Wellesley & Weston Real Estate News

March 1, 2024

Market Update Week of 03/01/2024

Expect prices to go up! It's that simple. Most new listings are receiving stunning offers, sometimes before they even hit the market. Redfin reports that year over year in January, prices were up nearly 7% nationally.

 

Does it feel like more of the same? In a way, it is, and I don't think this year will be dramatically different from what we have been seeing. There won't be a huge correction coming, that mantra needs to go away. Rates went up so quickly, and people adjusted to them. While they are flat since January (hard to believe we are already in March), analysts predict the Federal Reserve will cut interest rates in the second half of the year. What will that do? Just drive the demand even more and hopefully motivate homeowners who are enjoying their sub 3% interest rate to break free and make a move.

 

My sellers have been triumphant in selling their homes with quick sales and closing dates that work for them. What a brilliant first quarter for me, my clients, and MGS Group Real Estate.

 

170 Benvenue Street Wellesley 

$1,795,000

 

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

4 down, 8 to go for Launcher! 

 

14 Audubon Road, Wellesley

$1,649,000

 

12 Dean Road, Weston

$9,875,000

11 Winding River Circle, Wellesley

$3,195,000

 

It's almost as if there is a low-grade anxiety as the backdrop to this market. Buyers are so excited to get out there and find a house, and sellers are a little bit nervous, but also enjoying the launch of their home when the world takes notice. A property in Wayland, which was swamped during open houses, took in 8 offers by their deadline - even though at face value, it seemed a little steep in the asking price. Who knew?

 

Another classic home due to come on in the Country Club section of Wellesley was given an offer that was too good to pass up and sold off-market before it came on.

 

Now that public school vacation is behind us, the coming weeks will be littered with new listings across all towns. Let the fun begin!

 

The Belclare Unit 306

580 Washington Street, Wellesley 

$3,149,000

Click here to see The Belclare

 

6 Cottage Street, Wellesley

$2,295,000

Click here to see 6 Cottage Street

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
Feb. 16, 2024

Market Update Week of 02/16/2024

Each week, I write about all the great towns just west of Boston. Do you know the details that make up these areas? You do now!

 

Tax rates in many towns have decreased in recent years, BUT of course the sales price and in turn the assessments have gone up dramatically.

Credit to: Massachusetts Census Data and MLS

The towns above continue to be incredibly appealing to buyers from all over. The number of houses under contract is still stunning.

170 Benvenue Street Wellesley 

 

$1,795,000 

 

I am proud to share this Cape style home coming on the market next week. 

 

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

 

Only 10 left at Launcher Way. Two of the houses were sold in the first weekend. Lots of excitement around this development.

 

The Belclare Unit 306

580 Washington Street, Wellesley 

$3,249,000

Click here to see The Belclare

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
Feb. 9, 2024

Market Update Week of 02/09/2024

This week, I thought it would be interesting to outline some of the tax benefits that come with owning real estate. Investing in real estate, in my opinion, is one of the best ways to build wealth. Not only are you saving on taxes, but you are also generating income and building equity the longer you hold onto a property. Here are really simple explanations of important tax-saving tools. This will get you started in understanding these options, but check in with your accountant for more details.

Simply put, a 1031 exchange allows you to defer paying capital gains taxes on a property that you are selling. Capital gains are taxes imposed on the profit when you sell an investment. With a 1031 exchange, you can reinvest the profits from a property sale into another similar property that is the same price or greater. You have a certain amount of time to do that. It's an amazing tool and one worth exploring. It can't be used on your primary home most times.

This offers significant savings on your property taxes, giving Massachusetts homeowners the chance to reduce their taxes in exchange for letting their land be used for public benefits, such as:

There is a minimum acreage requirement that must be met to qualify for the tax savings. For example, a dedication of at least 10 acres is necessary if you intend to use your land for growing Christmas trees or harvesting forest products. Some owners choose to lease out their additional acreage to farmers, ultimately benefiting from Chapter 61 and paying minimal property taxes. The minimum amount of land required for farming purposes is 5 acres. Who doesn't love a farm?!

Cost segregation is a method for investors to accelerate the depreciation on their properties, resulting in tax savings. For those unfamiliar, depreciation is officially defined as "a reduction in the value of an asset with the passage of time, due in particular to wear and tear." Owning investment properties comes with the perk of depreciation. Rocket Mortgage succinctly explains cost segregation: "Cost segregation allows you to expedite this depreciation schedule, increasing the deductible amount each year. Through this strategy, you can reduce the income taxes you owe annually, consequently lowering the expenses associated with owning investment real estate." It's an excellent tool! However, it's essential to conduct research to ensure both you and your property qualify for this.

 

Finally, it was enjoyable to be quoted in the Boston Globe a few weeks ago regarding the luxury market in Metro West. Here is an excerpt. Enjoy and have a great week.

14 Audubon Road, Wellesley

$1,649,000

Click here 14 Audubon Road

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

The Belclare Unit 306

580 Washington Street, Wellesley 

$3,249,000

Click here to see The Belclare

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in Home Decor
Feb. 2, 2024

Market Update Week of 02/02/2024

We need a new name for the "spring real estate market." The party really begins in January when we are navigating snow storms and bundled in our winter coats, there's nothing springlike about it! How about calling the 2024 selling season, "The Great Race"? Not very original, I know. 

 

It is safe to say that no matter what you call it our main selling season has begun, and it's off to a good start. Not very different from the last few years—the number of homes going under contract is greater than the new listings, leaving buyers to scramble.

I often hear from people that they will wait to enter the market when things cool down. At this point, those overly cautious clients have been on the sidelines for years waiting for a correction that hasn't happened and barring something unexpected, there won't be a dramatic change ahead. To move this market, it would take hundreds of people in each town to decide to put their houses on the market all at once, and that's not going to happen.

 

In mortgage news this week, the Federal Reserve kept rates where they are waiting a little longer for inflation to ease and in turn putting off an interest rate cut for a while. Redfin predicts the decrease we are hoping for will probably be closer to the end of the year rather than March, which is when the feds meet next. That said, current mortgage rates are still a little easier to digest compared to last year. In turn, this allows more people to step up with stronger buying power. An influx of buyers tips the scales even further creating a stronger demand for the few houses that are for sale.

I don't mean to be discouraging at all! Bold buyers who are prepared, ready to go with financing, and have a strategy in place will get a house. Sellers who put forward a great product will be rewarded nicely. There is a dance here and with the right steps it ends up being a very rewarding journey.

 

I am excited about my new and current listings! Check them out. Have a great week!

14 Audubon Road, Wellesley

$1,649,000

 

Launcher Way, Wayland

$859,000

Click here to see Launcher Way

 

The Belclare Unit 306

580 Washington Street, Wellesley 

$3,249,000

Click here to see The Belclare

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in Home Ownership
Jan. 18, 2024

Market Update Week of 01/18/2024

Bold Textiles and Wallpapers

Charlotte Zawel: Textiles and wallpapers are going bold, with lots of color and fun patterns—from florals to geometrics and everything in between. However, furnishings and fixtures are staying on the simple and timeless side.

For me, in 2024 and beyond, I want to balance the bold with the serene. White walls or a textured wall covering with a large-scale pattern on a chair or sofa, mixed with smaller scale prints as accents. I also see people moving away from grays to creamier palettes, using REAL marble/stone (don't be scared) in kitchens and bathrooms, and having lots of fun with decorative molding—think fluted wood built-ins, lighter-stained wood panels, and a move away from lacquer and painted furniture to lighter stained wood tones.

Charlotte Zawel Design

www.charlottezaweldesign.com

Instagram: @charlottezaweldesign

Hidden Doors

 

Nikki Dalrymple: Our clients are loving the surprise of a jib door, commonly known as a hidden door, installed in their homes. We've designed hidden doors for clients between kitchens and pantry spaces, family TV rooms to game rooms, and even hallways to bathrooms. This is definitely a trend that's continuing into our 2024 designs.

7 remaining"

 

Company: ACQUIRE

Website: www.acquireboutique.com

Instagram: @acquireboston

Bright Colors

Cara Fineman: I predict that we are going to see a lot more color and pattern in 2024. I think we are all craving more joy in our lives. There is so much heaviness in the world around us, between the wars in the Middle East and Ukraine, and a contentious presidential election in the US, that I think more and more people will be looking to their homes as a place that sparks joy. Sometimes called Dopamine Decor, this is a trend we can all embrace. Who doesn't want to surround themselves with colors and patterns that make them happy? Here's to more joyful interiors in 2024!

Email: cara@dagdesignboston.com

Website: www.dagdesignboston.com  

Phone: 617-447-4324

Instagram: www.instagram.com/dagdesignboston

Quiet Luxury 

Nancy Hill:In 2024, embrace Quiet Luxury—melding warmth, comfort, and timeless elegance. Nancy Hill Interiors loves this trend. Picture a plush armchair by a crackling fireplace, surrounded by velvet throws. Quiet Luxury features light oak accents, wide plank flooring, and sumptuous carpets. It encourages personal expression, blending vintage and modern pieces, and embracing furniture wear for character. While cherishing light spaces, Quiet Luxury adds dark, moody accents—dark burgundy and bold black. Slow living and intentional design define this trend. Invest in high-quality, timeless pieces with craftsmanship. At its core, Quiet Luxury is about spaces with soul, filled with inspiring, joy-inducing objects. Let your personality shine through every corner.

Website: www.nancyhillinteriors.com
Email: nancy@nancyhillinteriors.com

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in Decorating Tips
Jan. 12, 2024

Market Update Week of 01/12/2024

Happy New Year! I hope it is off to a great start. I welcomed in the new year with a birthday and a nasty case of Covid, but I can happily report it is now behind me. Let's go!!!

 

It's time to look forward and help shape what I think 2024 will look like. I have never felt so excited and energized gearing up for a spring market as I am today. Here is what you need to know.

The best mantra to live by in 2024 is a familiar one shared with me and the best for buyers to live by.....

Go out and get them. Together we can make it happen!

 

 

 

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
Dec. 16, 2023

Market Update Week of 12/16/2023

 

Everyone is feeling quite optimistic about the real estate market next year. Sellers are excited about what's to come, while buyers aren't quite sure what to hope for. Lower rates will help their bottom line, but could also send prices to increase if the market is flooded with more ready and able buyers.

This week, it was announced that the Federal Reserve would keep rates where they are, and there was also a hint that there could be up to three cuts next year. Strong economic indicators show the economy coming back into balance after 11 rate hikes since March of 2022. The rates below came from Catherine Long with Citizens Bank. These numbers could be even lower with hefty down payments or private bank programs.

Conforming 30 Year - 6.125% (on average)

 

Jumbo 30 Year- 6.7505%

 

7/6 ARM- 6.250%

 

5/6 ARM- 6.125%

 

I believe rates will settle by the end of next year in the low 5% range, where it will stay for the near future. The days of what felt like "free money", sub 4% mortgage rates seem like a distant memory that won't make a return anytime soon if at all. The lower rates will be enough for sellers itching to make a move to feel more confident shedding their already low mortgage to trade into a new home. This will in turn build up inventory offering more variety for house seekers. It's badly needed, just look at the chart below. Very few homes for sale right now.

 

We can test my predictions and the Fed's strategy in just a few short months. I am so excited about my pipeline for next year—for the first time in a long time, there are a lot of houses to be introduced- look out for fabulous listings and excellent buyers ready for the next chapter! Speaking of, congrats to Kevin and Phi who closed on their new home this week. A heartwarming holiday story.

 

 

 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in Home Ownership
Dec. 1, 2023

Market Update Week of 12/01/2023

 

A quick snapshot of the market this week, since real estate transactions are at a quiet hum while the world rushes around prepping for the holidays and vacations.

The pending home sales index tracked by the National Association of Realtors dropped 1.5% in October—the lowest number of contracts nationally in more than 20 years. Yet, interest rates in the last few weeks also backed down to roughly 7.29%—they were inching up towards 8% just before that. There was still activity with showings here post Thanksgiving! Our market is the gift that doesn't stop.

I expect sales volume and signed contracts to stay in these ranges for the next few months until a crop of new sellers and buyers emerge at the end of January. Trust me, they will.

Many properties were withdrawn from the market recently, so sellers can hunker down at home with family and not be interrupted by showings. These listings will re-emerge in a more crowded field in January, but I guarantee they will find their match and sell! The pent-up demand in the new year is dependable and never disappoints.

I am sure many of you have heard about the lawsuits around the country challenging the way real estate agents are paid when working with buyers. It's a constant topic of conversation in the field and with clients. I have written a separate blog with my thoughts on defending the value of a buyer's agent. Here is the link—always open to feedback and discussion.

 

https://www.teriadler.com/blog/defense-buyers-agent

 

Eat, drink, and be merry during the holiday season!

 

We are so happy to present this off market opportunity on the banks of the Charles River in Wellesley. 11 Winding River Circle- Please click the link to learn more.

 

www.11WindingRiverCircle.com

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group
Dec. 1, 2023

In Defense of a Buyer's Agent

It's the elephant in the room! I don't want to have to defend my value as a full-time real estate agent, but the public is asking us to. Multiple lawsuits filed around the country claim sellers should not have to pay a buyer agent fee. In our area, the commission stands at 5%, which is split between the buyer's and seller's agent.

Perhaps a breakdown of how the process currently works would be helpful.

1. The commission for agents is baked into the selling price of the home. In essence, buyers are already paying the commission, since their funds are sent to the homeowner who, in turn, pays the real estate office selling his/her home.

2. That listing office then splits the payment, giving a portion to the buyer's agent.

3. Both the firm and the agent pay for all their expenses from this distribution.

 

a. Health insurance

b. Small business tax

c. Marketing

d. Car

e. Time

f. Profit

g. Insurance

A different model that's been suggested would be to have the buyer pay the agent directly, but many first-time homebuyers don't have that type of cash on hand, and they can't wrap it up in their mortgage in this scenario. I also believe this model drives home prices down, and perhaps could overcorrect prices for sellers—not what they want to hear. So the next argument being rolled into this discussion is whether a buyer's agent is really necessary?

87% of real estate agents fail within the first 5 years in the business. It's actually probably a higher percentage of those who don't make it, so the 10% of agents who do survive should be applauded for succeeding and creating strong dynamic businesses when the odds are against them. I am the first to admit that all the top agents work very, very hard and will always give credit to my colleagues at all firms. If you believe in the power of the market, it should be noted the marketplace is responding to a buyer agent model by putting their trust into them and calling on these agents to help. Evidence that clients see value in an agent's expertise. While purchasing what is typically the LARGEST asset of your life I would think you would defer to the experts the same way you seek out the top people with your financial management, legal woes, or your health. The cheapest way to go isn't typically the best.

By assuming a buyer's agent isn't necessary for a successful purchase, any judicial decision is only looking at one transaction in a moment in time. There seems to be no awareness of the agent's time, energy, money, emotional support, negotiating skills, support for people/families relocating, financial guidance, or local expertise that agents put forth. A big part of my business is aiding families moving to our area with children and more specifically special needs kids. Getting set up, having support and guidance through that added complex layer is just as important to parents as the house they buy. At MGS Group our agents have law degrees, MBA's, and come from rich business backgrounds—they are smart and really effective people with incredible experience who took a risk entering a career that doesn't have a base salary or "entry level"; we all start at the bottom earning nothing. The top-tier agents rose through the ranks on their own, demonstrating keen business savvy.

The value you get through your Realtor is the PROCESS that ultimately gets you to where you are supposed to be. I worked for more than a year with a client showing them houses, using a grassroots effort to find them the right property, and in the end, negotiated nearly half a dozen offers they ultimately walked away from. By the end, they were educated on the economics of the market and precisely what they wanted and needed. They had the opportunity to buy directly off-market and did so. The degree they earned on real estate from working with me was free to them—a net loss for me and my family. Time spent with their kids meant time away from mine. Imagine you work for four weeks and your boss says, we decided not to pay you. It's a risk we take, but many are not aware.

There has also been the claim that consumers can easily buy a house themselves with online tools. After all, you can buy stocks or a car through your computer. I argue that 30 shares of Apple stock is a lot less complex and without any of the nuances that come with purchasing a home. As an investor, I could not imagine acquiring my properties without my brokers. Their knowledge has led me to life-changing investments and steered me away from others that could have been financially detrimental to my bottom line.

Finally, your agent takes on incredible liability with each transaction. The devil is in the details in real estate and one wrong move or incorrect statement can lead to damaging and costly lawsuits. If you don't know the questions to ask or the things to look for, it can mean a devastating consequence.

I love my job, and yes it's a lifestyle as well as a career. I wake up thinking about my clients and work weekends and nights so I can be available when they aren't working. What I do isn't a hobby though, it's a full-time job and business to support my family, just like the rest of America and if we aren't compensated, the good ones will be forced to get out and that could be dangerous for the marketplace.

 

Posted in MGS Group
Nov. 17, 2023

Market Update Week of 11/17/2023

Listen closely, and you will hear a sigh of relief. Look closely, and you will see a big smile on the faces of those who follow the economy. Retail sales slowed and inflation is cooling overall, just what the Federal Reserve aimed to do. If the economy resets, the hope is interest rates inch down in the coming months for the first time in a long time. Although many say we won't see that happen anytime soon. The stock market liked the shift this week and reacted favorably.

 

Mortgage rates adjusted down slightly in the last week, but not enough to ignite refinances or a rush to buy. They stand at roughly where we were last year at this time. Nothing to celebrate just yet.

The Mortgage Reports Operated by Full Beaker, Inc

I am feeling VERY optimistic about the activity that is to come after the new year. In my pipeline, I have excited and eager buyers and sellers who are determined to make a move in 2024. I will be thrilled to share some fabulous listings that I know will be a welcome addition to the stale inventory we have now. Although a look at the weekly numbers is reassuring since properties going under agreement far outpace new listings. A final push before the holidays. 

 

Colleagues nationally will be frustrated by my optimism I am sure, but when it comes to the Boston area, people consistently want to live here. Yes, the weather isn't ideal, and our taxes aren't the lowest, but the quality of life is high, and it's a great place to raise a family. In fact, the top luxury market in the US right now is very close to home, according to the website Mansion Global—it's Portland, Maine! The influx of people heading to the Boston area feeds into nearby markets, that in turn benefit satellite cities. The other top 10 hot destinations included in the article may surprise you. I am personally quite happy to see Wilmington, NC on the list as that is where a bulk of my real estate investments live!

Wherever you are heading next week- I hope you have a fabulous Thanksgiving!! 

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.

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Posted in MGS Group