130 Gaston St, Medford

Market Analysis for:

Destiny & Brian Murphy

I've done a market analysis on your home at 130 Gaston St, Medford and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also scrutinize the home for issues that, in my experience, will impact the price of a home making it more or less valuable. Then, I look at your current competition - the other homes that buyers in your price range will be viewing, to help determine your price.

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

Your home is a 4 bedroom and 2.5 bath garrison colonial home. It is in close proximity to major commuting routes (I-93), shopping, schools, Wrights Pond, and conservation areas. Your home will appeal to families who who desire an outdoor lifestyle while still remaining within commuting distance to Boston.

According to public record, it has 1534 sq ft of above ground living but this does not include the finished third floor or lower level. When including those areas of 754 sq ft for the basement, and another 300 approx for the third floor (limited head height for most of the area will reduce the usable living area), you come up with an estimated total living area of 2588 sq ft.  Your home was built in 2008, and is located on 0.11 acres. The home has 2 car off street parking accessed from a shared driveway, forced hot air, central air with smart home control technology. 

As you walk in the front door you have the stairs to the upper level to the right, a hallway to the kitchen area directly ahead and the living room to the left. The living room has a gas fireplace with granite tile surround, white mantel, and built in cabinetry to either side of the fireplace. Through a cased opening is the kitchen. The kitchen has wood cabinetry, granite counters, stainless steel appliances, and a breakfast bar island. A dining area is adjacent to the kitchen and has a sliding french door out to the deck beyond and decent sized yard. There is a half bathroom and a pantry off the dining area. The half bathroom has a granite counter vanity cabinet.

Upstairs to the second level the hardwoods transition to carpet, and there is a large bedroom with double closets and an attached full bathroom. The full bathroom has granite counter vanity, ceramic floor tiles. The master bedroom on this level is large, with double closets and a walk in closet area, with an attached full bathroom. The bathroom has a granite topped vanity, ceramic floor tiles, tub/shower.

Upstairs to the third level is a storage area and 2 more bedrooms. Both bedrooms have skylights and have lots of natural light.

Through a dutch door from the dining area is the access to the lower level with carpeted stairs. A large family room with carpet, full height windows, lots of closets, access to the laundry with ceramic floor tiles, full height window and walk out to the backyard. A finished bonus room will have carpet and has a full height window. The whole lower level has been finished to a quality similar to the upper levels. The home presents beautifully.

Closed cell insulation on exterior walls, exterior storage under the deck.  

 In bringing your home on the market, we would create a floorplan to verify the square footage of your home.


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Market Dynamics

We have been experiencing shortages of housing inventory in Medford over the last 5 years or so. There are always a number of buyers looking to buy in Medford because of its affordability, the community dynamics, commute to Boston and vibrant downtown area. People like the feeling of the downtown area, and want to stop and have a coffee, or have dinner at the many restaurants, or just watch the world go by, chatting with folks who are out and about. 

The Medford market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Medford far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Medford are well above average prices obtained in the peak of the market in 2005. Average single family home prices have been increasing steadily since 2011. The real estate market downturn that existed for the last few years is well and truly over and prices are continuing to increase each year.

Sales distribution statistics for single family homes show that the $600K price-range is the most active in Medford. The next busiest price range in Medford is the $500K price range. 

Before reviewing the price per sq foot charts it is important to throw in a caveat of using the average as the definitive guide. There is wide variability among agents as to what is included in the living area reported in MLS. In some instances, agents will include a finished component of the basement in the living area and this is acceptable so long as how the living area is calculated is disclosed. Others report the living area reported in public record, which never includes finished areas in the basement, but note in MLS that there is a finished basement. To this end, it is important to review each individual listing to determine the ‘true’ price per sq. ft. of above ground living area, but we also need to factor into this when a home has a finished basement.

Reviewing the price per sq. foot charts for single family homes shows us that the average price per sq. ft. in Medford around the $700K price range is around $341 per sq. ft. It’s important to note that the maximum price per sq. ft. achieved varies across most price ranges, along with the minimum obtained for each price range.

When the year built in the 2000’s the average price per sq. ft. is $312.

The chart below shows that single family homes in Medford of similar size to your home in the 2,000 square foot range, have an average price per square foot of $295 but it increases to $368 per sq. ft. when you decrease to the 1,000 square foot range. It is common across municipalities to see an increase in the price per square foot for smaller sized homes, as it reflects the minimum cost of a home in a town irrespective of the property size.

The chart below shows how many months’ supply of inventory there is in a given price range. It uses the assumption that given the same rate of sales over the prior 12 months, and considering current inventory available for sale, how many months it should take to sell the available inventory. This is referred to “Absorption” in the real estate world. 

Any price range where there is more than 7 months’ supply, we consider there to be an oversupply of inventory, also known as a ‘buyer’s market’. Anything between 4 – 6 months is considered a balanced market. Anything less than 3 months’ supply is considered a shortage of inventory on the market at this price range, also known as a ‘sellers’ market’. As can be seen, currently, absorption rates for all homes in the $700K price range is a total lack of inventory showing a severe shortage.

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Analysis of Relevant Properties

The following map shows the  homes that we believe to be of value in determining the price of your  home. Below the map you will find basic information  provided for each home including the price the home was  listed at, and the price the home sold at (if sold), the listing date, Days on market, Bedrooms, Bathrooms, living area size and lot size.  Noted for each home is a classification of Relevance which outlines whether we think the  property is valued Less (L), Relevant/Comparable (R) or Higher (H) than  your home. The notes for each home outlines the similarities and differences between  your home and the one being analyzed.

 

Your details: Living area 2588 sq ft (including third floor & lower level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car off street parking

This colonial style home was built in 2004.  It is a similar size to your home with 2,300 sq ft of all above ground living area. Your home has 3,2588sq ft of living area which includes approximately 300sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 more full bathroom than your home, having 3 full and 1 half bathrooms. It sits on a similar size 0.16 acre lot whereas your home sits on a 0.11 acre lot. The home is an 'attached' single family - in other words, a townhome.
As one enters the foyer from the farmer’s porch, the living room is on the right. The living room has bay windows and hardwood floors. Straight from the foyer is an open floor plan with hardwood floors which includes the family room, the dining area, and the kitchen. The family room has a fireplace and an exterior access to the deck through glass sliders. The kitchen has a 2-tier breakfast bar peninsula, granite countertops, ceramic tile backsplash, custom built cabinets, and stainless steel appliances. The family bedrooms are on the upper level. A bedroom on this level has an attached bathroom with shower stall. The 2 other bedrooms share a family bathroom which has a double sink vanity and stylish cabinet. The master bedroom is on the 3rd floor and it has a cathedral ceiling with skylights, walk in closet, an attached bathroom, and hardwood floors. The master bathroom has double sink vanity, a shower stall and whirlpool soaking tub.
This home has an attached 2 car tandem garage and 1 car off street parking, and forced air heating and central air cooling. It was listed for $729,900 and went under agreement within days so I anticipate it has sold for over asking price.

Relevance: Relevant, but less. Given that this home is an attached home, similar living area, 2 car tandem garage, extra bathroom, similar age and lot size when all these factors are considered I believe it is relevant to your home but your home should sell for more.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This multi-level style home was built in 1965.  It is larger than your home with 2,827 sq ft of total living area including the lower level. Your home has 2588sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a larger size 0.21 acre lot in your neighborhood whereas your home sits on a 0.11 acre lot.
AS one enters the front hall, the living room is on the left with some steps up and straight ahead is the family room. The living room has a fireplace on brick wall, bay window, and wall to wall carpeting. It has an open floor plan with the formal dining room and the kitchen with an informal dining area. The dining room is slightly separated from the kitchen through a peninsula. The kitchen has cherry cabinets to the ceiling, ceramic tile backsplash, ceramic tile floors, and mismatched appliances. The kitchen feels quite dated. The family room is accessible from the front hall and some steps from the kitchen. It has wood veneer paneled walls and wall to wall carpeting. The sunroom is accessible from the family room and leads to an exterior access to the patio. The family bedrooms are on the upper level including the master bedroom. The master bedroom has an attached bathroom and hardwood floors. One of the bedrooms is large and has wood veneer panel walls and wall to wall carpeting while the 2 others have hardwood floors. The lower level has wood veneer paneled walls. There is a lot of wallpaper around and the bathrooms are dated.
This home has an attached single car garage and 2 car off street parking, and electric baseboard heating and central air cooling. It was listed for $675,000 and it went under agreement after a few days so it will have sold for over the asking price.

Relevance: Less. Given your superior condition, smaller size, similar location, this homes larger lot size, this homes garage I believe your home will sell for more than this home.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This colonial style home was built in 2004.  It is larger than your home with 2,240 sq ft of all above ground living area, but there is an additional 900 sq ft in the basement which has been very basically finished which is not included in the total sq footage of the home. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 more bathroom than your home, having 3 full and 1 half bathrooms. It sits on a similar size 0.13 acre lot, whereas your home sits on a 0.11 acre lot.
From the foyer, the living room is on the right and it has a fireplace and hardwood floors. It is open to the formal dining room which also leads to the kitchen. The kitchen has cherry cabinets, granite countertop, ceramic tile backsplash, and stainless steel appliances. The family room is slightly open to the kitchen. The main level has mostly hardwood floors. The family bedrooms are on the upper level including the master suite. The master bedroom has an attached bathroom, walk in closet, and hardwood floors. The bathrooms had been basically finished. The home was let down by having wood trim, baseboard, crown which dates a home in buyers eyes.
This home has no garage but has 6 car off street parking, and has forced air heating and central air cooling. It was listed for $659,999 but was not sold at this price and then they relisted it for an even higher price of $689,900!! Price was dropped several times to finally end up at $659,927 before it went under agreement and finally was sold at $650,000 after a total of 77 days on the market.

Relevance: Relevant, but less. Given the larger size, inferior condition, extra bathroom I believe it is relevant to your home, but your home will sell for more than this home.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This colonial style home was built in 2009.  It is larger than your home with 2,743 sq ft of all above ground living area, but this does not include approx 400 sq ft in the finished basement. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 more bathroom than your home, having 3 full and 1 half bathrooms. It sits on a similar size 0.16 acre lot that has beautiful views of Route 93 across a small grass strip flanking the highway :-), whereas your home sits on a 0.11 acre lot in a neighborhood.
The living room has a fireplace with marble facing and white mantel with built ins on both sides, crown molding, picture window, and hardwood floor. The formal dining room has wainscoting, hardwood floors, and exterior access to the deck through a half french door.  The kitchen has dark colored shaker style cabinetry, a breakfast bar island, granite countertops, ceramic tile backsplash, bay window, stainless steel appliances, and hardwood floors. The master bedroom is on the upper level and has walk in closet, an attached bathroom, access to the deck, and hardwood floors. The master bathroom has a shower stall with frameless glass door, a jacuzzi, and double sink vanity with granite countertop. Another bedroom is on the 3rd level and it has a sloped ceiling and hardwood floors.
This home has a detached 2 car garage and 6 car off street parking, and forced air, central heating and central air cooling. It was listed for $729,000 and was sold for its listing price after 10 days on the market.

Relevance: Relevant, but less. Given the larger size, 2 car detached garage, extra bathroom, but inferior location I believe it is relevant to your home but your home should sell for more.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This colonial style home was built in 1920.  It is smaller than your home with 1,792 sq ft of all above ground living area. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a similar size 0.12 acre lot in desirable West Medford, walking distance to the shops, restaurants and public transportation whereas your home sits on a 0.11 acre lot.
The living room has a fireplace with brick facing, crown molding, hardwood floors, and has an open floor plan with the formal dining room slightly separated by period built ins with columns above. The formal dining room has chair rails, bay windows, crown molding, and hardwood floors. The kitchen has cherry cabinets, granite countertops, bay window, ceramic tile floors, and an exterior access through the informal dining area. There is some wallpaper in the kitchen and foyer on the first floor. The family bedrooms are on the upper level and some of them have chair rails, wallpaper and hardwood floors.  The bathrooms have had some updating but are not as modern as your bathrooms.
This home has 2 car off street parking, and steam heating. It was listed for $699,900 and was sold with competing offers for $730,000.

Relevance: Relevant, but less. Given the smaller size of this home, inferior condition, but superior location I believe it is relevant to your home but your home will sell for more.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This colonial style home was built in 1935.  It is smaller than your home with 2,082 sq ft of all above ground living area. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has the same number bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a larger size 0.22 acre lot near the Winchester line in West Medford, whereas your home sits on a 0.11 acre lot.
Upon entry to this home, you have the living room and it has a fireplace with brick facing and black mantel and has built ins on both sides. It also has crown molding, hardwood floors, and has access to the sunroom through a french door. The formal dining room is slightly open from the living room and it has chair rails, crown molding, built in china cabinet, and hardwood floors. The family room also has hardwood floors, exterior access to the deck through glass sliders, and has an open floor plan with the kitchen and the informal dining area. The kitchen is stunning and has a breakfast bar peninsula, granite countertops, glass tile backsplash, white cabinets, beverage bar, stainless steel appliances, and ceramic tile floors. It has 2  exterior accesses, one to the deck and the other being the side entry leading to the front parking area. The family bedrooms are on the upper level including the master suite. The master bedroom has walk in closet, attached bathroom, crown molding, and hardwood floors. The master bathroom has double vanity sink with granite countertop, marble floors, and shower stall. Each of the 3 family bedrooms have hardwood floors and share a family bathroom on the same level. The backyard outdoor space is beautiful with a lovely deck and large patio. The home was immaculate and beautifully presented.
This home has 4 car off street parking, and has forced air heating and central air cooling. It was listed for $729,900 and competition meant it sold higher than the listing price at $740,000.

Relevance: Relevant. Given the similar condition, smaller living area but larger above ground living area, larger lot size, superior location I believe this home is relevant to your home.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This cottage style home was built in 1930.  It is a similar size to your home with 2,379 sq ft of approx living area which includes approx 400 sq ft of partially finished lower level. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has more full bathrooms than your home, having 3 full bathrooms. It sits on a similar size 0.14 acre lot in popular West Medford, whereas your home sits on a 0.11 acre lot.
As one enters from the covered porch, the living room is on the right and it has a fireplace with brick facing, coffered period gumwood ceiling, picture windows, and hardwood floors. The formal dining room has double windows, recessed china cabinet with glass panels, and hardwood floors. The kitchen is directly connected through a cased opening and it has cherry cabinets to the ceiling, a breakfast bar peninsula where the stove is situated, granite countertops, stainless steel appliance, hardwood floors, bay windows, and exterior access to the deck through a french door. A family bedroom with hardwood floors and crown molding is also on  this level adjacent the main level bathroom. The upper level has 2 bedrooms and both have skylights, hardwood floors, and both share the full bathroom on this level. The larger bedroom has a walk in closet with a second washer/dryer. The partially finished lower level includes a bedroom which has an attached bathroom, hardwood floors, and exterior access through french doors.
This home has 2 car off street parking, and has central heating with hot water baseboard/radiators. It was listed for $719,000 and was sold, higher than the listing price due to competition, for $771,000.

Relevance: Relevant. Given the similar size of the home, lack of a master bathroom but 3 full bathrooms in total, superior location I believe it is relevant to your home.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This center entrance colonial style home was built in 1997.  It is a similar size to your home with 1,988 sq ft of approx living area which does not include the finished lower level. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a similar size 0.16 acre lot in desirable West Medford, whereas your home sits on a 0.11 acre lot close to Wrights Pond.
Entry to this home is through typical central entry and portico, with the living room is on  the right which has hardwood floors and is slightly open to the family room. The formal dining room also has hardwood floors and slightly open to the kitchen which has an open floor plan with the family room. The family room has a fireplace with granite facing, hardwood floors, and exterior access to the deck through french doors. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinets with some glass fronted upper cabinetry, stainless steel appliances, bay windows, ceramic tile floors, and a peninsula between the the kitchen and the family room. The family bedrooms are on the upper level having hardwood floors. The lower level was finished with ceramic floor tiles, and had a pot belly stove in one area. The master bedroom has an attached bathroom with a jacuzzi. There was a huge deck, along with a huge patio out back, with a storage shed.
This home has an attached single car garage and 4 car off-street parking, and forced air heating and central air cooling. It was listed for $799,900 but was sold lower than the listing price at $790,000.

Relevance: Relevant, but higher. Given the larger size, larger lot size, popular style, 1 car garage, superior location I believe when all factors are considered that this home is relevant to your home but it should sell for more.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This colonial style home was built in 1910.  It is a similar size to your home with 2,297 sq ft of all above ground living area. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It also has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a similar size 0.14 acre lot in West Medford whereas your home sits on a 0.11 acre lot.
As you enter through the fully enclosed porch, the living room is on the right and it has bay windows, crown molding, hardwood floors, and has access to the formal dining room through a cased opening. The dining room has gumwood wainscoting to plate rail height, coffered ceiling, picture window, a beautiful large recessed china cabinet,  and hardwood floors.  The period details of the home have been kept and enhanced and its a beautiful example of the way superior build quality of yesteryear can be added to, and expanded. A butler’s pantry connects it to the kitchen which has white cabinets, granite countertops, ceramic tile backsplash, stainless steel appliances, hardwood floors, and exterior access through a french door and access from the mudroom. The kitchen is absolutely stunning and very high end renovation.  The family room has a fireplace with pellet stove insert and brick mantel, bay windows, crown molding, and hardwood floors. A wide staircase with period detail leads to the upper level where the family bedrooms, including the master bedroom, and an office are located and they all have hardwood floors. The master bedroom has crown molding, and an attached bathroom with a shower stall. The master bathroom and the family bathroom have been beautifully renovated.
This home has a detached single car garage and 3 car off street parking, and has  steam heating. It was listed for a price to generate competition at $699,000 and competition pushed it way over market value to $840,000.

Relevance: Relevant, but higher. Given the similar size of the home, stunning stylish condition, single car garage, superior location I believe it is relevant to your home but it should sell for higher.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This popular center entrance colonial style home was built in 2003.  It is larger than your home with 2,496 sq ft of all above ground living area. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 more full bathroom than your home, having 3 full bathrooms. It sits on a similar size 0.16 acre lot in West Medford whereas your home sits on a 0.11 acre lot.
From the foyer, the living room is on the right and it has a fireplace with granite tile facing and white mantel, and it is slightly open to the family room through a cased opening. The formal dining room is on the left from the foyer and it has wainscoting. The family room has an open floor plan with the kitchen and it has bay windows. The kitchen has a breakfast bar island, granite countertops, cherry cabinets, stainless steel appliances, and exterior access to the deck through glass sliders. The main living area has hardwood floors and crown molding. The family bedrooms are on the upper level including the master suite. The master bedroom has vaulted ceiling, wall to wall carpet, his and her walk in closets, and attached bathroom. The master bathroom and the shared family bathroom have double sink vanities with granite countertop and white cabinets. The other bedrooms have wall to wall carpeting.
This home has an attached 2 car garage and 4 car off-street parking, and forced air heating and central air cooling. It was listed for $799,000 and was sold at a higher price, due to competition, for $864,000.

Relevance: Higher. Given the larger size, 2 car garage, superior location I believe this home will sell for more than your home.

Your details: Living area 2588sq ft (including third floor & lower  level) | 4 beds | 2.5 baths | Lot size 0.11 acres | Built 2008 | 2 car  off street parking

This contemporary style home was built in 2006.  It is larger than your home with 2,539 sq ft of all above ground living area. Your home has 2588 sq ft of living area which includes approximately 300 sq ft of finished third floor and 754 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 more bathroom than your home, having 3 full and 1 half bathrooms. It sits on a similar size 0.12 acre lot in West Medford whereas your home sits on a 0.11 acre lot.
This home is simply stunning inside. As you enter the foyer which has marble floors, high cathedral ceiling and transom windows, the living room also has a cathedral ceiling with arched and picture windows, and has an open floor plan with the formal dining area. The formal dining area has a wetbar with prep sink and beverage chiller, and exterior access to the patio through glass doors. A large spiral staircase, additional to the main staircase, is on the right that leads to the upper level. The kitchen has contemporary cabinets, granite countertops and granite backsplash, stainless steel appliances, and bay windows in the informal dining area. The master bedroom is on the main level and it has bay windows, a fireplace with granite facing and white mantel, and an attached bathroom with cathedral ceiling, shower stall, whirlpool tub, and french door. Another bedroom on the upper level has an attached bathroom, and it has skylight and access to the balcony. The 2 other family bedrooms share a family bathroom which has a shower stall. The home has been built to a high degree and is not a cookie- cutter, and has a huge patio along with a deck and gardens.
This home has an attached single car garage and paved 3 car off street parking, and forced air heating and central air cooling. It was listed for $849,000 and was sold higher than the listing price, due to competition, at $877,000 after 6 days on the market.

Relevance: Higher.  Given the larger size, superior condition, 1 car garage, extra full bathroom, superior location I believe it will sell for more than your home.

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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $740,000-$780,000.  

Given the current market dynamics in Medford, I would suggest listing your home at the lower end of this price range to attract more interest and potentially multiple offers.  If the market deems your home to be worth more than the list price, then the price will be pushed over the market value of your home, and sometimes well over when we get multiple offers. You can see many examples above that came on the market for a lot less, and competition pushed them up to the price they sold for. The challenge in estimating a price for a home is ‘would this home have sold for this price if they had priced it higher?’ or was competition the driving factor that got to this price.  Experience tells me that competition is why they sold for what they did, so we have to be careful with pricing. A couple of good examples of competition pushing a price higher than market value is at 46 Grove St which came on the market for $699,000 and sold for $840,000, and the listing at 87 Summit Rd which came on the market for $719,000 and sold for $771,000. 

When homes are overpriced they end up sitting on the market and ultimately selling for less than market value, whereas homes priced realistically can often sell for well over market value. Competition is what will get us the highest sales price. As we see time and time again, if the buyers consider the market value of your home to be realistic in relation to the asking price, then competition will push the price up higher and often over the market value of the home. The challenge with overpricing is that the buyers are very educated – they go week after week to see homes in their price range so they KNOW what the prices are and what ‘feels’ right.

I have to stress that these are recommendations. We would bring your home on the market at whatever price you deem to be appropriate.  

When determining the right price - it all depends on your motivation and your risk tolerance level. We know that homes that are priced at the 'strike price' will sell quicker and may generate more than one offer.  I’m an excellent negotiator and know how to push a price up if we have the market activity. I also know that some sellers want to put their home on for a higher price than I might recommend, which I’m willing to do, so long as it is understood that putting the home on for more than the majority of buyers perceive its value, could mean that your home will have a much longer market time and sell for less than it should have had it been priced properly out of the gate.

I DO NOT DETERMINE THE PRICE - the market dictates the value - what a buyer is willing to pay. My job is to make sure that you have the best market exposure and that your home is positioned well in the market.   I do not believe in projecting more money than I think your home will sell for just to get your business.

My team and I know how to stage and market your home, and I understand its value, but I can only sell it for what the market or a buyer will pay. I strongly believe that a home should be priced compared to the current competition, not just on what has sold in the last six months.  At the end of the day, you will be competing for the buyers looking for a home like yours and in the same price range. You can do far more 'damage' to the resultant price we get for your home if we overprice. The prospective serious buyers will see your home within the first weekend of your home coming on the market, and they will have seen everything else in this price range.  In other words, the serious buyer knows what is priced well.  If they don't see value in your home at its listing price and are not motivated to make an offer, then they will move on and keep looking.  In times of increasing prices, it is often hard to predict what a home will sell for, but be assured that even if we price your home lower than what market value is currently, market dynamics will bring the price of the home up to where it should be.  Prospective buyers should walk in thinking the price 'feels right' and are motivated to make an offer in the short term, rather than letting several months’ pass.

It is important to stress the value of marketing your home to capture the highest price.  In times of low inventory, we know your home will sell by doing the bare minimum to market it, BUT that is not going to get you the maximum price for your home.  Key to getting the maximum price for your home is to prepare a comprehensive marketing plan that incorporates all avenues available to us to expose your home to the maximum number of buyers out there looking.  Exposure, and feet in the door, is what will get you the highest price for your home. Basic ratios help explain this.  If 10% of the buyers who walk in your door fall in love with your home, then if you only have 10 buyers walking in, then potentially there is only 1 buyer - if you have 100 buyers walking in your door then using the same ratios, you will potentially have 10 buyers falling in love with your home.  10 buyers will push the price up versus only one buyer.

 New statistics state that over 100% of potential buyers search the web as their primary search vehicle.  Thankfully, your home will show fabulously in photos. With historically low interest rates likely to increase and inventory at a 7-year low, there are still homes that do not sell in this market.  I’m making my recommendations to ensure that you are one of the sellers who will have success in the first month of being on the market, but optimally the first weekend.

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We look forward to working with you!   Please reach out if you have any questions at all about this market analysis or our plans to market your home! 

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