Wellesley & Weston Real Estate News

March 3, 2021

Introducing: 81 Monadnock Road, Wellesley

Fresh, fabulous Colonial in the heart of the prestigious Peirce Estates. Many tasteful updates, tall ceilings, and impressive details enhance the airy floorplan. An exceptionally spacious, well-designed white kitchen has top appliances and a granite center island. Relax around a handsome stone fireplace in the adjacent family room. The living and dining rooms are warm, elegant and inviting. There are many options if you're working from home - from the first-floor study to flexible office space on both the second and third floor. There is also a convenient mudroom. Each bedroom is roomy and bright and the terrific master suite has a deep, walk-in closet and luxurious bath with designer tiles and two showers. The finished lower level has plenty of flexible space for playing, entertaining, or working out. Enjoy private gardens and peaceful views from two bluestone patios on the grounds. An excellent property set in one of the finest locations west of Boston.
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
Feb. 25, 2021

Market Update - Week of 2/22/21

 
In the world of real estate, interest rates were the headline this week. Rates inched up, causing a decline in mortgage applications nationally. According to CNBC.com, "The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.08% from 2.98%, with points increasing to 0.46 from 0.43 (including the origination fee) for loans with a 20% down payment. That rate was 65 basis points higher than a year ago."
 
Now, let's put this in perspective: interest rates are historically low, so this slight increase still leaves us with amazing rates when looking at the big picture. That said, this small change can still affect your buying power.
Over the weekend, I had the pleasure of talking with brokers in the southern part of the country and I learned that their tight housing market is equally as frustrating as ours in all price ranges. They are seeing an influx of people from the northeast moving down south since people can now work from home or begin their retirement a little bit earlier. Houses are flying off the market in a matter of hours. Even homes in subpar condition or on a busy road are selling quickly.
 
That said, I feel very optimistic that the inventory will start to build up in a healthy way again. I recently met with 5 potential sellers in our area, all with beautiful homes that will most likely come on the market soon. I am sure my colleagues are out doing the same, ready to showcase some lovely homes in the future.
In Massachusetts this week, the temperature has been warm for us (over 40 degrees in February!), so I think that also brings people hope that things are looking up on all fronts. Spring is such a welcome gift to all of us each year, and this is especially true in 2021. 
 
If you are thinking of buying or selling your home, please reach out. I would love to help you start that journey.
Feb. 18, 2021

Market Update - Week of 2/15/21

 
Yesterday, an email was sent out to our firm from the real estate office in charge of broker open house tours in Needham. It simply said, "due to lack of inventory, there will be no Needham caravan tomorrow." Translation: that means we have no houses to show you.  Wow! If that doesn't say it all, we are at a standstill just waiting for new listings to come on.
I am always so hopeful each week that a handful of properties will magically pop onto MLS that are just the right fit for my clients. So far, that is not our reality, but maybe that will change in the coming weeks.
Traditionally, this is a slow period with public school vacation. Next week is when we start the climb to the height of our spring market and many new houses are released for sale. On our end, we are working behind the scenes on getting our listings to market as soon as we can.
There are still crazy bidding wars when a house is hot, hot! You may be wondering, who are the people winning these competitive bidding wars? Typically, they are buyers who are "bold and decisive," as my boss Elaine Bannigan likes to say. They are people who probably have lost out on a number of houses before and they step up with an incredibly high price with solid terms. They put their best foot forward and go for it. This isn't a market for those who make the "deal" more important than getting the house they want. It's emotion that is pushing this market to the brink, because people want their families to have a home where they can work, play, and gather together. That same force of emotion is what propels these buyers to be aggressive and get the job done.
 
So if you are even thinking of selling, do it! Now is the best time, no matter where you are. As I have said this story is not exclusive to our area--it is all over this country.  Just another historic element of the 2020-2021 saga.
Feb. 11, 2021

Market Update - Week of 2/8/21

 
I can't seem to get past the weekly market numbers--this week in particular is truly startling. The more Realtors I talk to, I realize I’m not alone in feeling this way. Each person is in disbelief over how few houses are on the market. It's not just here! All over the country, the same story is played out.
Each single family home that came on the real estate market last week in Wellesley sold...and then some. 15 under agreement, AND this is with two snow storms paying us a visit (which always slows things down a bit). There were also a handful of off market sales (not listed on MLS) that are not reflected in this number. We are seeing prices pushed 20-25% higher in bidding wars in some situations, too.
Natick's story is the same-- but it's even more dramatic since only two new properties were introduced and 12 went under contract. In all of Natick, only 7 single family homes remain listed. Typically, it's about 60 houses listed on MLS this time of year! 
Weston has at least double the inventory compared to neighboring towns, but many of those are on the higher end. As I write this though, two properties were just flagged as having accepted offers and both were north of $3.5M. Good to see movement! 
What are buyers to do? It's frustrating for them of course, and as their broker I find it equally stressful. Waiting in long lines to do a showing and competing against a dozen offers isn't fun for anyone. Admittedly though, for the sellers it's not too bad as prices are reaching highs. The vicious cycle continues-- we need people to put their houses on the market, but with Covid and the lack of houses for them to buy, they are instead staying put for now. Our nasty winter weather isn't helping either. It's harder to envision backyards and roofs that are covered in snow, so some owners prefer to wait until fresh bursts of color dot their yard instead of mounds of snow.
 
Traditionally, right after public school break (which is next week), we see a slew of new properties hit the market and the peak of our spring selling season begins. Will that happen this year? I am so anxious to find out, but only time will tell.
Feb. 5, 2021

Market Update - Week of 2/1/21

 
Ready, set, go! It's off to a snowy start, but the spring real estate market is making a dramatic entrance.
For some sellers, the early roll out is the gift that keeps on giving, complete with bidding wars and inflated prices. Price range plays a big role in the story, though. A slew of new listings in Wellesley under $1.5M came on late last week, and by Sunday, sellers were staring down as many as 10 offers--with the majority well over their asking price. One broker shared that she had 100 groups come through her new listing that was priced around $1.2M. Let's hope safety protocols were used there :) While bringing a buyer to a showing on Wednesday night, we waited in a long line with numerous other buyers wanting to take a look inside. Compared to the under $1.5M set, the higher price ranges aren't nearly as brisk. This does make sense though when you look at the law of supply and demand: since lower ranges are more affordable to a bigger pool of buyers, the demand is stronger.
There are no indications from economists that the market will slow down. Even a slight tick up in interest rates typically doesn't deter buyers in our area.
We are excited to announce we have a number of beautiful new listings for 2021! I encourage you to check them out below:
Whoever is lucky enough to get them will be thrilled to call these properties home.
Feb. 4, 2021

Introducing: 8 Lincoln Circle, Wellesley

Superb location! Set on a cul-de-sac in the heart of the Country Club area, this pristine center entrance colonial exudes fine taste. It offers an eat-in custom kitchen with top quality appliances and hand-crafted cabinetry in a warm palette that is topped with exquisite marble. The easy flow is perfect for cooking and gathering with friends and family around the expansive island. It is open to a bright and comfortable family room. The sophisticated formal areas include a combination living/dining room with a fireplace. A den provides a perfect spot for working or relaxing, there are gorgeous hardwoods throughout, generous bedrooms, and sparkling bathrooms. The master suite has rows of deep closets and a spa-like bath designed with rare marble and radiant heat. The lower level bonus room is flooded with light and steps out onto a sensational bluestone patio, accented with beautiful stone walls. There is a handsome slate roof and systems and windows have been updated. Perfect!
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
Feb. 3, 2021

Introducing: 5 Phillips Lane, Dover

Much admired Colonial with twin chimneys set on level, professional landscaped grounds in an outstanding location. Superb room proportions and floorplan. Many details include three fireplaces, oak flooring, an abundance of natural light and beautiful woodland views through many windows. There is a very spacious eat-in kitchen and plenty of space to relax in a terrific family room with fireplace. The elegant living and dining rooms are perfect for entertaining. There is also an ideal home office with a bay window and fireplace, a sunroom and a first-floor laundry. The second floor has exceptionally spacious bedrooms and closets, including a vaulted master suite with closets galore. There is also a fabulous bonus room and rear stair. Enjoy a private, fenced yard from the deck. All this in such a sensational neighborhood!
Interested in seeing this beautiful property? Contact Amy Caffrey for a private and covid-safe showing at 508.479.4542.
Jan. 29, 2021

Market Update - Week of 1/25/21 + February 2021 Pinnacle Report

 
I'm so excited to share with you the Wellesley/Weston Pinnacle Report for February 2021--it's finally here! This is the most comprehensive report you will find on the Weston and Wellesley real estate markets. The analysis is truly fascinating and worth the read as this historical real estate market is dissected.
Please click on the Pinnacle Report image below to read along virtually.
Enjoy and let's discuss. Look forward to hearing your thoughts. 
As well, here are this week's sales numbers:
The low inventory trend continues! Until next week...
Jan. 27, 2021

Introducing: 87 Sunset Road, Weston

 
A gorgeous Colonial expanded, brilliantly renovated, and refined with impeccable taste and careful attention to every superb detail. The top-quality kitchen is both beautiful and efficient, with an expansive island, walk-in pantry, and breakfast room. Relax in the luxurious family room with a dramatic stone fireplace, soaring ceilings, and stunning custom built-ins. The sophisticated and elegant dining room and fireplaced living room are perfect settings for stylish entertaining. Many tall windows provide views of the grounds. Enjoy working from home in a sun-filled office with a built-in desk and bookcases. The second story has a sensational great room, providing bonus space for the entire family. The spacious bedrooms have many custom touches and baths are exceptionally well-appointed. The lower level has an arts and crafts room, gym, and playroom. There is a patio, an outdoor kitchen and fireplace. Brimming with natural light and full of beautiful surprises, a home to treasure!
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
Jan. 21, 2021

Market Update - Week of 1/18/21

 
There are major stories that have nationally dominated the news, of course (with politics and the inauguration taking center stage)-- but even still, our daily lives go on and the subplot continues to be how important a home is to all of us. Yet, while the demand continues to be so high for a new home, the inventory is strikingly low here and all over the country. 
The question I get almost every day is, why are there so few houses for sale? A new Wall Street Journal article by Nicole Friedman tries to answer that question and offers some insight. She writes that according to Redfin Corp, we are simply just staying in our homes longer. A typical homeowner in 2020 had remained in place for 13 years, according to their research. In 2010, that rate was 8.7 years. I think a big factor in all of this is of course the pandemic--buyers are seeking bigger homes in order to work and attend school remotely, whereas sellers have had the opposite reaction by canceling plans to list their homes or have become fearful of opening their homes to the public.
This is 2021 now, though. The vaccinations will hopefully gain momentum and people will be able to venture out more safely, so in my world, things could change in this market week to week. Who knows?! I have a client in Florida who hasn't seen her family in a year because she is high risk and can't fly. As soon as it's safe and she’s received the vaccine, she will be up here to buy. Other clients have put their interstate moves from Massachusetts to another region on hold for the same reason.
What I am curious to see is where prices will go this quarter. Last year, prices inched up higher and higher, as the limited amount of properties available sold at inflated price tags after sometimes vicious and emotional bidding wars. This years sellers will use those late 2020 price tags as starting points for their homes... but will the buyers "buy" into that or perceive the house as overpriced if it starts in a higher range than it really should be? We saw one example in Wellesley where the buyers didn't see the value at the listing price and 30 showings later, they only got one offer that was significantly lower than their expectations. The broker lowered the property to a more realistic price after only a few days on the market. There are only a dozen or so properties in the whole town, and this scenario proves that people aren't desperate, and no one wants to overpay.
As I mentioned last week, we have some really great listings coming up that we will share in the next few weeks. In addition, The Pinnacle Report will be released very soon! I know you are all anxious for a full recap on the year, and boy is this 2020 recap a good one, thanks to Elaine Bannigan, the owner of Pinnacle. Keep an eye out for that, which I will send soon... and have a great week.