I felt like jumping for joy last week! Last Wednesday in Wellesley and Weston, 12 listings hit the market at the same time. It felt so good to make the call to buyers that we finally had some properties to tour! As you can imagine the scene in each house was hectic, with streams of people crossing paths in hallways and brokers trailing behind.
I took this photo of a traffic jam in front of an open house at a cute home in Wellesley priced at $1,075,000. Of course it was caused by the attendees at the open house and inspectors in tow conducting pre-inspections. The small ended street was a parking lot with cars stuck and unable to go in any direction.
By the end of the weekend, almost all but 2 of the Wellesley homes went under agreement. And of course, there is talk of the incredible price tags that it took to claim victory in bidding wars. One property was rumored to go 18% over asking.
I spent a good amount of time on the phone today with agents in the San Francisco market, connecting them to a client who is moving out west. One of the agents I spoke with had to call me back because she was presenting an offer for her buyer that was 50% over the asking price with no contingencies (of course). She had seen some houses sell 100% over the asking price in the San Fran suburbs. I still find this just stunning, when you think we would be used to this frenzy by now!
Realtor.com just released a list of the highest benefitting markets in the country. Check out #1, which is in New England - Manchester, NH. I lived in Manchester and met my husband in Manch-Vegas as they jokingly called it. Here is what this tells you - that in this hot market, it's going to be these "secondary markets" that benefit the most from the low inventory and buying rush. Major metro centers will always be in demand as will blue chip towns, but as people realize they are out-priced in those areas or can't even find a house, they will move further out, even to a different state to get what they are looking for. Their criteria may change as the quest for a house takes priority over big details like location. For example, a longer commute won't seem as big an objection as it once did if a buyer is finally able to snag a home after looking for weeks or months with no luck.
I do have some exciting news in Wellesley. I spoke with a landlord today who owns many of the commercial buildings on Central Street, and he is really excited about the new restaurants and shops coming our way. From sushi to Southwestern cuisine to pizza, we will now have even more choices to dine. And in Linden Square they've announced new restaurants including Karma, Oath Pizza, and Tatte. Something to look forward to for sure!
I am off to California with my family this week to visit with my parents and extended family. Lucky us, the weather is warm and sunny! This will be a great recharge to get ready for March - when I promise there are going to be many beautiful houses to showcase!
Have a great week!!