Wellesley & Weston Real Estate News

May 27, 2020

Market Update from Teri Adler-5/27

 
Wow, what a difference a week makes. As I have been thinking it would, phase one of reopening has certainly energized the real estate market. 
This week’s numbers reflect a really robust market with near typical spring market ratios of new houses coming on the market and properties going under agreement. Our inventory still remains quite low for this time of year but in essence this is the "beginning" of our spring market. The timing of the housing market was put off by three months while we all staying safe inside. Typically, Memorial Day weekend is the start of our market winding down and signals the unofficial start of our summer. This year, it almost appears to be the start of our active selling season.
Open houses this past weekend were in full swing and well attended. The strength of the real estate market around the country continues to make headlines. I have also checked in with the tradesman I work with (electricians and builders etc.) and they are also quite busy. Rentals, too, are brisk as people flock out of urban areas for more space. The profile of the buyer pool has expanded and this weekend I met more in town buyers who already live in a particular town and are looking to trade up or downsize in the same area. Of course, those relocation buyers moving from out of the country or out of state haven't descended on Massachusetts just yet. 
I will say though while the numbers are encouraging, this is far from easy. There is still a layer of complexity in each deal that comes with this market. People are anxious surrounding the uncertainty during this time and that can manifest itself in many ways. Buying or selling a house is one of the most stressful things a person goes through, so imagine doing it during a pandemic. It is day to day to get to the closing. I am happy to be my clients’ sounding board and help them get through it. At least the sunshine and warmth helps!
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

May 20, 2020

Market Update from Teri Adler-5/20

With this weekly update comes the much welcomed sunshine and warmth. It's very invigorating, and I know for my kids, that it has finally gotten them outside!
 
This week I am updating the numbers to include five towns in Metro West. Together, they tell more of the story. In all of these towns sales are brisk as are the number of new properties hitting the market. Inventory in Wellesley is building up, but still historically low compared to what is typical for this time of year. The majority of homes in Wellesley that went under contract this week were between $1.5-$2M and in some cases, they went under agreement with bidding wars. We also saw some multiple offer situations on properties south of $1M. 
 
Usually by Memorial Day our spring real estate market starts to wind down, but this year I think the opposite may happen. This year I think it's going to start to ramp up since we were all stuck inside during what is typically the peak of the spring market.
 
We are beginning to host public open houses. Last week I held an open house at one of our listings. We had three groups through and all seemed happy to be out looking. With mask and gloves on and shoes removed, everyone seemed at ease. This weekend we will offer more open houses at our listings and monitor the turn out. Open houses have always been allowed under the stay at home guidelines, but now I think we all feel more comfortable doing it especially as we are in phase 1 of reopening in Massachusetts.
 
The buyer pool is still mostly couples/young families coming from Boston and urban areas. I have also seen a number of buyers who are downsizing, determined to follow through with that plan of selling their larger homes and moving into a smaller space. Once their homes are sold that should (hopefully) stimulate the condo market which has been sluggish up until this point.
 
We miss seeing the relocation buyers from out of state, because they are people who must purchase a home. For some houses, not having that segment of the market is creating a big void in their buyer pool. This is especially true for new construction properties which are typically targeted by out of town buyers who are not as location sensitive.
 
We are doing this. We are working hard for our clients. Buying or selling a house is a stressful process to begin with and when you add in a pandemic and a changing economy, emotions run high on all sides of the transaction. 
 
In the end when this is behind us, I know everyone will be sitting in their new homes creating wonderful new memories. That's the bigger picture and it's my job to remind my clients of that. We have to get through the weeds to smell the flowers.
 
Be well! Happy Memorial Day weekend! 
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

May 13, 2020

Market Update from Teri Adler-5/13

 

 
As Massachusetts appears to be preparing to open up, we are still being faced with mixed messages at every turn. More and more people are venturing out of their homes, yet they are entering a world that seems so different from the one they remember before the pandemic. Many stores and public places continue to be closed and masks are both the social (and fashion) norm when out. Children still remain at home locked to their computers and attending homeschool for most of the day.
 
For me, the work week is "back to business," 7 days a week, for most of the day. The spring market refuses to be completely defined by the pandemic and is intent on showing its strength. I was interviewed about this on WCVB- Channel 5 Monday. Below is the link in case you missed it. https://www.wcvb.com/article/virtual-tours-and-bidding-wars-real-estate-industry-adjusts-to-new-normal/32438899
The trends I have seen all throughout this pandemic continue to be true. The bulk of the buyers are people moving from the city desperate to escape the confines of their apartments while being forced to work from home. Echoing this idea a client said to me this week that she, "can't stand the thought of working from home in her tiny condo through the spring and needs more breathing room."
 
Mortgage applications were up for the second week in a row, 7% this week (12% the week before.) The number of houses going under agreement each week in our towns is healthy and consistent. Not as robust as a typical spring selling season, but considering the odds we are dealing with, things are stable. Our inventory numbers have creeped up slightly, but still remain historically low for May
The buying segment we are currently missing is the relocation buyer who had planned to move here from other states or countries. Airline traffic is down it is and hard to know if local companies will follow through on job transfers and new hiring. It remains to be seen if this segment will put off their moves by months or more.
 
For now, I continue my optimism when it comes to real estate. I enjoy being at showings with people who are excited about their next move and it is great that some sellers are willing to open their doors for those buyers. Proctective gear and social distancing are still the norm.
 
I look forward to my note next week, when the state is (hopefully) in phase 1 of the Governor's reopening. It will be interesting to see what change that brings to our local real estate market. In the meantime, stay safe and have a fabulous week!
 
Warmly,
Teri Adler, MBA
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

 

May 8, 2020

Market Update from Teri Adler-5/8

 
Hello to All,
 
I hope you had a fantastic week and were able to take advantage of the sun over the last few days. That was a gift for sure. 
 
Lots of interesting developments in the real estate market. Each day more and more houses continue to come on the market and if the buyers like what they see, the property goes under agreement quickly. We are not necessarily seeing bidding wars, but one solid offer does the trick. The two properties in Weston that went under agreement in the last week were 9 Newton Street for $1,249,000 and 576 North Avenue for $4.2M. (this was an 8 acre parcel of land.)Wellesley continues to be brisk since 5 houses had accepted offers. Some of the new inventory this week are properties that had been on the market before the shutdown and were reintroduced- those sellers now must see it as a safer market to come back to. Also an encouraging sign is that nationally mortgage applications for new purchases were up 12% in the past week. 
Over the weekend my phone was active with texts from clients about an article in the Boston Globe that stated many people are fleeing the city for suburban life. This of course, is what I have been observing all along and it made national news by the weekend. My guess, is that it's a trend we will see for a while.
 
We are busy and the pace of the market is brisk. However, I am starting to see a disconnect between buyers and sellers as they navigate the process. Buyers are very cautious in terms of price, inspections and wording of contracts. Sellers are not quite used to these complex emotions coming from buyers since it has been a sellers' market for so long. With the two parties seeing the process differently it can be difficult. As I have mentioned before, we are finding we need to work together and both sides need to be flexible to come up with resolutions that feel good to everyone. When the market settles and the world is more stable one way or another, I expect that both buyers and sellers will start understanding each other's position a bit better. 
Have a great week! Stay well and be healthy.
 
Best,
Teri
 
 
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

May 7, 2020

Home of the Week: 46 River Ridge

I am absolutely thrilled that my beautiful listing at 46 River Ridge in Wellesley was featured in this week's Wellesley's Townsmen as the Home of the Week. Click here to read the full article and call me at 617-306-3642 to schedule a showing at this special property!

 

April 29, 2020

Market Update from Teri Adler- 4/29

 
As I sat down to write my weekly thoughts, Governor Baker serendipitously made another major announcement. That seems to be my luck lately! The stay at home order in Massachusetts will continue (at least) until May 18, 2020. What does that mean for all of us? Well, school is out anyway, so I guess we keep the course for a few weeks longer. I know we will get to a place that feels more "normal"... baby steps, right?
 
Recently, I have been very actively participating in the real estate world and from my perspective it is obvious that people are getting a little antsy. It’s keeping me busy! Thank you all for that. Nationally, aggregators and brokers are reporting similar things; online viewings of listings and showings over the last two weeks are up significantly. Showtime, which schedules showings for homes through an online portal reported viewings were up 39%.
I saw an uptick in activity. As I mentioned in my last update, we brought two new houses to market this past week. All face to face showings were done with safety precautions in place. Everyone entering the homes wore masks and gloves and left their shoes at the door. Social distancing was enforced. It feels very deliberate, but comforting for buyers and sellers, to know that everyone is truly working together to combat this virus. Over the course of a few days, I handled sixteen showings at one property that we listed close to $2M. Eight were virtual tours through FaceTime and the other half were in-person showings. I was thrilled to accommodate both types of requests on behalf of our seller and in the end they were presented with multiple offers!
The luxury section of the market is active and selling. A colleague of mine told me she got an offer on a property (in the same price range,) that had not even hit the open market yet. The demand is out there. The profile of these active buyers are primarily couples with young kids moving from urban locations- most are currently living in New York City or Boston. A family touring one of our properties calls Brooklyn home and was quarantining here in Massachusetts with extended family. They will not be returning to NYC after the pandemic as they have now decided they want to buy a home in the Boston area. They are enticed by more "elbow" room and outdoor space after being cramped in small city apartments.
I also had my first closing on the hood of a car! The attorney came to the buyers and everything was signed outside with social distancing in place. The sale happened to be my parent’s house so it made the scene even more memorable. 2020 is turning out to be quite the year!
 
That's it for now. As always, I hope this note finds you healthy and happy. I always love hearing from people, so please reach out. Stay well.
 
Warmest Regards,
 
Teri Adler, MBA
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

April 21, 2020

April 21: Real Estate Update from Teri Adler

 
Hello Everyone,
 
On this rainy afternoon it was announced that school is canceled in Massachusetts through the balance of the academic year. Not what this working mom (and I'm sure many of you,) wanted to hear but also not entirely unexpected. And so we march on, with another layer of complexity in our lives that does not seem to be ending anytime soon.
I am an optimistic person by nature and I continue to believe in the end everything will work out. That said, I feel weighted down by the fact that everything we do has an added layer of challenge with the pandemic; going to the grocery store, taking a walk in a crowded area and yes, showing houses, inspecting houses and getting a property to close. A friend asked me how I can be so positive in my updates when there is so much worry and juggling going on behind the scenes. The truth is, ultimately things can get done safely and successfully during this time. Let's be honest, there is an undercurrent of anxiety in most of us, (if not all of us,) but we are all in it together. This time calls for greater collaboration and teamwork- we are all on the same team and we need to work together to get results.
 
We are getting to the finish line on most real estate transactions, but not without flexibility by buyers and sellers. Banks have rewritten their lending rules making it more difficult for buyers to obtain financing. One day a couple from Boston trying to move to Dover was told they had to put 20% down to get the loan to the next day that was changed to 25%. Credit scores have to be within an upper range cutting out some from qualifying for borrowing at this time. 
 
Now more than ever when people put a house on the market their goal is to try and sell in an efficient timeframe. Makes sense. We can control and understand what is happening today, but we know how that could change in the near future. Yesterday, our clients put an offer in on a house and included a home sale contingency. It worked and the offer was accepted. I am not saying this will become the norm, but for now for those buyers and sellers, it worked.
 
The weekly sales numbers in Weston and Wellesley were consistent this week. A house listed at $4,195,000 in Wellesley went under agreement- the third high end home that has sold in as many weeks. I have two listings coming on and we anticipate a number of showings based on feedback from colleagues with buyers in those ranges. The rush of putting a house on the market feels good. I love the anticipation of the launch and seeing how the market reacts to the hard work put into each listing. Every request for a showing is a natural high to me, and- a faint heart beat signaling the economy is still alive. 
 
As I say each week, be well. I think of each and every one of you and feel so grateful for this amazing job and the people who are in my life because of it.
 
Warmly,
Teri
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

April 15, 2020

Market Update from Teri Adler- 4/15

 
Hello to everyone,
 
I hope this update finds you well. This week, as the real estate game keeps changing daily, I have found myself reflecting on so much. As always, we have compiled the weekly numbers for you to check out.
Inventory keeps shrinking. It is the result of a handful of sales, houses withdrawing from the market and the lack of new homes being released to the market. With so few properties for sale, I do not foresee a huge correction in housing being inevitable. While the number of buyers may be lower at this time, so are the houses available for them to buy. Serious buyers are out because they need a place to go- their lease may be up, their job situation is changing or they desire to move to the suburbs from the city.
 
I am pleased to report one of the sales in Wellesley over the past week was our beautiful new listing at 30 Tanglewood Road that was listed for $3,395,000. It is great to see the high-end segment of the market active. Last week, 90 Monadnock Road (listed for $3,850,000) also went under agreement after being on the market for many months. This past week in Weston it was not new listings that went under contract, but rather houses that had been on for some time. The range of sales in Weston was just below $1M to a high of $1,450,000.
 
As I write this I am coming off a very busy few days. I had showings at our listings and have more scheduled for tomorrow. We had a nice price reduction at our new construction property at 3 Peck Avenue and that lower price has spurred interest. This tells me that people are paying attention and watching the market while they are staying home.
 
Banks have shifted this week. You may have heard JP Morgan Chase is raising its borrowing standards for mortgages; requiring a credit score of at least 700 and a 20% down payment for new mortgages. Last week Wells Fargo raised the minimum credit score to 720. Banks are trying to protect themselves from risky borrowers. While there is a tightening up on guidelines to lending, this is being done while rates are historically low.
 
 All that said, we are getting it done! We have another incredible listing coming on this weekend and I look forward to reporting back on its progress. In the meantime, reach out with any questions you have and above all else stay well!
 
Warmly,
Teri Adler, MBA
Pinnacle Residential Properties
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

April 6, 2020

April 6 Real Estate Update

 
Dear Friends, Clients and Family,
 
I hope this update finds you well and safe at home. As we enter into these two weeks that experts predict will be the height of the spread of the COVID-19 virus, I continue to hear stories of friends or loved ones who are sick. I am sure you are too. I am thinking of them all, they are a true reminder of why we are staying at home.
 
I encourage you to take this time to do things around the house. If you are considering putting your home on the market in the future, why not take the time now to get it ready? Here are a few ideas for you:
 
  1. Do a deep cleaning
  2. Organize closets and playrooms
  3. Touch up paint around the house (always a good idea)
  4. Clean the inside of your windows
  5. Head outside and start your spring cleaning
  6. Add color to your yard and pots with pansies or other early blooms(some local nurseries are offering curbside pickup or delivery)
This is the first full week where I feel the slow down professionally. I am still just calling it a slow down as there is always work to be done. The state has labeled the real estate business as essential so showings are still allowed. In fact, the state is allowing offices to remain open, although I don’t know of any locally that have. For the few showings I had this week we were safe- we wore masks, gloves and practiced social distancing.
I took new clients out over the weekend as well. We toured towns with me in my car and them in theirs. We used blue tooth to communicate. This was a new, but effective way to do business during this time. We are adapting as we have to!
Serious buyers are still out there. Last week Pinnacle Residential Properties listed a house in Wellesley in the $1.2M price range and sold it quickly. As you can see from the numbers below there were two other properties that also went under agreement in Wellesley and Weston also had three homes go under
agreement. Over the weekend in Boston, my colleague sold a client’s condo for over the asking price. The inspection is Thursday. Wow!
 
MLS has allowed listings to come off the market with the category of withdrawn- with this designation the property will not accrue days on market. I am including that number in my data below. Over the last few weeks a number of sellers opted to do that. My listings have stayed on. This is a time when people are at home, on their computers, and we will take that exposure.
*‘Sold’ here means pending/under agreement and not yet closed.
   Information provided and compiled by MLS Property Information Network,
   Inc.
Realtors who do rentals are telling us they have been flooded with requests from residents of Boston looking for short terms rentals in the suburbs during the stay at home order. I have a hunch that sentiment will continue and we will see more and more people flee the city for a little more breathing room once the order is lifted.
 
I continue to have optimism that when COVID-19 is behind us the real estate market will bounce back. Now more than ever your home is an essential ingredient to your health, your safety and your stability.
 
Warm wishes to you and your family.
 
Teri Adler, MBA
Pinnacle Residential Properties
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

March 31, 2020

March 31 Real Estate Update from Teri Adler

 
Dear Friends and Clients,
 
I hope everyone is doing well and is healthy right now. I continue to be home with my family and am proving to be a much better Realtor than a home schooling teacher. No surprise there! As promised, I want to keep you updated on the local real estate market, which at the time I am writing this, is still moving forward with impressive strength.
 
One look at the numbers I have put together for you (below) tells the story. Houses are still selling despite the health crisis around us. New listings that hit MLS are getting quite the "buzz" if priced well. They are selling quickly and some have seen multiple offers. Weston had an incredibly strong few weeks which was quite notable with 10 properties under agreement in the last two weeks. Included in that number is a home that had been for sale for many months and was listed at $3,695,000- it recently was flagged as under agreement. Buyers are seeing opportunities and acting swiftly. As I have said in the past, the demand is still there- certainly a portion of the buyers have taken time off to stay at home, but I believe they will be back. Today I had a showing at a Wellesley home with a buyer who is currently renting and needs to make a purchase before their lease runs out. There are many reasons people need to move. Now more than ever it is clear the comfort and warmth our homes bring to us.
In the chart above, I encourage you to look at the very low remaining number of homes on the market in both Wellesley and Weston. This is also a narrative and hopefully a prediction of a robust future. Our inventory is running low for this time of year and there are not nearly enough houses for the buyers who will want to move to our great towns. As a result, it would be surprising if we see a dramatic downward turn in pricing with the supply so low. As the country heads toward recovery (and it will happen,) we continue to be optimistic on the real estate front. This level of activity is quite like our late fall market- slow and steady.
 
I consistently check in with agents in other parts of the country and they are saying the same things. We will take it week to week and see where we land. In the meantime, be safe and healthy and as always please reach out with any questions or concerns.
 
Warmly,
Teri
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com