Tag Archives: #whoyouworkwithmatters

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

What’s Next for Home Prices

Whether you’re a potential homebuyerseller, or both, you’re probably wondering: will home prices fall this year? So, let’s take a look at what the real experts are saying and why this matters for your homeownership goals.

Last Year’s Rapid Home Price Growth Wasn’t the Norm

In 2021, home prices appreciated quickly. One reason is because record-low mortgage rates motivated more buyers to enter the market. As a result, there were more people looking to make purchases than there were homes available for sale. That led to competitive bidding wars which drove prices up. CoreLogic helps explain how unusual last year’s appreciation was: “Price appreciation averaged 15% 2021, up from the 2020 average of 6%”

In other words, the pace of appreciation in 2021 far surpassed what the market saw in 2020. And even that appreciation was greater than the pre-pandemic norm which was typically around 3.8%. This shows that 2021 was an anomaly in the housing market spurred by more buyers than homes for sale.

Home Price Appreciation Is Moderating

Home price appreciation is now slowing (or decelerating) from the feverish pace the market saw over the past two years. According to the latest forecasts, experts say on average, nationwide, prices will still appreciate by roughly 10% in 2022 (see graph below):

What Does the Rest of the Year Hold for Home Prices? | MyKCM

On Cape Cod, the median sales price for a single family home was up 14.3% this July when compared to last. Year-to-date the median price is up 14.9% over 2021. That’s on the high end of what’s predicted, but within range of what the experts are saying.

Why do all of these experts agree prices will continue to rise? It’s simple. Even though housing supply is growing today, it’s still low overall thanks to several factors, including a long period of underbuilding homes. And experts say that’s going to help keep upward pressure on home prices this year. Additionally, since mortgage rates are higher this year than they were last year, buyer demand has slowed.

As the market undergoes this change, this year’s true price appreciation won’t match the feverish pace in 2021. But the rapid appreciation the market saw last year wasn’t sustainable anyway.

What Does That Mean for You?

Today, the market is beginning to move back toward pre-pandemic levels. But even the forecast for 10% home price growth in 2022 is well beyond the 3.8% that’s more typical for a normal market.

So, despite what you may have heard on your favorite cable TV news channel or from your mother’s cousin Gretchen, who had her real estate license 20 year ago , the actual experts say home prices won’t fall in most markets. They’ll just appreciate more moderately.

If you’re worried that the house you’re trying to sell or the home that you want to buy will decrease in value, you should know the experts aren’t calling for depreciation in most markets, just deceleration. That means your home should still grow in value, just not as fast as it did last year. Real estate remains one of the best long term financial investments available.

Bottom Line

If you’re thinking of making a move, you shouldn’t wait for prices to fall. Experts say nationally, prices will continue to appreciate this year, just at a more moderate pace.

Still on the fence about selling? With the market cooling, you’ve arguably lost money by waiting. You’ll still receive a very nice price for your home, but possibly not what your neighbor received eight months ago when there were bidding wars.

Curious about your options? Let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’ll share with you the latest market data, as well as our experience this spring as sellers and buyers.

Finally, please be patient with our local merchants and their employees. Many businesses remain understaffed and are doing the best they can to serve you as efficiently as possible. Being told at a restaurant that there’s a 30 minute wait when you see open tables simply means they don’t have the staff to properly serve you. It’s better to not seat you, than have you sitting at a table getting frustrated over the “lousy service” and posting negative comments on social media. Thanks…

Mari and Hank

What Does the Rest of 2022 Hold for the Housing Market?

If you’re thinking of buying or selling a house, you’re at an exciting decision point where timing can be crucial. So, what does the rest of the year hold for the housing market? Here’s what experts have to say.

The Number of Homes Available for Sale Is Likely To Grow

There are early signs housing inventory is starting to grow and experts say that should continue in the months ahead. According to Danielle Hale, Chief Economist at realtor.com: “The gap between this year’s homes for sale and last year’s is one-fifth the size that it was at the beginning of the year. The catch up is likely to continue…This growth will mean more options for shoppers than they’ve had in a while, even though inventory continues to lag pre-pandemic normal.”

  • As a buyer, having more options is welcome news. Just remember, housing supply is still low, so be ready to act fast and put in your best offer up front.
  • As a seller, your house may soon face more competition when other sellers list their homes. But the good news is, if you’re also buying your next home, having more options to choose from should make that move-up process easier.

Here on Cape, there has been a very modest, but steady increase in new listings this year. In January, there were 209. In April, there were 375. For some perspective, there were 629 new listings in April 2019 and we had 5.8 months of housing inventory.

Commenting on social media last week, Ryan Castle, Chief Executive Officer of the Cape and Island Association of Realtors, reported that “162 of 223 properties that became available over the last two weeks are still for sale.”

Cumulative days on the market before sale (YTD) is 36 seeming to indicate that not every property is selling in a day. Just a few years ago, days on market for well-maintained and appropriately priced homes could number in the months.

Mortgage Rates Will Likely Continue To Respond to Inflationary Pressures

Experts also agree inflation should continue to drive up mortgage rates, albeit more moderately. Odeta Kushi, Deputy Chief Economist at First Americansays: “…ongoing inflationary pressure remains likely to push mortgage rates even high in the months to come.”

  • As a buyer, work with reputable lenders, so you can learn how rising the mortgage rate environment impacts your purchasing power. It may make sense to buy now before it costs more to do so, if you’re ready.
  • As a seller, rising mortgage rates are motivating some homeowners to make a move up sooner rather than later. If you’re planning to buy your next home, talk to us and we can give you some advice on timing your move based on our own experience.

Home Prices Are Projected To Continue To Increase

Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market. That said, experts agree the pace of that appreciation should moderate – but home prices won’t fall. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Given the extremely low inventory, we’re unlikely to see prices decline, but appreciation should slow in the coming months.”

  • As a buyer, continued home price appreciation means it’ll cost you more to buy the longer you wait. But it also gives you peace of mind that, once you do buy a home, it will likely grow in value. That makes it historically a good investment and a strong hedge against inflation.
  • As a seller, price appreciation is great news for the value of your home. Again, you can take advantage of our experience to find the best way to strike the right balance for both selling your house and buying your next one. (We just did that!)

On Cape, the median sales price for a single family home (TYD) is up 12.5% to $675,000.00. In April 2019, it was $420,000.00.

But, the percentage of original list price received (YTD) is 101.1% suggesting that the days of head scratching offers may be fading. (Although there will always be exceptions.) In 2019, percentage of list was 92.9%. Back then asking price was the best you could hope for, not the starting point as it often is today.

Thinking about making your move? We’d be happy to answer your questions. Let’s connect at 508-360-5664 or msennott@todayrealestate.com. It’s important that you have the most accurate information to make the best decision for you.


…and speaking of making your move, today (Monday) is moving day for us. We closed on our new condo this past Wednesday and have used the last several days to finish packing up our house where we have lived for the last 28 years and bringing in painters, etc. to our new place. We close on our “old” home this coming Wednesday,

We’ve been chronicling what we’ve been doing in a series called “Mari Makes the Move” that you can find on our YouTube channel Mari Sennott Plus and on many of our social media platforms.

We’ll let you know next week how it all went…

Mari and Hank

What Every Homeowner Needs To Know About a Recession

A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession. If true, an economic slowdown doesn’t mean homes will lose value.

The National Bureau of Economic Research (NBER) defines a recession this way: “A recession is a significant decline in economic activity spread across the economy. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in expansion.”

To illustrate that home prices don’t fall every time there’s a recession, let’s take a look at the historical data. There have been six recessions in this country over the past four decades.

As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.

The One Thing Every Homeowner Needs To Know About a Recession | MyKCM

The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%.

Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’ll repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.

The housing crisis in 2008 was caused by too many homeowners being over-leveraged and having little or no equity in their properties. They found themselves “under-water” when their balloon mortgage payments exploded. That’s simply not the case today. According to ATTOM Data Services 41.9% of all mortgaged homes have at least 50% equity.

As long as inventory remains tight and demand strong, prices will continue to be high. They may level off, but are not expected to decrease in any significant way.

For buyers your bottom line is this: you’re paying somebody’s mortgage. It can either be yours or your landlords.

For potential sellers don’t wring your hands and ask “But, where can we go?” Ask yourself what we’ve always asked ourselves when we decided to make a move: “Where do I want to go?”

That’s what we did and we’re closing on the sale of our home and buying a new one within the next few weeks.

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

It’s important you have the correct information to make the best decisions.

Mari and Hank

Balancing Wants vs. Needs

Since the number of homes for sale is low today, it can feel challenging to find one that checks all your boxes. But if you know which features are absolutely essential in your next home and which ones are just nice bonuses, you can land a home that fits your needs.

Danielle Hale, Chief Economist for realtor.com, explains it like this:

“Focus on the goal you set out for yourself, like your list of must-haves and nice-to-haves and your budget, . . . Stick to that. Be persistent.”

So how do you go about creating your list of desired features? The first step is to get pre-approved for your mortgage. Pre-approval helps you better understand your budget, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s too far out of reach.

Once you have a good grasp of your budget, you can begin to list all the features of a home you would like. Here’s a great way to think about them before you begin:

  • Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
  • Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender (examples: a second home office, garage, etc.).
  • Dream State– This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).

Finally, once you’ve created your list and categorized it in a way that works for you, review it with trusted real estate advisors like Mari Sennott Plus, who live and work on Cape Cod. Engaging your uncle’s best friend’s son who lives north of Boston and just got his license is not necessarily the best move.

As local realtors, we’ll be able to help you refine your list further based on our market; coach you through the best way to stick to it, and find a home on Cape that meets your needs.

Let’s connect at 508-360-5664 or msennott@todayrealestate.com so we can get started.


With spring cleaning comes a stack of important documents that you probably shouldn’t put in the trash or recycle. But, what to to? We have the answer.

We’ll have a truck from Great White Shred available from 9:00am to Noon in the parking lot of Today Real Estate, 299 Cotuit Rd., on Saturday, May 7, for you to safely dispose of your important documents. With identity theft being a major concern, please take advantage of this opportunity.

We hope the Easter Bunny is good to you!

Mari and Hank

The Best Week to List Your House Is Almost Here

Are you thinking about selling your house? If so, you may want to make it a priority to start the process soon.

According to realtor.com, the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says:

“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2022 is approaching quickly. The week of April 10-16 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”

If you’ve been putting your move on the back burner waiting for the ideal time to sell, you should know your golden window of opportunity is coming up. If you’re able to get your house ready quickly, here’s what you can expect from that week.

You Should See More Buyer Activity

The article expects higher buyer demand based on what’s happened in previous years. This could result in increased competition among buyers and ultimately a bidding war over your house. And since mortgage rates recently ticked up over 4%, chances are good that analysis is right. When rates rise, experts say buyers often hurry to make their purchase before rates climb higher.

In addition, the week of April 10-16 includes Easter Weekend. We know this is a busy time on Cape with many families here visiting relatives.

Your House Should Sell Quickly

Additionally, the realtor.com analysis shows houses sell even faster during this week of the year, likely due to the heightened buyer demand. If you work with a trusted real estate professional to price your house right, it should sell quickly. With homes already selling in just 18 days according to NAR, that could set you up for a big win.

Your House Will Be in the Spotlight

Since the beginning of the year, the number of homes available for sale has been at or near record lows. According to the realtor.com study, the typical trend for this week of the year is that there will be even fewer sellers on the market. If you list when inventory is low, your house will be the center of attention for eager buyers craving options.

If you’re ready to move fast, you may want to shoot for April 10th-16th as your target goal. Just remember, even if you’re not ready to list within the next couple of weeks, rest assured this is still a hot sellers’ market. If you list later in April, you’ll still be in the driver’s seat.

Bottom Line

Thinking that now’s the time? Ready to get the ball rolling? Let’s connect at 508-360-5664 or msennott@todayrealestate.com to schedule a time to go over your next steps.

In the meantime, make a checklist of things you need to tackle to get your house ready. When we get together, we can prioritize your to-do list and get you on the road to success.

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

Talk soon…

Mari and Hank

Is This Really the Year to Buy a Home?

Every year, many renters ask themselves the same question: Should I continue renting, or is it finally time to buy a home? 

On Cape Cod, if you’ve been lucky enough to find a place to rent, chances are you’ve asked yourself this question at least once lately, as it’s likely your monthly housing costs have risen. After all, according to Census data, rents have gone up consistently for decades.

If you’ve been looking for an affordable place to rent, you know how difficult that is. You may be wondering, if purchasing a home is a better plan.

To make an informed and powerful decision about buying a house, the first step is understanding what’s happening in today’s market, so you can determine which option is the better long-term financial decision for you.

Rents Are Going Up Again This Year

Make no mistake, rents are skyrocketing.  Data from realtor.com shows just how much rental prices are surging throughout the country. The graph below highlights rental unit price increases over the past year:

Are You Wondering if This Is the Year To Buy a Home? | MyKCM

The Fair Market Rent (FMR) for the Cape/Barnstable County for a two bedroom home this year is $1,879! (That could be a pretty decent mortgage payment.)

In 2021, the FMR was $1,667.

Homeownership Offers Stable Monthly Costs

One of the key benefits of owning your home is that you’re able to lock in and stabilize your payments for the duration of your loan. That’s not the case when you rent.

With rents on the rise, there’s a good chance many people will see their costs increase even more this year. As Danielle Hale, Chief Economist at realtor.comsays: “With rents already at a high and expected to keep going up, affordability will increasingly challenge many Americans in 2022.”

So, if you’re ready to become a homeowner, continuing to wait may not make financial sense. Instead, you can escape the cycle of rising rents and enjoy the many benefits that come with homeownership.

Starting your journey can pay off significantly. We know it’s a big step. And you probably have well-meaning relatives and friends advising you to not make a move. But, by continuing to pay rent, all you’re doing is paying your landlord’s mortgage.

Have questions about whether this if your time? We’d be happy to answer them. Let’s talk at 508-360-5664 or msennott@todayrealestate.com.

We can also refer you to a number of reputable lenders, who can give you excellent advice about your financial options.

In addition, you can receive a copy of our e-guide for Home Buyers, which is available by clicking here.

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

Happy Spring!

Mari and Hank

Gallup Poll: Real Estate Still the Best Investment

In an annual Gallup poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment (see graph below):

Real Estate Voted the Best Investment Eight Years in a Row | MyKCM

If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree an investment like real estate truly shines.

Why Is Real Estate a Great Investment During Times of High Inflation?

With inflation reaching its highest level in 40 years, it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board. That includes goods, services, housing costs, and more. But when you purchase your home, you lock in your monthly housing payments, effectively shielding yourself from increasing housing payments.

James Royal, Senior Wealth Management Reporter at Bankrateexplains it like this: “A fixed rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”

If you’re a renter, you don’t have that same benefit, and you aren’t protected from increases in your housing costs, especially rising rents.

History Shows During Inflationary Periods, Home Prices Rise as Well

As a homeowner, your house is an asset that typically increases in value over time, even during inflation. That‘s because, as prices rise, the value of your home does, too. And that makes buying a home a great hedge during periods of high inflation. Natalie Campisi, Advisor Staff for Forbesnotes: “Tangible assets like real estate get more valuable over time, which makes buying a home a good way to spend your money during inflationary times.”

Bottom Line

Housing truly is a strong investment, especially when inflation is high. When you lock in a mortgage payment, you’re shielded from housing cost increases, and you own an asset that typically gains value with time.

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.

Mari and Hank

If You’re Waiting for the Bubble to Burst….

recent survey revealed that many consumers believe a housing bubble is beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits.

We’ve seen comments on our own Facebook page from posters reacting to recent listings saying that they’re waiting for the market to crash. We see references on various social media sites comparing today’s market to “the last time.”

However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time.

1. Houses Are Not Unaffordable Like They Were During the Housing Boom

The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending standards say a purchaser should spend no more than 28% of their gross income on their mortgage payment.

Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. We remember buying our first home and the rate was 14%!

Today, prices are still high. Wages, however, have increased, and the mortgage rate, even after the recent spike, is still well below 6%. That means the average purchaser today pays less of their monthly income toward their mortgage payment than they did back then.

In the latest Affordability Report by ATTOM Data, Chief Product Officer Todd Teta addresses that exact point: “The average wage earner can still afford the typical home across the U.S, but the financial comfort level zone continues to shrink as home prices keep soaring and mortgage rates tick upward.”

Affordability isn’t as strong as it was last year, but it’s much better than it was during the boom. Here’s a chart showing that difference:

4 Simple Graphs Showing Why This Is Not a Housing Bubble | MyKCM

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2. Mortgage Standards Were Much More Relaxed During the Boom

During the housing bubble, it was much easier to get a mortgage than it is today. As an example, let’s review the number of mortgages granted to purchasers with credit scores under 620. According to credit.org, a credit score between 550-619 is considered poor. In defining those with a score below 620, they explain: “Credit agencies consider consumers with credit delinquencies, account rejections, and little credit history as subprime borrowers due to their high credit risk.”

Buyers can still qualify for a mortgage with a credit score that low, but they’re considered riskier borrowers. Here’s a graph showing the mortgage volume issued to purchasers with a credit score less than 620 during the housing boom, and the subsequent volume in the 14 years since.

4 Simple Graphs Showing Why This Is Not a Housing Bubble | MyKCM

Mortgage standards are nothing like they were the last time. Purchasers that acquired a mortgage over the last decade are much more qualified. Let’s take a look at what that means going forward.

3. The Foreclosure Situation Is Nothing Like It Was During the Crash

The most obvious difference is the number of homeowners that were facing foreclosure after the housing bubble burst. The Federal Reserve has a report showing the number of consumers with a new foreclosure notice. Here are the numbers during the crash compared to today:

4 Simple Graphs Showing Why This Is Not a Housing Bubble | MyKCM

There’s no doubt the 2020 and 2021 numbers are impacted by the forbearance program, which was created to help homeowners facing uncertainty during the pandemic. However, there are fewer than 800,000 homeowners left in the program today, and most of those will be able to work out a repayment plan with their banks.

Why are there so few foreclosures now? Today, homeowners are equity rich, not tapped out.

This suggests that the forebearance equals foreclosure narrative pushed by many so called experts and news network talking heads was incorrect.

In the run-up to the housing bubble, some homeowners were using their homes as personal ATM machines. Many immediately withdrew their equity once it built up. When home values began to fall, some homeowners found themselves in a negative equity situation where the amount they owed on their mortgage was greater than the value of their home. Some of those households decided to walk away from their homes, and that led to a rash of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area.

Homeowners, however, have learned their lessons. Prices have risen nicely over the last few years, leading to over 40% of homes in the country having more than 50% equity. But owners have not been tapping into it like the last time, as evidenced by the fact that national tappable equity has increased to a record $9.9 trillion. With the average home equity now standing at $300,000, what happened last time won’t happen today.

So, there will be nowhere near the same number of foreclosures as we saw during the crash.

4. We Don’t Have a Surplus of Homes on the Market – We Have a Shortage

The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation. As the next graph shows, there were too many homes for sale from 2007 to 2010 (many of which were short sales and foreclosures), and that caused prices to tumble. Today, there’s a shortage of inventory, which is causing the acceleration in home values to continue.

4 Simple Graphs Showing Why This Is Not a Housing Bubble | MyKCM

Inventory is nothing like the last time. Prices are rising because there’s a healthy demand for homeownership at the same time there’s a shortage of homes for sale.

According to the Cape Cod and Island Board of Realtors, inventory for last month was 256 single family homes. It was 300 in January 2021. In January 2020? The number was 1,397.

As a result, open houses are crowded again and multiple offer situations are frequent. At an Open House we had this past Saturday, more than 30 groups visited the property in just two the first hours! As a result, our sellers are considering multiple offers.

If you’re a buyer waiting for the bubble to burst or for the market to crash before making your move, you’re potentially going to have a long wait. Sellers sitting on the sidelines, should be thinking about getting into the game.

Curious about your options as either a buyer or seller? 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

Does the Weather Have You Thinking About Making a Change?

We’re more aware than ever of the effects weather, climate change and natural disasters can have on where we live. According to a report from realtor.com, more than 3 in 4 recent buyers took climate into account when deciding where to locate.

The study also found that many existing homeowners (34%) have already considered selling their houses and moving to a new location, because of the climate.

Many of us remember when we bought our homes on Cape Cod and were told we could play golf all year round, because it just didn’t snow that much.

If you’re a “snowbird,” are you spending more time at your other home, because the weather there seems to be better longer?

Or has our weather made you decide that it’s finally time to upsize, downsize or make that “someday” move whether on Cape or elsewhere?

Here’s some information to keep in mind if you’re thinking about marketing your Cape Cod home because of weather concerns.

Do Your Research

As a homeowner, it’s impossible to completely control what types of weather events your house is exposed to. Every area has its unique climate challenges.

So, the first step is understanding how to navigate your decision making process with your specific concerns in mind. For example, are you tired of the snow, but not crazy about high humidity and temperatures? Is easy transportation to family important? Is it time for a condo or do you still want a house with a yard? While getting the answers to these questions — and a multitude of others — can seem like a difficult undertaking, with the appropriate resources and experts on your side, you can simplify the process.

The Mortgage Reports provides some tips for making your next move, including, but not limited to: 1) Vet the location. 2) Research Climate Action Plans and learn if the community you’re interested in has one. 3) Work with professionals for additional assessments on a home’s ability to withstand the local weather. Maybe you’re moving away from the snow, but locating to an area that is prone to hurricanes.

Ultimately, your best resource throughout the process is a local real estate professional, who understands the area and has access to the experts, who can answer your questions.

And have no fear, there are plenty of buyers for your Cape Cod home. Most likely, many. With the record low number of houses available for sale right now, your property — if priced right — will attract interest and you’ll receive a good return on your investment that will help finance your next move.

Curious about your options? Let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’re happy to answer your questions. Because of our involvement with the Tom Ferry organization, we can also assist you in finding a top notch real estate professional in the area you’re interested in.

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

…and for now, enjoy the snow!

Mari and Hank