23 Shade St, Waltham

Market Analysis for:

Colleen Rogers

I've done a market analysis on your home at 23 Shade St in Waltham 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 in a lovely neighborhood in a great location in Waltham with easy access to schools, shopping, restaurants, conservation area, greenways. Just off Trapelo Road, the home is close to the Belmont line ad the Beaver Brook North Reservation, I95 and Bentley University.

The entry way has marble look-alike floor tiles, with the carpeted staircase immediately on the right and the living room on the left defined by a half height wall. The living room has a wood burning fireplace with a brick façade, bay windows, hardwood floors, and is open to the dining room. The carpeted hallway leads to a half bathroom where the laundry area is also situated. A bedroom/ office at the end of this hallway is freshly painted, and has double windows, a closet, hot water radiator, and hardwood floors. The family room has an open floor plan with the kitchen. The family room has lots of lighting with a cathedral ceiling with skylights and a fan, walls of windows, hardwood floors, and has an exterior access leading out to the deck through glass doors. Some of the boards on the floor of the deck will be replaced and completely painted as discussed. The kitchen has ceramic tile backsplash, a desk space, ceramic tile floors, black dishwasher, black oven that does not work, white refrigerator, and an gas cooktop situated on the center island. The 2nd level has mostly wall to wall carpeting, including hallways and bedrooms. The family bathroom has single vanity sink with laminate countertop, single window, and the vinyl shower surround. One of the bedrooms on this level is being painted, though a little bit smaller, has a double closet, and single windows. Another bedroom looks great  with purple walls, and has a single and a double closet. The master bedroom has a different colored carpet, with 2 single windows facing the front, a walk in closet and a double closet. The attached master bathroom has a a stand up shower and ceramic tile floors. It also has a single vanity sink with a countertop that needs to be touched up, and the mirror accent will be removed to have a full glass mirror across, and the light fixtures will be fully globed. 

Going down to  the lower level, the door will be removed, and the ceiling by the door will be fixed, the built ins will be coming down to reveal the window behind, a window will be fixed, the walls will be painted, the half bathroom will be fixed since the toilet is currently not connected, and the space will be staged as a kid’s playroom. The furnace is situated inside a closet, and there is a big storage room. This level has pergo floors and has an exterior access leading out to the backyard. This level also has an unfinished area behind another door which has asbestos floor tiles, but has some damage in the middle so it makes sense to put even some really cheap vinyl sheet down to make it manageable to the future buyers. 

In summary, your colonial style home built in 1952 on a 0.19 acre lot will have 2456 sq ft of approx living area which includes the finished area in the basement according to public record, with 4 bedrooms and 2.5 bathrooms. This market analysis is assuming the cosmetic improvements discussed.

Return to Top

Market Dynamics

We have been experiencing shortages of housing inventory in Waltham over the last 5 years or so. There are always a number of buyers looking to buy in Waltham because of its affordability, the community dynamics, commute to Boston and vibrant downtown & Moody St 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 Waltham market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Waltham far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Waltham 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 $500K price-range is the most active in Waltham. The next busiest price range in Waltham is the $600K 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 Waltham around the $600K price range is around $334 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 during the 1950’s the average price per sq. ft. is $345.

The chart below shows that single family homes in Waltham of similar size to your home in the 2,000 square foot range, have an average price per square foot of $298 but it increases to $358 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 $600K price range is just under 1 month’s supply showing a severe shortage.

Return to Top


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 2456 sq ft | 4 beds | 2.5 baths | Lot size 0.19 acres | Built 1952

This gambrel colonial style home was built in 1920. It is smaller than your home at 1,690 sq  ft of approx. living area. Your home has 2,456 sq ft of approx living area which includes the finished area in the basement according to public record. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 less half bathroom than your home, having 2 full bathrooms whereas your home has 2.5 bathrooms. It sits on a smaller size 0.09 acre lot on a busy street whereas your home sits on a 0.19 acre lot.

Upon entry to the foyer from the porch with portico, the living room is on the right through a cased entry with half height walls and columns. The living room has bay window and hardwood floors. It is partially open to the formal dining room. The formal dining room has a pot belly stove on bricks to the ceiling, a recessed china cabinet, picture windows, and hardwood floors. The kitchen has a breakfast bar peninsula, granite countertops, ceramic tile backsplash, painted white cabinets, white appliances, crown molding, and ceramic tile floors. It is adjacent to a full bathroom and has exterior access through the mudroom leading to the backyard. The bedrooms are on the 2nd level and they all have hardwood floors. One of the bedrooms has lots of custom built ins and cabinets. A family bathroom is dated and is also on this level.

This home is located in the desirable Belmont line and has and paved 2 car off street parking, no garage space. It has hot forced air, gas heating and central air cooling. It was listed for $549,900 and sold for $580,000.

Relevance: Less. Given the smaller size of the home, the smaller lot size, similar condition apart from granite in the kitchen I believe this home will sell for less than your home.

Your details: Living area 2456 sq ft | 4 beds | 2.5 baths | Lot size 0.19 acres | Built 1952

This side entrance colonial style home was built in 1939. It is larger than your home at 2,959 sq  ft of approx. living area which includes the finished basement. Your home has 2,456 sq ft of approx living area which includes the finished area in the basement according to public record. This home has 1 more bedroom than your home, having 5 bedrooms while your home has 4 bedrooms. It also has more bathrooms than your home, having 3 full bathrooms whereas your home has 2.5 bathrooms. It sits on a larger size 0.28 acre lot backing onto conservation land whereas your home sits on a 0.19 acre lot.

Upon entry to this home, the living room is immediately available and it has a fireplace, bay window, a beamed ceiling, and wall to wall carpeting. The formal dining room has has wall to wall carpeting and has its own access to the home office which also has wall to wall access and has its own exterior access. The kitchen is a little dated and has white cabinets to the ceiling, white appliances, ceramic tile floors, triple windows, and has exterior access to the deck. A full bathroom is also on this level. The family bedrooms, the family bathroom, and the master bedroom, are on the 2nd level. All of the bedrooms have wall to wall carpeting and one of them has a walk in closet. The finished lower level has laminate flooring and is where the family room and a bedroom and another bathroom is located.  

This home is located  at the end of a cul-de-sac near a conservation land. It has paved 5 car off street parking, no garage space. It has hot water baseboard heating. It was initially overpriced at $739,000 then the price was dropped to $699,000 and went under agreement before coming back on the market for $677,000 and then to  $629,000 when it went under agreement and was sold for $620,000 after 72 days on the market.

Relevance: Relevant. Given the larger size of this home, the larger lot size, similar location, similar condition, inferior curb appeal I believe that once all factors are considered, this home is relevant to your home.

Your details: Living area 2456 sq ft | 4 beds | 2.5 baths | Lot size 0.19 acres | Built 1952

This colonial style home was built in 1922. It is smaller than your home at 2,184 sq  ft of approx. living area of above ground living area. Your home has 2,456 sq ft of approx living area which includes the finished area in the basement according to public record. 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, both having 2.5 bathrooms. It sits on a similar  size 0.17 acre lot whereas your home sits on a 0.19 acre lot.

Upon entry to the home through a portico, a large family room is immediately accessible. This family room has triple and bay windows, wall to wall carpeting over hardwood floors, and has access to the enclosed deck which has walls of glass through glass paned doors and has exterior access. It is also partially open to the eat in kitchen through a cased opening. The living room is at the end of the hall though double french doors. The living room has box windows, crown molding, and hardwood floors. The dining area has a picture window and has an open floor plan with the kitchen. The kitchen has been renovated and has granite countertops, stainless steel appliances, white cabinets, and ceramic tile floors. It also has access to the half bathroom that also has the laundry. All the bedrooms, the master suite, and the family bathroom, are on the 2nd level. The master bedroom has crown molding, wall to wall carpeting, and has an attached bathroom. The master bathroom is modern and has a double sink vanity with granite countertop, stylish cabinets, and custom built ins, and has a shower stall with frameless glass door. The other family bedrooms have wall to wall carpeting and one of them has custom built ins and walk in closet. The family bathroom has modern appliances and the shower/tub has ceramic wall tiles.

This home has paved 4 car off street parking, no garage space. It has hot water baseboard, oil heating and central air cooling. It was initially overpriced for $725,00, and the price was dropped a couple of times to $699,900, and then to $684,700 before it went under agreement and sold for $660,000.

Relevance: Relevant, but higher. Given the similar size above ground living area, superior condition of kitchen and bathrooms, similar lot size, similar curb appeal I believe that once all factors are considered this home is relevant to your home but it should sell for more.

Your details: Living area 2456 sq ft | 4 beds | 2.5 baths | Lot size 0.19 acres | Built 1952

This ranch style home was built in 1957. It is larger than your home at 2,983 sq  ft of approx. living area which includes the finished lower level. Your home has 2,456 sq ft of approx living area which includes the finished area in the basement according to public record. This home has 1 more bedroom than your home, having 5 bedrooms while your home has 4 bedrooms. It has 1 less half bathroom than your home, having 2 full bathrooms whereas your home has 2.5 bathrooms. It sits on a similar size 0.21 acre lot whereas your home sits on a 0.19 acre lot.

The living room has a fireplace, though it was disclosed non operable, picture windows, hardwood floors, and is partially open to the dining room though an arched opening. The dining room also has hardwood floors, and double windows. The kitchen is dated and has ceramic tile backsplash,  and ceramic tile floors and white appliances. The bedrooms, including the master bedroom have double windows, and hardwood floors.  The bathrooms are also a bit dated. The family room is on the finished lower level and it has a fireplace inset into bricks to the ceiling, custom cabinets, wet bar, crown molding, horizontal pine paneling, and ceramic tile floors. This level also has an in-law apartment. It has its own kitchenette with ceramic tile backsplash, custom cabinets, wainscoting, a wet bar, a fireplace, a large walk in closet, ceramic tile floors, and has exterior access. 

This home is located in the Glenmeadow West neighborhood. It has 4 car off street parking, no garage space but has a storage shed. It has forced air, oil heating and central air cooling. It was listed for $689,900 and was sold at a lower price of $665,000.

Relevance: Relevant. Given the larger size of the home, extra bedroom, central A/C, inferior condition I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 2456 sq ft | 4 beds | 2.5 baths | Lot size 0.19 acres | Built 1952

This ranch style home was built in 1950. It is larger than your home at 2,600 sq  ft of approx. living area which includes the finished lower level. Your home has 2,456 sq ft of approx living area which includes the finished area in the basement according to public record. 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, both having 2.5 bathrooms. It sits on a similar size 0.22 acre lot whereas your home sits on a 0.19 acre lot.

As you walk in the front door you have an open floor plan with the dining room, living room on its right and the eat in kitchen on its left with hardwood floors throughout. The living room has triple windows. The formal dining room as a fireplace, and beadboard walls. The kitchen is stunning and renovated in the last 4 years and has a breakfast bar island where the cooktop stove is situated, with granite countertops, stylish cabinets to the ceiling, stainless steel appliances, informal dining area and has 2 exterior access, one through a side entry, and the other leading out to the deck through glass sliders. The 3 family bedrooms and the renovated family bathroom is in the left wing. The master suite is at the right wing and it has double windows, and a renovated attached bathroom which has a new vanity, ceramic floor tiles, white beadboard half walls. The finished lower level has wall to wall carpeting and has a half bathroom.

This home is located in the Glenmeadow West neighborhood. It has 4 car off street parking, no garage space but has a storage shed. It has forced air, oil heating and central air cooling. It was listed for $649,982 and was sold for $676,000.

Relevance: Relevant, but higher. Given its larger size, superior condition of kitchen and bathrooms, central A/C I believe this home is relevant to your home but it will sell for more.

Your details: Living area 2456 sq ft | 4 beds | 2.5 baths | Lot size 0.19 acres | Built 1952

This multi-level style home was built in 1958. It is smaller than your home at 2,245 sq  ft of approx. living area although this is all above ground living area. Your home has 2,456 sq ft of approx living area which includes the finished area in the basement according to public record. This home has 1 more bedroom than your home, having 5 bedrooms while your home has 4 bedrooms. It has 1 less half bathroom than your home, having 2 full bathrooms whereas your home has 2.5 bathrooms. It sits on a larger size 0.42 acre lot whereas your home sits on a 0.19 acre lot.

As you walk in the front door you go up a few steps to the main level which includes the living room, the dining room, and the kitchen and these have hardwood floors. From the foyer, the living room is on the right and it has a fireplace, picture windows, and chair rails. The dining room is slightly open to the living room through an arched opening and it has an open floor plan with the kitchen. The dining room has picture windows, crown molding, and exterior access to a deck through glass sliders. The recently renovated kitchen is stunning and has a breakfast bar island, ceramic tile backsplash, granite countertops, and stainless steel appliances and is open to the dining room. Up a few stairs are 2 bedrooms, both with hardwood floors, and a stunning renovated full bathroom. Up a few more stairs are 3 more bedrooms, all with sloping ceilings, and hardwood floors, and another renovated full bathroom. The family room is on the ground level and it has beadboard wainscoting, wall to wall carpeting, and has 2 exterior accesses through glass sliders.

This home is located in the Lincoln Heights neighborhood. It has paved 6 car off street parking, no garage space but has a storage shed and covered patio. It has forced air, gas heating and central air cooling. It was listed for $718,800 and sold for $740,000.

Relevance: Higher. Given the larger above ground living area, superior condition, extra bedroom, larger lot, central A/C, I believe this home will sell for more than your home.

Return to Top

Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $625,000-$675,000.  

Given the current market dynamics in Waltham, 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 74 Tudor which came on the market for $649,000 and sold for $6676,000, and the listing at 59 Dobbins Rd which came on the market for $718,800 and sold for $740,000. 

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.

Return to Top

So, what is our Marketing Plan? 

Read More to find out all about the standard marketing we offer, at no additional charge to the standard fee.

Marketing to sell your home

Make your home stand out with MA Properties Online's Marketing Today's technology makes it...

Read More

Who We Are | MA Properties Online | Leading Edge Real Estate

The MA Properties Online team takes a 'data driven approach' to real estate . ...

Read More

 

Testimonials | MA Properties Online | Leading Edge Real Estate

Read Reviews about MA Properties Online | Leading Edge Real Estate...

Read More

 


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! 

Return to Top