Wellesley & Weston Real Estate News

April 14, 2021

Introducing: 16 Granite Street, Wellesley

First time on the market in many decades, this stone-front Cape is set on nearly a half-acre in one of the most coveted neighborhoods in town. This very worthy property presents a wonderful opportunity for you to make it your own. It is an exceptionally generous lot in an outstanding location. What could be better than College Heights that is just a stroll to schools, the train, restaurants, and shops. Property is being sold 'as-is'.
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, TeriAdler.com
April 14, 2021

Market Update - Week of 4/12/21

I know you are probably getting used to the local inventory numbers that I send each week being drastically low, and this week is no exception:
Maybe the shock of just a few houses for sale in each town is wearing off, so now, let's look at the big picture. This is a national sensation--the appreciation of homes can be observed across the country, as we can see in the map below. We can easily predict these numbers are going to rise even more as we look at the first quarter of 2021. 
Some good news this week came out of a "60 Minutes" interview with the chair of the federal reserve, Jerome Powell, who said he doesn't expect interest rates to be raised this year and predicts continued growth in the economy. Another sign that this uber-healthy market isn't slowing down, that’s for sure.
I’ve had some tough conversations with builders the last few weeks who are at max capacity. The material costs, like lumber, are straining costs and margins. Like end-users, they are struggling to find land to build on. It's harder for them to make their numbers meet when building new homes. On the flip side though, renovations and additions are in full swing, so that is keeping builders busy--and homeowners are accepting the rising costs of home renovation. 
Appraisal issues are occurring, but not canceling out deals as expected. Sellers are picking buyers in bidding wars who can cover any appraisal gap. This helps boost prices even higher. I did have one seller adjust his price after the bank appraised his home lower than the agreed upon price tag, but that was an act of kindness to be cherished. You don't see that often now.
Real estate is still a great tool to build wealth and buyers need to get in there and make it happen! You don't want to look back and regret not getting into the game and getting the house you want. I was so proud of my clients this weekend who really stepped up and won a 16 offer bidding war! Say it with me, BOLD and DECISIVE, that's who gets houses right now. 
April 6, 2021

Introducing: 10 Winthrop Road, Wellesley

You will love this meticulously renovated stone and shingle Colonial - a tasteful blend of charm and sophistication - that's set on an ended way and is just steps from the town center and the Fuller Brook Path. This gorgeous home has a sparkling kitchen with a massive island and honed granite counters and a breakfast area that is brimming with sunlight. There is a convenient mudroom with built ins. The family room has walls of windows and custom built-ins and access to the deck. Enjoy stylish entertaining in the well-proportioned dining room with built-in buffet. Relax in the fireplaced living room and work from home in the first-floor study equipped with a built-in desk. Each of the bedrooms is roomy and the inviting master is impressive with a soaring ceiling, a deep walk-in closet and marble bath. There's more room to relax or play in the lower level which also has ample storage and a full bath. The yard is fenced, level and has a stone patio. Superb location and condition.
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, TeriAdler.com
April 2, 2021

Market Update - Week of 3/29/21

This week, I received my first covid vaccine! The morning I received it, all my appointments were on hold for that hour (which for this worker bee is no small feat). Who ever thought a dose of a vaccine could bring so much happiness and peace of mind? After a year of being in front of people day after day, I am excited to feel fortified and safe. Yesterday, a client whose house we just sold gave me a hug- it was the first time in a year someone besides my family did that! (Nancy had the vaccine!) 
 
After my quick trip to Boston for the vaccine, it was back to the front lines of house hunting, but that isn't easy when there are so few houses to buy.
Take a second and really look at these inventory numbers. Typically 80-100 houses are for sale in these towns in the month of April-- not single digits. You would think we would be used to this low inventory, but it continues to amaze me.  
When any article about real estate is published nationally, the texts pour in from friends, family, and clients sending me the link. The hot article this week came from CNN. If you’ve been keeping up with my blog (which I hope you are!), the meat of this article is not a surprise. This past weekend, I was in a bidding war in Framingham and there were 27 offers. This is also becoming the norm. What I find interesting about this CNN piece is that experts predict prices will be not go down anytime soon. It tells buyers to get in there and make it happen if you really want a house. In our office, we like to say that "the good houses go to those who are bold and decisive." So get out there and be aggressive!
For my sellers, I am so happy for your success and honored to be a part of it. We had ten offers on a recent listing in Wellesley. In the end, the result was dramatic for my client. I encourage everyone out there who wants to sell to take advantage of the sellers' market if you can. You can set the terms that work for you. And please, whatever you do, don't pre-sell your house to someone before exposing it to the masses. You could be leaving thousands and thousands of dollars on the table! The law of supply and demand is real and works in your favor.
For this week's design tip I talked with Laura Finnerty and Blake Maroon with Wanderlust Interiors (or @wlustinteriors if you want to check them out on Instagram). These two have a lot of fun with color. They suggest that "deep, saturated colors can add warmth and character to a space. Don't be afraid to go bold and mix it up, not everything has to match perfectly if the colors complement each other.”
See you next week!
April 1, 2021

Introducing: 54 Abbott Road, Wellesley

Exquisite Country Club residence meticulously renovated in 2015. It has an ideal floor plan, gorgeous details and is set on exceptional and private grounds. A wrap-around porch leads to an elegant, welcoming foyer. Tasteful appointments and tall ceilings enhance the entire home. The formal rooms are perfect for hosting beautiful holiday gatherings. The open, eat-in kitchen is superbly designed, appointed with high-end materials and flows into a fireplaced family room where there are many custom built-ins and glass sliders that lead to the grounds. The luxurious master suite has two walk-in closets and a bath that's a relaxing retreat. There is also a private, sunfilled office/gym area. The kids can enjoy movie night in the lower-level playroom and everyone will love summers in the backyard where there is a sparkling pool, deck, patio and hot tub. This is really a home to treasure. All this plus the convenience of walking to train, shops, and restaurants.
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, Teriadler.com
March 27, 2021

Market Update - Week of 3/22/21

I think the general perception is that this market must be great for Realtors, but let me tell you--it's not. A trusted friend compared this market to musical chairs. There are 3 chairs and 37 buyers. Not only that, the chairs are on fire, the floor is on fire, and you're being chased around the room by a crazy person! That analogy feels on the mark.
On the one hand, this market is great for our sellers who truly benefit from the demand. When it works, it works--and that's fantastic for everybody. Many potential buyers are foregoing inspections and mortgage contingencies to be more attractive to the sellers. Buyers have to act quickly and step up significantly to get the house they are eyeing. Looking in a price range below your upper limit is a good way to conduct your search since that gives you the power to comfortably bid higher.
Another byproduct of the tight market coupled with the pandemic is that new construction home sales are down dramatically nationwide. There are several reasons why we’re observing this: increasing prices on products, a long wait time on receiving materials since suppliers have limited inventory, smaller work crews because of covid cases, and now rising interest rates, too. Here in the MetroWest area, since there isn't any raw land, builders need to wait like the rest of us for houses they can tear down--but with inventory so low, they are in the same position as everyone else, fighting to win a bidding war on a property.
I am happy to report though that we have three great listings coming on the market in the next few weeks to help feed the appetite of the market--including my newest listing which just came on, 8 Deerfield Road in Wellesley! And it's getting warmer here in Boston, which makes everyone feel better. I'll share our other new properties in the coming weeks, so stay tuned and hang in there!
For this week's design trend, we talked with Karyn Mendolsohn with Barbara Schindler Interiors. According to Karyn, less is more when it comes to decorating. Clean lines and less furniture and accessories make for a relaxing and vibrant space. Keep it simple nowadays. That seems to line up with the sentiment this last year has gifted us.
March 26, 2021

Introducing: 8 Deerfield Road, Wellesley

Set on an ended way in the highly desirable Cliff Estates neighborhood, this handsome center entrance colonial is perfect for buyers who want to create their own ideal and make it their own. Highlights of this special property include spacious formal living areas and bedrooms, hardwood floors, a newer roof and a private yard. Set among much more expensive homes, this property offers a wonderful opportunity for the next owner.
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, Teriadler.com
March 18, 2021

Market Update - Week of 3/15/21

There are so many nuances to this market, which is constantly changing and evolving. Instead of this hurricane losing steam however, it seems to be gaining strength. Even outside forces, such as a slight uptick in interest rates, aren’t strong enough to weaken the housing market.
 
In a very comprehensive Wall Street Journal article sent to me by a friend, the reporter notes that while the intensity of the buying frenzy feels similar to 2006 (which was right before the bubble burst), there are no indications that things will come to a screeching stop. The difference is that people are buying homes now at high rates, despite very stringent borrowing criteria from banks and an increase in down payments required by some lenders. In 2006, unqualified buyers were beating a broken lending system. That has been fixed, and instead, strong buyers are being tested by a fortified and strict lending system to ensure successful sales-- and in the end, a path to successful homeownership. 
 
Fannie Mae and Freddie Mac took a stand this week against investors by severely limiting the amount of loans they will buy from banks, if they are for secondary homes or from investors. This forced some banks that typically sell their loans to these organizations to raise rates dramatically on investors-- a full point in some cases. This move will certainly make people think twice about buying vacation homes or financing investments with traditional loans.
Close to home, the craziness continues. It's not exactly fun for buyers or their brokers--and yes, I speak from experience. Houses are going for unprecedented prices with some people bidding 10% over the asking price. In mere minutes last night, my buyers who loved a home in Dover lost out because by the time we walked out and drove out of the area, someone put in an offer that even the listing agent described as "insane.”
In Wellesley, there are 15 houses on the market versus 60 one year ago. That's not to say houses aren't coming on, they are just absorbed so quickly that there isn't time for the inventory to build. Hurray for my sellers though, who are taking advantage and doing quite well!
 
For all you buyers out there, if you really want a home, it could mean stepping out of you comfort zone. Take comfort, however, knowing that there's a good chance this strong market will keep going. Maybe what you paid today will feel like a deal next year.
I ended last week's newsletter on a high note with some design tips from Studio McGee. Based on the positive feedback I received, I wanted to bring some more design tips your way from interior designer (and friend of mine!), Kristen DiBella. Read below to see her latest bathroom renovation and her dos and don'ts!
Kristen's dos and don'ts of a bathroom reno:
 
  • Do mix metals to give the bathroom something special.
  • Don’t choose paint color without sampling.
  • Do add great storage accessories...hide the essentials and keep them organized and pretty.
  • Don’t think everything has to be expensive… these mirrors are an Amazon find!
  • Do use everyday items, like rolled towels, to make the bathroom feel spa-like.
  • Don’t use tile as a countertop.
  • Do use marble… don’t be scared!
For more inspiration and ideas, please visit Kristen's website.
I feel as though I could write all night on this week's blog, but we will end there. Until next time!
March 10, 2021

Market Update - Week of 3/8/21

 
This market can be compared to a waiting game. Buyers and their agents are all patiently on stand by, hoping a new listing comes on the market. This scenario may sound familiar to you. Eyes are glued to computer screens, hoping that when you hit refresh, a new house will pop up on Redfin, Zillow or MLS. Once you click on the hidden gem on your computer, there is a minute of hopefulness as you scan the listing-- is it the right price range, your favorite neighborhood, or in the condition you want? This is being played out across the country repeatedly--it's not just you!
It's not that listings aren't coming on the market--in fact, there are houses for sale-- but they are absorbed so quickly by buyers that we don't have time to digest or analyze them.
As I mentioned the other week, interest rates have inched up. In the grand scheme of things though, a 3% interest rate is still pretty good. No, it isn't the 2.75% that we saw a few weeks ago, but we'll take what we get which is still historically low rates.
I wanted to end on a fun note this week. Whether you are staying put or moving, here is an article on the design trends we expect to see this year. My favorite is that gray walls are taking a back seat to warmer tones. It's about time for that change. One of my favorite designers is Studio McGee. They are very on trend with warm and welcoming palettes.
We have some great listings coming on in the next few weeks, so stay tuned. As for my buyers, hang in there--I promise we will get you a home in 2021!
March 5, 2021

Market Update - Week of 3/1/21

 
The frenzy associated with all things real estate continues, but there are so many nuances that are buried underneath the headlines. I have a clear view of the many sides of this market just from being in it every day.
Yes, there are still so few houses for sale. As I’ve mentioned before, this tight market is occurring nationwide--but what’s unreal to me is that we are also seeing an equally tight market across the pond. Clients from England report that in London, their market is just as tight and competitive.
Bidding wars here in the US are fast, with many buyers vying for the same properties. People are baking in a lot of emotion in their offers, which can be more than 10% above asking. Agents I have talked to are drained and exasperated as their buyers lose out on what they hope is their next home. While trying to refer a friend to an agent in Sarasota, Florida, the woman told me she isn't taking on new buyers in certain price ranges anymore since there are no houses to show them. She sounded tired and defeated.
Buyers are hanging in there. I can only speak of my amazing clients who are educated about what is going on and are measured about it. For the right property, they will step up with my strategy to win bidding wars and we will do our best to get it done. There will be more properties coming on the market in Massachusetts, I promise. I feel good about that as I am out every day talking to sellers about listing. 
 
As for sellers, pricing at market value (whatever that may be) is still extremely important and we can't lose sight of that. Over the weekend, two lovely houses came on in Wellesley that were clearly overpriced to the real estate community. It turns out, buyers felt the same way, too- neither sold, even with dozens of showings. The sellers were testing the market with a make-me-move price, but it looks like they may be staying put since no one bought it. The public may pay too much in a bidding war as their adrenaline and emotion take over, but if something feels high to them during the showing, the low inventory isn't enough for them to initially pay a premium. Pricing is tricky! I am so happy to help my sellers and buyers navigate. Being thoughtful and deliberate in the process gets the best results.
Off to show our fabulous new listing at 81 Monadnock Road, Wellesley. Have a great week and if I can assist you in buying or selling, please call me now.