I am having a pity party! It feels like a real estate hangover since the other night my darling buyers REALLY stepped up for a house they wanted and didn't get it.

There were 17 offers on this lovely Wellesley home and our offer was 17% over the asking price (the number 17 coming up twice was a coincidence). However, I don't suggest playing that number, because sadly we didn't get the house. We came in second in that race, and in the game of real estate that doesn't take the prize.

Waves of emotion that bottled up from the last few years all came rushing back - my frustration for buyers and the intense excitement for sellers is playing out again. It runs strong on both ends.

The frenzy around houses is the talk amongst agents all around the country. Predictions of a slower, more balanced market in 2023 don't seem to be coming true. Instead, (not to gloat) as I predicted all last year, the demand right now seems just as strong as last spring and inventory is pretty tight up to the $3 million range. When a new home hits the market, within days agents are reporting dozens and dozens of showings and ultimately bidding wars. As I wrote last week though, I think the range to watch is the high end luxury home segment. For the second week in Weston and Wellesley more than half of the homes for sale are priced north of $3M. If I look back at the crash in 2009 (which I don't like to do), that was the segment of the market which was most affected by the downturn, with prices adjusting down between 30%-40%. I actually don't see that happening drastically now, but the build up is real at this point. Hopefully come the peak of our market in March-April the inventory will become more varied.


As you can see below there just aren't a lot of houses out there to buy right now.

It's early in the season and we are expecting frigid cold temperatures, so most likely with the tulips and daffodils comes a robust selling season with more and more houses for sale. Anxious buyers and competitive real estate agents don't enjoy slower periods, even though we know it will pick up. Patience is a virtue they say, and so we wait.

Here in Massachusetts we were thrilled to learn that more and more companies are deciding to relocate their headquarters here. The latest is LEGO Brand, and that news can't help but bring a smile to your face. The more diverse our economic base is in Massachusetts, the better off we are as a whole! The varied fields that call Boston home is the secret sauce that keeps our local economy balanced and more stable.

Have an amazing weekend and stay warm if you are local!!

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.