Tag Archives: #whoyouworkwithmatters #localrealtorslocalknowledge

Questions Homebuyers Should Be Asking Right Now

The increase in interest rates has started to slow the overheated housing market as potential monthly mortgage payments have pushed — at least temporarily — some buyers to the sidelines. This is leaving some people, who want to purchase a home or sell their current one, wondering if now is really the right time.

If this sounds like you, here are two questions you should be asking yourself.

1. Where Do I Think Home Prices Are Heading?

There are two places to turn for answers to this question. If you look at what experts are projecting for home prices in 2023, they’re forecasting home price appreciation around 2%. While it’s true that a few are calling for depreciation, most are calling for appreciation in home values over the next year.

The second spot to turn to for information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists. According to the latest release, the experts surveyed are also calling for home price appreciation for the next several years (see graph below):

Two Questions Every Homebuyer Should Ask Themselves Right Now | MyKCM

2. Where Do I Think Interest Rates Are Heading?

Most experts see mortgage rates rising over the next several months. According to Mark Fleming, Chief Economist at First American: “While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.”

To date, we’ve seen mortgage interest rates generate head-line grabbing increases only to inch back with little or no fanfare. It’s important to remember that mortgage rates remain lower than they have in years, and while they won’t return to historical lows, rates also won’t spike to the historic highs of the late 90s.

Buyers should keep in close contact with their lenders to stay up-to-date on what they can afford.

If you’re thinking about buying a home, asking yourself about prices and mortgage rates will help you make a powerful and confident decision. The alternative is renting, but they’re also increasing and are often higher than what your mortgage could be. That may mean buying a home makes more sense. And don’t forget that when you rent, you’re really just paying your landlord’s mortgage. So, you might as well pay your own.

Questions? We’re happy to sit down with you and review your options. We can also put you in touch with qualified lenders, who can discuss with you financial options. It’s important that you speak with experts in order to make an informed decision and not your Mother’s cousin Gretchen, who sold a few houses 20 years ago.

So, let’s connect at 508-360-5664 or msennott@todayrealestate.com. Let’s 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

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