Category: real-estate

Unrealistic Pricing Can Cost You

The risk isn’t just missing out on offers, it’s missing out on the move you needed to make in the first place.

As inventory increases, you need to get your home priced right when you are ready to sell. Honestly, it’s more important than ever. Why? While you may want to list high just to see what happens, that’s a plan that can easily backfire, and it’s going to cost you in today’s market.

And the risk isn’t just missing out on offers, it’s missing out on the move you needed to make in the first place.

The Real Pitfall of Overpricing

Many homeowners remember what their neighbor’s house sold for a few years ago, and they want to chase that same sky-high number. The problem is, that was a different market.

Today, there are more homes for sale. Buyers have more options to choose from. They don’t have to get into bidding wars where they offer way over asking just to compete. Now they can come in at, or even below, list price. And if you’re not open to that, they’ll move on. Lisa Sturtevant, Chief Economist at Bright MLS, explains:

“Buyers will have more leverage in many, but not all, markets. Sellers will need to adjust price expectations to reflect the transitioning market.”

But here’s the good news. You still have one big advantage as a seller. According to the Federal Housing Finance Agency (FHFA), home values went up by a staggering 54% over the last 5 years. So, even if you compromise just a little bit on your sale price today, odds are you’ll still come out way ahead.

The challenge? Most sellers aren’t thinking about it that way. They’re stuck on what a neighbor got months or years ago – and that’s a costly mistake.

Overpricing Can Stall Your Whole Move

Here’s what happens. A seller lists too high. Buyers stay away. No offers come in. The house sits. And suddenly, that seller is facing a tough decision. Do they cut the price? Stick it out? Or give up altogether?

Unfortunately, a late price cut may not be enough. Buyers often see that as a red flag that something’s wrong with the house. That’s why some sellers are opting to just pull their listing off the market entirely.

In a recent survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM) over half of agents (54%) say there are more homes being taken off the market than usual.

And the top reasons for that? According to the agents, homeowners didn’t get any offers they felt were fair. The survey from JBREC and KCM explains it like this:

“Sellers holding onto high price expectations is the leading reason they are delisting their homes.”

BrightMLS data backs this up:

“. . . sellers are delisting after having their home on the market and finding they are not getting the price they hoped for.”

It’s more proof pricing too high does more than turn buyers away, it puts your whole move at risk. Because if no one looks at your home or makes an offer, how are you going to sell it?

Remember: all realtors who are doing their jobs generally speaking look at the same comps. If your realtor advises you that the price you “want” is high, other realtors will be telling their buyers the same thing. With competition being what it is, you don’t want your home immediately eliminated because of price.

The Secret To Making Your Move Happen

If you’re selling to relocate for a job, need more space for your growing family, or have to be closer to your relatives as they age, you can’t afford to get stuck. You need a pricing strategy that helps you move forward – and that starts with us.

The sellers who are winning right now are the ones working with experienced real estate professionals who know the current market and aren’t afraid to have honest conversations about price.

Bottom Line

Pricing your house for today’s market isn’t just about getting it sold. It’s about making sure your move doesn’t stall before it starts.

Let’s talk through what buyers are really paying right now, and how to price your home to match.

You can find us at 508-388-1994 or msennott@todayrealestate.com. We’re here to help…

Mari and Hank

Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

How to Downsize without Debt

Downsizing is about upgrading your quality of life

If you’ve been thinking about downsizing to lower your expenses, be closer to family, or just make life easier, here’s a trend worth paying attention to:

More homeowners are buying their next house outright, without taking on a new mortgage. And, if you’ve owned your home for a while, you may be able to do the same. No mortgage. No monthly housing payments.

A Record Share of Homeowners Are Mortgage-Free

According to analysis from ResiClub of Census data, more than 40% of U.S. owner-occupied homes are mortgage-free – an all-time high for this data series. That means 4 in 10 homeowners own their homes free and clear (see graph below):

One big reason for this trend? Demographics. As Baby Boomers age and stay in their homes longer, many have had the time to fully pay off their mortgages. You might be in that group too and not even realize just how much buying power you now have. It’s time to change that.

How Downsizers Are Turning Equity into Buying Power

As a homeowner, your equity is your biggest advantage in today’s market. If you’re mortgage-free (or close to it), it could give you the power to buy your next home in cash. That means you’d still have no mortgage payment in retirement, plus:

  • Less financial stress as you age
  • More cash flow, if you purchase a less expensive home
  • And it would likely be a faster, simpler transaction

Here’s how it works. You’d sell your current house and use the proceeds to buy your next house in cash. And while that may sound like something you thought would never be possible for you, it’s more realistic than you may think.

In the latest survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM), agents reported the share of purchases with all-cash buyers is climbing nationally. And those agents are seeing increases in almost every region of the country (see graph below):

For Baby Boomers especially, buying in cash gives you more control over your next chapter. You could buy a smaller, less expensive home and have lower costs, less upkeep, and more flexibility to enjoy what matters most. All while staying debt and stress free.

Because downsizing isn’t about downgrading your home. It’s about upgrading your quality of life. And that’s something worth exploring.

Bottom Line

You’ve worked hard for your home. Now it might be time for it to work hard for you.

Let’s talk about what your house is worth, and how that could fund where’s next for you. You can find us at 508-388-1994 or msennott@todayrealestate.com.

There’s no need to stay in your current home that is too big, too small, or not where you want to be because you think you can’t afford to move.

Mari and Hank

Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

Mortgage Rates Just Saw Their Biggest Drop in a Year

If you’ve been feeling stuck, this is the break you’ve been waiting for.

You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way.

On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest since October 2024. It was the biggest one-day decline in over a year.

What Sparked the Drop?

According to Mortgage News Daily, this was a reaction to the August jobs report, which was weaker than expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result.

Basically, we’re seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down.

Why Buyers Should Pay Attention Now

But this isn’t just about one day of headlines or one report. It’s about what the drop means for you.

This recent change saves you money when you buy a home. The chart below shows you an example of what a monthly mortgage payment (principal and interest) would be at 7% (where mortgage rates were in May) versus where rates roughly are now:

Compared to just 4 months ago, your future monthly payment would be almost $200 less per month. That’s close to $2,400 a year in savings.

Locally, Cape Cod Five has announced 30 and 15 year rates below 6%.

How Long Will It Last?

That really depends on where the economy and inflation go from here. Rates could drop lower, or they could inch up slightly. 

So, make sure you stay in touch with us and your lender. We’ll be keeping a close eye on inflation indicators, job market updates, and reactions to upcoming Fed policy to gauge where mortgage rates may go from here.

But for now, focus on this. While no one can say for sure where rates are headed, the fact that rates broke out of their months-long rut is a good thing. If you’ve been feeling stuck, this could make the start of a new chapter. As Diana Olick, Senior Real Estate and Climate Correspondent at CNBC, says:

“Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.” 

And that’s gives you more reason to hope than you’ve had in quite some time.

Bottom Line

This is the shift you’ve been waiting for.

Mortgage rates just saw their biggest decline in over a year. And if rates stay near this level, it could make a home you couldn’t afford just a few months ago feel possible again.

With inventory increasing, is this finally the time for you to make the change you know you need to whether buying, selling or both?

Questions? Concerns? You can find us at 508-388-1994 or msennott@todayrealestate.com. We’re here to help.

Mari and Hank

Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

The Accidental Landlord

The number of homeowners turning into accidental landlords is rising.

Sometimes sellers will say they’ve decided to rent their homes if the properties been on the market for what they’ve consider too long or if the offers they’re receiving aren’t what “they want.”

There’s a term for this in the industry, and it’s called an accidental landlord. Here’s how Yahoo Finance defines it:

“These ‘accidental landlords’ are homeowners who tried to sell but couldn’t fetch the price they wanted — and instead have decided to rent out their homes until conditions improve.”

Why This Is Happening

The number of homeowners turning into accidental landlords is rising. Business Insider explains why:

“While there have always been accidental landlords . . . an era of middling home sales brought on by a steep rise in borrowing rates — is minting a new wave of reluctant rental owners.”

Basically, sales have slowed down as buyers struggle with today’s affordability challenges. That’s leaving some homeowners with listings that sit and go stale. And if they don’t want to drop their price to try to appeal to buyers, some homeowners may believe that renting is a better option.

Let’s be honest, you can’t blame them for thinking about it. The rents that some properties can command are certainly enticing.

But here’s what you need to remember if renting your house has crossed your mind. If becoming a landlord wasn’t your original plan, there’s probably a reason for that. It comes with a lot more responsibility (and risk) than most people expect.

So, if you find yourself toying with that option, ask yourself these questions first:

1. Does Your House Have Potential as a Profitable Rental?

Just because you can rent it doesn’t mean you should. For example:

  • Are you moving out of state? Managing maintenance from far away isn’t easy.
  • Does the home need repairs before it’s rental-ready? Do you have the time or the funds for that? The house you were attempting to sell “as is,” may not be suitable as a rental property until the improvements you’re trying to avoid making are completed.
  • Is your neighborhood one that typically attracts renters, and would your house be profitable as one?

If any of those give you pause, it’s a sign selling might be the better move.

2. Are You Ready To Be a Landlord?

On paper, renting sounds like easy passive income. In reality, it often looks more like this:

  • Midnight calls about clogged toilets or broken air conditioners
  • Chasing down missed rent payments
  • Damage you’ll have to fix between tenants
  • Calls from former neighbors with complaints about your renters, whether the calls are justified or not.

As Redfin notes:

“Landlords have to fix things like broken pipes, defunct HVAC systems, and structural damage, among other essential repairs. If you don’t have a few thousand dollars on hand to take care of these repairs, you could end up in a bind.”

3. Have You Thought Through the True Costs?

According to Bankrate, here are just a few of the hidden costs that come with renting out your home:

  • A higher insurance premium (landlord insurance typically costs about 25% more)
  • Management fees (if you use a property manager, they typically charge around 10% of the rent)
  • Maintenance and advertising to find tenants
  • Gaps between tenants, where you cover the mortgage without rental income coming in

All of that adds up, fast.

While renting can be a smart move for the right person with the right house, if you’re only considering it because your listing didn’t get traction, there may be a better solution: revisiting the pricing strategy on your house.

Bottom Line

Before you decide to rent your house, make sure to carefully weigh the pros and cons of becoming a landlord. If you do not have an active listing agreement with a real estate professional, please consider contacting us. A fresh set of eyes may offer a different perspective. The issue may not be the price. It could be marketing or other factors.

You can find us at 508-388-1994 or msennott@todayrealestate.com.

For many homeowners, the hassle (and the expense) of renting may not be worth it. 

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

What Credit Score Do You Need?

Most homebuyers think they need better credit than they actually do.

According to Fannie Mae, 90% of buyers don’t actually know what credit score lenders are looking for, or they overestimate the minimum needed.

Let that sink in. That means most homebuyers think they need better credit than they actually do – and maybe you’re one of them. And that could make you think buying a home is out of reach for you right now, even if that’s not necessarily true. So, let’s look at what the data really says about credit scores and homebuying.

There’s No One Magic Number

There’s no universal credit score you absolutely have to have when buying a home. And that means there’s more flexibility than most people realize. Check out this graph showing the median credit scores recent buyers had among different home loan types:

Here’s what’s important to realize. The numbers vary, and there’s no one-size-fits-all threshold. And that could open doors you thought were closed for you. The best way to learn more is to talk to a trusted lender. As FICO explains:

“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single ‘cutoff score’ used by all lenders, and there are many additional factors that lenders may use . . .”

Why Your Score Still Matters

When you buy a home, lenders use your credit score to get a sense of how reliable you are with money. They want to see if you typically make payments on time, pay back debts, and more.

Your score can impact which loan types you may qualify for, the terms on those loans, and even your mortgage rate. And since mortgage rates are a big factor in how much house you’ll be able to afford, that may make your score feel even more important today. As Bankrate says:

“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”

That still doesn’t mean your credit has to be perfect. Even if your credit score isn’t as high as you’d like, you may still be able to get a home loan.

Want To Boost Your Score? Start Here

And if you talk to a lender and decide you want to improve your score (and hopefully your loan type and terms too), here are a few smart moves according to the Federal Reserve Board:

  • Pay Your Bills on Time: This is a big one. Lenders want to see you can reliably pay your bills on time. This includes everything from credit cards to utilities and cell phone bills. Consistent, on-time payments show you’re a responsible borrower.
  • Pay Down Your Debt: When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible. That makes you a lower-risk borrower in the eyes of lenders – making them more likely to approve a loan with better terms.
  • Review Your Credit Report: Get copies of your credit report and work to correct any errors you find. This can help improve your score.
  • Don’t Open New Accounts: While it might be tempting to open more credit cards to build your score, it’s best to hold off. Too many new credit applications can lead to hard inquiries on your report, which can temporarily lower your score.

Bottom Line

Your credit score doesn’t have to be perfect to qualify for a home loan. But a better score can help you get better terms on your home loan. The best way to know where you stand and your options for a mortgage is to connect with a trusted lender.​

If you are not working with a reputable lender, we can connect you with several who we know. Just reach out to 508-388-1994 or msennott@todayrealestate.com. We’re happy to help…

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

Selling Your Home? Don’t Do This

Are you thinking about selling your house? Here are some common mistakes that are being made right now that’s causing the process to be more stressful for some sellers. And even costing them money!

Fortunately, they’re easy to avoid, as long as you know what to watch for. Let’s break down the biggest seller slip-ups, and how we can help you steer clear of them.

1. Overpricing Your House

It’s completely natural to want top dollar for your house, especially if you’ve put a lot of work into it. But in today’s shifting market, pricing it too high can backfire. Investopedia explains:

“Setting a list price too high could mean your home struggles to attract buyers and stays on the market for longer.”

And your house sitting on the market for a long time could lead to price cuts that raise red flags about “what’s wrong” with the property. That’s why pricing your house right from the start matters.

To advise you on price, we look at what other similar nearby homes have sold for, the condition of your house, and what’s happening in the market right now. That way we can suggest a price that’s more likely to bring in buyers, and maybe even more than one offer.

2. Spending Money on the Wrong Upgrades

The housing market has nearly a half million more sellers than buyers according to Redfin. That means you have more competition as a seller and may have to do a bit more to get your house ready to sell. But not all projects are going to be worth it. If you spend money on the wrong projects, it could really cut into your profit.

We work with buyers and know what they’re really looking for, so we can help you figure out which projects are worth it, and which ones to skip. Even better, we know how to highlight any upgrades you make in your home, so your house stands out online and gets more attention.

3. Refusing To Negotiate

Now that inventory has grown, it’s important to stay flexible. Buyers have more options – and with it comes more negotiating power. U.S. News explains:

“If you’ve received an offer for your house that isn’t quite what you’d hoped it would be, expect to negotiate . . . make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyer’s closing costs or agree to a credit for a minor repair the inspector found.”

Again, that’s where we come in. We’ll advise you on what’s normal in today’s market, and how to find a win-win solution. Sometimes making a small compromise can keep the deal moving and help you move on to your next chapter faster.

4. Skipping Research When Hiring an Agent

So, you want to interview several agents? Be sure to do your research.

  • Ask about how many homes has the person sold? (We’ve sold 400.)
  • Ask about their marketing plan. (We have one.)
  • Ask about how committed they are to representing your home. (Are they going to attend every showing or just give the lock box code to any agent who calls. We attend every showing. If we’re not there to sell your home, then why did you hire us? If for some reason we can’t, another Today Real Estate agent who is fully briefed about your home will.)

Bottom Line

Selling a house doesn’t have to be stressful, especially if you have us by your side. If you’re ready to sell, let’s talk. You can find us at 508-388-1994 or msennott@todayrealestate.com.

Mari and Hank

Buying and Selling? What You Need to Know

If you’re a homeowner planning to move, you’re probably wondering what the process is going to look like and which you should tackle first:

  • Is it better to start by finding your next home?
  • Or should you sell your current house before you go out looking?

Ultimately, what’s right for you depends on a lot of factors. And that’s where we can really help make your next step clear.

We know the market, the latest trends, and what’s working for other homeowners right now. We can make a recommendation based on our expertise and your needs.

But here’s a little bit of a sneak peek. In many cases today, getting your current home on the market first can put you in a better spot. Here’s why that order tends to work best.

The Advantages of Selling First

1. You’ll Unlock Your Home Equity

Selling your current home before you try to buy your next one allows you to access the equity you’ve built up – and based on home price appreciation over the past few years, that’s no small number. Data from Cotality (former CoreLogic) shows that the average homeowners is sitting on $302K in equity today.

And once you sell, you can use that equity to pay for the down payment on your next house (and maybe even more). You could even have enough to buy your next house in cash. That’s a big deal, and it could make your next move a whole lot easier on your wallet.

There are also ways to use the equity in your home before selling that we can discuss. (That’s how we bought our home three years ago when we downsized.)

2. You Won’t Be Juggling Two Mortgages

Trying to buy before you sell means you could wind up holding two mortgages, even if just for a few months. That can get expensive, fast – especially if there are unexpected repairs or delays. Selling first removes that stress and helps you move forward without the financial strain. As Ramsey Solutions says: “It’s best to sell your old home before buying a new one to avoid unnecessary risks and possible headaches.”

3. You’ll Be in a Stronger Position When You Make an Offer

Sellers love a clean, simple offer. If you’ve already sold your house, you don’t need to make your offer contingent on that sale – and that can help you stand out. We can position your offer as strong, so you have the best shot at getting the home you want.

This can be a big advantage in competitive markets where sellers prefer buyers with fewer strings attached.

One Thing To Keep in Mind

But like with anything in life, there are tradeoffs. As you weigh your options, consider this potential drawback, too:

1. You May Need a Place To Stay (Temporarily)

Once your house sells, you may need a short-term rental or to stay with family until you can move into your next home. We can help you negotiate things like a post-closing occupancy (renting the home from the buyer for a set period) or flexible closing dates to help smooth out that transition as much as possible.

Here’s a simple visual that can help you think through your options (see below):

Bottom Line

In many cases, selling first doesn’t just give you clarity, it gives you options. It helps you buy with more confidence, more financial power, and less pressure.

If you’re ready to make a move but not sure where to begin, let’s talk. We will walk you through your equity, your timing, and what’s going on in the market right now so you can decide what’s right for you.

You can find us at 508-388-1994 or msennott@todayrealestate.com.

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

Think No One Is Buying Right Now??

Think again.

Maybe you’ve seen headlines saying home sales are down compared to last year. You might even be thinking – is it even a good time to sell? 

Here’s the thing. There’s no denying that the pace of the market has cooled compared to the frenzy we saw just a few years ago. Cumulative days on market for 2025 is 61 as opposed to 47 one year ago. But that’s not a red flag. It’s a return to normal. And normal doesn’t mean nothing’s happening. Buyers are still out there – and homes are still selling.

Why? Because real life doesn’t pause for perfect conditions. There are always people who need to buy – and this year is no exception. Buyers who are in the middle of a big change in their lives, a new marriage, a growing family, or a new job still need to move, no matter where mortgage rates are. And they may be looking for a home just like yours.

Every Minute 8 Homes Sell

Let’s break it down using the latest sales from the National Association of Realtors (NAR). Based on the current pace, we’re on track to sell 4.03 million homes this year (not including new construction).

  • 4.03 million homes ÷ 365 days = 11,041 homes sell per day
  • 11,041 homes ÷ 24 hours = 460 homes sell per hour
  • 460 homes ÷ 60 minutes = roughly 8 homes sell every minute

That means in the time it takes to read this; another 8 homes will sell. Let that sink in. Every minute, buyers are making moves – and sellers are closing deals.

If you’ve been holding off on selling your house because you think buyers aren’t out there, let this reassure you – there are still buyers looking to buy.

On Cape Cod more than 900 single family homes have closed this year with nearly 1,100 more pending. The median sales price for the year thus far is $756,490.00. That’s 3% higher than last year.

Remember: median sales price is the midway point. There are just as many homes for sales below the median price as above.

But since the market is balancing out, selling today takes more than just putting up a sign in the yard. You’ve got to price your house right, market it well, and know how to reach the buyers who are ready to act. That’s where we come in.

We’ll help you navigate this market, position your home to stand out, and guide you through every step.

We know the market so we also can assist you in finding the right home that meets your goals.

Bottom Line

The market hasn’t stopped. Buyers are still buying. Life is still happening. And if selling your home or buying one (or both!) is part of your next chapter, you can make it happen.

Roughly 11,000 homes are selling every day. When you’re ready to make the change you need to, let’s connect at 508-388-1994 or msennott@todayrealestate.com and we’ll start working on where’s next for you.

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

Maybe You Can Help Your Kids with Their First Home

If you’re a homeowner, chances are you’ve built up a lot of wealth – just by living in your house and watching its value grow over time. And that equity? It’s something that could help change your child’s life.

Since affordability is still a challenge, a lot of first-time buyers are struggling to buy a home in today’s market. Even if they have a stable job and a solid plan, buying can still feel out of reach. But that’s where your equity could make all the difference.

To give you an idea, the average homeowner with a mortgage has $311,000 worth of equity, according to Cotality (formerly CoreLogic). That’s significant. And some parents are using a portion of their equity to help their children become homeowners, too.

According to Bank of America, 49% of buyers between 18 and 26 got money from their parents to use toward their down payment (see chart below): 

Even though the data doesn’t specify how many parents used their equity, the wealth they’ve built through homeownership may have helped make it possible – especially given how much equity the average homeowner has today.

While what’s right for each person’s specific situation will vary on a case-by-case basis, that’s a powerful legacy to pass on. It helps those younger people buy a home, build equity of their own, and begin the next chapter of their life with a little less financial stress and a lot more stability. And for those parents? It’s a way to turn what they’ve built into something deeply meaningful.

This isn’t just about money. For many homeowners, it’s about being the reason their child gets to say, “we got the house.” And giving them the kind of head start they might’ve only dreamed of at their age. And here’s the part that really sticks. Compare the Market says: 

“Of those who did receive monetary aid from parents and grandparents to buy a house, 45% of Americans said they would not have been able to purchase a house without financial support from parents and grandparents.”

Bottom Line

Your equity could be the thing that makes homeownership possible for your children when they might not be able to do it on their own. So, here’s the question.

If helping your kids buy a home was more feasible than you thought, would you want to explore that option?

If you want to learn more or find out the best way to make it happen, talk to your lender and a financial advisor you trust.

If you’re not working with a lender, we can recommend several who we have worked with over the years and trust. Let us know if we can help.

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.

” I Have a 3% Mortgage, Why Would I Move?”

If you have a 3% mortgage rate, you’re probably pretty hesitant to let that go. And even if you’ve toyed with the idea of moving, this nagging thought may be holding you back: “why would I give that up?”

But when you ask that question, you may be putting your needs on the back burner without realizing it. Most people don’t move because of their mortgage rate. They move because they want or need to. So, let’s flip the script and ask this instead: 

What are the chances you’ll still be in your current house 5 years from now?

Think about your life for a moment. Picture what the next few years will hold. Are you planning on growing your family? Do you have adult children about to move out? Is retirement on the horizon? Are you already bursting at the seams?

If nothing’s going to change, and you love where you are, staying put might make perfect sense. But if there’s even a slight chance a move is coming, even if it’s not immediate, it’s worth thinking about your timeline.

Because even a year or two can make a big difference in what your next home might cost you.

What the Experts Say About Home Prices over the Next 5 Years

Each quarter, Fannie Mae asks more than 100 housing market experts to weigh in on where they project home prices are headed. And the consensus is clear. Home prices are expected to rise through at least 2029 (see graph below):

While those projections aren’t calling for big increases each year, it’s still an increase. And sure, some markets may see flatter prices or slower growth, or even slight dips in the short term. But look further out. In the long run, prices almost always rise. And over the next 5 years, the anticipated increase – however slight – will add up fast.

Here’s an example. Let’s say you’ll be looking to buy a roughly $400,000 house when you move. If you wait and move 5 years from now, based on these expert projections, it could cost nearly $80,000 more than it would now (see graph below):

That means the longer you wait, the more your future home will cost you.

If you know a move is likely in your future, it may make sense to really think about your timeline. You certainly don’t have to move now. But financially, it may still be worth having a conversation about your options before prices inch higher. Because while rates are expected to come down, it’s not by much. And if you’re holding out in hopes we’ll see the return of 3% rates, experts agree it’s just not in the cards.

So, the question really isn’t: “why would I move?” It’s: “when should I?” – because when you see the real numbers, waiting may not be the savings strategy you thought it was.

Bottom Line

Keeping that low mortgage rate is smart – until it starts holding you back.

If a move is likely on the horizon for you, even if it’s a few years down the line, it’s worth thinking through the numbers now, so you can plan ahead.

When the time comes, where’s next for you? Let’s have a conversation about how increasing mortgage rates will impact your next move. That way, you can make an informed decision about your timeline.

You can reach us at our new business cell phone numbers (508) 388-1994 [Mari] or (508) 338-9928 [Hank]. Talk soon…

Mari and Hank

Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.