Tag Archives: #realestatemarket2021 #capecodrealestate

Hot Topics in the Housing Market

If you’re a prospective buyer or seller, it’s important you understand current real estate market conditions and how they affect you. The Counselors of Real Estate (CRE) just released its Top Ten Issues Affecting Real Estate report. Here are three hot topics from the list and how they impact today’s housing market.

Technology Acceleration and Innovation

The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report explains that: “Lockdown-driven changes in our work, the economy, social structures and personal behavior have pushed our reluctance (to use technology) aside. The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception.”

For real estate, innovations like digital documentation, virtual tours, and video chats enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers, who aren’t local to the area, or who need the added flexibility of signing documents online or doing virtual tours.

These technologies will remain in place as they provide greater flexibility and convenience to clients.

We completed a transaction last week on a house whose new owners conducted the much of the process — including the home inspection — virtually. The first time they physically saw their new home in Sandwich was the day before they signed closing papers.

Remote Work and Mobility

Working from home has become the reality for many, and the latest list from the CRE identified that and mobility as an important influence on the real estate market.

According to the report, the virus crisis universally caused a movement away from urban cores, particularly for those people with higher incomes, who could afford to move, and for some lower-income individuals seeking to decrease living expenses. Most of these relocations — about 84% — remained within their general region.

Some question whether this was a permanent urban exodus or just a short term reaction to the virus crisis. Here on Cape, many wonder how these new full time residents will react when they discover that our February is not their summer vacation!

Housing Supply and Affordability

The limited supply of houses for sale and the related affordability challenges also made CRE’s list of key factors for the year. On Cape Cod and elsewhere inventory remains tight, even as more homes come on the market.

But, there is good news. Homes are still more affordable than they have been historically thanks to today’s low mortgage rates. As the supply of homes for sale improves, buyers will have more options.

As we’ve noted before, waiting for prices to drop is not a sound strategy as both the cost of homes and mortgage interest rates are predicted to continue to rise at a modest pace.

What we are seeing is a calming of the market with the buying frenzy of a few months ago dissipating — at least for now. There’s no telling what the impact of the Delta variant spike will have going forward.

New technology, remote work, housing supply, and home affordability are key factors in the housing market right now for both buyers and sellers. If you want to better understand how these and other topics can impact you, please get in touch at 508-568-8191 or msennott@todayrealestate.com. We’re happy to answer your questions.

Mari and Hank

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 msennott@todayrealestate.com. 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