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.
 
Facebook  Instagram