A Bloomberg business reporter called me this week for an article he is writing about what we are seeing in the suburbs west of Boston. Fresh off of another round of bidding wars with buyers, I had a lot to say! It feels like the wild west - houses being scooped up as quickly as sellers and listing brokers will allow them to be captured. Two of the homes I sold last week never even made it to MLS - those are lucky buyers who didn't have to battle for a win! That said, I am having a hard time pinning down where we go from here. Here are last week's inventory numbers.

Nationally, the picture is a little more complex. Rentals seem a bit soft, and in other parts of the country houses are certainly trading, but according to my colleagues in other states, they're not receiving the amount of offers we are experiencing here. The media outlets report layoffs daily at major corporations and vendors are telling me that some of their customers are holding off on big design or building projects. Perhaps the power of our area and influx of people moving here is a tribute to this great place we call home. :) 

Additionally, rates spiked up again towards 7% - inflation hasn't retreated as much as the government had hoped. I am thankful for my amazing group of mortgage brokers who are creative and still offer some low pricing to help clients achieve their dream of home ownership. Always happy to share contacts with you if that helps! Just respond to this email.

The luxury end of our market ($3.5M+) is also in a good place. While weeks ago the inventory looked like it was becoming top heavy, existing listings are now going under contract daily, including two $10M homes in Weston and Wellesley. Four people were bidding on a property priced at $3,695,000 that was new to market and it will land close to $4M! (After I wrote this, a second home with the same price tag also went with multiple offers). I sold that same property which has not had any capital improvements since I listed it in 2016 for $2,775,000. It has gone up more than 25% in 7 years!! A nice investment.

My message to anyone even thinking of selling in the near future is:

why not do it now? This crazy seller's market can't last forever, and to maximize your profit we know the best time is now.

I am excited about the weeks to come. On Thursday, dozens of houses came on for buyers in an array of price ranges and different towns. If this trend continues that will bring more choice to clients coupled with a healthy sales price for sellers. Welcome to the Spring Market everyone!! 

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.