Wellesley & Weston Real Estate News

March 24, 2020

March 24 Real Estate Update from Teri Adler

 
Dear Clients, Friends and Family,
 
As I write this I feel as though I raced to the finish line of a long race. I am truly exhausted! It seemed inevitable we would have a "stay at home advisory" in Massachusetts and when the news came yesterday we worked with buyers and sellers to get in place for that. Inspections were pushed up as well as appraisals etc. 
 
Up until this point my real estate world was crazy busy preparing listings, attending showings at new properties, and working to get clients to purchase and sale agreements. And yes, there were offers in there too. The buyers who were out over the weekend had a long term goal; they know this will pass and they are moving to get into a home where they will be with their families for years to come. Very serious buyers came out with their brokers to see our listings. We had a number of brokers do facetime showings with their clients who were out of state. Technology is wonderful! One man who came through a house was a doctor at a Boston hospital and had slept only one hour the night before since he was on the front lines at a local hospital. Along with his wife and young daughter, they were out looking at houses and were determined to find a home with more space. I heard a number of people say I would rather put my money in real estate than the stock market. 
 
On MLS a bunch of properties come back on the market as offers fell through and others withdrew themselves from the market. My sellers have opted to stay on MLS which I support. People will be home on their computers looking to brighter days and looking for their next home. 
 
Today I am letting in one appraiser at a property and doing virtual tours of my parents home with movers. Their house has sold and they are moving at the end of April to a condo.By the way, they will not be home as they winter in California. I am trying to get this done for them before they return next week.
 
We will all get there together and life will resume to the normalcy we are used to and now cherish. In the meantime, I will be working from home and am here for anyone who has a question or needs anything at all! We can get through this together. What an amazing community we have. 
 
 
Be well!
 
Warmly,
Teri
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

March 22, 2020

Introducing: 46 River Ridge Wellesley

I am so excited about my latest listing!

Set in amazing location for commuting and perfect for those moving from the city. You can walk to Woodland T, Schofield School and Newton Wellesley Hospital.  

This property is truly enchanting. A beautiful  Victorian with lots of updates. This incredibly special property has a superbly designed kitchen with an expansive center island, stainless hood, granite countertops and high-end appliances. Incredible fenced in yard with plenty of place to play or relax.

You will be captivated by the soaring ceilings throughout, hardwood floors and the inherent charm that enhances the elegant yet comfortable living spaces. The dining room has a coffered ceiling and there is an inviting family room perfect for relaxing.

The second floor has two generous light filled bedrooms and gorgeous baths with natural stone, rich wood finishes, and state-of-the-art fixtures. The master bath has a luxurious, spa-like shower. Not to be missed is the bonus third floor play space.

All this set on private, wooded grounds. Wow! The porch and a patio are perfect for easy outdoor entertaining. A truly amazing home for you to love!

Call or email me today for a showing 617-306-3642 tadler@pinnaclehouses.com

March 20, 2020

Market Update from Teri Adler

 

Hi Everyone,

 

I thought it was time to update you on the real estate market and what we are experiencing during this historic time.

 

To be quite honest, my personal experience is that we are very busy. I am working around the clock. There are showings at many properties and in some cases multiple offers still. My colleagues at other firms and in different states are all reporting the same thing.

 

I continue to put listings on the market and have activity. Each showing is done carefully with gloves and hand sanitizers and social distancing and it is working.

 

Will real estate carry the economy?

·        Many people would rather put their money into real estate now rather than the stock market. 

·        Rates are incredibly low and giving people much more buying power.

·        Families from Boston are anxious to move to the suburbs. They are searching for more elbow room and a yard for their kids to play.

 

As I write this there are only 60 HOUSES on the market in Wellesley, and this is only a TWO MONTH supply of inventory. A six month inventory is considered a healthy market. This is the peak of our selling season and there are not enough houses for buyers. Do we expect a crash like 2008? In 2008 we had 150 houses on……. in essence then, there isn’t anything to crash right now.

 

People still need homes, they need a place to live and invest. We are confident that this trend we are seeing will continue. Our area is one of the best places to live in the country and that will never change, making buying in metro-west the right choice.

 

In summary, so far home sales are still occurring.There will most likely be a short pause of course. It’s not that demand has diminished, it’s just that demand may be postponed until things stabilize.

 

I am here if you have any questions or concerns at all. I will also try and send out a weekly update.

 

Warmly,

Teri

 

Feb. 3, 2020

Hot Design Trends of 2020

Hot Design Ideas for Your Home

 

We all want a little luxury in our lives, and staying up-to-date on current design trends is just one way to incorporate a bit of style into everyday décor. Whether you're just looking for a few new pieces to spice up your living room or you're ready to revamp the entire master bath, taking a few design cues from luxury real estate can be a great way to stay current and fresh.

 

Rather than sifting through countless magazines to stay abreast of these trends, check out our list of some of the biggest trends in recent years. 

 

Bringing Nature Inside: Elements from nature elevate home décor. Invite green plants into the house in all shapes and sizes. Lush ferns and delicate succulents create a sense of calm. Look to natural fibers for accent pieces, such as sisal and wool and organic shapes found in tree bark or rough-cut stone.

 

Brass Accents: Aged brass accents are popular for creating that vintage-inspired look. Add burnished bronze and brass pieces for a bold statement.

 

Mix and Match Metals: Don't be afraid to clash. Brass paired with silver and copper have been spotted in upcoming design trends. Metallic shades will add a retro flair to an otherwise dull room.

 

Stealth Electronics: Nothing feels more luxurious than the total integration of your home in the palm of your hand. Control your lighting, entertainment system and environmental controls, even your garage door, with just your phone. Integrate your security system as well. Several options are available that allow you to access strategically placed cameras in any room in the house.

 

Electronic Entry: Never get locked out again. Electronic integration continues to customize the residential market. Smart locks feature unique identification codes in a sleek touchpad. Available in many fine finishes, smart locks also boast high-end craftsmanship.

 

The Rustic Farmhouse: Farmhouse kitchens blend rural charm with modern design. Merging rustic touches with contemporary utility is on the rise in home renovation trends. Pair a farm-style tub sink with stainless steel appliances in an open floor plan to achieve this balanced style.

 

Library Retreats: Complete your luxury upgrade with your own literary sanctuary.  Advance your home office into a tranquil library to accommodate your interests. Unplug from modern life and sink into a relaxed pace, surrounded by priceless pieces of literature and culture.

 

Luxury incorporates sophistication and technology with natural and timeworn accents. For even more tips on how to integrate today's design trends into your home, give us a call today.

 

Jan. 28, 2020

4 Tips for Refinishing Your Basement

You probably have an idea of your perfect basement fixed in your head, but there are many decisions that go into achieving the space you're envisioning. What are some commonly overlooked dos and don'ts that you should know before you begin to finish or refinish your basement?

 

1. Assess Structural Issues Before You Begin

 

If your basement has any structural damage, sagging joists or leaky walls, it is much easier to address these issues before you begin the renovation. It is best to take care of any potential problems now—you will thank yourself down the road.

 

2. Preplan the Order in Which You Will Build the Walls

 

It is significantly easier to build the walls on the floor and then put them in place than to build them upright, but this requires careful planning and a fairly large, open space.

 

Construct your outer walls first, and then work your way inward. If possible, you should build all the interior walls and place them somewhere out of the way before you start to put any of them up. This will ensure that you have space to work while you are constructing the final walls. 

 

3. Complete Electrical and Plumbing Work Before Installing Walls

 

It is much easier to place your pipes if you do not have to cut through several studs in the process. Attach the pipes to your foam insulation—tape works, and it does not have to be permanently 
attached—then place the wall in front of that. You will then be able to attach the pipes to the studs and nail the studs to the wall.

 

The one downside to this method is that there will be a gap between your wall and your foam insulation, slightly decreasing the available floor space once your renovation is completed. However, this method is much easier than the alternative, so you might want to consider whether you really need an extra few inches of floor space.

 

4. Consider the Room’s Airflow

 

If you are planning to divide your basement into separate rooms or areas, you will want to make sure that each portion has adequate airflow. Using long ducts with an inline fan can be a straightforward way to make sure that the heat from the furnace makes it all the way to the other end of the room. You can wire these fans to run all the time or to just turn on when your furnace turns on. They typically have their own control panel, so you will be able to easily access your inline fan when you need to.

 

Keeping these tips in mind can help make your basement remodeling as straightforward as possible. Call or email us today if you have additional questions.

 

Jan. 15, 2020

Hiring a Home Contractor:Tips and Best Practices

A home construction or renovation disaster can easily happen if you hire the wrong contractor. We’ve all heard the horror stories about contractors who don’t show up to the job site, spring unfair fees on you at the last minute or can’t seem to finish the project anywhere near the deadline. To keep yourself safe from these types of situations, it’s important to follow certain guidelines when hiring a contractor. Keep reading for tips and best practices for hiring a contractor.

 

Make use of your state’s consumer protection agency and the Better Business Bureau

 

Even if you meet face-to-face with a contractor you feel comfortable with and think will get the job done, it’s still advisable to double check their background. Look up their name through your state’s consumer protection agency and with the Better Business Bureau to make sure that they don’t have a record of disputes with other clients they’ve worked with. 

 

Ask for references 

 

Always ask for at least three references of clients that the contractor has worked with in the past. The contractor should give you a list of their past clients’ names, addresses and phone numbers. Ask the references if the work was completed on time, if the workers were punctual, if there were unexpected costs and if they were happy with the quality of the work. 

 

Ask for their insurance information

 

Depending on the type of home project you need completed, the contractor should have the appropriate insurance to do it. Otherwise, you could be on the hook for on-the-job injuries and other liabilities. Some examples of the type of insurance the contractor should have are workers’ compensation, personal liability and property damage coverage.  

 

Drop in on their current job sites

 

If you really want an accurate read of a contractor’s performance, drop in on one of their current job sites and have a look for yourself. If you find disorganization, sloppy workmanship or safety hazards, this is a clear sign not to work with this individual.  

 

Payment demands and lowball bids are red flags

 

Typically, the client pays the contractor about 10 percent of the total cost upfront and then makes individual payments of 25 percent of the cost throughout the completion of the project. However, if the contractor asks you for a lot of money upfront, this is a clear indication that they may be desperate for cash. 

 

Also, be wary of lowball bids on your construction project. If a contractor makes you an offer that seems too good to be true, it often is. It’s a red flag that this person doesn’t have a lot of work right now because they can’t get hired for one reason or another. 

 

Ask about credentials 

 

First and foremost, the contractor you hire must be licensed. Don’t work with anyone who isn’t. It is also advisable to work with a contractor who has additional credentials such as a certified graduate remodeler or membership in organizations such as the local Building Industry Association or the National Association of Home Builders. Holding these designations means that they adhere to strict guidelines put forth by these organizations. 

 

Put everything in writing 

 

Everything must be in writing. All the minute details that you and your contractor discuss about the way in which the work will be completed should be included in a contract. For instance, any agreements made in conversation about whether the contractor and their crew are responsible for cleanup are items that should appear in the contract. And, of course, you need the basics: your name and the contractor’s, addresses, phone numbers, subcontractor information, payment schedules, start and end dates, and more. 

 

For more tips and advice about home renovation and construction projects, feel free to give us a call today and be sure to check out our resources page.

 

Jan. 10, 2020

Broker of the Year 2019

I am honored to be mentioned in this week's Wellesley Townsmen. Thank you for all your support in 2019, we are here for all of your real estate needs in 2020. Let's make it another great year!

Dec. 9, 2019

Dad's favorite Holiday Sugar Cookies

With the holidays quickly approaching we wanted to share some of our favorite recipes. This recipe for sugar cookies is a tradition in our family. What are some of your favorite recipes? Do you have any traditional recipes? Share them!

 

 

Dad's Favorite Sugar Cookies
1 cup Butter
1 cup Sugar
1 cup Confectioner's Sugar
2 Eggs
1 cup Oil
2 tsp. Vanilla
4 1/4 cups Flour
1 tsp. Baking soda
1 tsp. Cream of Tartar
1/2 tsp. Salt
Colored Sugar

Directions:In a large bowl cream butter and sugars.

Beat in eggs one at a time, until mixture is light.

Add oil and vanilla.

Beat until well blended.

In a separate bowl combine flour, baking soda, cream of tartar and salt.

Gradually add dry ingredients to the creamed mixture and beat until blended.

Wrap dough and chill for several hours.

Roll into balls and place on greased cookie sheet.

Flatten dough with the bottom of a glass dipped in colored sugar.

Bake at 325 degrees for 8 to 10 minutes, until just set.

Let stand on cookie sheet before two to three minutes before removing.
Makes about seven dozen)

Source: Nancy Platts via The Wellesley Cookie Exchange Cookbook

Nov. 5, 2019

WSJ: New Analysis shows people are staying in their homes longer

The Wall Street Journal published an article this week that I found so interesting, I wanted to share it. Do you think people choosing to stay longer in their current homes has contributed to a housing supply shortage in our area? Let me know you thoughts!

 

People Are Staying in Their Homes Longer—a Big Reason for Slower Sales
Homeowners nationwide are staying put an average of five years longer than they did in 2010, a new analysis shows
By Laura Kusisto
Americans are staying in their homes much longer than before, creating a logjam of housing inventory off the market that helps explain why home sales have been sputtering.
Homeowners nationwide are remaining in their homes typically 13 years, five years longer than they did in 2010, according to a new analysis by real-estate brokerage Redfin. When owners don’t trade up to a larger home for a growing family or downsize when children leave, it plugs up the market for buyers coming behind them.
“If people aren’t moving on, there just are fewer and fewer homes available for new home buyers,” said Daryl Fairweather, Redfin’s chief economist.
More homeowners staying put has helped cause housing inventory to dwindle to its lowest level in decades, which has also helped push up prices on homes for sale. Adjusted for population, the inventory of homes for sale is now near the lowest level in 37 years of record-keeping, according to housing-data firm CoreLogic Inc.
Fewer homes for sale is a big reason why even ultralow mortgage rates, record levels of home equity and a strong job market haven’t jump-started the sluggish housing market.
Economists say aging baby boomers are the biggest culprits because many are staying healthier later in life and choosing not to downsize. Some look around at the lack of smaller, less expensive homes and are loath to get into bidding wars with their children’s generation to get one.
States, such as California and Texas, have also implemented tax policies that make it easier for older residents to remain in place.
Barbara O’Mara, a 67-year-old retired accountant, and her husband have lived in their home in Danville, Calif., about a half-hour drive east of Oakland, for 32 years.
The couple bought the home for $440,000 in 1987 and it would now be valued at around $1.8 million, she said. If they sold, they would have to pay capital-gains taxes on the windfall and pay much higher property taxes because California limits property tax increases as long as homeowners stay put.
The couple was without power for four days as the local utility seeks to prevent the spread of wildfires, but Ms. O’Mara said they still have no plans to leave. “We would adore a change. We’d like to move to the ocean,” she said.
There are few young people moving into the neighborhood, she added, “because none of the old people are moving out.”
In the San Francisco metropolitan area, a typical homeowner stays 14 years, up from less than 10 years in 2010. Inventory in the same period has plunged more than 46%.
Meanwhile, the Seattle metro has seen a huge influx of new jobs, and housing supply hasn’t kept pace. Homeowners there are staying more than three years longer than they did in 2010. The inventory of homes for sale in Seattle has declined more than 50% over the last nine years, while home prices have risen more than 80%, according to Redfin.
Kristen Schriver and her husband found their family of four had outgrown their 1,000-square-foot Seattle home, which she bought for $140,000 a couple of decades ago.
But Ms. Schriver, a 53-year-old recruiter, soon realized prices had risen so much that homes no bigger than theirs were selling for $600,000. They couldn’t afford to upgrade, so instead they tore their home down and built a new 2,000-square-foot house.
“You always think this is my little tiny starter home,” she said. “Then the market starts changing, outpacing what your income is doing.”
But this isn’t just a problem in pricey coastal markets. Homeowners are staying longer in every one of the 55 metros that Redfin studied. Cities where it was once relatively easy to buy a home are seeing owners staying much longer, creating a serious inventory crunch.
The number of homes for sale ticked up last year and in the early part of this year, but in recent months it has dropped back down near the record lows hit in 2018.
The fall in inventory levels quickly damped hopes that the housing market would rebound in the second half of the year. The pace of existing home sales fell 2.2% in September, the National Association of Realtors reported last Tuesday.
The lack of mobility among homeowners isn’t the only reason why supply is tight. Since the recession, home construction hasn’t been keeping up with demand due to shortages of labor and land. The share of U.S. homes that are purchased by investors rose to an all-time high of 11% in 2018, according to CoreLogic. Some of those investors quickly flip those purchases, but others turn them into single-family rentals and hold on to them for years.
In Houston, homeowners are staying for more than 23 years, up from less than 15 years in 2010. Inventory in the same period has fallen 7%. One reason, real-estate agents and economists say, is that the warm local weather means few people leave the area when they retire.
The shortage of homes is especially acute in the Salt Lake City metropolitan area, where there are nearly 60% fewer homes for sale than there were nine years ago, according to Redfin.
Real-estate agents say that home prices in the area have risen so much that it is difficult for longtime residents to afford to move.
Around Salt Lake City, owners now typically remain in their homes for more than 23 years, or nearly nine years longer than they did in 2010, according to Redfin. The shortage of homes has helped drive the median home price up nearly 75% in the same period to around $340,000.
“It’s really a traffic jam,” said Daniel Lopez, a Redfin agent in Salt Lake City.
When Anjee Barber left San Diego to move to Salt Lake City, she and her partner thought it wouldn’t be hard to find a house.
The couple spent a year looking before they eventually found a five-bedroom, three-bathroom home with a small yard. When the sellers cut the price from $575,000 to $549,000, the couple made an offer and closed last week.
“This isn’t any easier than it would be in California,” she said.
Scott Robbins, president of the Salt Lake Board of Realtors, said he is working with a couple who is looking for a house close to downtown.
“On Saturday a new listing pops up and there’s 14 showings the first day because everybody is just waiting and waiting and waiting and boom,” he said.
Wondering if now is the time to sell or buy?!
Contact us today! Sign-up on TeriAdler.com to get started! Track and manage your favorite properties, get notified when new properties are added, receive price change alerts, exclusive property details, virtual tours and more! AND, for even more real estate news and to learn more about the Teri Adler Group follow us on facebook and instagram! And for additional information related to this story Redfin has also published the following article which you may find interesting

 

Oct. 11, 2019

4 Tips for Upgrading Your Kitchen on a Budget

After living in a home for a few years, you might start itching for a kitchen upgrade. However, it can be difficult to come up with a list of kitchen upgrades that you can complete on a budget. The average kitchen remodel costs nearly $20,000—a figure that is far beyond the reach of the average family on a budget. Instead of doing a full kitchen remodel, consider taking advantage of some of these affordable kitchen upgrades that will not break the bank.

 

1. Replace Outdated Light Fixtures

 

One of the most obvious signs of age in your kitchen is a dated light fixture. A brightly colored pendant light will give your kitchen a more modern look. These can be found online at surprisingly affordable prices. Taking some time to shop around is well worth your time. 

 

2. Install New Handles or Pulls for Cabinets and Drawers

 

Cabinet fixtures come in a wide range of colors and styles that include everything from traditional metal handles, such as copper or brushed nickel to trendy styles like handles that resemble tiny silverware. Replacing your cabinetry hardware is a quick, easy and affordable way to give your kitchen a facelift. 

 

While some people love trendy designs, carefully weigh your options before settling on something unusual. You might like it now, but how will you feel about it a year from now? You will not want to spend money replacing the handles again if you get tired of them or if the trend goes out of style.

 

3. Repaint Your Cabinets

 

If just replacing the hardware is not enough, consider repainting the entire row of cabinets. For the cost of a can of paint and a few hours of your time, you could have your kitchen cabinetry looking as good as new. Brand-new cabinets can be a costly upgrade, but freshly painted cabinets are almost as good at a fraction of the cost. 

 

4. Remove Cabinet Doors

 

If repainting your kitchen cabinets does not appeal to you, consider removing the doors entirely. Open-faced cabinets can instantly give your kitchen a more modern look. The one drawback to this strategy is that you will need to keep the contents of your cabinets neat and tidy in order for it to work. For this reason, many designers use open-faced cabinets on the upper levels and traditional closed cabinets on the lower levels.

 

Using one or all four of these strategies can help give your kitchen a facelift without breaking the bank or going over your budget on the project.