Wellesley & Weston Real Estate News

June 2, 2024

Market Update Week of 06/02/2024

 

Yes, houses are still rolling out for sale, and yes, there are still lots of buyers out there to scoop them up even though we are nearly in June. Call it the last push before summer or people just waiting for burst of color in their gardens to present their properties to the public. Whatever the reason, it is a welcome addition to the inventory we so badly need. Compared to past years we still have so few properties for sale and those that are on the market are absorbed quickly.

Luxury homes make up a good amount of the houses for sale in Metro West towns. For example about a third of the homes for sale in Wellesley and Concord are listed for more than $3M, and more than half in Weston are above $3,000,000 —setting new highs! The number of days those properties linger on the market is not surprisingly much longer than lower priced properties. They take time since the buyer pool is smaller.

 

That said, well-priced homes in more attainable price points are still seeing bidding wars that settle anywhere from 5% to sometimes 20% over the asking price. It can take three or four tries for buyers to finally be the winner. When they do get to the finish line, it's a lot of strategy and frustration that fuels them to craft the perfect winning offer.

 

In other news...It was a treat to learn this week that I was named a "Top Real Estate Producer" by Boston Magazine and ranked as one of the top 20 agents in Massachusetts by Real Trends. Our MGS Groups leader, Maggie Gold Seelig was listed as the second highest real estate agent in the entire state. I am honored by both rankings and to be a part of this incredible firm!

Check out this video of my listing at 1094 Monument Street, Concord. The setting at this property is truly awe-inspiring and brings a peacefulness to your life that we all could use.

 

 

37 Garden Road

$2,895,000

Click here to see 37 Garden Road

37 Garden Road, Wellesley, is for sale and does such a nice job coupling classic elements of a home with today's living. It's just stunning and worth a look

200 Pond Road, Wellesley 

$10,000,000

200 Pond Road sits majestically in Wellesley and offers multi-acreages that are extremely rare. Nothing like it!

33 Royalston Road, Wellesley

$6,750,000

Things are moving along at 33 Royalston Road in Wellesley. This will also be a stunning new construction with a very spacious yard. The design is a real treat.

For Rent

36 Leighton Road, Wellesley 

$8,500/Month

36 Leighton Road is for rent and just down the street from the Brook Path and near Wellesley Center. A fabulous rental for sure!

MGS Group is the lead sponsor at Land Sake Farm in Weston. Today is their opening day, and it will be a great event. I encourage you to stop by and see the new farmstand.

 

https://landssake.org/events/farmstand-opening-day/

 

 

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
May 11, 2024

Market Update Week of 05/11/2024

 

Spring is here, and it's a great feeling. Not only are the flowers and trees racing to reach full potential, but so is the market. Inventory has burst (a little) building up at a brisker pace than we have seen. It's nice for buyers to finally have some choices.

With more choices, potential new owners have options, and they will pick the houses where they see value. Not everything is flying, there are some homes that are adjusting prices to get where they need to be in order to be that "value" player. The price reduction is a great tool to open your property up to new eyes- people who may not have even known about the house at the previous higher price. I know sellers worry a price reduction will stigmatize their home, but it can invigorate and infuse a new life into the listing.

 

MBTA Communities Law

 

You may have heard the buzz about the MBTA Communities Law that was passed in Massachusetts. The law requires relaxed multifamily zoning near the T and other commuter stations. It doesn't mandate that new buildings have to be developed, nor does it offer guidance on how the town will handle an influx of people, but it encourages zoning be relaxed so there is the possibility of more housing. For Wellesley, Natick, Needham, Concord etc. that have commuter rail stops, each town will have to come up with their plan to make the changes by the end of 2024 according to the Boston Globe: "They must rezone to permit a minimum number of multifamily housing units equal to 15 percent of the current housing stock. Deadline for rezoning is the end of 2024." Pretty interesting.

 

Now the fun part!! So happy to present all of my current and coming soon listings! I am the luckiest agent around, honored to represent these wonderful people selling their special properties.

65 Kingsbury Street, Wellesley

$1,975,000

Click here to see 65 Kingsbury Street 

200 Pond Road, Wellesley 

$10,000,000

11 Roanoke Road, Wellesley

$2,749,000

Click here to see 11 Roanoke Road

 

33 Royalston Road, Wellesley

$6,750,000

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

4 Carver Road 

$1,825,000

 

 

37 Garden Road

$2,895,000

 

 

8 Beverly Road 

$2,795,000

 

 

243 Crafts Street, Newton 

Click here to see 243 Crafts Street

 

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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April 27, 2024

Market Update Week of 04/27/2024

 

Have you noticed that your insurance premiums are shockingly high for your home, rent, and/or car? I became quite aware after receiving renewal pricing for some of our investment properties in North Carolina. A few renewals nearly doubled from what they were last year. That's not helpful with the bottom line at all. After talking to more people, it's clear that like inflation this is a nationwide problem. In fact, on the Newsnation website they reference just how significant the insurance pricing is to the nation's economy, "A recent Bloomberg Intelligence analysis found that including homeowners insurance in the inflation data could have added about 0.8% to last year’s CPI increase of 3.4%."

 

When you dig deeper, the reasons for the more expensive premiums are because companies need to pass on their rising costs to us, which include the following:

  1. Extreme weather
  2. Costlier repairs
  3. More accidents with significant damage
  4. Higher reinsurance costs for insurance companies.

Mortgage rates also inched up in the last few weeks after inflation numbers were released, forcing the market to question if the Federal Reserve will lower rates at all in 2024. One thing to consider is opting for an interest-only loan right now if you believe in the next few years rates will come down significantly and then you can refinance. You don't pay much equity in the first few years, so it's a strategy worth exploring.

 

In the past few weeks, I talked about the appraisal process and how appraisers are having a hard time keeping up with the escalating prices we are experiencing. I am happy to report that through a thorough analysis I presented to the bank on my client's behalf, I was able to convince an appraiser to increase his appraisal number to our asking price. Phew! This saved them from bringing an extra $40K to the closing table. A victory for all, and I'm so happy I was able to do this. 

 

I expect a good number of listings to hit the market in May. Great news for buyers who are still hungry for a new home. Houses are still being absorbed quickly so we need more choices for those looking to move! Have a great week and reach out with any real estate questions!

 

 

 

 

11 Roanoke Road, Wellesley

$2,895,000

Click here to see 11 Roanoke Road

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

 

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in Home Decor
April 12, 2024

Market Update Week of 04/12/2024

 

No surprise here, the inflation numbers went up in March, and now it looks like we won't see a rate decrease in June. This may upset some people when I say this, but I do think they have to wait on lowering interest rates right now. Home prices are escalating at such a rapid level that infusing the market with new shoppers revved up by even more buying power will drive demand even higher and prices will swell even more in turn. That's a mouthful, but it's true.:)

I won't lie, it's been a draining week. I deeply care for my clients and together we have witnessed 15%-20% over the asking price after grueling bidding wars. Agents and buyers alike are stunned at where these houses are selling. This is mostly in the under $2M range in all towns. Comparable properties that sold even 3-4 months ago no longer serve as an equal comparison nor does it help us predict where a house will sell since the emotion driving the buyers is not rooted in fundamentals, but the need to nest and own a home at any cost. 

Many homes are not appraising at a sufficient level for the bank, and buyers are being forced to make up the difference. The appraisal system is somewhat flawed since they can't use homes that are under contract and are the best reflection of the current conditions. Instead they are looking back three to six months, and like the weather in New England the housing climate can pivot in just weeks. It is not accurate data.

 

The luxury market is also starting to make moves, and a few notable properties over $4m have also sold. Yet, the high end is the only place where we see inventory building up. For example in Weston as of today, 72% of the properties on the market are above $3M.

The rest of the country is not dealing with exactly what we are. In fact, there are areas where the market has softened considerably after experiencing a huge surge during the Covid years when working from home meant you could live anywhere. Cities and towns in Florida, California, Texas, and the Midwest have settled down and are not experiencing the frenzy we are seeing, as stated in this interesting article from the NY Post.

 

https://nypost.com/2024/03/08/real-estate/the-10-us-markets-where-home-prices-are-falling-the-most/

 

 

I hope you have a great weekend ahead and if you are on spring break- make it a good one! See below for my listings and some ideas for a good time near you!

 

12 Durant Road, Wellesley

$1,275,000

Click here to see 12 Durant 

 

 

11 Roanoke Road, Wellesley

$2,895,000

Click here to see 11 Roanoke Road

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

Boston Marathon

Click here for more information

 

Sheepshearing Festival

Click here for more information

The Swan Boats in Boston

Open this Weekend

Click here for more information

 

 

And...

 

In May you will find me at a gymnastics meet which is a stop on the road to the Paris Olympics and it's just in Hartford, CT! Below is a photo of my gymnastics squad!

 

Click here for more information

 

 

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
April 8, 2024

Market Update Week of 04/08/2024

This week was filled with emotion for me and my clients. There are highs and there are lows happening all the time in the real estate world, and everyone in the game is on this roller coaster.

 

Happiness comes with "victory," which is reserved right now for sellers who are getting "Holy ***" prices for their homes. That same emotion is bestowed upon the winners of bidding wars or the really bold buyers who step up early going way over the listing price to snap up a property before anyone else can. Happiness is an agent whose client gets their dream home.

This is reserved for the buyer's agents who are thrilled for their clients who got the house, but are up all night hoping that the bank appraises the property for the price their buyer paid. Worry is also reserved for agents who are concerned that someone will bid on a property before their client sees it. Worry sets in while waiting at home after submitting your bid. This can be hours that seem like days. Worry can be combatted by being proactive and tackling any obstacle the best way we can so there is a better outcome.

 

Concern sets in for people whose homes don't sell in a matter of days. They question why they are left on the market while their competition is disappearing from the active listing page. Concern is alleviated by reminding everyone that not every house sells immediately. It can take time. All properties will sell eventually; you just need a good professional to read the market for you and react accordingly. This is where part time therapist comes in.:) Concern is the buyer who fears they will never get a house. I am here to tell you that you will! People reading this who are on the other side of the process relaxing in their new living room, have a deep wisdom now and I am sure agree it really does all work out. No one's journey is the same, and the experiences along the road get us to where we need to be. I promise!

 

This is what buyers are experiencing the most. They are doing a lot of waiting these days. Waiting for a house to come on that meets their criteria, waiting to see if they offered enough. If they do come in on top in a bidding war, refer above to Happiness. If it is lost we move into, "disappointment." The ladder disappears quickly as we head back out even more determined and smarter.

 

This is an emotion some will feel unfortunately these days. It isn't long lasting and a healthy attitude coupled with the realization that looking for a house or selling one can be a marathon sometimes and not always a sprint. 

While buying a house is a huge life decision, it can also be a fun and rewarding experience. Not only do you see lovely properties along the way, you are also learning valuable lessons in finance, design, negotiation, compromise, and what makes a good deal. The thrill of the chase can be fun and I am sure we will have laughs along the way! 

 

 

Looking for something to do in the coming weeks to lift you up? How about...

The Boston Marathon

The 128th Boston Marathon is coming through many of our towns very soon! Monday April 15, 2024. 

 

 

 

Wellesley Kitchen Tour

 

While this sold out fast, if you are able to get a ticket I highly recommend you take advantage! So proud to be the official sponsor of the Wellesley Hills Junior Women's Club.

 

 

 

Earth Day Celebration at Land's Sake Farm

 

April 20th, 2024.

https://landssake.org/events/earth-day/

 

11 Roanoke Road, Wellesley

$2,895,000

Click here to see 11 Roanoke 

 

 

 Launcher Way, Wayland

$859,000

Click here to see Launcher Way

12 Durant Road, Wellesley

$1,275,000

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in Home Decor
March 29, 2024

Market Update Week of 03/29/2024

 

Wow! It is truly amazing just how revved up the real estate market seems. We are back to witnessing houses flying off the market, and in some cases, landing in a different stratosphere from where they started. Five-ten-fifteen offers per property are stacked up for most listings. I used to be able to gauge how much over asking a house will sell based on the number of bids, but even with two offers on a property the winner is paying at least ten percent over asking. It is hard to pin down pricing within this climate. 

 

All this said, I am not discouraged for my buyers, and I don't want them to be either! Strategies, preparedness, relationships, and frame of mind will help us power through this and will in turn reap success. Right now there may not be an immediate satisfaction, but each showing, offer, and pre-inspection gets us closer to the right place. I was brought to tears by my lovely buyers who recently lost out on a house, yet they told me they were popping the champagne because they were so proud to have taken that first step. Way to look at things as a glass half full! Love it!

I do think with the promise of interest rates lowering in the second half of the year will trigger a flood of new people entering the market and potentially drive prices even higher. Maybe that expectation is what's fueling buyers now to act knowing they can always refinance later.

 

Breaking it down by price range, the most robust segment is under $2M of course because there are so few houses and so many in search of their homes in that space. The high end is not sitting stagnant by any means, and well-priced homes are trading quickly with strong prices, BUT if you overprice from the beginning, the market will not reward you. You have heard me say it before, and it is still true. There are some stragglers sitting.

Only 7 of the 12 Launcher Way homes are left for sale. Here is a sneak peek of upcoming listings.

 

 

12 Durant Road, Wellesley

$1,295,000

 

 

11 Roanoke Road, Wellesley

$2,895,000

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

Our daughter Allie rode horses at Loveland Special Needs Horseback Riding for many years. It changed her life and ours. Every two years they host their biggest fundraiser which is a good old fashioned hoedown with a headlining band. This year it is the Spin Doctors. The top chefs from all over Boston attend serving their favorite dish. It is not to be missed and I would love to see you there! Here is a link with more information and how to get tickets. Thank you!

Hoedown Landing Page

Finally, for those who celebrate, wishing you a joyful Easter and a fantastic weekend ahead!

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in Home Ownership
March 22, 2024

Market Update Week of 03/22/2024

The agreement between the National Association of Realtors and the Department of Justice is something I am following closely. The main takeaways are that the Multiple Listing Service can no longer have a column that outlines what the Realtor fees will be during a transaction. As it has always been, sellers can decide if they want to offer payment to a buyer agent. I believe that most will continue to do so, but it remains to be seen. This adjustment forces an honest and open conversation on commissions and who pays the broker. Buyer agreements (contracts between buyers and their agents) will most likely become normal protocol. Sellers already sign what we call an engagement letter when listing their home. Transparency is always good and is the basis of what all successful agents should be building their brand around. Think of these changes as an added step towards authenticity in my field. In the end, I hope the goal is even stronger connections between agents and clients.

 

Despite the inaccurate headlines you are reading, my focus will remain the same: to put my clients' needs and objectives first and to deliver and execute the top-tier service that I offer. My buyers and sellers need it and depend on it to purchase or sell the largest asset that many of them own. That thirst for guidance, experience, and an expert won't go away. There is no basis for the media saying that prices are going to plummet or that an agent's skills become irrelevant. It is reckless and dangerous to report this, in my opinion.

 

In many fields, fees are negotiated, and it has been no different in residential housing. Redfin is a discount brokerage that grew its business on a competitive fee structure that was below market value. Yet, in many of the surrounding towns, only one or two houses are listed each year by Redfin. Sellers had the chance to pay less and decided not to. Ryan Serhant, a top NYC broker, wrote today, "A great service, in any industry, can be expensive- but bad service or no service, can cost a fortune."

 

I will continue to monitor the agreement and dig deep into how these changes will affect you. Some things will be beneficial to the consumer, and some may not. The most vulnerable will be first-time homebuyers who are entering uncharted territory as they embark on the buying journey. Finding a way that continues to support them is essential, and they most certainly need guidance and support since they will wade into dangerous territory if they try and buy a house alone without representation.

 

 

Change can be good and it can also be scary, but it's something I have always embraced knowing that I will tackle the uncertainty with a positive attitude and a sense of adventure. The settlement that the National Association of Realtors and Department of Justice landed on will help us all grow and evolve. Once you are through the start of a new path forward, things calm down and adjustments are made and in most cases relationships or businesses are made stronger with excellent service as the foundation that carries you to success. Don't believe everything you read in the paper. Take it from this former reporter.

 

 

 

76 Crest Road, Wellesley

$1,800,000

Click here to see 76 Crest Road 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
March 14, 2024

Market Update Week of 03/14/2024

Last week Forbes Magazine published its list of the most expensive zip codes to buy a house in the US, and Boston is ranked as the number TWO city in the country. As you can imagine swelling prices just down the pike have a rippling effect out here. Nationally all of the top ten cities are near coasts and are the usual nominees, but isn't it interesting how San Francisco is no longer on the list? 

 

Forbes Magazine List of Most Expensive Zip Codes

Source: https://www.forbes.com/home-improvement/features/most-expensive-zip-codes-us/

 

Back home stunning new highs are being fetched across all price ranges. The 5 to 10 person bidding wars are back, that's if a house even makes it on the market long enough to have that many showings. Determined buyers are bidding 10-20% over the listing price immediately to stop anyone else from having a chance at a property. As two buyers said to me this week, 'I now understand that if I want a property, I just have to go for it.' Truer words have not been spoken. An impressive number of houses went under contract in the past few weeks!

St. Patrick's Day is Sunday! Want to head out to an Irish Pub to celebrate? Here are some local picks for you to enjoy.

Dunn Gaherin's Pub of Newton

 

Brendan Behan Pub

 

Owen O'Leary's Restaurant & Brew Pub

 

Quinn's Irish Pub

 

The Burren Pub and Restaurant

Excited to bring to market two great houses near Wellesley center. Each is impressive in its own way. And our Launcher Way homes are selling quickly. Once these are gone, there will be nothing like it. Call now for a showing!

68 Crest Road, Wellesley

 

$3,295,000

Click here to see 68 Crest Road 

 

 

Launcher Way, Wayland

 

5 Sold 7 More to go!

 

$859,000

Click here to see Launcher Way

76 Crest Road, Wellesley

 

$1,749,000

 

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
March 1, 2024

Market Update Week of 03/01/2024

Expect prices to go up! It's that simple. Most new listings are receiving stunning offers, sometimes before they even hit the market. Redfin reports that year over year in January, prices were up nearly 7% nationally.

 

Does it feel like more of the same? In a way, it is, and I don't think this year will be dramatically different from what we have been seeing. There won't be a huge correction coming, that mantra needs to go away. Rates went up so quickly, and people adjusted to them. While they are flat since January (hard to believe we are already in March), analysts predict the Federal Reserve will cut interest rates in the second half of the year. What will that do? Just drive the demand even more and hopefully motivate homeowners who are enjoying their sub 3% interest rate to break free and make a move.

 

My sellers have been triumphant in selling their homes with quick sales and closing dates that work for them. What a brilliant first quarter for me, my clients, and MGS Group Real Estate.

 

170 Benvenue Street Wellesley 

$1,795,000

 

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

4 down, 8 to go for Launcher! 

 

14 Audubon Road, Wellesley

$1,649,000

 

12 Dean Road, Weston

$9,875,000

11 Winding River Circle, Wellesley

$3,195,000

 

It's almost as if there is a low-grade anxiety as the backdrop to this market. Buyers are so excited to get out there and find a house, and sellers are a little bit nervous, but also enjoying the launch of their home when the world takes notice. A property in Wayland, which was swamped during open houses, took in 8 offers by their deadline - even though at face value, it seemed a little steep in the asking price. Who knew?

 

Another classic home due to come on in the Country Club section of Wellesley was given an offer that was too good to pass up and sold off-market before it came on.

 

Now that public school vacation is behind us, the coming weeks will be littered with new listings across all towns. Let the fun begin!

 

The Belclare Unit 306

580 Washington Street, Wellesley 

$3,149,000

Click here to see The Belclare

 

6 Cottage Street, Wellesley

$2,295,000

Click here to see 6 Cottage Street

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
Feb. 16, 2024

Market Update Week of 02/16/2024

Each week, I write about all the great towns just west of Boston. Do you know the details that make up these areas? You do now!

 

Tax rates in many towns have decreased in recent years, BUT of course the sales price and in turn the assessments have gone up dramatically.

Credit to: Massachusetts Census Data and MLS

The towns above continue to be incredibly appealing to buyers from all over. The number of houses under contract is still stunning.

170 Benvenue Street Wellesley 

 

$1,795,000 

 

I am proud to share this Cape style home coming on the market next week. 

 

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

 

Only 10 left at Launcher Way. Two of the houses were sold in the first weekend. Lots of excitement around this development.

 

The Belclare Unit 306

580 Washington Street, Wellesley 

$3,249,000

Click here to see The Belclare

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group