Wednesday is such a fun day here in Metro West. It's when the Realtors hit send on their computers and release their new listings on MLS. The post is then blasted into the universe for us all to see! Phones and computers all over the world receive alerts that a new property is for sale. After days of wishing for many new listings to come on, buyers have another chance (or not if things didn't pop in their price range) to land a house. The last few weeks were somewhat encouraging, as a good number of homes were introduced. Most were north of $1.5M; price range is critical when examining the market.
For example, in the towns of Wellesley and Weston, inventory is slightly building up in the higher price range. As I am writing this, 44% of the inventory in Wellesley is above $3M, and in Weston 60% of the inventory is above $3M.
That is more houses than we have seen sitting in a long time. Of course, there are less buyers in that range, and they traditionally take longer to sell. However, compared to three years ago the overall number is still low. 
Meanwhile, properties under $3M tend to be scooped up in a weekend with multiple offers. Last week's listing at $1,875,000 had nearly a dozen offers, as did other homes for sale in town. Almost all went over asking by at least 10%, and many higher than that.
The buzz this coming week will be about interest rates. According to, "All this comes as the Federal Reserve is expected to raise interest rates next week and to give its outlook for the rest of the year. This has the potential to send mortgage rates even higher than the 3.85% that Freddie Mac reported as the average this week for 30-year, fixed-rate loans".
Let's remember that rate is still lower than just a few years ago, and the adjustable rate is still enticing and in the 2%'s. If you are budgeting, and inflation is eating into your checkbook, then a higher rate could make a difference. We have not seen the effect of rates slowing down the pace just yet, but it is something I am watching closely. The fear among economists is that if the government raises rates too quickly, it could send the economy into a recession. It's a delicate balance to maintain right now.
I wanted to share two beauties that are currently on the market! 30 Cliff Road which is a special property with a bright and stylish vibe that blends effortlessly with classic details and charm. The carriage house is a must see! Check it out. 
115 Great Plain Avenue is a young colonial that you can move right into, and has an incredible pool for those summer months. Twenty groups strolled through the open house there yesterday! 
I know that buyers have fatigue. I see it in their faces, and hear it in their voices. But you can win a house in a bidding war! My strategy in multiple offers has benefited buyers who thought it was impossible. Being decisive, prepared, and aggressive is key. Put your best foot forward in an offer scenario and don't mess around. 
Have a great week as always!