Tag Archives: #NAR

Multiple Offers Are the New Normal

If you’re thinking of buying a home right now, you know very well that the number of houses available is limited. As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and receive multiple offers. 

In a bidding war situation, doing everything you can do to get ahead of the competition is your best move. That’s because when you find a house and submit an offer, it will likely be up against other strong offers from other buyers.

According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers nationally. That’s the most offers we’ve seen in January for the last 5 years (see graph below):

How To Navigate a Market Where Multiple Offers Is the New Normal | MyKCM

Over the last few weeks, homes on Cape Cod have been receiving more than the national average of offers. In the last few days, one Sandwich home received 10 offers and sold for significantly above asking price. Anyone waiting for the Open House was out of luck. They were cancelled.

To help you navigate bidding wars with multiple offers, working with a real estate professional is important. They know what has worked for other buyers and what sellers are looking for. They can help you prepare when it comes time to making an offer. Here are three tips to keep in mind that will help you make the best offer possible.

1. Know Your Numbers​

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a reputable lender so you can be pre-approved for a loan. Pre-approval shows sellers you’re serious, which can give you a competitive edge. As a practical matter, an offer that is not accompanied by a pre-approval letter receives scant attention, if any at all. Offers that are all cash need to provide proof of funds.

You should also realize that making an offer at the home’s asking price probably won’t be enough. In just about every situation, asking price is now the starting point for negotiations. So, submitting a low ball offer to “see what happens” is a waste of time. (Unless the house needs to be totally gutted. But, even then…)

2. Be Ready To Move Fast​

Speed and the pace of sales are contributing to today’s competitive housing market. When homes are selling quickly, it’s important to stay on top of the market and be ready to move. Stay up to date on the latest listings and if you find the home you want to buy, submit your best offer as soon as possible.

3. Make a Strong, but Fair Offer​

​When you’re up against others, presenting your best offer from the start is key. Submit a strong offer and use whatever leverage you can to make it as enticing as possible. One option is to wave some of your contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Just remember there are certain contingencies you may not want to give up, like the home inspection. But, there are ways to make a home inspection enticing.

Curious about your options? Let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’re happy to answer your questions.

It’s important that you have the right information to make an educated and informed decision.

Have a good week…

Mari and Hank

Time to Sell Your Vacation Home?

As summer comes to a close, is it time to think about selling your vacation home?

Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year.

If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this year.

1. Remote work continues to drive demand for vacation homes.

As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second home than you think: “In 2020, the fraction of the laborforce that works from home is typically higher in vacation home counties than in non-vacation home counties…The opportunity work from home could further raise the demand for vacation home in future years.”

Barnstable County/Cape Cod is certainly a vacation home county. Median prices for single family homes across Cape are up more than 30% YTD. But, for those communities that we would consider more vacation-y, prices are up in Dennis (32.3%), Brewster (31.3%) and Wellfleet (34.9%), for example.

Recent data shows we’ll likely see a sustained increase in the rate of remote work over the next five years. That means your vacation home could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best: “With many businesses and employers still extending an option to work remotely… vacation housing and second homes will remain a popular choice.”

With the virus not yet under control. many businesses have changed plans and delayed return to work schedules or made at home options permanent. This gives employees the freedom to consider other opportunities like vacation homes.

2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.

When demand is high, so is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation home as appealing as possible. This can include things like all-cash offers and concessions in terms of time you need to move, etc.. If you sell now, you’ll be able to benefit from high buyer competition and pick the offer with the best possible terms for you. That offer could give you the opportunity to purchase the home of your dreams.

Or, if you find that you’ll continue working from home, you could consider taking up permanent residence in your vacation property and selling your primary residence. While this isn’t a choice everyone can consider, it could be a great option.

Buyers remain interested in vacation homes this year for a number of reasons. Now that summer is winding down, it’s time to think about taking advantage of today’s demand for vacation homes. Interested in reviewing your options? Let’s connect at 508-568-8191 or msennott@todayrealestate.com. We’re happy to help.

Talk soon…

Mari and Hank

Demand for Vacation Homes Remains Strong

Lost in all the chatter about urban dwellers permanently relocating to places like Cape Cod in response to the virus crisis is the fact that vacation or second homes remain very popular.

The 2021 Vacation Home Counties Report from the National Association of Realtors (NAR) shows an increase in vacation home sales continuing in 2021. The report examines sales in counties where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compares that data to the overall residential market.

Here are some stats:

Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.

Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.

Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.

In the New England, properties in vacation home counties typically sold 24 days faster compared to non-vacation home counties.

The NAR report coincides with data released by Zelman & Associates on the increase in sales of second homes throughout the country last year.

As the data above shows, there is still high demand for second getaway homes in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing low supply and high demand will continue to provide those sellers with a good return on their investment.

Vacation home owners decide to sell for a variety of reasons from the kids getting older and being more interested in spending time with friends and not vacationing with parents to the prohibitive cost of maintaining two residences.

If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options as there are still plenty of buyers in the market.

Curious about the possibilities? Let’s connect at 508-568-8191 or msennott@todayrealestate.com. We’d be happy to help you review your options.


We’re excited to share with you a new TV commercial that Today Real Estate (TRE) will be running on some of your favorite cable channels.

This is just another example of TRE providing its professionals — and by extension our clients — with the most up-to-date tools available to effective in today’s competitive marketplace.

You can preview the commercial here. Thanks for watching it.

Stay cool…

Mari and Hank