The U.S. Homeownership Rate Is Growing

              The desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the increase, the graph below shows the homeownership rate over the last year:                           That data shows more than half of the U.S. population live in a home they own, and the percentage is growing with time. If you’re thinking about buying a home this year, here are just a few reasons why so many people see the value of homeownership.   Why Are More People Becoming Homeowners? There are several benefits to owning your home. A significant one, especially when inflation is high like it is today, is that homeownership can help protect you from rising costs. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains: “In the 1970s, when inflation was running around 10%, home prices were rising at approximately the same rate. Renters actually have a harder time in inflationary periods, because rents tend to rise along with inflation, whereas mortgage payments stay the same for homeowners with fixed-rate mortgages.”   When you buy a home with a fixed-rate mortgage, you can lock in what's likely your biggest monthly expense – your housing payment – for the duration of that loan, often 15-30 years. That gives you a predictable monthly housing expense that can benefit you in the short term, but you’ll also gain equity over time as your home appreciates in value and you make your monthly mortgage payment. And with that growing equity, your net worth will increase as well. In fact, the latest data from NAR shows the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.               Bottom Line The U.S. homeownership rate is growing. If you’re ready to purchase the home of your dreams, let’s connect so you can begin the homebuying process today. 508-737-3567 or nicholewilley@kw.com is your direct contact for all of the answers you need, reach out today.                            

Selling Your House? Your Asking Price Matters More Now Than Ever

                  There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house? While home prices are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less buyer demand. Because of this, there are more homes on the market. And in a shift like this one, the way you price your home matters more than ever.   Why Today’s Housing Market Is Different           During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.   Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.               Why Pricing Your House at Market Value Matters           The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers. When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com explains the impact that’s having: “. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.” To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A real estate advisor knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more. Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.   Why You Still Have an Opportunity When You Sell Today           Rest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says: “Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.” Mike Simonsen, the Founder and CEO of Altos Research, also notes: “We can see that demand is still there for the homes that are priced properly.”   Bottom Line   Home priced right are selling quickly in today’s real estate market. Let's connect to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.       Ready to begin? Contact us today.                    

Renting vs. Buying a Home

  Both have their perks. Which move makes the most sense for you and your needs?           Some folks may be ready to find a forever home, whereas others are looking for a short-term space to start their next chapter. Ultimately, there are two options in life (besides living in your parent's basement): buying a property or renting someone else's property. Both options have their pros and cons, and most people find that they will rent and own at different times of their lives. There is no ‘one size fits all’ in life.       At Nichole Willey & Team, we are here to provide the knowledge and resources you need to achieve your ideal living situation. The real estate market is experiencing record-breaking activity. Combine this with the remote-work revolution, and no matter where you are at in life- there is likely something out there that will work for your needs.       Here are all the facts you should take into consideration when daydreaming about your next living space.       Renting | Pros & Cons           Short-term rentals and year-round rentals can be a hot commodity on Cape Cod and in many other areas due to the land restrictions of new builds and migrating seasonal occupants coming to enjoy our beautiful beaches and serene coastal beauty. This means that there are a LOT of rentals available in our market, though unfortunately year-round opportunities for renting are scarce, expensive, and highly sought after.       Regardless of whether you’re looking to rent on Cape or elsewhere, knowing the seasonal and geographical attributes of the location you are searching in is always a great place to start. Once you find your desired location, reviewing the pros and cons of renting is vital.       Pros of Renting           It’s a short-term commitment. Lease time frames can range from month-to-month to multi-year leases, depending on the property. There is usually an option to sublease or pay a fee to break a lease if at any point you may need to move. Predictable monthly expenses. A set rent could potentially include other expenses like water, internet, electricity, making the one sum fee easier to prepare for. You are not responsible for repairs. Having someone on the premise one service order away can be very helpful in the instance appliances break or other home issues. Access to amenities like a pool, clubhouse, beach access, gym, mail room, trash collection and more. Cons of Renting   Only minor changes to the space can be made within the restrictions of the lease agreement. So you may be stuck with white walls and beige wall-to-wall carpet. Breaking the lease agreement could result in the loss of the security deposit. Don’t be afraid to ask! In the case of larger apartment complexes or urban locations, square footage and outdoor privacy may be more compromised. Your furry friends might not be welcome in many rental properties due to potential liability and damage issues. You are not building any equity, and essentially are paying someone else’s mortgage and earning them equity over the term of your lease.         Buying | Pros & Cons           If you are ready to devote the time and money it takes to invest in a property of your own, the hard work will absolutely pay off. Although the prerequisites are greater than signing a lease for an apartment, owning a home can bring both tangible and intangible benefits. Being a homeowner not only gives you complete freedom to make decisions about the design and structure of your home, but a sense of stability and pride.       Purchasing a home can be a long process filled with uncertainty, compromise, and negotiation. For these reasons, about 9 in 10 people will use a real estate agent to help them on their home-buying journey. These pros and cons will help you decide if becoming a homeowner is right for you.               Pros of Home Ownership           Owning a home is one of the most universal ways for an individual or family to build wealth, rather than dumping cash into monthly rent. You are in control! Feel free to paint your living room bubblegum pink, and add bidets to every bathroom. The good news? These upgrades can add to the overall value of the property. Keeping documentation of every repair and upgrade made can add thousands to a home value. Not only could a homeowner see a return on their investment when they decide to sell, but a home can also be a source of income as a rental. Owners can choose when they occupy the property and when it is available for rent, listing independently or with a rental company. Certain homeowners may benefit from certain tax deductions. The home mortgage interest deduction reduces any out-of-pocket expenses during the early life of the loan, as long as deductions are itemized. Be sure to check your local laws.       Cons of Home Ownership   Requires a large financial prerequisite. Whereas renting could only cost you a start-up of the first month's rent and a security deposit, deciding to purchase normally requires lenders and large down payments. The average first-time home buyer puts around 6% down, plus any closing fees. A home's market value is subject to change at any time based on multiple factors. While long-term historical trends are ALWAYS positive, depending on your plans, the short-term home value volatility may affect your plans. Homeowners should stay up to date on their properties rent value, sales history, homes sold near you, market conditions along with any other related data publicly available. Homeowners are responsible for all repairs and updates. Unexpected costs of buying a home like closing costs and insurance also have to be taken into consideration. Depending on your desired location, town taxes may add a substantial amount to your expenses. Be sure to check the county property tax rates.             Searching for your next home should be an exciting journey, whether you plan to rent or buy. The best place to start is to assess your goals, and then compare them to the reality of what you can financially achieve. If you have any questions, a trusted local real estate agent is always there to help. If you are searching on Cape Cod and the South Shore, Nichole Willey & Team has over 15 years of hyper-local market knowledge to help you on your journey. From beach-front condos and short-term rentals to quiet country estates, Nichole Willey & Team can help you find their next property. Not looking in our market? We have a network of over 130,000 agents all over the world that we would be happy to interview on your behalf to help connect you with the perfect agent for your needs in your market, free of charge.       Wondering what you can afford in today’s market? Use our handy-dandy (free) mortgage calculator to give you a rough estimate of your buying power. Visit nicholewilley.com and navigate to our mortgage calculator page!       Not sure what’s available in your area? Use our free home search tool to browse home listings. Just enter your desired town, village, or neighborhood, it’s that easy! You can refine your search results based on your needs.       Need additional help? We would LOVE to hear from you, any time, any day. Let’s chat! nicholewilley@kw.com | 508-737-3567 | sellmyhomewithnichole.com                    

Yarmouth Sand Sculpture Trail

              The famous Yarmouth Sand Sculpture Trail is back!! For 11 years the town of Yarmouth has celebrated summer with the creative creations from Massachusetts's own Fitzysnowman Sculpting. You can find 32 family-friendly sculptures spread across the town of Yarmouth at participating favorite local spots. From the Candy Co. to the Bass River Golf Course, this is something the whole family can get excited about.               Yarmouth is one of the oldest towns on Cape Cod and features beautiful shorelines on both Cape Cod Bay and Nantucket Sound. At the heart of the Cape, Yarmouth is home to historic sea captain’s homes, antique shops, and the Cape’s oldest inn. Enjoy the Captain’s Mile along Route 6A, Nature walks and scenic hikes, windsurfing at Seagull Beach, the annual sand castle contest at Bass River Beach, and so much more. Here at NW&T, our team leader Nichole Willey has raised her family in Yarmouth for the last 20+ years. Are you interested in purchasing a home in Yarmouth? Check out all the listings currently for sale in this vibrant, seaside town and contact us when you are ready to view some homes!                   At Nichole Willey & Team we want you to have the best time ever this summer here in Yarmouth! We want to challenge your family to a scavenger hunt! Use the full trail map and guide below to find some of our favorite sand sculptures across Yarmouth.       2022 Yarmouth Sand Sculpture Trail Map           1. Cape Sands Inn   2. The Cove at Yarmouth   3. Bellew Tile and Marble   4. Instant Karma   5. Route 28 Visitor Center   6. The Music Room   7. Cape Cod Irish Village   8. Seaside Cottages   9. Blue Water Resort   10. Caffé Gelato Bertini   11. Candy Co.   12. The Pancake Man   13. Dunkin’, Route 28   14. Seafood Sams   15. Yarmouth Town Hall   16. John G. Sears and Son Inc.   17. Cultural Center of Cape Cod   18. Cape Cod Creamery   19. Hearth ‘n Kettle Restaurant   20. Bass River Golf Course   21. Y-D Red Sox (Wilson Field)   22. Ocean Tailors 23. Rockland Trust   24. Dunkin’, Station Avenue   25. Cape Cod Five   26. Today Real Estate   27. Bayberry Hills Golf Course   28. Kinlin Grover Compass   29. Strawberry Lane (Route 6A)   30. The Cooperative Bank of Cape Cod   31. Just Picked Gifts   32. Route 6 Visitor Center                       NW&T Yarmouth Sand Sculpture Trail Scavenger Hunt           Once you’ve made an X on our scavenger hunt, email your marked guide to nicholewilley@kw.com to find treasure! Don’t forget to tag @nichole willey & team on Facebook in your scavenger hunt family fun pictures for a chance to win cool local prizes.       Have fun this summer, Cape Cod! And if you or anyone you know is looking to buy, sell, or invest in real estate here in our little slice of heaven, our team would be honored to assist. Reach out today!