While out shopping last week I spotted a man in a T-shirt that said “Resilience 2020.” I was so struck by the shirt. The definition of resilience is to be “able to withstand or recover quickly from difficult conditions”, and we have needed this trait so much in the last few years. We have had to rely on resilience to overcome so much uncertainty and change. 

Sadly, we have seen that it’s been easier for some to muster the strength to be resilient more than others.

To personify the real estate market, it also has shown resilience. Despite the pandemic, an economy twisting and turning, rising interest rates, and a struggling stock market, the housing market has been quite resilient. It keeps on challenging buyers and pleasing sellers.

All of this to say that the real estate market continues to have strength, even with constantly changing conditions. How do I know? Look at the statistics below showing the number of houses that went under contract last week. And yes, those houses will trade for a significant percentage more than their listing price. Inventory overall has increased in some towns, especially Wayland where we were seeing only two houses on at one time.

 This shows us that buyers continue to be resilient too. Even if they've lost out on houses in the past, they are still in the game with a determination to win. In my opinion, I commend sellers thus far for not getting greedy and pricing their homes reasonably, so that buyers still see value. Don’t get me wrong, there are some homes that missed the mark and are sitting. In that situation this offers an opportunity for buyers to negotiate a property down and get a house. I have done that successfully in recent days for two clients!

My thoughts above don’t mean we aren’t in somewhat of a cooling period. Realtors across the nation are reporting that while they are still reaching historically high selling prices, in recent weeks the number of bids presented on properties in general is significantly less than just a few months ago. Instead of 10-12 offers on a property, agents are seeing two or three savvy, educated buyers who are stepping up and offering a lot of money and clean terms to get the job done. A much more efficient process.

The Wall Street Journal is reporting that in April, sales dropped and “fell to their weakest pace in nearly two years.” In that same article it says that “prices rose 14.8% from a year earlier.” Interest rates are having a slight effect perhaps, but this chart should keep it in perspective where they stand historically.

 

Finally, this week my colleague Maggie Gold Seelig and I introduced this exceptional property at 91 Dean Road in Weston. Designed by architect Patrick Ahearn, this stunning home is not to be missed.

 

After Memorial Day I will be releasing another stunning listing on Carisbrooke Road in Wellesley - a chance to live on one of the most sought after roads! Also in Wellesley we will introduce a charming mid century modern home that is incredibly warm and inviting. 

 

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.

Have a great week!