Tag Archives: marisennottandassociates

Housing Prices Expected to Increase in 2021

The year just ended has been full of surprises. While those who truly knew the real estate business always understood that the market would lead the economic way out of the virus crisis, we’re not sure how many predicted the dramatic rise in prices and drop in inventory.

Nationally, home values increased by 8.2% over the last 12 months. On Cape Cod, the median sales price for a single family home rose nearly 18%!

The stunning increase came about as inventory reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates. As CoreLogic explained:

“Home price growth remained consistently elevated throughout 2020. Home sales for the year are expected to register above 2019 levels. Meanwhile, the availability of for-sale homes has dwindled as demand increased and coronavirus (COVID-19) outbreaks continued across the country, which delayed some sellers from putting their homes on the market.

On Cape demand also increased as urban dwellers – many allowed to work remotely for the first time – looked for greater square footage, fresher air, and more opportunities for recreation.

Where will home values go in 2021?

Housing Supply

According to the National Association of Realtors (NAR), the current number of single-family homes for sale is 1,080,000. At the same time last year, that number stood at 1,450,000. Nationwide, we are entering 2021 with approximately 370,000 fewer homes  available for sale than there were one year ago.

On Cape, there were 542 homes for sale in December; that’s down from 1,369 a year ago — a 60% decrease!

There is some speculation that the inventory crush will ease somewhat as we move through the new year for two reasons:

1. As the health crisis wanes, more homeowners will be comfortable putting their houses on the market.

2. Some households impacted financially by the pandemic will — unfortunately — be forced to sell.

Housing Demand

Low mortgage rates have also driven buyer demand over the last 12 months. According to Freddie Mac, rates stood at 3.72% at the beginning of 2020. We’re starting 2021 with rates one full percentage point lower than that. Low rates create a great opportunity for home buyers, which is one reason why demand is expected to remain high throughout the new year.

Taking into consideration these projections on housing supply and demand, analysts project that homes will continue to appreciate in 2021, but that appreciation may be at a steadier pace than last year. Here are their forecasts:

What Does 2021 Have in Store for Home Values? | MyKCM

There’s still a very limited number of homes for sale for the great number of purchasers looking to buy. As a result, the concept of “supply and demand” mandates that home values iwill continue to appreciate.

If you’re looking to buy, waiting for prices to drop is a strategy that will only cost you money. While supply is limited, there are houses available for those who are pre-approved and have a clear understanding of what they’re looking for in a new home.

For potential sellers: what are you waiting for?????

Helping our clients make the best decisions for their personal situations has been our full time job for 21 years, not a part time hobby. If you’re interested in reviewing your options, let’s connect at 508-568-8191 or msennott@todayrealestate.com to start the conversation.

Don’t wish for it. Go for it!

Mari and Hank

Have We Turned the Economic Corner?

Last week’s news about lower than expected unemployment statistics caught many by surprise. While the number of people still out of work is clearly unacceptable, the turnaround that the new figures appear to indicate is an encouraging sign.

Over the past many weeks, we have been sharing with you via this blog and our social media platforms the thoughts of real experts — not the talking heads on your favorite cable news channel — who have been suggesting that a recovery would start during the end of the second quarter and be on its way by the third.

While we are not out of the woods yet, responsible experts are hopeful.

We continue to see strong buyer interest on Cape, driven at least in part by low mortgage rates.

As furloughed employees — who put their plans on hold until they returned to work full time — get back on the job, we can expect to see them revive their searches.

As we shared with you last week, they will be joined by city dwellers who, after being confined to apartments and cramped neighborhoods, will be looking for more space and fresher air.

But there remains an inventory shortfall.

We no doubt sound like the proverbial broken record when suggesting to those of you who have been thinking about selling that now’s the time. But it is. Maybe now more than ever.

As always, we’re available to meet with you at a safe distance or via any technology that you are comfortable with to discuss your options as either a seller or buyer. (Or both?) Let’s connect at 508-568-8191 or msennott@todayrealestate.com.


Our new summer guides for buying or selling your home are now available! They contain valuable tips and information that will help you “make your move with Mari” as stress free as possible.

Please click here and scroll down to get your copy via email. Thanks.


In keeping with Governor Baker’s guidelines, the offices of Today Real Estate are opening on a scaled down basis. Our transaction coordinators returned last week. We can use our work spaces and office equipment, but masks are required at all times. Client access is still restricted.

As many of you have discovered, there has been a silver lining to our virus crisis, at least of terms of how we work. For us, virtual listing appointments and Matterport showings have been very effective.

Zoom meetings have made local and company wide meetings more efficient. Colleagues, who were kitchen table agents when the stay at home order began, have created home offices.

The number of realtors participating in on line house tours — instead of vehicle caravans from home to home — has increased dramatically. These and other changes may become the next normal for the housing and real estate industry.

Stay healthy. Stay optimistic.

Mari and Hank

Housing Market Positioned to Bring Back the Economy

Housing Market Positioned to Bring Back the Economy | MyKCM

It feels a little uncomfortable with people still falling prey to the virus and so many out of work to be talking about real estate.

But, with all eyes on the economy, the answer to the question “which sector will drive the recovery?” is the housing market.

Some may doubt that claim as they remember the recession in 2008 when housing was the anchor to the economy – holding it back from sailing forward. Back then, the recovery didn’t begin until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit.

As Mark Fleming, Chief Economist of First Americanrecently explained:

“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Fleming is not the only economist who believes this. Last week, Dr. Frank Nothaft, Chief Economist for CoreLogic, (@DrFrankNothaft) tweeted:

“For the first 6 decades after WWII, the housing sector led the rest of the economy out of each recession. Expect it to do so this time as well.”

And, Robert Dietz, Chief Economist for the National Association of Home Builders, in an economic update last week explained:

“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession under built, not over built…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.

Every time a home is sold, it has tremendous financial impact on local economies. As the real estate market continues its recovery, it should act as a strong tailwind to the overall national economy.


As an organization, Today Real Estate(TRE) hasn’t retreated in the face of the virus crisis. Because of the latest technology, we’ve been able to stay in touch with our clients and successfully work with those who needed to go froward with their plans. For example, over the last few weeks we’ve helped people dealing with job transfers and military families relocating to the Cape.

TRE has continued its advertising program and this week unveiled a new digital and print magazine:

http://hometeamadvantagetoday.com/spring2020

Now more than ever, if you don’t have a presence on social media, you don’t exist and we’ve remained aggressive. To see samples of recent postings, please visit our YouTube channel Mari Sennott and Assoc where we archive some of our work.

If you’re interested in marketing your home, we’d be happy to meet with you via Zoom or other technology or in person, but socially distant, to talk about our successful promotional plan and how we can best help you meet your goal. Please contact us at 508-568-8191 or msennott@todayrealestate.com. Thanks.


Do you like to cook?

In March, Mari started a Facebook group Cape Cod Dining at Home (and anywhere else) to encourage people to share what they were cooking at home and where they were getting their takeout. It was our small — we thought — way to support local restaurants.

In just two months, the group has grown to over 2,300 members! There are competitions judged by local restauranters; the winner of last week’s grilling competition was picked by 5 Star Ribs in Sandwich. The winner will be receiving a rack of 5 Star’s fabulous ribs.

Each week a different photo of a meal, salad or dessert is selected as the lead photo on the group page.

We also hope to publish a cookbook in time for the holidays with proceeds benefiting local non-profits.

It’s fun, it’s stress free, and you can get some good ideas. Please consider joining. Thanks.

Stay healthy; stay optimistic

Mari and Hank

A Week to Remember

This past week was a special one for Mari Sennott and Associates and Today Real Estate itself.

At an event held at the Chatham Bars Inn on Thursday (1/30), company management revealed our new logo; related promotional and sales material, and operating principles that are known as the “Home Team Advantage.”

Why the Home Team Advantage?

Today Real Estate is the leading locally owned and family run real estate firm on Cape Cod. This gives us an intimate understanding of the local market; we live and work here.

We also have state-of-the-art technology that facilitates matching buyers and sellers. Our mission as an organization is to provide unparalleled service…for unsurpassed results.

We were pleased to be recognized Thursday night as #4 in our company  (out of 100 agents at four locations) for total number of transactions, as well as total dollar volume of sales.

We frequently use the hashtags #whoyouworkwithmatters and #localrealtorslocalknowledge in our social media postings.

It’s one way to acknowledge that the days of just sticking a For Sale sign in the ground and waiting for buyers to show up are gone. Also passe is sending clients out by themselves to Open Houses and telling them “let me know if you find anything.” Our business has changed and  successful real estate professionals and companies — like Mari Sennott and Associates and Today Real Estate — have updated their approach in response.

If you’re thinking of making a change in your living situation, please contact us at 508-568-8191 or msennott@todayrealestate.com. We’d be happy to help you sift through your options and explain why Mari Sennott & Associates and  Today Real Estate’s “Home Team Advantage” is a wise choice.


According to preliminary data released by the Cape Cod & Islands Association of REALTORS® (CCIAOR) for 2019, median sale prices rose by 2.5% Cape-wide, for a year-end median sale price of $410,000, while inventory dropped 18.4% from 2018.  Closed sales were nearly flat (-0.5%).

More on this and what it means for Cape homeowners soon…

Enjoy your week.

Mari and Hank

 

Home Sale Prices Reach an All-Time High

   It continues to be a sellers market on Cape Cod.

According to initial data just made available by the Cape Cod & Islands Association of Realtors (CCIAOR), the median sale price for single family homes hit an all-time high in July: $439,700.

In July 2017, the median sale price for a single family home was $379,950.

That’s an increase of almost $60,000!

Year to date, 2,223 single family homes have been sold on Cape for a median price of $422,500. In 2017, 2,429 single family homes were sold with a median sale price of $389,000. (A $33,500 difference.)

While the market is always changing, homeowners should be having serious conversations about whether they want to take advantage of these record high prices.

September and October is a busy time for hiring and potential job transfers. Families return from vacation, schools reopen and work resumes its normal routine. Personnel managers are more available for interviews and applicant screening.

Fall is also the time when potential buyers, who are looking to be settled in their new homes by the holidays, begin to look in earnest.

If you’re thinking that now might be the time to sell your home, we’d happy be to sit down with you and discuss options. Just contact us via the comment section or call 508-568-8191.

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With school re-opening, children will again be standing on sidewalks and street corners waiting for the bus. They don’t always pay attention, so it’s important to be vigilant, especially on side streets where maybe we’ve become accustomed to driving a little quicker since June.

If your schedule allows it, this is also the time to contact your local school to see what the needs may be for volunteers, guest readers, or tutors.

It’s a great way to meet your community’s dedicated teachers and interact with our very curious younger generation,

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When writing about the Tom Ferry Success Summit that we attended in California, we told you about the Realtors, who were killed in a private plane crash on their way to the conference.

Ferry and his wife, Kathy, committed to match the proceeds from the sale of event tee-shirts on the first day of Summit with the funds sent to the victims’ families.

With the Ferry match, $23,000 is being donated; hopefully in some way helping loved ones through a difficult time.

Mari and Hank