Wellesley & Weston Real Estate News

July 29, 2021

Market Update - Week of 7/26/21

What a week it has been! We brokered a multiple offer situation with nearly a dozen buyers all vying to call our listing theirs. People were creative in order to get this gorgeous home- dropping financial and inspection contingencies and tailoring their offer to the needs of the seller. It's what you have to do to get the house you want in the Metro West area- the story is played out all over the country. 
This is what negotiating 11 offers looks like!
In states where they have a "due diligence" payment with an offer such as in Florida and North Carolina, buyers are offering the sellers sometimes incredible money to secure a house.. If you are not familiar with this process, this is nonrefundable cash given directly to the seller, that the seller keeps even if you the buyer doesn't follow through with the sale after the offer is accepted. On a $400K house some will give $75,000, just to get the property. This money helps ensure that the buyer will show up to the closing since there is a substantial amount of hard earned cash at stake. In Massachusetts all the deposits trading hands stays in an escrow account until the closing and the seller doesn't hold anything until the end. The binder that accompanies an offer has gone up in price in Massachusetts. Typically, it was a thousand dollars before the pandemic, now five to ten thousand dollars is a more common amount in a competitive situation.
While existing home sales continue to climb, permits being pulled for new builds has gone down. As we have been discussing, the supply chain is a major problem for builders and, in turn, homeowners. Contractors are even delaying closings on new houses for months because they just can't get the material they need to finish a job. Kitchen cabinets that were a wait time of 6 weeks are now at least 10 weeks out from the order to delivery dates; getting a part to fix your fridge or freezer is weeks out, and window blinds I ordered in July aren't expected to arrive until mid-October. According to a study out of Harvard University, home renovations are slowing down as a result of these long delays. Plus, in some cases people are putting out so much money to purchase a house, they don't have the cash to renovate right away and they have to put off project. Of course builders are having a hard time finding help as well which also slows them down.
Outside of houses, we are having fun as a family watching the Olympics and hope you are too. As the mother of a serious gymnast, I see the pressure these athletes take on and the commitment it takes to get to the top. From Simone to the rest of the team, we are continuously inspired by all the competitors. The Olympics once again shows how hard work, determination, and focus can get you where you want to be.
Have a good few weeks. I am taking a summer vacation next week and look forward to connecting after!!
July 23, 2021

Market Update - Week of 7/19/21

This past week we saw fewer properties go under contract than in the recent past, but in my opinion this is really just a summer break. Even though mother nature tells us differently, it is summer, and many people are on vacation despite the rain.
While you may be reading this from your lounge chair at the beach, we have been busy! Our newest listing at 81 Parker Road Wellesley seems to be the "hot home" of the week with it's picture-perfect renovations and design, attractive price point, and lovely location. It has appealed to so many different buyers- especially those hoping to move from the city to the burbs. We have scheduled dozens of showings in just a few days.
I also continuously study other markets nationally to help look at the big picture. In the Raleigh, Durham, and Wilmington North Carolina markets which I know well, houses sell in literally hours or just a few days. This pattern is being played out all over the country of course. Think about the equity you have built into your home in this market - if you can sell and reap some of the benefits of this real estate frenzy, now is the time. 
I found a great article on the future of the market this week put out by, of all organizations, Fannie Mae (the Federal National Mortgage Association). I am including this entire paragraph because the reporter shares with readers his prediction on demand and the future of housing prices. It's a measured view, and one that I agree with.
“While recent home price growth has been historically high, we’re forecasting further home price appreciation to moderate through the remainder of the year and into 2022,” said Mark Palim, Fannie Mae Vice President and Deputy Chief Economist. “On the supply side, we think homebuilders will be able to increase production as supply chain disruptions and labor shortages alleviate, which should add to the inventory of new and existing homes available for sale. On the demand side, we expect the increase in housing demand we saw over the past year to ease, as the impact of unique recent factors lessens, including adjustments to accommodate pandemic-related remote work arrangements, stimulus checks bolstering household savings, and record-low mortgage rates. However, demographic trends remain favorable for a strong housing market over the next few years, and, combined with the chronic undersupply of homes built over the last decade, upward pricing pressure is likely to remain through the forecast horizon – just not at the rate seen this spring. Nevertheless, we expect home price growth to become one of the more persistent drivers of inflation going forward, as other, more transitory factors diminish.”
Never before have we invested so much time and effort trying to predict the future the way that we have been the past year and a half. I suppose living a life with so many highs and lows across multiple sectors does that to you. 
 
Have a good week- let there be sun!!
July 4, 2021

Happy Fourth of July from Teri Adler and Pinnacle Residential Properties!

July 2, 2021

Market Update - Week of 6/28/21

For the first time in two years, July is really starting to feel like summers past to me. As you drive around the area, traffic is much lighter as residents run to the beach and mountains for a much-needed change of scenery.
However, last weekend it was evident that real estate is still the primary topic on many minds. We were slammed with showings at our listings! Susan, Elise, and I felt as though we were air traffic controllers carefully orchestrating the comings and goings at showings to make sure each buyer had a seamless experience viewing our beautiful houses for sale. We noted a big part of the buyer pool were people relocating to Massachusetts from other states, especially California. These folks are all staying in temporary housing and eager to get settled in their new state. Summer is traditionally a time where a majority of our buyer pool are executives trying to get settled for work and school in the fall. 
As always reporters are busy covering the frantic real estate market. In one article, Massachusetts was ranked one of the top 5 markets in terms of price appreciation this year over last. According to reports Phoenix AZ, Seattle WA, Charlotte NC, Denver CO, Cleveland OH and Dallas TX were among the hottest areas.
Here is the important thing to remember: no matter where you are, you can still get a house if you want to. It doesn't mean you can't land what you want because of the high prices and a competitive offer pool. I talk to brokers throughout the country each week, and the ones who say, "it's impossible to get a house right now, maybe you should wait to buy" are not people I want to work with. So far this year, I have put 34 homes under agreement. Each and every buyer and seller is thrilled, and if you are trading up or down in the same market then you are doing just fine. With a good broker who has a strategy and determination, it can be done. We are pleased to have been successful in buying and selling so many houses!
You can view one of my newest listings, 30 Whiting Road Wellesley, here.
Have a wonderful holiday weekend!! July 4th is always one of our favorite family times. Be well.
 
 
 
June 26, 2021

Market Update - Week of 6/21/21

I think Gracie in my office put it nicely when she said, "pretty interesting numbers this week." A new trend to be noted is that there are fewer under agreement properties than we have seen in recent weeks. The end of the school year has prompted people to hit the road, relax, and take a break from house hunting. 
As we approach the July 4th holiday, there will be a fair amount of houses hitting the market as sellers hope to get exposure before buyers really escape for summer vacations. As I recently explained to a client, July tends to be the month when we see relocation clients flying in to purchase a house before school starts, and not as many local trade up buyers are around. Perhaps we are on schedule to return to that typical trend this summer. 
A few things struck me as quite interesting in the news this week. The National Association of Realtors say that the median sales price nationally topped $350,000- nearly 24% higher than a year ago, and the biggest year to year increase since 1999. Someone asked if I have ever worked in a market like this, and the answer is no! I have been selling real estate for 15 years, but Elaine Bannigan, the owner of Pinnacle, has been in the biz for 30 years and says even she has never witnessed anything like this.
I thought that the Federal Reserve Chairman's comments on inflation were encouraging. He told a special house panel that recent inflation among hotels, restaurants, airlines, and lumber is simply due to reopening, and that it's in line with consumer demand. He expects it to settle as the demand stabilizes. Once again, economic indicators don't seem to be telling us that we are heading for a crash in the real estate world. 
I have four incredible houses coming on the market this week - below are links to check each of them out. Releasing listings is one of my favorite things; all of our hard work in preparing the home for listing is showcased, and now the market speaks!! I am hopeful and happy for each of my sellers.
Have a great week! 

 

June 24, 2021

Introducing: 30 Whiting Road, Wellesley

Fabulous, newly renovated with great taste and style in the heart of the Country Club! The superbly appointed kitchen is classic yet contemporary with top-quality cabinetry, appliances, quartzite countertops, wine cooler and beverage drawers. Adjacent is an open, spacious dining area and a sensational, sun-filled family room with walls of windows, a soaring ceiling and plenty of room for relaxing with friends and family. An elegant yet comfortable living room has boxed-beam ceilings and fireplace. The paneled study has built-ins and a fireplace. Upstairs, the main suite includes a luxurious marble bath with shower and soaking tub and the walk-in closet of your dreams. Each upstairs bedroom and bath is sparkling and modern. The lower-level playroom has a show-stopping stone fireplace. ALL new top-tier systems, roof and windows. The new patio is perfect for summer entertaining and there are gorgeous, grassy and private grounds. Walk to town, train and Brook Path.
Interested in seeing this beautiful property? Contact me for a private 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

 

June 23, 2021

Introducing: 2 Woodlawn Avenue, Wellesley

A lovely colonial in the heart of Wellesley Farms! This home entices you with a front porch that leads to an airy, open foyer. Tall ceilings and rich hardwoods throughout! The formal living room has a wood-burning insert fireplace and the dining room has a built-in corner cabinet - perfect for entertaining! Cooking is easy with top tier appliances, a Sub-zero fridge, Wolf dual range and Miele steam oven. A fabulous den is just the right spot for relaxing. Radiant floors in the half bath. On the second floor, the main suite has great closet space and a bath with a heated towel rack. Light floods the third level which has two more bedrooms and another full bath. Enjoy easy outdoor entertaining on your roof deck or one of the many patios accented with lush plantings and gardens. New HVAC and roof. So close to the train station, shops, restaurant, recreation center and library.
Interested in seeing this beautiful property? Contact me for a private 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
 
June 23, 2021

Introducing: 21 Cunningham Road, Wellesley

Charming arts and crafts home set on an ended way close to Centennial Park. This one-of-a-kind property has beautiful elements throughout including rich wood trim, hardwood floors and custom details. The heart of the home is the expansive family room with soaring ceilings, custom built-ins and walls of windows. French doors lead to the exquisite gardens bursting with color. The kitchen has granite counters, a breakfast bar opening to a sunny casual dining/sitting area. There is also a convenient home office. On the second level, the luxurious main suite has a bath with a shower room, rain head and two person soaking tub. Unwind in your sitting/dressing room with handsome built-ins, and a walk-in closet which leads to an oversized bedroom. There are three additional family bedrooms and a bath. You'll appreciate the comforts of air conditioning and a heated garage. Walk to shops and restaurants from this lovely neighborhood in one of the best commuter locations.
Interested in seeing this beautiful property? Contact me for a private 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

 

June 23, 2021

Introducing: 17 Shirley Road, Wellesley

Picture perfect center entrance Colonial set in a favorite family neighborhood! The outstanding floor plan includes a beautifully designed kitchen with a center island and generous eat-in area. The adjacent family room has tall ceilings and plenty of room to relax. There is a formal dining room and a living room with fireplace and custom built-ins. A convenient mudroom has cubbies to help keep your family organized. Upstairs, there are four spacious bedrooms including a main suite with a cathedral ceiling, ample closet space and bath. The lower level has an ideal playroom plus bonus space. The yard is a level, grassy and private oasis. All this plus a generous two-car garage, central air and updated systems. A rare and wonderful find in this market.
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
June 17, 2021

Market Update - Week of 6/14/2021

After looking at the number of homes sold in our area, it is evident that the demand for houses is still incredibly high, and inventory remains scarce. I continue to be amazed by statistics in Wayland, which has literally 4 houses for sale. Having grown up in Wayland, I understand the demand; it is a wonderful town with great schools and a true sense of community. It was about time for the secret to get out!
As we all now know, the economy is in overdrive in many sectors. My prediction is that this will cause somewhat of a cooling down period in real estate, especially as we head into fall. National analysts seem to be in agreement with my analysis. Buyers will be taking a much-needed break vacationing and won’t be solely focused on their living and working spaces. There is a noticeable local rush to get houses on the market before the July 4th weekend. Personally, we have three great listings coming on next week that I know will help fill the appetite of three lucky buyers! More to come on those.
This video presents a nice snapshot of the economy on many different fronts and is worth watching.
Also, we have an intriguing follow up on last week's blog regarding lumber. Since I wrote that piece, prices have come down considerably. They are still higher than average, but there has been a noticeable correction in cost. It's amazing how these conditions can turn so quickly!
That being said, there is still a serious national shortage of homes, and the lack of new construction is partly to blame. It is clear that higher building costs have significantly impacted this shortage, but I believe another key factor is the impact local zoning has on builders. Long before Covid, restrictions imposed by town boards which included limiting size and historic designations have hampered builders from creating multi-family projects, townhomes, affordable housing, and not to mention, single family homes. The lack of new builds has been growing for a decade and the pandemic only added to the problem.
On a positive note, this was an exciting week for me. As seen in the Wall Street Journal, I was ranked 9th in Massachusetts by sales volume in the small team category. It is an honor to be named in my father's favorite newspaper! :)
Have a great week!