In the last few weeks I have been back and forth to North Carolina and South Carolina. I've talked to agents all over the country, and everyone's story when it comes to real estate is just a little bit different.

When I compare what is happening in Boston with the south or out west, it seems we are in a much more stable real estate climate. This comes as no surprise since financial stability is what we are proudest of here, right? We live in an area with various strong industries and good education, and people from all over the world want to live here. That varied job pool helps keep us moving forward since we aren't depending on just one field.

When you break down the number of home sales in the last few weeks, it's good news. People are still putting properties under agreement and we are NOT seeing a substantial decline in prices. You really need to hone in on your specific region and price range before telling the story - check out the statistics below for a Metro West snapshot.

 

 

 

 

 

 

 

 

 

 

Here is a closer look into Wellesley market movement by price range over the last 2 weeks, which also indicates what is happening in neighboring towns.

The problem we are seeing is that consumers are reading the broader headlines that promote doom and gloom in the real estate market. As a result, buyers are bidding on houses and trying to get a discount while sellers just aren't there yet.  In many cases, those sellers don't have to be accepting because they can or will get their price, even if they wait. It's a fine balancing act and one that's tough to pin down even for seasoned agents who do this every day!! This disconnect between both sides of a deal can be stressful, along with monitoring the rates.

What has become clear is that first time homebuyers are the ones who are hit hardest by the shift in the market. Prices are still relatively high, inventory is still low, and interest rates are higher than they were at the beginning of the year which increases their payments by hundreds and hundreds of dollars. There will be a time that they can refinance and get that mortgage payment down, but it's hard to grasp exactly when that will be, even though experts think it could be as soon as the end of next year.

The stock market reacted favorably to the new inflation numbers that seemed to be settling down, and this triggered interest rates to dip down into the mid 6%'s. Some welcome news!

We are now heading into the holiday season in full force and traditionally that's not a strong home selling season so I expect things to be slower compared to last year's craziness in December with nearly 20 offers on properties. I am going to try and relax and enjoy the lower pace knowing it will all start over again after the new year when our "spring" market really starts in earnest at the end of January! 

Are you curious about what your house is worth in this market? 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.