This week's blog is the tale of my client Lynne. She's a fantastic woman and an incredible mom who is trying to help her daughter buy a home in Framingham. Sounds like an easy task, right? Their parameters are not unrealistic and quite in line with what seems reasonable for this area. 
  • Priced between $650,000-$850,000
  • All style homes- Ranch, Colonial, Split Levels
  • All Cash
  • No contingencies 
  • Flexible Close 

The problem is they are getting outbid each time if they have the chance to put in an offer. Realtors are promising an offer deadline days out and then their sellers are changing their minds and accepting offers that are 10-15% higher than the ask before the deadline approaches- following any set of rules set forward by the agents doesn't work.

So when you ask me how the market is out here, this is what I will tell you! For some buyers it's a wave that just keeps knocking you down time and time again. Framingham is even crazier than other towns closer to Boston such as Weston and Wellesley where the price ranges are higher and less affordable for a large pool of people. In the affluent towns more properties are lingering each week or two after they are launched on the MLS. (This could be a sign of summer too) About a third of the inventory in the Newton-Wellesley area is under $2M and the rest is north of $2M. A top heavy market is building.

This trend is the problem across the country as was recently reported by the National Association of Realtors by Inman, which is real estate news for brokers. There just aren't enough houses that people can afford. "The report notes that there were about 1.1 million homes available for sale at the end of April, up 5 percent from a year ago. If the market were balanced, nearly 51 percent of households earning $75,000 or less would be able to afford to buy 51 percent of the homes available for sale. But those households can currently only afford 23 percent of listings now, whereas five years ago, they could afford to buy half of all listings, according to the report."

 

In other news I want to give a special welcome to my new assistant Ava! After living in New York City she moved back home to Wellesley to pursue her goal of becoming an agent. Myself and MGS group are so excited to have her on board!! 

Stay Tuned - I will be selling a new development in Wayland called Launcher Way! I could not be more excited! 12 Newly renovated ranch style homes set in a beautiful neighborhood. What an opportunity for people to have a stylish, updated home for under $1M!!! Details coming soon! 

Finally, I want to say congratulations to my daughter Anna who graduated last week from high school and is off to the University of Virginia! I am such a proud Mom I had to share this great news. Our first to go to college- Wow!!

 

Have a great week! Last week of school for the younger ones!

 

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.