Seller Testimonial – Newton

Thank you Michelle for selling our mom’s house, for your support and for walking us through this entire process. Answering our questions and addressing our concerns from the other side of the country.  We wish you all the best and will keep you in mind for any real estate needs amongst our family and friends.  Rayesa Khan – California

Homes Sold in Newton MA – Week of May 18, 2015

I hope you are enjoying this beautiful Memorial Day weekend with your loved ones.

The best way to understand the value of homes in Newton and which way they are trending is by looking at what has sold, for how much, and whether it went for above or below asking price.  The sales for this week are below.  I should clarify that a sale means the deal has closed.  So the actual offers on these properties were make roughly 6 weeks ago.  This is not the same as what went under agreement, which will be in my next post.  With homes that went under agreement, we cannot know what they sold for until they close in about 6 weeks.

As you can see, the trend continues that houses under $1M are still going strong and getting into bidding wars.  Those over $1M are still selling for right around their asking price, some are going over, but not at the same percentage as the under $1M inventory.

Email Me if you are looking to buy or sell a home in Newton.  I am glad to help.

96 Harding 96 Harding Street
West Newton
2 Beds, 1.5 baths
Living Area: 1,380
Sale Price: $646.108
Asking Price $589,000
Days on Market: 8
46 Jerome 46 Jerome St
West Newton
3 beds, 2 baths
Living Area: 1,478
Sale Price: $712,000
List Price: $649,000
Days on Market: 6
131 Waban Hill North 131 Waban Hill Road North
Chestnut Hill
3 beds, 2 baths
Living Area: 1,768
Sale Price: $950,000
List Price: $899,000
Days on Market: 1
7 Shorncliffe 7 Shorncliffe Road
Newton Corner
3 beds, 2.5 bath
Living Area: 1,732
Sale Price: $1,025,000
List Price: $997,988
Days on Market: 18
104 Manet 104 Manet Road
Chestnut Hill
3 beds, 3.5 bath
Living Area: 2,858
Sale Price: $1,250,000
List Price: $1,195,000
Days on Market: 31
43 Woodcliffe Rd 43 Woodcliff Road
Newton Highlands, MA
6 beds, 2 full, 2 half
Living Area: 3,906
Sale Price: $1,210,000
List Price: $1,199,000
Days on Market: 7
703 Chestnut 703 Chestnut Street
Waban
6 beds, 3.5 baths
Living Area: 2,850
Sale Price: $1,445,000
List Price: $1,500,000
Days on Market: 9
525 Hammond St 525 Hammond St
Chestnut Hill
4 beds, 3.5 baths
Living Area: 3,672
Sale Price:$1,785,000
List Price: $1,575,000
Days on Market: 29
17 Rachel Road 17 Rachel Road
Newton Center
5 beds, 5 baths
Living Area: 5,107
Sale Price: $1,650,000
List Price: $1,699,000
Days on Market: 69
45 Colbert Road East 45 Colbert Road East
West Newton
5 beds, 3.5 baths
Living Area: 3,870
Sale Price: $1,800,000
List Price: $1,799,000
Days on Market: 4
155 Hobart Rd 155 Hobart Road
Newton Center
5 beds, 5 full baths, 2 half
Living Area: 6,240
Sale Price: $2,850,000
List Price: $2,995,000
Days on Market: 313
Michelle J. Lane
MICHELLE J. LANE, Realtor
Century 21 Commonwealth
CELL: 617 584-3904

Why aren’t Homeowners Selling their Houses?

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Overall, since the recession, buyers have felt that the time was not right to buy a house.  They were not confident about their jobs and income, they were having a harder time amassing a down payment and they also didn’t believe the market had yet to hit bottom.

After years of buyers kicking the tires, grumbling about houses on the market and making low-ball offers, sellers have decided that the time is not right to sell and are keeping their properties off the market until conditions improve. A Fannie Mae survey found that only 15 percent of Americans think this is a good time to sell.

In other parts of the country the problem is exacerbated by the fact that so many sellers are underwater or so close to it, that selling is not possible.  That is a problem in parts of Massachusetts, but not a pervasive problem in the greater Boston area.

Buyers believe that when the spring market arrives, tons of houses will come on the market.  Of course, more will come on as the weather warms up and sellers are trying to time their sales for when their children finish school in June.  But the lack of inventory is not due to the time of year.  In Newton, where I most list properties, there are currently 92 single family homes on the market. This time last year, there were 154.  This has been the situation for several months now.

The shortage is felt most deeply in the under $1M range. Currently there are 36 houses on the market under $1M in Newton.  Last year there were 79.  This is not because houses are getting more expensive, but because there is a glut of expensive houses on the market.

For Massachusetts the numbers are about 19,000 last year vs 15,000 this year.

This lack of inventory then creates a domino effect as families who need to upsize or downsize cannot find a property to buy in order to put theirs on the market.

I speak from personal experience – I have far more buyers than sellers in my pipeline right now and it is a challenge to find anything decent for those buyers.  When we do find something, it more often than not becomes a multi-bid situation.  Some of these buyers have houses to sell when they do find a place so those are homes I cannot put on the market now.

The irony is that this is an excellent time to sell, the best time since the tax credit, if not since 2007. First-time buyers finally seem to have figured out they better act now or get left behind. Multiple offers are driving prices above list, especially for lower end properties that are in very good condition.

The market rises and lowers for everyone.  If sellers wait to get more for their homes, the house they buy to upsize or downsize goes up as well.  Waiting for the market to improve only benefits sellers who are not going to be buying a home to replace the one they sell.

In the short-term – while buyers are starting to panic about not finding a home might just be the best time to sell.

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