Weston Real Estate: Still Hot
In a follow-up to our May 15 interview with leading realtors at KMS Partners at Compass about Weston home sales, we turned again to David Weber, Susan Seath, and Karen Hagen for insight.
Key takeaways
At the beginning of the 13-minute video interview above, Mr. Weber provides the latest statistics about 2020 home sales in town.
Record sales
As of September 29, said Mr. Weber, 197 properties have sold in Weston. Three-quarters of the way through the year, that number is higher than the total for "a typical good year," he said.
In addition, 35 properties are under contract and 41 have an accepted offer. "We're on track for 250 sales this year," said Mr. Weber.
Low inventory, bidding wars
"The real eye-opener," said Mr. Weber, "is that we only have 54 homes on the market." Ms. Hagen said that number is "about a third of what we normally have." Ms. Seath said inventory is at an "all time low."
This means realtors have more potential buyers than they have houses to sell. Bidding wars, up to the $1.2 million price range, are not uncommon. One result, however, is that appraisals occasionally come in lower than the price offered, which adds a complication to financing.
Mr. Weber emphasized, as he did in May, that it takes a while for all this activity to result in greater home values. "It takes time," he said, noting that he believes the appreciation in this relatively brief period of time is "modest."
Advice to buyers: work with a local mortgage broker
Mr. Weber said interest rates are so low that banks "are not making much money" on them, giving lenders an incentive to be strict about mortgage qualification requirements.
The agents recommend working with a local mortgage broker to expedite an increasingly complex and demanding process, and said it is far too easy for prospective buyers to "get lost" in a big bank.
Why Weston?
According to Ms. Seath, buyers come from all over, including the west coast. She estimated that about half of those buying in Weston come from New York.
Ms. Hagen said many of her clients are local, and that the current high demand puts pressure on them to act.
Both said interest in Weston is due to a desire for larger properties and that Weston schools remain an attractor. They added that commuting time is less of a factor than before, since more people work at home.
Advice to potential sellers
To make a home attractive for sale to people who work at home, the agents recommend creating an office space. Ms. Hagen and Ms. Seath said it is important to make the house "a shiny penny" by painting, cleaning up, and decluttering.
Mr. Weber suggested arranging a water test and addressing the presence of arsenic or radon in advance. He also suggested replacing windows that have broken seals.
Advice to potential buyers
Ms. Hagen said high demand means "it's a waiting game" for more inventory to come into the market. Patience is required, she said, but buyers should also be prepared to make a solid, compelling offer. Mr. Weber said it is important to have an agent who is always on alert for new opportunities for clients.
Ms. Seath had extra advice for younger buyers, saying they should not feel pressure to make their first purchase be their "forever house."