Wellesley market update for The Fells Neighborhood….

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What to do when your Massachusetts property listing contract has expired

Unfortunately, not all properties sell during the first listing contract with a broker. Here are some thoughts about what to do after your properties has expired, and is no longer listed and being actively marketed.

Wellesley real estate update – November 2012 – Homes for Sale in Wellesley

Here is your update for Wellesley real estate in so far in 2012 as compared to 2011. The Wellesley home sales market has changed in many ways from last year, and I think it will change again in 2013.

New Wellesley Listing for Sale!

This house is for the discerning high end buyer.

July Existing Home Sales Statistics:

Existing home sales report for July were released today. Regionally sales in the Northeast and the Midwest were up, and in the West and the South they were down. Sales increased by 2.7% to a rate of 750,000 units, a 19% increase from last year while the Midwest increased by 1%, to a pace of 1.05 million, 31.1% higher than July 2010.
The South existing home sales declined by 1.6% to a rate of 1.84 million in July but remain 19.5% above sales in July 2010. Sales in the West are down 12.6% to an annual pace of 1.04 million in July, which is 6.9% higher than a year ago.

The median sales price for all existing home was $174,000, down 4.4% from last year. Approximately 29% of all sales in July were of distressed homes either from foreclosure sales, real estate owned by lenders, or short sales compared to 30% from last month and 32% from a year earlier.

First time buyers were responsible for 32% of sales, up 1% point since June with repeat buyers accounting for 50%, and 18% for investment properties.

Preparing a house to sell… what to consider upgrading? Cost effective renovations…

I am often asked by single family home owners in Wellesley , Weston , Newton , Needham , and Brookline , “What should we do to get our house ready for sale?” While this can be a very different answer depending on the house etc., there are some things that are consistenly cost effective.
What upgrades make sense to do if you are selling, and want to attract buyers? Here are the 5 top projects to consider:

Project 1: Entry Door Replacement (Steel)
Cost $1,218
Resale value $1,243
Cost recouped 102.1%
(National averages)

Project 2: Garage Door Replacement
Cost $1,291
Resale value $1,083
Cost recouped 83.9%
(National averages)

Project 3: Siding Replacement (Fiber Cement)
Cost $13,382
Resale value $10,707
Cost recouped 80.0%
(National averages)

Project 4: Kitchen Remodel (Minor)
Cost $21,695
Resale value $15,790
Cost recouped 72.8%
(National averages)

Project 5: Deck Addition (Wood)
Cost $10,973
Resale value $7,986
Cost recouped 72.8%
(National averages)

Selling a house west of Boston can be challenging, but with some cost effective repairs or upgrades, you can increase your chances of a well time sale.

Wellesley Real Estate Information

Number of properties currently on the market in Wellesley:
Single Family: 155 Properties
Multi Family: 1 Property
Land: 7 Properties
Number of new Wellesley Real Estate listings in the last month:
Single Family: 31 Properties
Multi Family: 0 Properties
Land: 2 Properties
Average list price for Real Estate in Wellesley over the last 6 months:
Single Family: $1,593,645
Multi Family: $799,000
Land: $597,200