motivate you to make a change.

If you’re interested in finding out what’s the best path for you, let’s connect at 508-360-5664 or msennott@todayrealestate.com. We can help you walk through your options, so you can make a confident decision based on what matters most to you and your loved ones.

Talk soon…

Mari and Hank

Buyers Are Regaining Negotiating Power

If you’re thinking about buying a home today, here’s some welcome news. Even though it’s still a sellers’ market, it’s a more moderate now than even earlier this year. The days of feeling like you need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.

Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing. So, if bidding wars were the biggest factor that kept you on the sidelines, here are two trends that may be just what you need to re-enter the market.

1. The Return of Contingencies

Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection and appraisal.

The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. A recent survey from realtor.com confirms more sellers are accepting offers that include these conditions today. According to their August study: 95% of sellers reported that buyers requested a home inspection, while 67% of sellers negotiated with buyers on repairs as a result of the inspection.

All of our recent sales have included home inspections.

2. Sellers Are More Willing To Help with Closing Costs

Generally, closing costs range between 2% and 5% of the purchase price for the home. Before the pandemic, it was not uncommon to see buyers ask sellers to help with some of their closing costs. This didn’t happen as much during the peak buyer frenzy over the past two years.

Today, as the market shifts and demand slows, data from realtor.com that uses the results of a national survey suggests this is making a comeback. A recent article shows 32% of sellers paid some or all of their buyer’s closing costs. This may be an option available to you when you purchase a home, although we have not experienced it yet with any of our recent clients.

Bottom Line

The extremely competitive housing market of the past few years seems to be easing a bit. The data suggests that the days of over the top offers with no contingencies are waning and sellers now have to negotiate with buyers. This is good news if you’re planning to enter the housing market.

For more information about buying or selling, please request our Fall Guides. The video below explains what you can learn.

…and to find out how the market is shifting, let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’ll share with you the latest data, as well as our recent experience as sellers and buyers ourselves.

Talk soon…

Mari and Hank

Should You Sell Your House This Year?

There’s no denying that the housing market is undergoing a shift as buyer demand slows and the number of homes for sale grows.

On Cape Cod, there were 231 homes for sale in January. In August, there were 563. This is nowhere near what we consider to be a normal market. But, what it does represent is a slow tick upward in the number of homes available.

So, here’s a look at the key opportunities you have if you list your house this fall.

Opportunity #1: Where Can You Go?

We often hear from those who are thinking about selling that their biggest concern is that they don’t know where they can go. But, one of the biggest stories today is the growing supply of homes for sale primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, this actually can benefit you as a seller

If you’re marketing your house to make a move, it means you’ll have more options for your own home search. This gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.

Opportunity #2: The Number of Homes on the Market Is Still Low

Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there needs to be a six months’ supply of homes nationally. According to the latest report from the Cape and Island Association of Realtors there’s a 1.9 month supply here.

While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. On Cape, the Cumulative Days on Market Before Sale is 29 (YTD), still quick by traditional standards, but not the gone-in-a-weekend pace of even just a few months ago.

Opportunity #3: Your Equity Has Grown by Record Amounts

The home price appreciation that the market experienced over the past few years has likely given your equity (and your net worth) a considerable boost.

Danielle Hale, Chief Economist at realtor.comexplains: “Homeowners trying to decide if now is the time to market their homes are still in a good position in many places across the country as a decade of rising home prices gives them a substantial equity cushion…”

While there are no statistics available on individual equity, we can report based on our own personal experience and that of our sellers that this is true.

So, if you’ve been holding off on selling because you’re worried about how rising prices will impact your search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.

That’s what we did a few months ago. We used the equity in our home as down payment for our new one. So, we were able to secure where we were going before the For Sale sign ever went up in our yard.

There’s often never a “good time” to market a home: an unexpected job transfer, the loss of a loved one, or a family break up can make the decision hard and the process difficult. But sellers manage to get through it with the help of a knowledgeable professional.

If, however, the market is presenting you with an opportunity to benefit from your long-term real estate investment and make the change that you’ve been contemplating for years, why not move forward?

Let’s connect at 508-360-5664 or msennott@todayrealestate.com to talk about your possibilities. We’re happy to help.

Mari and Hank