|
I am BACK! After a summer hiatus from the blog, its time to get back to educating you on all things real estate.
|
|
|
Breaking News- The Federal Reserve lowered rates by 50BPS which was much more than predicted. Their reasoning was actually based on positive indicators. Since the economy is in a good place, Federal Reserve chair Jerome Powell revealed they are making these moves to keep things in a healthy state! The labor market is in good shape and Powell is committed to coming off the higher level rates by inching down to a more manageable space. Pay attention everyone because if you locked-in between 7-8% percent it may be time to refinance soon. For buyers, rates that are in the 5's offer you a lot more purchasing power. It will also entice people on the sidelines to jump in and buy, which creates a greater level of competition for houses and could drive prices even higher. A more palatable lending environment and some growing inventory could be a winning combination that offers a great opportunity for those shopping for their next home right now.
|
|
|
Speaking of inventory levels in Metro West, they are higher than we have seen in many years. More houses are for sale for longer periods of time- on average about 3X more is available per town compared to the height of the dramatic COVID real estate boom. But we do need some prospective. If you were to reflect over the last two decades, we still have very little for sale. In the mid 2010's when I started in this business- we had upwards of 150 houses on the market at the same time in Wellesley, and in Weston about 90 was the norm . There is also a seasonal effect to all of this since the last quarter is not as robust a selling season as first and second quarters. Here is more good news though, checking in with colleagues across the country, the Northeast has one of the healthiest real estate markets with hungry buyers. Other parts of the US have stalled much more.
|
|
|
Buyer Agreements
It's been just more than a month now since a protocol was put in place that says buyer's agents are mandated to have their clients sign agreements before they head out to see properties. Sellers have always signed contracts, and now when you work with a buyer's agent, you are required sign on the dotted line too to define the relationship and compensation. It's a different way of doing business, but so far, buyers have been thoughtful and receptive, and it's nice to have open and honest conversations about the value that real estate agents bring. The good news for buyers is that nearly all sellers that I have encountered are still offering compensation to the agents from the proceeds, they know that this way the process is easy and seamless for all. It's the best marketing dollars the seller can spend— No barrier to entry makes for a more lucrative and smooth deal for the homeowner.
|
|
|
Activities
Please join me for apple picking at Lookout Farm on Sunday September 29, 2024, from 10 AM to 2 PM. Send an email to let me know you can join. Donuts and apple cider will be served. Hope you can come!
|
|
|
Bates Pumpkin Fair
Saturday, October 5 @ 12:00 pm - 4:00 pm
116 Elmwood Road Wellesley
|
|
|
200 Pond Road
Wellesley
$8,900,000
|
|
|
Only Two Left!
Launcher Way
Wayland
$859,000
|
|
|
Off Market
33 Royalston Road
Wellesley
$6,750,000
|
|
|
|
