Wellesley homes for sale under $1M
Wellesley homes for sale under $1M
The search for Wellesley homes for sale under $1M is very difficult these days. There are only 11 properties that fit this criteria as I write. Rates are so low and you have great buying power – if only you can find the house. The Wellesley real estate market is “hot” and this is the price range with the greatest number of buyers and the fewest number of homes for sale. For Wellesley homes priced under $1M, there have been multiple offers on properties, mob-scenes at public open houses, and many disappointed buyers who can’t seem to buy the Wellesley home they want.
What’s contributing to the shortage of Wellesley homes for sale under 1M?
First of all, the ’trade-up’ markets are not as vigorous. The would-be buyers of trade-up homes are the sellers of the under $1M homes. The existing owners of trade-up houses got hit a bit harder in value decline over the past several years and (unlike the under $1M homes) prices for their homes have not recovered as much. This leaves many sellers of trade-up homes with little equity for a second-level trade up and low supply if their intent is to trade down. The alternative for these families is to either stay put or to put their houses on the market hoping for buyers willing to pay a premium. Second, there are many more buyers in the market looking for Wellesley homes for sale under $1M. With rates so low and rents so high, it’s often more expensive to rent than to buy these days. Therefore, many buyers have jumped back into the market. New household formation is increasing and boomerang buyers are back. That’s a lot of competition for few properties.
How to buy a Wellesley home for under $1M in this market? As I say to all buyers – the best homes go to those who are knowledgeable, bold and decisive. The bottom of the Wellesley real estate market was in Q4, 2011. If you’re still waiting for a ‘deal’ in a town like Wellesley, you’ll end up with the ‘deal’ that no one else wanted. Make sure that you’re not OVERpaying, but expect to pay fair market value. When you’re in a competitive bid situation, you’ll need the best structured offer and there are a number of important ways to differentiate your offer from the others. You’ll need a smart, experienced agent to guide you.
Buying a Wellesley home for sale under $1M? It’s not always about who is offering the most money. Call Pinnacle for more information. 781.237.5000
Tags: wellesley ma homes for sale, wellesley ma houses for sale
