Wellesley & Weston Real Estate News

June 23, 2021

Introducing: 2 Woodlawn Avenue, Wellesley

A lovely colonial in the heart of Wellesley Farms! This home entices you with a front porch that leads to an airy, open foyer. Tall ceilings and rich hardwoods throughout! The formal living room has a wood-burning insert fireplace and the dining room has a built-in corner cabinet - perfect for entertaining! Cooking is easy with top tier appliances, a Sub-zero fridge, Wolf dual range and Miele steam oven. A fabulous den is just the right spot for relaxing. Radiant floors in the half bath. On the second floor, the main suite has great closet space and a bath with a heated towel rack. Light floods the third level which has two more bedrooms and another full bath. Enjoy easy outdoor entertaining on your roof deck or one of the many patios accented with lush plantings and gardens. New HVAC and roof. So close to the train station, shops, restaurant, recreation center and library.
Interested in seeing this beautiful property? Contact me for a private showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, TeriAdler.com
 
June 23, 2021

Introducing: 21 Cunningham Road, Wellesley

Charming arts and crafts home set on an ended way close to Centennial Park. This one-of-a-kind property has beautiful elements throughout including rich wood trim, hardwood floors and custom details. The heart of the home is the expansive family room with soaring ceilings, custom built-ins and walls of windows. French doors lead to the exquisite gardens bursting with color. The kitchen has granite counters, a breakfast bar opening to a sunny casual dining/sitting area. There is also a convenient home office. On the second level, the luxurious main suite has a bath with a shower room, rain head and two person soaking tub. Unwind in your sitting/dressing room with handsome built-ins, and a walk-in closet which leads to an oversized bedroom. There are three additional family bedrooms and a bath. You'll appreciate the comforts of air conditioning and a heated garage. Walk to shops and restaurants from this lovely neighborhood in one of the best commuter locations.
Interested in seeing this beautiful property? Contact me for a private showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, TeriAdler.com

 

June 23, 2021

Introducing: 17 Shirley Road, Wellesley

Picture perfect center entrance Colonial set in a favorite family neighborhood! The outstanding floor plan includes a beautifully designed kitchen with a center island and generous eat-in area. The adjacent family room has tall ceilings and plenty of room to relax. There is a formal dining room and a living room with fireplace and custom built-ins. A convenient mudroom has cubbies to help keep your family organized. Upstairs, there are four spacious bedrooms including a main suite with a cathedral ceiling, ample closet space and bath. The lower level has an ideal playroom plus bonus space. The yard is a level, grassy and private oasis. All this plus a generous two-car garage, central air and updated systems. A rare and wonderful find in this market.
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, TeriAdler.com
June 17, 2021

Market Update - Week of 6/14/2021

After looking at the number of homes sold in our area, it is evident that the demand for houses is still incredibly high, and inventory remains scarce. I continue to be amazed by statistics in Wayland, which has literally 4 houses for sale. Having grown up in Wayland, I understand the demand; it is a wonderful town with great schools and a true sense of community. It was about time for the secret to get out!
As we all now know, the economy is in overdrive in many sectors. My prediction is that this will cause somewhat of a cooling down period in real estate, especially as we head into fall. National analysts seem to be in agreement with my analysis. Buyers will be taking a much-needed break vacationing and won’t be solely focused on their living and working spaces. There is a noticeable local rush to get houses on the market before the July 4th weekend. Personally, we have three great listings coming on next week that I know will help fill the appetite of three lucky buyers! More to come on those.
This video presents a nice snapshot of the economy on many different fronts and is worth watching.
Also, we have an intriguing follow up on last week's blog regarding lumber. Since I wrote that piece, prices have come down considerably. They are still higher than average, but there has been a noticeable correction in cost. It's amazing how these conditions can turn so quickly!
That being said, there is still a serious national shortage of homes, and the lack of new construction is partly to blame. It is clear that higher building costs have significantly impacted this shortage, but I believe another key factor is the impact local zoning has on builders. Long before Covid, restrictions imposed by town boards which included limiting size and historic designations have hampered builders from creating multi-family projects, townhomes, affordable housing, and not to mention, single family homes. The lack of new builds has been growing for a decade and the pandemic only added to the problem.
On a positive note, this was an exciting week for me. As seen in the Wall Street Journal, I was ranked 9th in Massachusetts by sales volume in the small team category. It is an honor to be named in my father's favorite newspaper! :)
Have a great week! 
 
June 9, 2021

Market Update - Week of 6/7/2021

While having some work done on my house, it inspired me to dig even deeper into what builders and consumers are currently facing with incredibly high lumber prices.
An executive in the lumber industry told CNBC they are advising their customers to actually hold off on projects in anticipation of some relief in prices in the next 6 to 12 months, although even in the next year or so prices will be well above what builders were paying pre-covid. The reason is simple - demand. People are taking on home projects, and there are many more of them due to the rush of homeowners flocking from cities to the suburbs. According to a report from CBS news, "Framing lumber was priced at $1200 per thousand board feet as of late April, a 250% increase from a year ago when the price was $350.00". Wow! That was from an analysis from the National Association of Home Builders. For house hunters, that adds an average of $36,000 nationally to the price of a home. Of course, the larger homes in our area would see an even higher increase.
Couple that with the tough time contractors are having in finding construction crews, and you get a delay in existing projects as well as a decrease in new home starts. Buyers are somewhat impatient now and want to move immediately, so they aren't happy with a timeline that has them waiting months for their new home. Yet interestingly enough, we have set some mid-fall deadlines for our listings and the market has responded well. Buyers are willing to endure short-term discomfort for long-term gain. Such a valuable investment, like a home for you and your family, is worth the wait!
Last weekend my daughter Allie graduated from a program housed at Medway High School. Medway is a wonderful town, and it was a warm and impressive graduation. The superintendent spoke about how during the pandemic he was afraid to open parent emails, because as you can imagine, everyone had something to say. However, one couple sent a note thanking him for his hard work and offered him gratitude. That one surprise email motivated him to move forward. It was a heartwarming message and just a quick reminder to pause once in a while and thank the people who come together to create our "village". Well done! 
Stay tuned for new listings we have coming up, and stay cool...summer is almost here!!
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June 4, 2021

Market Update - Week of 5/31/21

I am writing this after a weekend getaway in sunny Florida where the stars aligned, and my family and I were able to relax while basking in the warm sun! Reports of cold and rainy weather here in Boston had us high-fiving for our ingenious plan to head to the land of sunshine each Memorial Day. At the same time, we felt twinges of guilt as you all braved the crazy rain and cold. Besides the weather, another highlight was having Derek Jeter and Mark Wahlberg at our resort- especially for Allie, who loves celebrities. Let's just say the Adler-Lazzarino family loves a good celebrity sighting!
 
And while I was venturing south, clients who have been putting off their moves out of Massachusetts for more than a year now decided to take the plunge, and fly to the mid-west and southern parts of the country to find their next homes. They are vaccinated and feeling more at ease with jumping into this next chapter of their lives. When they find their new homes, in turn their houses here will come on the market; this pattern will then bring more inventory, and I truly believe the lack of available housing will ease up. There are 29 houses on in Wellesley as I write this, which is more than we have seen in past weeks.
A lot of people are asking if I think things will slow down as we approach summer. Personally, I am not seeing any signs of that. In fact, we are gearing up to put many houses on the market, and I know our colleagues are equally as busy. The typical slower summer market may be a thing of the past for now. I anticipate a busy June, July, and August for the reason mentioned above. As well, relocation clients from other parts of the country will descend on Boston this summer looking for a home to buy or rent just as they have done in past years.
 
Rents as well as purchase prices have gone up considerably. A lot of people are moving to new areas and want to get to know the place before settling down. Much like houses, there is a shortage of rentals. With such strong demand, rental prices have inched up too. People are hoping that if they put off buying for one year, the prices and demand may settle when they want to jump in. Of course, it's impossible to predict if that scenario will work out.
Have a great week and see you back here with another update!
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May 28, 2021

Happy Memorial Day

In memory of our heroes and in honor of our active service members and veterans, thank you for your service and your sacrifice. Wishing you a beautiful Memorial Day.
Posted in All Posts, Other
May 27, 2021

Market Update - Week of 5/24/21

A client asked me if there were any new construction homes for them to see as we headed out today. I had to think about that one. Typically, I can run through a handful of homes being built throughout Wellesley, Weston, and the surrounding area--but this time, I couldn't think of one in their price range. The reason is that like every other buyer, builders are also having a hard time finding tear downs. We don't have readily available land without structures on it, so they are shopping for homes that can be demolished to make way for a new construction home. In a bidding war, builders can lose out too. They are giving it their best shot though, paying unheard of prices for the land.
 
That's not the only problem that builders are facing. Rising costs of materials and delays in getting them delivered is also hampering their progress. In addition, finding additional workers to help is a problem in construction because the demand is so high and many workers have been hesitant to return after continuing to receive generous unemployment benefits. Builders, plumbers, and electricians are so slammed that it's hard to schedule them on a timeline.
All of this has its toll on the consumers, too. If you have a new construction home under agreement, closing dates are frequently delayed. I know that first hand, and have seen dates being pushed out months at a time as builders wait for lumber and other critical materials to arrive on site. In turn, a consumer has to extend their rate with a bank to hold onto the property. Fortunately, home prices keep rising so they get that benefit of locking in a buying price early, but that equity only comes out if you are selling. It's certainly a frustrating situation all around.
I wanted to share a Wall Street Journal article that was recently published on rising home prices. According to the article, while builders are trying to increase production, it could take years to make a dent in the housing shortage. That same article also took a look at prices of homes overall in the country. "The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 13.2% in the year that ended in March, up from a 12% annual rate the prior month. March marked the highest annual rate of price growth since December 2005."
Now is of course a great time to take advantage of this sellers’ market if you’re considering listing. I must say though, I always find it so interesting that there are still houses on the market that have been sitting there for some time. At the end of the day, the market is still savvy enough to know when a property is overpriced. So remember, pricing well and not feeding into a greedy mindset is a wise idea. You will come out better in the end--trust me, I see it time and time again. Buyer's aren't so desperate that they'll spend a premium of more than 20% out of the gate. The market is as strong as ever...and in the end, the market is greater than us all.
 
I hope everyone has a safe and happy Memorial Day Weekend. I am off to Florida with my family this weekend, which is a beloved family tradition of ours. Since we had to cancel our plans last year, there is a lot of excitement in our house!
 
Until next week... :)
May 21, 2021

Introducing: 45 Oakland Street, Wellesley

45 Oakland
Mid-century modern home with wonderful detail and design. This open concept home has expansive windows that bring in gorgeous natural light. The sparkling, eat-in kitchen is newly renovated with granite counters and stainless appliances and has a wonderful center island for casual meals. The adjacent great room has soaring ceilings and a floor-to-ceiling fireplace. The bathrooms are also newly updated. The walk-out lower level provides flexible space as an office, au pair accommodations or playroom. The incredible outdoor space can be enjoyed from a wrap-around porch that overlooks the grounds. There is even a new heating system! This home sits on a conforming lot and has expansion potential. It is set in a convenient spot for commuting. A one of a kind property that is not to be missed!
Interested in seeing this beautiful property? Contact me for a private and covid-safe showing at 617.306.3642.
To stay in the loop on all things real estate, be sure to sign up on my website, TeriAdler.com
May 20, 2021

Market Update - Week of 5/17/21

What a busy week it’s been. I rushed to put new properties on the market with the help of our sellers. For Realtors, listings are of course critical to feed buyers’ hungry appetites for a new home. These days, hearing about a new listing takes me back to my television days and a “BREAKING NEWS” live shot. I loved the adrenaline rush that comes with a breaking news story, and the same feeling also comes with a well-priced home. It's wonderful to see buyers connect with a house that we’ve worked so hard to showcase. Always a pleasure to be busy with showings!
I was helping a new buyer last night, and during our conversation, I realized that the key word summing up the bidding process (and my job right now) is producing a "strategy." It's not as easy these days as putting in an offer and hoping it sticks. There is a strategy to writing that offer, deposits, inspections. Pricing correctly requires strategic thought as well. I won't share all my secrets here, but since January, those strategies we’ve used have landed several of my buyers a win in a bidding war and helped my sellers get the best terms and price for their home. These strategies have been refined over time and are effective. 
I am so happy rates are still dramatically low for buyers and those looking to refinance. I encourage everyone to take advantage of this opportunity that offers greater buying power despite the higher prices.
This week, I expect to see a lot of new properties hit the market the week before Memorial Day starts. Most likely, next week will be slower--especially if the weather in Massachusetts stays so warm and summer-like!
Moving on to my love of design, everywhere I turn on the internet and social media is this article about Ashton Kutcher and Mila Kunis's house. The contemporary farmhouse is such a popular trend and I think they captured it beautifully. Definitely worth checking out--enjoy the article!