Wellesley & Weston Real Estate News

Oct. 3, 2020

Introducing: 7 Lovewell Road, Wellesley, MA

 
An incredible opportunity for in-town living at its best! This classic colonial is in the heart of Wellesley Center yet it is set on an ended way. It's a beautiful home with tall ceilings, many lovely details, and wonderful updates. The crisp, white kitchen has stainless appliances and solid stone counters and it blends seamlessly with an open dining room. The spacious front to back living room has a handsome fireplace and french doors that lead to a gorgeous, breezy three season porch. The master suite has lots of closet space, a soaring cathedral ceiling and a spacious bath. Both the family bath and half bath have been newly renovated with tasteful materials and designs. The generous lower level provides a terrific playroom or family room. The heating system and hot water tank were recently updated and there is a newer roof. Garden, play or just relax in your level and grassy yard. It's just a short stroll on a crisp fall night to the train, shops, restaurants and Brook Path.
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
The Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Oct. 2, 2020

Introducing: 117 Albion Road, Wellesley, MA

Distinctive Cliff Estates Colonial with so many fabulous spaces to entertain, work or relax. The living room is exceptional - wide, with a fireplace, built-ins and a picture window that overlooks beautiful and lush grounds. There is a family room that is brimming with light from walls of glass and a den with an additional fireplace - allowing everyone so much comfortable room. The white eat-in kitchen has newer appliances and lots of quality cabinetry. It connects to a generous and lovely formal dining room, perfect for holiday gatherings. There is also a terrific home office suite plus a bedroom on the first floor. The bedrooms are all spacious with great closet space and the master suite is exceptional with its own full bath. Even first floor laundry and a mudroom. Easy living in one of the best locations in town and privately set on a circular drive. Outstanding!
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
The Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 
Sept. 30, 2020

Market Update - 9/30

 
I am so glad I didn't rush to judgment the last few weeks when we saw fewer houses going under agreement. The latest numbers support that the rush for buying a home continues to be strong. The short slow down could have been because people were getting back to school and there seemed to be an added anxiety readjusting for a strange fall. 
Houses that the market perceive as a good value and are priced well are selling swiftly. Some price bands are more robust than others. I noted before that the $1.5-$2M price range in the Wellesley-Weston market moved the fastest. In examining why, my guess is these buyers have one or two kids, they are in upper management at work, and they tend to feel more secure in their jobs. Surprisingly the $1M and under range isn't quite as brisk as past years in Wellesley. Perhaps that segment of the market is younger and are nervous about losing their jobs. 
That said, we ventured out of our main selling region and had bids on houses in Framingham and Medway in the $500k range for two clients-- the Framingham house had 10 offers and sold more than 10% above it's asking price. I am thrilled to say my clients got it! In Medway we were up against 17 other offers! Buyers feeling outpriced in towns closer to Boston are flocking farther out, desperate to find a home. Wow! In Framingham, the broker shared with me that many buyers are dropping inspection contingencies in order to get a leg up in the offer process. A risky move, but in some cases a necessity to win a bidding war.
In terms of the low inventory we see everywhere, it's a problem nationally. Some sellers realize that this is an opportunity to take advantage of a good market and sell for a high price. Others are tentative and holding off on selling, either due to Covid-related issues or even the simple question of where will THEY go? It's not an ideal time to move across the country or down south for many. 
 
Here's a quote from Bloomberg which is quite interesting and shows how extreme the low inventory really is nationwide.
 
"The combined effect has created an extreme drought of previously owned homes for sale. At the end of July, there were 1.3 million single-family existing homes for sale, the lowest count for any July in data going back to 1982, according to the National Association of Realtors. In the week ended Sept. 12, total for sale inventory was down 29.4% from a year earlier at the lowest level since at least late 2017."
Have a great week everyone! As always, reach out with any questions. If you are thinking of listing your house, do it! There are many, many buyers out there who want it.
Amy, Susan, and I had the wonderful time taking new pictures with Maura Wayman at our 232 Lincoln Road listing. I couldn't be prouder to call these amazing women my team. Talented, smart, hard working, and kind equals an incredible success story each and every day. Thank you both so much for being a bright light in 2020!
Sept. 24, 2020

Market Update - 9/25

 
What a difference a few weeks makes! Yes, the last few weeks have shown a dramatic decline in the number of houses coming on the market and a decrease in what went under agreement. Brokers are saying to each other that it feels slower out there. That said, I still think it's too early to say if the macroeconomics of the world are affecting us or if we are just experiencing a seasonal slow down. Families and educators alike are quite busy managing the kids who are now back to school in some capacity. The transition into the classroom or virtual classroom has been harder than usual, which is unsurprising with the layer of complexity the pandemic has over us all.
We do have the luxury now of looking back at the year as we head into the fourth quarter. The latest statistics show a sharp increase in pricing this year. In an article from realtor.com comes this quote about home sales nationally: "From June to July, median sales price rose by 8.5%, more than double the 4.1% increase seen in family income levels, NAR reports. But mortgage rates that have fallen to all-time lows are helping to offset some of the rising costs. All four regions of the country showed a jump in prices, but the Northeast showed the highest jump, at 10% and the West Coast showed the most modest at 2.3%, where natural disasters have hampered real estate activity. Overall, home prices have reached a two year high."
So stay tuned. We will know soon what this all means to the market. Traditionally, the fall season is our secondary market and it's a quick brisk market that peaks around Halloween and then slows down by Thanksgiving. Then, we of course start all over again in January when the "spring" market hits. That typical routine sounds very appealing--any sense of normalcy is welcome. We shall see what the future brings us.
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Sept. 20, 2020

Introducing: 17 Roberts Road, Wellesley, MA

Charming classic center entrance colonial with lovely updates! This sun-filled home has a generous front-to back-living room with a fireplace, formal dining area, and a den or home office with a vaulted ceiling and walls of windows that allow you to overlook the expansive, private and beautiful backyard. The eat-in kitchen sparkles and the baths are newly renovated with a crisp white design and marble accents. The spacious bedrooms have ample closet space, and there is a a finished room on the lower level. Even new central air! Everything you want on a cul de sac known for block parties. This lovingly maintained and well-styled home is ready to be yours!
$899,000
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
The Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Sept. 18, 2020

Market Update - 9/18

In this week's report, the local numbers show things moving ahead with the same consistency that we have been seeing. An impressive number of homes are coming on the market and going under agreement quite quickly in all price ranges. The demand in our area still seems quite high and the inventory (number of houses on the market) is quite low. I continue to encourage sellers to come on the market now, since as of today, the power still seems to be in the hands of the seller. We will never be able to predict what will happen in the future and real estate may not always be as rosy, so act now if you can.
That said, some national reports (while still boasting a robust real estate market) are a little cautious about the future. As noted in realtor.com's weekly update, Danielle Hale, realtor.com's chief economist says, “Prices are rising and housing inventory is vanishing almost as fast as it appears.” However, Hale points to two housing indicators that may hint at a turn in the market. Housing demand from buyers has cooled slightly, while new listings showed a smaller decline than previous weeks, Hale says. “This could be a hiccup in weekly activity, or, if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound,” she says. 
Buyer demand dropped 3.3 points since last week, and inventory showed improvement, rising 3.2 points higher—though it still remains below its pre-COVID-19 baseline. 
Typically, the fall for me means a season of new starts and stability. I find that this year, I feel differently, and I am not alone. Many whom I have talked with are uneasy and anxious about the uncertainty of what is to come. Our balance is off with homeschooling, an unsettled political climate, fires, and now floods. Autumn was early to arrive and made a big entrance with cool temperatures in late August. Is this a precursor of something bigger? Hard to say-- as always, I will keep watching and analyzing.
 
Have a wonderful weekend and a Happy New Year to those celebrating Rosh Hashanah. Until next week.
 
Sept. 2, 2020

Market Update- 9/2

 
Real estate continues to make headlines as a booming segment of our economy. This is great news, for sellers and a tougher road for buyers.
I put a wonderful new listing at 80 Mayo Road in Wellesley on the market earlier this week and we have had two busy days showing this lovely home. I am continuously hearing the frustration and fatigue from buyers as they retell stories of losing countless houses in bidding wars and multiple offer situations . This resilient group is tired, yet still determined. Many speak of bidding against others putting forward cash offers and waiving home inspections, something I have also seen this myself. The profile of these buyers is still predominantly families heading west from Brookline, Cambridge, Boston, Somerville and Watertown, motivated by more space for their families and places to work from home. I wish I had houses for each and every one of them. All of this is great news for sellers- the good properties are getting scooped up quickly and are fortunate to have solid terms.
These same buyers are also talking about their apartments in the city. Finding people to sublease their places was typically an easy thing to do, but not now. It seems safe to say rentals in Boston are not as strong as they were a year ago. The renters aren't out there as much as they were pre- COVID. Rents are getting slashed in order to entice tenants. In our area the rental market is stronger then downtown, but not as robust as home sales. 
In terms of financing, mortgage rates dipped again this week, but a lower rate may not necessarily mean more buying power since prices appear to be rising due to low supply. 
Typically, our fall market starts right after Labor Day. This is a secondary market since spring is traditionally the strongest selling season. Fall is a short, quick market that peaks around Halloween and cools down by Thanksgiving. I think this year, with such a late spring market, we will just keep doing what we are doing- putting on new listings as they come and watching the market for our buyers. I don't predict a dramatic surge in inventory, slow and steady from here on in is what I anticipate.
I hope you have a restful and safe Labor Day weekend. We made it through the spring and summer together- now on to fall.
Warmly,
Teri
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Aug. 21, 2020

Market Update- 8/21

 
Happy Friday!
And so it continues.....a flurry of activity in our markets as people scramble to get into their new homes. I had clients look at an adorable house for $650,000 in Sudbury that ended up with nearly ten offers on it(in one weekend,) wow! Across the board, the number of homes going under contract is still outpacing new listings. Come on sellers, if you are even thinking of moving now is your time to take advantage of what the market needs- more houses. The supply is low and the demand is high. 
In Wellesley, there is a new townhome development on Great Plain Avenue called Fieldstone Way, https://www.pinnaclehouses.com/FieldstoneWay-Wellesley In two months, 11 of the 13 have sold. Phase II, with larger three bedroom homes, is scheduled to be released to the market in October. As the broker who is selling the units said, the brisk pace of these sales tells the story of the market.
Rates are still super low and my buyers are very happy with that. If you want to refinance it's not always as enticing as banks try to discourage refinancing with higher rates. It seems to be working. 
Schools seem to be somewhat secure with their initial reopening plans. Most of our schools (public and private) have chosen a hybrid model for now. Of course, as we know, the situation is fluid and that is always subject to change. Schools are another thing I am constantly monitoring with three children in three different schools.
What a beautiful week of weather we have had! I hope you have been able to enjoy it. Being outdoors always calms my nerves.
Be safe and well. Until next week...
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
Aug. 13, 2020

Market Update- 8/12

 
I am glad to be back after a wonderful few days away with my family. I feel refreshed and ready to go. We were busy, busy this week negotiating offers for buyer and sellers, preparing houses for market and attending showings at our existing listings. Less homes have come on the market in the last week as you see in this week's number and a bit less sold than we had been seeing, but I see that as a symptom of summer more than anything. With the hot weather, people on vacations, sending loved ones back to college and others closely monitoring whether their schools are opening come September, I think people are starting to focus on other things besides real estate for the moment. My guess is, it's just a moment. Inventory is still very low and that's what will drive the market for the time being and into the near future. Builders bringing on new properties and sellers deciding to finally put their houses up for sale is really the only thing that will change this from a seller's market to a buyer's market. If mortgage rates were to rise significantly that could also impact the power to buy. We are encouraging all sellers to ride the wave and come on now while buyers are fleeing to the suburbs.
 
Enjoy the last few weeks of summer. Thank goodness 2020 gave us good weather at the least. Hopefully, that lasts into fall and beyond.
 
Until next week,
Teri
Teri Adler Group 617.306.3642 tadler@pinnaclehouses.com
 

 

Aug. 1, 2020

Introducing: 14 Sunset Road, Needham

My newest listing at 14 Sunset Road in Needham checks all the boxes that buyer's in today's COVID-19 market are looking for. Home office? Check. Gorgeous in ground swimming pool? Check. (Interestingly, The business Journal recently published this article on the rush of homeowners adding backyard pools during the pandemic) Sports court? Check. Not to mention, walking distance to the gorgeous new Sunita Williams Elementary School.

Call me today 617-306-3642 for a private and COVID safe showing of this amazing home complete with all the bells and whistles for you to relax, unwind, play and work from home.