Real Estate News And Trends
As we enter the final quarter for 2015 sales, it's a good time to check in on the overall health of the real estate market in Wellesley. While inventory is still low and many deals are "finicky", we see a recovered market. If we continue on pace, our 2015 volume will buck the trend of the last few years and we'll actually see an increase in units for the first time since 2012, the first year of recovery. Prices overall are on par with 2014, with a very vibrant market under $1m and a healthy luxury market as well. The only downward pressure in the market is low inventory. Especially while interest rates are still at record lows, it's a great time to sell. Now is the time to start planning your 2016 move!
Wellesley Single Family Units
As yet another layer of snow blankets Wellesley, buyers and sellers alike wonder when the highly-anticipated spring market will be able to begin. In fact, the advice against listing your home in the winter is a misconception and it's time to dispel this much perpetuated myth.
Real estate portal Redfin analyzed sales, from 2011 to 2013, in a set of large cities which included snowy locations like Chicago and Boston, and found that homes listed in winter sold a week faster and closer to the asking price than those listed in other seasons. How could that be? Thanks to the real estate myth about winter, inventory is low in the winter months. The homes that do go one the market stand out and get noticed! Additionally, buyers who are active in winter months are serious buyers, either because they need to relocate or because they are savvy enough to know that you never know when the "just right" house will be listed. It's no wonder that this perfect storm of low inventory and specific need adds up to quicker, more successful home sales. Add in faster loan processing since fewer transactions are taking place and today's low interest rates and winter 2015 is an excellent time to sell or buy a home!
The secret to selling a home in winter hinges on creating a smart strategy with your broker and paying extra attention to price, maintenance and curb appeal.
Price your home right, the first time. Don't overprice your home or else agents and buyers may believe you're not serious or realistic. Research shows that homes that experience a listing price reduction sit on the market longer and ultimately sell for less than similar homes. In any season, the longer your home stays on the market, the more buyers are going to think something is wrong with it. Work with us to price your home right from the first day it's listed.
by Chrissie Lawrence
What a beautiful Fall! We just can't get over the gorgeous weather day after day. The real estate market has benefitted from the nice weather as well. We've seen a great deal of activity and our inventory levels are starting to be more robust. Our current inventory is 116 active units as opposed to last fall when we hovered in the high 80's. We have seen 65 new listings since September 1, as opposed to only 27 a year ago. The increase in available homes for purchase will bring out more buyers, but may have some modest downward pressure on the high closing prices we have enjoyed.
Wellesley Single Family Units Over 6 Weeks Beginning September 1
No downward pressure to be seen yet on prices in the lower end of our market! The activity below $1.0m has been incredibly active with buyers flocking to good properties like kids through a leaf pile. Of the 25 properties listed under $1m since Sept 1, 10 are already under agreement. There have been many, many instances of multiple bids. For closings since September 1, sales prices are on average 6% over asking prices with some transactions hitting 20% above. So if you are thinking of selling in this price range, let's get going! If you are thinking of buying in this price range, let's get organized - you'll need to present your very best offer to secure your dream home.