Asked by Wellesleybuyer, New York, NY • Thu May 28, 2009
We were interested in a house bring offered for ~$1.2M and purchased in 2007 for less. Minor improvements were made since then. I was surprised to find that they are asking more than they paid and after negotiation were unwilling to take the same amount they paid when the overall United States real estate market was stronger. We are now turning our attention to other similarly priced Wellesley homes.
Agents in this forum have stated that Wellesley homes in this price range ($1-1.3M) have been flat in value. However, a review of Trulia seems to show a slowing of sales in this price range since early this year. The average sale price is clearly lower, and I don't see any signs that things are likely to get better soon.
Can anyone provide evidence to support the commonly stated position that Wellesley prices at this price point have been flat? We would like to buy a home without overpaying, and I would genuinely appreciate some education.
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