Wellesley & Weston Real Estate News

Aug. 1, 2020

Introducing: 14 Sunset Road, Needham

My newest listing at 14 Sunset Road in Needham checks all the boxes that buyer's in today's COVID-19 market are looking for. Home office? Check. Gorgeous in ground swimming pool? Check. (Interestingly, The business Journal recently published this article on the rush of homeowners adding backyard pools during the pandemic) Sports court? Check. Not to mention, walking distance to the gorgeous new Sunita Williams Elementary School.

Call me today 617-306-3642 for a private and COVID safe showing of this amazing home complete with all the bells and whistles for you to relax, unwind, play and work from home. 

 

 

 

July 31, 2020

Market Update- 7/31

 
This week's update comes as September is sneaking up on us and the debate about reopening schools rages on around us. My phone is full of text chains on both sides of the conversation about whether or not it is safe for teachers and students to return to school in the fall. It seems while administrations are pushing for a hybrid model, many of the teachers' unions aren't comfortable with teachers being in the classrooms yet. Another layer of uncertainty added to this complex world we currently live in. I see the unknown of the next few months affecting my middle daughter and her friends the most. At 16, they are trying to be creative in finding things to do. Thankfully, my daughter is working and hanging out a lot, but I also hear them complain about mounting anxiety attacks this summer. This is taking a toll on them. Normalcy, routine schedules and healthy interactions are so critical right now. When will we get that back? Balancing our kids' mental health along with physical well being is a tough balance. There are no easy answers.
 
And so that brings us to real estate. Many adults are taking action to bring some form of control into their lives by finding a new home, whether it's a primary residence or vacation home. This week we are putting on some spectacular new listings and when writing the descriptions it's amazing to me how in just 5 months the criteria for home has changed so much. It isn't as much about utility but rather lifestyle. In Needham, we are listing a great house with a pool and office space off of the master bedroom. These are two incredible features, but at the beginning of the year maybe didn't hold as much value to buyers. Pools were hit or miss with potential buyers, now there's a waiting list to get one and they aren't necessarily a deterrent (for most people) but an attraction. If you are stuck at home during the dog days of summer, what's better than having a pool?! 
 
In Lincoln, we have listed a very special custom property with Vermont- like grounds that instantly relax you as soon as you approach the property. There are views from every window. If the place where you spend so much time can be restful and create serenity in these times, many will take it. I know I would.
 
The amount of homes going under agreement is still quite impressive in all towns. They are down by a point or two, but I believe that's a symptom of summer more than anything. People are away on vacation. That is actually where I am headed with my family for five days. We cancelled a trip to Yellowstone and will stay local though. I am so looking forward to time with my husband and kids. This is my first time away since February and my kids have been so understanding of my work schedule, but it's time for forced family fun. I know I will come back recharged and hopefully they will too. As always, I am so grateful to my incredible team for the commitment and excellent work they put forward each and every day for me and all our clients. Thank you Lindsey Fay, Amy Caffrey and Susan Lyman.
 
Be well everyone! Have a great week.
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

July 24, 2020

Market Update from Teri Adler-7/24

 
This is the summer of real estate- everyone is talking about, curious about, and excited about houses. I was fortunate to head to the Cape to see my parents last weekend and even there the market is hot, hot, hot! Houses are selling quickly as buyers flock to serene settings for their families.
 
In our area the summer vibe is present, with less cars on the road, a somewhat slower day to day pace, and quietly the market keeps brewing with houses going under agreement. I checked in with other brokers and while listings are selling, there doesn't seem to be as frantic of a rush with multiple offers, but they are seeing one strong offer that comes in a takes the prize. Elaine Bannigan, Pinnacle's owner always likes to say "The good houses go to those who are bold and decisive," and that's how you have to be these days as a buyer. Step up and make it happen! For the sellers, price your house well, fix it up so it shines and then we hope that the market responds well.
 
In talking with our banker colleagues, rates are expected to stay really low in the next year which should continue to fuel a positive buying climate. They are anticipating this strong real estate market to continue through 2021. Refinances have been put on the back burner by many financial institutions as they try to keep up with the demand of home purchases.
 
We continue to show our beautiful listings that are currently on the market and have more we will be sharing in the coming weeks. I am so lucky to be surrounded by wonderful sellers, buyers and colleagues who are all working together to get houses sold and reach the next chapter in 2020.
Have a great weekend and enjoy the sun!!
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

July 15, 2020

Market Update from Teri Adler-7/15

 
Happy Summer Everyone! I took a break from last week's report since it seemed many were on vacation, but the new numbers show buyers were not sitting back at all. The data once again demonstrates that people are still determined to find their next home and those buyers who are out looking are serious. As well inventory continues to be very limited across all price ranges.
 
I just read a great article on realtor.com about the hot real estate market. The article points out that nationally mortgage applications are up 33.2% year over year in the week ending July 3, 2020, but home listings are down 31% for the same week year over year. In terms of who is buying, they claim people with well paying jobs are saving money these days with less vacations, less spending on clothes and entertainment. This gives them a bigger nest egg to put towards a new home. That fact coupled with lower rates and the desire to be home more, are key ingredients to pump up home buying.
 
On the selling side, in my opinion, people are holding back on listing their homes because of the pandemic. Of course, builders are also backed up and having a hard time finding laborers so in turn new construction has slowed down. Those who were going to move abroad or to other states are now more tentative in their plans.
 
Typically, summer is a slower buying and selling period and there is a secondary real estate market that starts after Labor Day. It will be really interesting to see if that fall market is defined as its own burst or whether the brisk activity we are seeing now just keeps rolling into September. 
 
I would also like to share two of my wonderful listings! Both located in Wellesley, are incredible finds for buyers- 26 Skyline Drive and 85 Ledgeways. Check them out!
 
Have a great week!
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

July 2, 2020

Market Update from Teri Adler-7/2

 
I don't know about you but right now, I am pretty proud to be from Massachusetts. Gov. Baker was cautious in opening up the state, but it is so reassuring to see our COVID numbers seemingly under control, while sadly many other states are seeing the opposite. As New Englanders, we have a reputation for being rule followers with our puritan roots, but at least in this case, those qualities are serving us well! Slow and steady is definitely winning the race these days.
 
In real estate there is another race of sorts- that is, to land a home in Massachusetts. We continue to find ourselves in very strong markets across all price ranges. When the market deems a house is well priced it will be sold in a matter of days.This is especially true for seemingly desirable neighborhoods as they are destinations for in town buyers as well as those moving into the area. The high end had another strong week, houses that are priced north of $3M are pending in a matter of days- especially if is is move in condition.
 
For those properties languishing on the market I am noticing price reductions in order to capture buyers at a new price point. Inventory is still low so at the right price these houses should sell quickly.
 
We have a holiday weekend ahead of us! I hope you are able to spend time with friends and family. Happy 4th of July.
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

June 27, 2020

Introducing: 26 Skyline Drive, Wellesley

I am so excited about my newest listing at 26 Skyline Drive in Wellesley. This equisite property is so special. Call me today for a private and covid-safe showing 617.306.3642

 

 

From the Words of the Seller....

There is nothing better than a peaceful, curved cul de sac in Wellesley, leading up to a perfect family home, poised on exquisite landscaping. Set on an expansive .81 acres of tranquil grounds. Excellent floor plan, fabulously maintained, open concept, with multiple functional living spaces for the new, modern family.

 Enjoy a luxurious upstairs Master Bedroom Suite, with fireplace setting, natural light. Unobstructed views of forest and private grounds. Enormous spa tub, and skylight. Huge Walk in Master Closet with window, followed by 3 spacious bedrooms and two full bathrooms on main floor.

 Inviting Dining Room with large, crown molding and 9 pain windows. Screened in porch with new flooring screens and glass, for reading, dining, napping or enjoying cocktails next to the outdoor fireplace while overlooking the second outdoor living space.

 The lower level makes for a perfect play room, home gym or au pair suite, with full bath, retro wet bar and carpeted, well lit recreation room, including fireplace and red brick hearth. Lots of storage in two unfinished storage rooms and carpenters desk for house hobbies, present wrapping and projects.

Steps from the Wellesley Trail System, and a relaxing bike ride into both Wellesley Town Center and Needham Town Center for dining and shopping. Stones throw to easy access at Boston Sports Center Tennis Courts and Ice Rink. A short walk to The Local Restaurant for summer dinners!

Don't Wait! This Wellesley Lifestyle Home has it ALL!

 

June 24, 2020

Market Update from Teri Adler-6/24

 
If you are like me, then you are feeling good that summer is officially here. I love the warmer weather and the outside living that comes with it. Summer routines (or lack thereof) seem to be in full swing. My youngest daughter is back in the gym practicing gymnastics and my other two daughters are piecing together work- "serious" tasks are sandwiched between their good times. 
 
Out and about, it's quiet, but that doesn't seem to be COVID related. People who have second homes have gone out of town or people have ventured out on vacations. Very typical for this time of year.
 
BUT on the real estate front, there is nothing typical about what we are seeing. As we head into the July 4th week, we continue to have a significant amount of new inventory hit the market and a strong number of houses going under agreement. No signs of slowdown folks! Of the 10 homes that went under agreement this week in Wellesley, there was a house listed at $8,995,000 that sold in mere days. In Weston, one of the 9 pending sales was a property priced at $8,395,000. This home had been on before and not sold. Another property in Wellesley that was listed at $5M had about 11 showings right away according to that broker. It didn't sell yet, but seeing the interest from serious buyers is quite impressive. The high end is alive and kicking!
 
It continues to be brisk in other price ranges too. Nationally, the segment that is the hottest according to CNBC are new construction homes. "Sales of newly built homes jumped far more than expected, up nearly 13% annually, according to the U.S. Census." People are attracted to the clean and easy living that comes with new homes. Of course, in our area with intense town restrictions on building, lack of labor and high building costs, new construction homes are harder to come by. Builders are stuck.
As I have said before, if you are thinking of selling now is the time to list your home. Buyers are out there and ready! Our serious buyers are immediately ready to jump for the right house, at the right price.
 
Have a great week and enjoy this stretch of beautiful weather. We certainly earned it!
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

June 18, 2020

Market Update from Teri Adler-6/17

 
Today a prospective client asked if I thought things will slow down as we head into the July 4th week. I really don't think so. Looking at this week's data of sales vs. new listings, the number of houses that went under agreement outpaced the number of new properties that hit MLS across all price ranges in most of our towns. The demand still seems to be so much greater than the supply and I can't imagine that coming to a screeching halt. My daily incoming texts are as much from other brokers asking if I have any new listings, for their buyers, as they are my own buyers hungry to move forward. The desire for people to get into their new homes, to get out of the city, or to move this area is stronger than the confines of a calendar year and an approaching holiday. Yes, traditionally I would be preparing for beach days and a slower pace right now, but this market feels like the height of our typical selling season in April or March and I am happy ride that wave even if I am not at the beach.  
 
I was reading an article today on realtor.com which stated that some think a strong housing market will help the economy recover faster. It pointed out that when people buy a new home they will need furniture and other goods and services. It also stated however that, "many economists question how long the housing rebound can go on if unemployment remains high and the economy struggles to recover from the pandemic."
 
Regarding interest rates, the article quotes senior economist Jennifer Lee of BMO Capital Markets as noting, “Interest rates are going to stay low for a long time, but they are staying that way because of record numbers of unemployed. And that will be the biggest constraint on stronger housing activity.”
So, if you are thinking of selling your home and price it realistically now is a great time to do it! You will reap the benefits and most likely have a strong and swift sale. While clients want things to move at a traditional pace we still do see some constraints because of the pandemic- town halls are slow to respond with answers to questions or concerns and attorneys are reporting a back-log for title searches. Fortunately though, as I have reported, the reputable banks are getting things done on time. 
Happy Father's Day to all the dads out there. I hope you have a wonderful day. Until next week.....be safe and happy!
Teri Adler
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

June 10, 2020

Market Update from Teri Adler-6/9

 
Hello Everyone,
 
I hope you had a great week. I am glad I didn't jump to any conclusions in terms of the market based on last weeks numbers which were a little sluggish. This week's sales numbers are back up showing an incredibly strong market. Wow! Who knew three months ago that real estate would be carrying the economy as much as it has? We are hearing the same story from other large markets outside of urban areas in Connecticut, Long Island, New Jersey and California. The suburbs of NYC were especially sluggish before the pandemic and have now surged as buyers flock to get out of the cramped city. 
 
What's so interesting as well about our market is that sales are across all price ranges. More than one third of the homes that went under agreement were over $2M and many of that third were north of $3M. I am confident given the data in declaring this a healthy market. In fact, the low inventory makes it a great time to list your house. We have many, many, buyers waiting anxiously for new listings to come on each week with hopes that one will be the perfect fit for them. I am not alone I am sure in saying that, many agents are reporting the same thing.
 
We anticipate another really busy weekend coming up and I assume this will continue through the summer. Have a great week!
 
Warmly,
Teri
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

June 3, 2020

Market Update from Teri Adler-6/3

 
Dear Readers,
Here are this week's numbers . As you can see the number of solds are down slightly from the past few weeks. I have given this some thought and I think we need a few more weeks of data to say whether or not this is a trend.
 
The National Association of Realtors has noted some interesting national trends that we are also seeing in our markets. As I have been reporting, the number of first time homebuyers leaving the city for the suburbs has been rising. In fact, the percentage of first time buyers increased to 36% of our buying pool in April 2020 from 32% in April 2019.*
 
The segments of the market that we are missing this spring is the relocation buyers and real estate investors. I suspect that investors are holding off due to the expectation that there is a greater financial risk associated with renters at this time. The social distancing measures have hit certain occupational groups harder―food service/ hospitality/recreation workers and retail trade workers. These groups are more likely to rent compared to others. In the first quarter of 2020, the national US homeownership rate was 65.3%, yet only 51% of food service workers were homeowners.*
 
Purchases for rental investment properties dropped from 11% in February 2020 to 6% in April 2020. With fewer investors buying, cash sales also decreased to 15% from 20% one year ago.*
 
The warm weather usually brings a slowdown in my business. People head outside to enjoy the weather and are not as focused on buying homes. This year, I am anticipating being busy all the way through August. Restrictions are easing and June 8 will bring another milestone here in Massachusetts with the (hopeful) announcement from the Governor of phase 2 of reopening. 
 
It can be hard to stave off the waves of sadness and emotion surrounding all that is going on in this country and around the world. It has taken incredible focus and hard work to see positive results during this time, but we have. I will never forget this spring for many reasons and I feel myself (like many of you!) waiting anxiously until we are through all this. It is hard to say when that will be but we continue to work hard every day, to work together and to be grateful for all we have that is good. 
*Data and statistics contained here compiled and provided by the National Association of Realtors
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com