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.

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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

Selling a house or condo? Here is what you can learn from the second home market!

Perhaps there is no more challenging market for selling a property, than a market that is primarily second homes. Of course, one of the biggest factors in selling a home depends on the other inventory available for buyers to consider.

While away for a weekend, I met a couple that has a house for sale in a part of Maine, made up of mostly second homes – I will refer to them as the Smiths. The house is now listed for the third time, and they are now using a second real estate company. Not surprisingly, there is serious glut of properties for sale, very similar to the Smith’s house.

After speaking with them, and finding them to be quite frustrated with the slow moving sales in the area, I asked whether they had revisited pricing their house. As often is the case with my own clients, pricing is a touchy subject. And they were all too eager to explain to me why their house is so much nicer than many of the others for sale.

For the sake of this article, lets assume that the Smith’s house was in the better half of the similarly priced inventory. This, in my opinion, gives them a great opportunity! With the large inventory that has been sitting for years in this particular market, if priced lower than comparable houses (even if just marginally), they could really stand out as sellers. With buyers having so many options to choose from (as is the case around the country, not just in the second home market), a seller can really take advantage of the stale, over priced inventory that is their “competition” as sellers.

Whether selling a property in Wellesley , Newton , Brookline – Maine or Vermont, pricing to attract buyers is EVERYTHING. Buyers see a sale happening, with no pressure to buy because if a house they are interested in happens to sell – they know there will be others… many others. However, if a seller is realistic, takes the buyer’s perspective and beats the competition with an attractive price, an educated buyer will not wait to pursue it.

Sellers like the Smiths are often too eager to simply blame the market for their house not selling for the price they “want”. A slow market, with buyers taking their time, can work to a seller’s advantage if they realize what an opportunity they have when pricing their property.

Wellesley listings market snapshot as of today

Here is a quick look at the active Wellesley listings, as compared to 1 month ago. This listed by price point, and includes the number of days on market averages as well. Town of Wellesley active listings

This week in Metro West Real Estate…

As of today, June 25, 11 properties in Brookline, Newton, Needham, Wellesley and Weston sold within a week of coming on the market according to MLS. 7 were single families, and 4 were condos.
When priced properly, buyers will pull the trigger. Plus, with the severe winter delaying the spring market it appears that the market will remain active into July.
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So, how is the real estate market????

I’m frequently asked, “How’s the market?”

Obviously there are several ways to answer the, “how’s the market?” question. This month I have done some research to provide a glimpse into the available single family inventory for sale in different towns. Simply put, this is the amount of supply (in months) for sale in each town.

Using the total sales during that last 6 months, compared to the number of single family listings currently for sale, I have shown the supply for each town. A town with 5 months of supply or less is considered to be a seller’s market. And a town with 6 months or more, is considered to be a buyers market.

Wellesley: 8 months supply
Weston: 20 months supply
Wayland: 15 months supply
Needham: 9 months supply
Westwood: 15 months supply
Natick: 6 months supply
Brookline: 11 months supply

What does this mean??? All of these towns have a
buyer’s market… HOWEVER… while this is a GREAT time to be a BUYER… It is also a great time to be a SELLER with an accurately priced property.

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Please call me with any related questions, or for more details about your town, property – or a town of interest. Or if you know someone who might be interested in getting some real estate advice.

Boston Globe: Wellesley officials close $2m budget gap

With days left before Wellesley’s Annual Town Meeting, officials announced that the town’s $2 million budget gap has been closed without laying off town employees.

Executive director Hans Larsen said Friday that the money is being saved by eliminating a bathroom renovation project at Hunnewell Field, energy-saving plans like retrofitting more of the town’s street lights with LEDs, and higher state funding projections.

“We have no layoffs and no pay freezes,” Larsen said. “We improved our projections and will maintain our programs and staff.”

In total, $1 million of the gap will be filled by the new cost estimates and cuts; the remaining $1 million will be taken from available cash. The budget will be voted on at Town Meeting, which begins Monday.

“Town meeting members will be voting on a balanced budget,” said deputy director Chris Ketchen. “We were able to cut the deficit in half and will cover the remaining deficit with free cash.”

The announcement puts to rest months of speculation that the budget would not be ready for town meeting. As recently as this week, when the town’s advisory committee issued its town meeting report, the budget remained unbalanced, with a gap of $2,064,974.

“We reduced the number by going back to all the departments and asking them to make cuts,” Ketchen said. “For instance, we are using some money from the building department permit revolving fund, and have made some cuts to the DPW’s budget for street resurfacing.”

Larsen added that the town’s natural resources commission has elected not to add a part-time position, and that the school’s projections for electricity costs have been revised down. A small increase to the budget came from a revised estimate of the costs to upgrade the HVAC system at Town Hall.

The budget was finalized Friday morning.

Town meeting members will also vote whether to receive a new town wide financial plan, which will contain a series of recommendations from the Board of Selectmen on future budget cycles. The plan warns that the town could need an override to address a projected budget shortfall of $5.4 million in fiscal year 2013.

“This year’s town meeting will only be voting to acknowledge receipt of the plan,” Ketchen said. “No town meeting can take a vote that could bind a future town meeting.”

In addition, numerous other articles are contained on the town meeting warrant. Some of the articles include special capital projects like the Fuller Brook Park project, a new floor for the Central Fire Station, and a new office building for the Department of Public Works.

Other articles address designating Brookside Road, which abuts the Wellesley Country Club, as a scenic road, as well as accepting a landlocked parcel at 27R Kenilworth Rd. as a gift to the town and creating a tree preservation bylaw.

The warrant includes one citizen petition, which would examine the tax exempt status of the Wellesley Country Club; however, its sponsor has decided not to move forward.

Ketchen said he expects the town meeting to last at least three weeks.

“Obviously, I think we’d all like to see it done sooner, but there’s so much ground here to cover,” Ketchen said. “I can’t imagine that it would be fewer than six sessions to get it all done.”