Hello to everyone,
I hope this update finds you well. This week, as the real estate game keeps changing daily, I have found myself reflecting on so much. As always, we have compiled the weekly numbers for you to check out.
Inventory keeps shrinking. It is the result of a handful of sales, houses withdrawing from the market and the lack of new homes being released to the market. With so few properties for sale, I do not foresee a huge correction in housing being inevitable. While the number of buyers may be lower at this time, so are the houses available for them to buy. Serious buyers are out because they need a place to go- their lease may be up, their job situation is changing or they desire to move to the suburbs from the city.
I am pleased to report one of the sales in Wellesley over the past week was our beautiful new listing at 30 Tanglewood Road that was listed for $3,395,000. It is great to see the high-end segment of the market active. Last week, 90 Monadnock Road (listed for $3,850,000) also went under agreement after being on the market for many months. This past week in Weston it was not new listings that went under contract, but rather houses that had been on for some time. The range of sales in Weston was just below $1M to a high of $1,450,000.
As I write this I am coming off a very busy few days. I had showings at our listings and have more scheduled for tomorrow. We had a nice price reduction at our new construction property at 3 Peck Avenue and that lower price has spurred interest. This tells me that people are paying attention and watching the market while they are staying home.
Banks have shifted this week. You may have heard JP Morgan Chase is raising its borrowing standards for mortgages; requiring a credit score of at least 700 and a 20% down payment for new mortgages. Last week Wells Fargo raised the minimum credit score to 720. Banks are trying to protect themselves from risky borrowers. While there is a tightening up on guidelines to lending, this is being done while rates are historically low.
All that said, we are getting it done! We have another incredible listing coming on this weekend and I look forward to reporting back on its progress. In the meantime, reach out with any questions you have and above all else stay well!
Teri Adler, MBA
Pinnacle Residential Properties