39 Almont St, Medford

Market Analysis for:

Elin White, Linda White & Jules Jimmy

I've done a market analysis on your home at 39 Almont 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 1.5 bath village colonial home. It is in close proximity to major commuting routes (I-93), shopping, schools, 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 1580 sq ft of above ground living area including 162 sq ft on the third floor, but  we estimate the third floor at 300 sq ft therefore bringing its total to 1718 square feet of living space and is situated on 0.08 acres. There is also a one car garage which is very desirable in Medford. The home has 2 car off street parking, hot water baseboard heat and hardwood floors throughout.

The entrance has stairs that lead to a lovely front porch with a fenced in yard. I would recommend painting the front porch if you are able prior to coming on the market (it needs to be over 50F to paint) as it will give a clean fresh look to it.

As you walk through the front door, you enter a hallway with an inviting window seat on the left side against a big window and the radiator heat décor gives a beautiful foyer feel walking into the house. On the left side of the hallway are stairs that go up to the second floor. On the right side is the living room which also has bay windows, providing lots of natural light. The living room then opens up to the dining room. The dining room has nice contemporary wall colors and lots of windows as well as a white radiator cover which is used well as a decoration piece in the room. There is also a white portable fireplace which matches the room décor.
At the back of the house (and through the dining room) is the kitchen which is quite large. The vinyl floors and stainless-steel fridge, microwave, electric stove and a black dishwasher make up the kitchen appliances. There is a small informal dining area as well, which gives a warm feel to the area. The cabinets can be freshened up with white paint to make it more appealing to current buyers. The kitchen then opens into a half bathroom with a window that looks out into the back yard. The vanity has an off white marble countertop. The first floor laundry in this bathroom is appealing to buyers since it is next to the kitchen. The mudroom opens from the kitchen, has nice storage space and is a private entrance from the backyard. The backyard is flat and has a nice deck with white railings.

Second floor: Up the stairs there are 3 bedrooms, an office area and 1 full bathroom. Hardwood floors throughout the 2nd floor are appealing. The bathroom is beautifully renovated with ceramic floor tiles, ceramic wall tiles, white vanity with solid surface countertop which make it appealing to today’s buyers.

Third floor: Has white painted stairs with a gray rug, which looks good. The playroom is finished with beautiful wood paneled ceilings. If these can also be painted white, it would bring enormous appeal along with some paint touch ups and wall fixes on the 3rd floor.

Basement smells clean and dry and the stairs going down to the basement have treads on them which is great. There is an oil furnace and the area just needs to be cleaned and tidied up. The water heater is new and plumbing has been updated. The pipes are copper. The walls here may need some paint but we will get a better understanding once the stuff is cleared up.

This market analysis is making the assumption that the minor touch ups we recommended have been done.

The Town of Medford has the home as 1580 square feet as seen in the Building Layout diagram and Sub-Areas table below. The diagram and table were sourced from public records and shows the square footage breakdown of your home. These records are often inaccurate. For purposes of this analysis, we will consider the home to be approximately 1718 square feet based on our calculations including the revised finished areas of the 3rd floor.

 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 $500K price range is around $340 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 1900’s the average price per sq. ft. is $298.

The chart below shows that single family homes in Medford of similar size to your home in the 1,000 square foot range, have an average price per square foot of $362 but it increases to $449 per sq. ft. when you decrease to the below 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 $500K price range is under 1 month’s supply 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 1718 sq ft (including estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home is similar to your home with 3 bedrooms and an office. It has the same number of bathrooms as yours at 1.5 bathrooms. It has a 2 car garage and is bigger than your home at 1854 sq ft; yours is 1718 sq ft. This home is a similar vintage to your home being built in 1892, yours in 1900. The roof, windows, electrical and heating system are all updated. The home was very dated inside and not presented well. The home went under agreement within 4 days so it will have sold for over asking price.

Relevance: Relevant, but less. Given the inferior condition of the home with carpet and vinyl  flooring, inferior kitchen, dated bathrooms this home is relevant to your home but your home will sell for more.

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has 1 less bedroom than your home with 3 bedrooms. It has the same number of bathrooms as yours at 1.5 bathrooms. It is smaller than your home at 1438 sq ft, yours is 1718 sq ft. This home is very similar to yours in age and updates. The home was built in a similar vintage to yours in 1900. This home has finished hardwood floors throughout the home. The house was beautifully presented inside. The kitchen was in a similar condition to your home. The bathroom was not as beautifully renovated as your home.

Relevance: Less. Given the smaller size of this home, 1 less bedroom, similar age, superior condition of bathroom, no finished space  in the attic, I believe this home will sell for less than your home.

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has 1 less bedroom than your home with 3 bedrooms. It has the same number of bathrooms as yours at 1.5 bathrooms. It has a 2 car garage and is bigger than your home at 1870 sq ft, yours is 1718 sq ft. This home is very similar to yours in age with it being built in 1910, yours 1900.  The home had lots of curb appeal with a farmers porch, as does yours. The home was very dated inside with wall to wall carpets, wallpaper, dated bathroom.  The kitchen was a little less updated than yours.  given that, this house has wallpaper and carpet throughout the home, and is not updated, yours will likely sell for higher than this home.

Relevance: Relevant, but less.  Given the inferior condition overall, 1 less bedroom, versus the  larger size and 2 car garage I believe this is relevant to your home but yours will sell for more. 

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has 1 less bedroom than your home with 3 bedrooms and an office. It has the same number of bathrooms as yours at 1.5 bathrooms. It has a 2 car garage and is bigger than your home at 1806 sq ft; yours is 1718 sq ft. The home is a similar vintage to your home being built in 1900 as was yours.  The kitchen in this home had a poor layout and would not have appealed to buyers. The bathroom was very dated. The home had wallpaper on walls, and had not been 'freshened' at all and didnt present well. There was in inground swimming pool which took up most of the backyard which buyers would not have liked.  The home had a new roof and furnace.  

Relevance: Relevant, but less. Given the slightly larger size, 2 car garage versus the inferior condition inside, and poor layout of the kitchen area I believe this home is relevant to your home but yours will probably sell for more.

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has 1 less bedroom than your home with 3 bedrooms. It has 2 bathrooms vs. yours at 1.5 bathrooms. This home is smaller than your home at 1412 sq ft, yours is 1718 sq ft.  It is on a larger lot of 0.12 acres vs your .08 acres. This home is beautifully presented and has lovely curb appeal, as does yours. The interior is appealing with off white paint colors and looks freshly painted. The kitchen has been recently renovated and has white shaker cabinetry, some stainless steel appliances, slate flooring and is quite stunning. The bathrooms have both been beautifully renovated. The backyard was very appealing with lush grass, patio and gardens.  The home is a similar vintage to your home being built in 1915.

Relevance: Relevant.  Given the smaller size of the home, 2 full bathrooms both renovated, superior condition of the kitchen, superior backyard, attached garage I believe this home is relevant to yours. 

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has 1 less bedroom than your home with 3 bedrooms. It has 2 full bathrooms vs. yours at 1.5 bathrooms. The home was built in the same vintage as your home in 1900. This home is smaller than your home at 1562 sq ft, yours is 1718 sq ft. The home sits on the same size lot as yours.  The kitchen has been beautifully updated with white cabinetry, stainless steel appliances and granite counters and is stunning. The bathrooms are both updated with white vanity and granite counters, and the bathroom on the bedroom level is huge.  The interior of the home is bright and appealing and beautifully presented.  


Relevance: Relevant. Given smaller size of the home, superior condition of the kitchen, 1 more full bathroom, 1 less bedroom, similar lot size, I believe this home is relevant to your home.

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has 1 less bedroom than your home with 3 bedrooms. It has the same number of bathrooms as yours at 1.5 bathrooms.  It has one garage like yours and is slightly bigger than your home at 1812 sq ft, yours is 1718 sq ft. This home has had a complete home renovation in 2014 and was beautiful inside. It was built in 1930. The kitchen has granite counters, stainless steel appliances, wood cabinetry with a breakfast bar island.  The entire home had stunning dark stained hardwood floors. The bathrooms are beautiful with white marble wall tiles, and vanity. The lot size is double your lot size of 0.16 acres, yours is 0.08 acres and is flat with beautiful garden.
 

Relevance: Relevant, but higher.  Given the larger size of this home, larger lot size, 1 less bedroom, 2014 gut renovation I believe it is relevant to your home but it will sell for more than yours.

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has 1 additional bedroom than your home with 5 bedrooms. It has the same number of bathrooms as yours at 1.5 bathrooms. It has a two-car garage and is bigger than your home at 2153 sq ft; yours is 1718 sq ft. The home was built in 1935 and has lovely curb appeal. The kitchen is huge with granite countertops, wood cabinetry and white appliances. The bathroom is fresh with white ceramic wall tiles.  The home flows really well and has a lovely layout. Beautifully finished hardwood floors, and stunning period woodwork in the formal areas of the home creates a stunning feel when you walk in. The bedrooms and bathrooms have a fresh, appealing look and modern feel. The home sits on a larger lot of 0.14 acres and the garden is stunning with a beautiful patio area and large double wide driveway. 

Relevance: Higher.  Given the larger size of the home, extra bedroom, larger lot, superior condition I believe this home will sell for more than your home. 

Your details: Living area 1718 sq ft (estimate of third floor) | 4 beds | 1.5 baths | Lot size 0.08 acres | Built 1900

This home has stunning curb appeal. This home is similar to your home with 4 bedrooms. It has the same number of bathrooms as yours at 1.5 bathrooms. It has one garage like yours and is bigger than your home at 1855 sq ft; yours is 1718 sq ft. It is a similar vintage to your home with both built in 1900. The kitchen is stunning with white cabinetry, stainless steel appliances, granite counters and is large enough for informal dining and a large pantry. The entire home has been painted with off white paint colors. The bathrooms have been beautifully renovated. It is on a larger lot than your home at 0.12 acres, yours is 0.08 acres. The home has shining hardwood floors, updated electrical, gas, hot water tankless system which make it a desirable property.


Relevance: Higher. Given the larger size of this home, superior condition of the kitchen, large lot size, stunning curb appeal with beautiful gardens I believe this home 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 $560,000-$600,000.  

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 39 Cherry St which came on the market for $549,900 and sold for $570,000, and the listing at 52 Farragut Ave which came on the market for $600,000 and sold for $683,000. 

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.  If you decided to sell your home, then 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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