Hello to All,
 
I hope you had a fantastic week and were able to take advantage of the sun over the last few days. That was a gift for sure. 
 
Lots of interesting developments in the real estate market. Each day more and more houses continue to come on the market and if the buyers like what they see, the property goes under agreement quickly. We are not necessarily seeing bidding wars, but one solid offer does the trick. The two properties in Weston that went under agreement in the last week were 9 Newton Street for $1,249,000 and 576 North Avenue for $4.2M. (this was an 8 acre parcel of land.)Wellesley continues to be brisk since 5 houses had accepted offers. Some of the new inventory this week are properties that had been on the market before the shutdown and were reintroduced- those sellers now must see it as a safer market to come back to. Also an encouraging sign is that nationally mortgage applications for new purchases were up 12% in the past week. 
Over the weekend my phone was active with texts from clients about an article in the Boston Globe that stated many people are fleeing the city for suburban life. This of course, is what I have been observing all along and it made national news by the weekend. My guess, is that it's a trend we will see for a while.
 
We are busy and the pace of the market is brisk. However, I am starting to see a disconnect between buyers and sellers as they navigate the process. Buyers are very cautious in terms of price, inspections and wording of contracts. Sellers are not quite used to these complex emotions coming from buyers since it has been a sellers' market for so long. With the two parties seeing the process differently it can be difficult. As I have mentioned before, we are finding we need to work together and both sides need to be flexible to come up with resolutions that feel good to everyone. When the market settles and the world is more stable one way or another, I expect that both buyers and sellers will start understanding each other's position a bit better. 
Have a great week! Stay well and be healthy.
 
Best,
Teri
 
 
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
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Teri Adler Group | 555 Washington Street, Wellesley, MA 02482
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