Happy New Year! Is it too late in the month to say that? Perhaps, but it's the first blog of 2023 so it's the start of the new year for us! 

Let's get right to it! For this blog, I am tuning out all the negative articles about a dramatic downturn in real estate to write about work this past weekend. It was a busy one in the residential real estate world with bidding wars all around. 

Take Wellesley for example last week where 8 properties went under agreement. Six of them were new, and two had been on the market for a few months and still got close to their asking price. The price range of these now under agreement properties range from $1M to $5M. 

 

This activity seems to prove that the slower-paced fall market was a shift back to a typical pre-pandemic second selling season. This is traditionally a better time to be a buyer, since there are fewer people to compete against. The seller's market is in the early spring - when people are gearing up to be closed by late spring. That's how it's been for decades. Below are this week's numbers.

My number two takeaway is that buyers are resilient and they adapt. My client happily exclaimed to me, "We got 4.7% on a 7 year ARM!" Yes, mortgage rates have come down. One year ago 4.7% would have frightened us all, now it's a deal. Rates have inched down in recent weeks. An adjustable rate continues to be your most cost effective product.

Rates provided by Leader Bank

Open houses felt like spontaneous parties, with lines of cars on both sides of the street. People seemed giddy and excited to be out touring properties after the long holiday break. The message to sellers is this, there still aren't enough houses to satisfy the demand of buyers here! It doesn't seem that you missed the window to fetch a great price on your home - now is the time to list. You can most likely still build wealth through the sale of your home (if you didn't buy in the last year)!

On Wednesday we launched two fabulous and stylish properties. A townhome in Newton and a single family house in Wellesley set on the Brook Path. It's great to be back at work, and I will keep you updated on every twist and turn this market takes!

11 Vane Street, Wellesley

33A Wesley Street U1, Newton

Take a deep breath- 2023 is here and we are going to do it all over again!

I'm always available and more than happy to provide an analysis for you! Email me at teri@teriadler.com or call at 617-306-3642 to schedule a meeting.