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Home Buying in 02481 : Real Estate Advice

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Activity 3
Mon Aug 13, 2012
Tim Moore answered:
Moving it up in the list of things ahead of it to get it to someone to look at and deal with. It is a good thing.
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Tue Feb 23, 2010
Don Tepper answered:
You're absolutely right. I keep making that point over and over again in answers I post.

I see plenty of cases in which a property starts off at $500,000, gets reduced to $470,000, gets reduced again to $450,000, then sells for $427,500--a 5% reduction from $450,000. What goes unnoticed by many is that's really about a 15% price reduction from the original listing price.

A further complication is that the sales price doesn't reflect the next to seller (even ignoring the commission). That is: Often the buyer will ask for a "seller subsidy" to help pay closing costs, or perhaps for remodeling. Whatever, it can run up to 3% in many cases. So, using the example above, after the seller subsidy, the house really sold for $414,675 . . . or about an 18% reduction from the original listing price.

Using a figure like "95% of listing price" is both dangerous and meaningless for another reason. It's based on the false assumption that the listing price is an accurate reflection of market price.

And finally, that 95% is an average. Of necessity, that means multiple homes were included in coming up with the number (even if that number was accurate . . . which it isn't.) Any one home is likely, statistically, to be either above or below the average. If you were buying 25 or 50 homes, then the average might mean something. But when you're buying just one, you have no idea where under that bell curve your prospective home falls.

Excellent question; excellent point.
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Tue May 19, 2009
Aimee Siers answered:
Good Morning -

The prices in Wellesley had not seen the affects that some other areas have. However, the prices have more recently started to drop and more quickly than in some of the other areas that had a slower decline.

The median price in Wellesley for 1/1/08 - 5/18/08 was $817,500. And, the median price for this year from 1/1/09 - 5/18/09 was $500,000. The days on market has dropped this year from the same time period last year of 133 days to this year at 127 days.

Wellesley is, and I believe always will be, a very desirable town to live in. With the prices in all markets and, if it applies to you, the first time homebuyer credit, it is a fabulous time to be buying real estate.

I hope this information helps. If I can be of any other help in Wellesley or any other town, feel free to contact me via email or phone.

Have a great day.

Aimee Siers
Century 21 Commonwealth
29 Washington Street
Wellesley, MA 02481
cell: 508-981-7790
email: aimee.siers@commonmoves.com
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