27 East St, Stoneham

Market Analysis for:

LeiLei & Lanay Ros

I've done a market analysis on your home at 27 East St in Stoneham 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 an expanded cape style home built in 1956, on 0.24 acre lot on a busier street in Stoneham on the edge of the Wakefield line. This market analysis will assume the expansion of the upper floor adding 200 sq ft, along with the renovations we discussed at the home.

The result of the work will be a home that is 1768 sq ft in size (without considering work in the basement), 3 bedrooms, 2 full bathrooms, new kitchen, 1 car garage, inground swimming pool. The living area calculation comes from the first floor (816) & second floor(612), an additional 200 sq ft in expansion, & 140 sq ft in mudroom. This does not include area in the sunporch.  (is this heated - if so we can included in living area??)

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Market Dynamics

We have been experiencing shortages of housing inventory in Stoneham over the last 5 years or so. There are always a number of buyers looking to buy in Stoneham  because of the proximity to Boston, the community dynamics and vibrant downtown. The conservation areas close by pull those who desire an outdoor lifestyle while still remaining within commuting distance to Boston.

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

Average prices in Stoneham 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 Stoneham. The next busiest price range in Stoneham is the $400K 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 Stoneham around the $600K price range is around $290 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 is in the 1950’s the average price per sq. ft. is $278.

The chart below shows that single family homes in Stoneham of similar size to your home in the 1,000 square foot range, have an average price per square foot of $321 but it increases to $417 per sq. ft. when you decrease to the under 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 under $900K price range shows an almost zero 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 1,768 sq ft (including living area described above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car garage

This cape style home was built in 1956.  This is your home when you bought it. As discussed it was listed using public record information which included 408 sq ft in a finished basement. As we know, this is not the case.  Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. When you do the living room expansion it reduces the number of bedrooms from 4 to 3. 

It was listed for $529,900 and sold for a higher price of  $536,300.

Relevance:  Relevant, but less. Given your total gutting of the home, with new everything I believe you will sell your home for more than you paid.

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This cape style home was built in 1954.  It is of similar size but a bit smaller than your home with 1,711 sq  ft of all above ground living area. Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has 1 bedroom more than your home, having 4 bedrooms, whereas your home has 3 bedrooms. It has the same number of bathrooms as your home does, having 2 full bathrooms.  It also sits on a smaller 0.18 acre lot whereas your home sits on a 0.24 acre lot.

The living room has a fireplace with brick facing and white mantel, crown molding, picture windows, and hardwood floors. The formal dining room has crown molding, chair rails, picture windows, and hardwood floors. The kitchen has custom cherry cabinets, Silestone countertops, ceramic tile backsplash, vinyl flooring, and is connected to the formal dining room through a cased opening, and to the family room.  The kitchen is quite dated though and is nowhere near as appealing as yours. The family room has wood paneled walls, picture windows, and exterior access to the deck through a half french door. A full bathroom and a family bedroom with hardwood floors are also on the main level. The master bedroom and 2 more family bedrooms are on the upper level and they all share a family bathroom. The master bedroom has walk in closet, custom built ins, and hardwood floors. The measured living area does not include the partially finished basement. There is wallpaper throughout a lot of the home.

This home is located in the popular Robin Hood neighborhood and has an attached single car garage and 3 car off street parking. It has hot water baseboard  heat and central air cooling. It was listed for $549,000 and went under agreement but came back on the market before it went under agreement again and sold for $550,000.

Relevance: Less. Given its superior location, similar size, smaller lot size, but very inferior condition I believe your home will sell for more than this home.

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This colonial style home was built in 1910 but has been recently renovated.  It is smaller than your home with 1,621 sq  ft of all above ground living area. Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has the same number of bedrooms as your home does, having 3 bedrooms. It has the same number of bathrooms as your home does, having 2 full bathrooms.  It also sits on a smaller 0.11 acre lot whereas your home sits on a 0.24 acre lot. The home had been beautifully renovated and presented.

The main level has an open floor plan which includes the living room, formal dining room, and the kitchen. The living room has a fireplace inset into a stone tiled facade extending to the ceiling, crown molding, hardwood floors and is connected to the formal dining room through a cased opening. The formal dining room has wainscoting, crown molding, and hardwood floors. The kitchen has a breakfast bar peninsula, granite countertops, ceramic tile backsplash, custom built cabinets, crown molding, high end stainless steel appliances, and hardwood floors. The mudroom, den, a sunroom, and a full bathroom are also on the main level. The master bedroom, 2 family bedrooms, and a family bathroom are on the upper level. The bedrooms have crown molding, and hardwood floors. The master bedroom has access to the second floor deck. This is a little odd and impacts their curb appeal as the deck sits over the front door. The home did not have central air conditioning.

This home has a detached single car garage and 3 car off street parking. It was listed for $479,000 and was sold higher than the listing price due to competition, for $550,000. 

Relevance: Less. Given the superior location, smaller living area, detached garage, smaller lot size, similar condition I believe yours will sell for more.

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This cape style home was built in 1941.  It is larger than your home with 2,022 sq  ft of living area which includes additional approx 200 sq ft in finished basement . Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has the same number of bedrooms as your home does, having 3 bedrooms. It also has the same number of bathrooms as your home does, having 2 full bathrooms.  It sits on a smaller 0.16 acre lot whereas your home sits on a 0.24 acre lot.

The living room has a fireplace, vaulted ceiling with skylights, and hardwood floors. The living room has access to the kitchen through a cased opening. The informal dining area has exterior access to the deck through sliders, and has crown molding and hardwood floors. The kitchen has a breakfast bar peninsula, custom built alder wood cabinets, white appliances, granite countertops, and maple hardwood floors. The kitchen is then connected to the formal dining room through a cased opening. The formal dining room has chair rails, and hardwood floors, but the front entry opens into this room. An office, a full bathroom, and the sunroom are also on the main level. The master bedroom is also on the main level and it has vaulted ceiling and hardwood floors. There are 2 more bedrooms, and a family bathroom on the upper level. The family room is on the lower level and it has a fireplace on bricks to the ceiling, and wall to wall carpeting. The home did not have central air conditioning. The bathrooms were not updated.

This home does not have a garage but has 2 off-street parking instead. It was listed for $499,900 and was sold , with competition, for $565,000.

Relevance: Less. Given the larger size, but inferior condition, no garage, no central air I believe your home will sell for more than this home.

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This cape style home was built in 1949 but has been recently renovated.  It is smaller than your home with 1,612 sq  ft of all above ground living area. Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has the same number of bedrooms as your home does, having 3 bedrooms. It also has the same number of bathrooms as your home does, having 2 full bathrooms.  It sits on a similar size 0.22 acre lot whereas your home sits on a 0.24 acre lot.

The main level has an open floor plan which includes the living room, the dining room, the kitchen with an informal dining area, and the mudroom. The living room has a fireplace with brick facing and white mantel, triple windows, and hardwood floors. The formal dining room also has hardwood floors and is has access to the kitchen. The kitchen has double windows on its informal dining area, 2-tier breakfast bar peninsula, a nook with beverage shelves, granite countertops, upgraded cabinets, high end stainless steel appliances, and hardwood floors. The mudroom has access to the sunken sunroom/family room with beamed cathedral ceiling. The master bedroom, 2 family bedrooms, and a family bathroom are on  the upper level. The master bedroom has a walk in closet, and hardwood floors. The second bathroom is on the lower level. The backyard is lovely with manicured garden, patio and play area.

This home is located in the desirable Robin Hood neighborhood and has an attached single car garage and 4 car off street parking. It has forced air  heat and central air cooling. It was listed for $520,000 and was sold for $571,000, due to competition.

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

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This cape style home was built in 1948 but has been recently renovated.  It is smaller than your home with 1,698 sq  ft of all above ground living area. Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has 1 bedrooms more than your home does, having 4 bedrooms. It has the same number of bathrooms as your home does, having 2 full bathrooms.  It sits on a smaller 0.17 acre lot whereas your home sits on a 0.24 acre lot.

The living room has picture windows, and hardwood floors. It has access to the formal dining area which has chair rails, and hardwood floors. The kitchen has granite countertops, upgraded cabinets, and ceramic tile floors but is tiny. There are 2 family bedrooms with hardwood floors ,and a full bathroom on the main level. The master bedroom, another family bedroom, and a family bathroom are on the upper level. The backyard was beautiful with a patio and newly planted gardens.

This home is located in the Bear Hill neighborhood and has an attached single car garage and 4 car off street parking. It has hot water baseboard heat but does not have central air conditioning. It was listed for $535,000 and was sold for  $575,000 with competition.

Relevance: Relevant but less. Given the superior location, smaller size, smaller lot size, similar condition but poor layout as far as the kitchen is concerned, lack of air conditioning I believe this home is relevant to your home but your home should sell for more.

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This split entry style home was built in 1969.  It is smaller than your home with 1,674 sq ft of living area. Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has the same number of bedrooms as your home does, having 3 bedrooms. It has the same number of bathrooms as your home does, having 2 full bathrooms.  It sits on a larger 0.3 acre lot whereas your home sits on a 0.24 acre lot.

The main level has an open floor plan which includes the living room, the dining area, and the kitchen. The living room has bay windows, and hardwood floors. The dining area has chair rails, exterior access to the deck, and hardwood floors. The kitchen has been newly renovated and has a breakfast bar peninsula, granite countertops, custom built cabinets, ceramic tile backsplash, vaulted ceiling with skylight, stainless steel appliances, bay windows, and hardwood floors. The family room is on the finished lower level of the split and it has a fireplace with granite facade and built in shelves, hardwood floors, and a full bathroom. The master bedroom has walk in closet and hardwood floors. The family bedrooms have chair rails and hardwood floors. Everything was freshly painted inside in appealing colors and presented very well. The home had a stunning backyard with deck, patio and playground area and was completely private.

This home has an attached 2 car garage and 4 car off street parking. It has hot water baseboard  heat and central air cooling. It was listed for $610,000, went under contingency, but was placed back on the market before it went under agreement and sold for $614,000.


Relevance: Relevant, but higher. Given the slightly smaller size, larger lot size, 2 car garage, similar condition, superior location I believe this home is relevant to yours but it will sell for more than your home.

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This colonial style home was built in 1935 and has stunning curb appeal.  It is smaller than your home with 1,400 sq ft of all above ground living area. Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has the same number of bedrooms as your home does, having 3 bedrooms. This home has 1.5 bathrooms whereas your home has 2 full bathrooms.  It sits on a smaller 0.13 acre lot whereas your home sits on a 0.24 acre lot.

The living room has a fireplace, crown molding, picture windows, and hardwood floors. It leads to the dining room through french doors. The formal dining room has chair rails, crown molding, and hardwood floors. There is a small breakfast area with built in seats leading to the kitchen. The kitchen has been renovated and has cherry cabinets, breakfast bar peninsula, granite countertops, ceramic tile backsplash, ceramic tile floors, and stainless steel appliances. The family room/ sunroom has crown molding, beadboard ceiling, and wall to wall carpeting. The master bedroom and 2 other family bedrooms are on the upper level and share a family bathroom. The bedrooms have hardwood floors. The backyard was beautiful with a paved patio area, and lovely private gardens.  Most buyers prefer the colonial style home vs a cape.

This home has a detached single car garage and 3 car off street parking. It has hot water baseboard and hot water radiator  heat. It was listed for $574,900 and sold for $620,000.

Relevance:  Relevant, but higher.  Given the desirability of colonials, smaller living area and lot size, superior location, similar condition I believe this home is relevant to yours but it will sell for more.

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This split entry style home was built in 1969.  It has a similar size but still a bit larger than your home with 1,788 sq ft of living area including the finished lower level of the split (which is above ground). Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has the same number of bedrooms as your home does, having 3 bedrooms. This home has 2.5 bathrooms whereas your home has 2 full bathrooms.  It sits on a similar size 0.23 acre lot whereas your home sits on a 0.24 acre lot.

The main level has a cathedral ceiling and has an open floor plan which includes the living room, the dining area, and the kitchen. The living room has a fireplace on bricks to the ceiling, picture windows and access to the sunroom which has an exterior access to the deck. The kitchen is newly renovated and has a breakfast bar island, granite countertops, ceramic tile backsplash, ceramic tile floors, upgraded cabinets, and stainless steel appliances. The family room is on the lower level and it has a fireplace on bricks to the ceiling, a built in wet bar with granite countertop, and a half bathroom. The master bedroom is also on the main level and it has an attached bathroom, cathedral ceiling, picture windows, and hardwood floors. The 2 family bedrooms are also on the main level and they also have cathedral ceiling, and hardwood floors. The backyard is beautiful with a tiled patio.

This home has an attached 2 car garage and 2 car off street parking. It has hot water baseboard  heat and wall AC cooling. It was listed for $619,900 and was sold at a higher price of $642,500.

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

Your details: Living area 1,768 sq ft (including living area described  above) | 3 beds | 2 baths | Lot size 0.24 acres | Built 1956 | 1 car  garage

This split entry style home was built in 1996.  It is larger than your home with 1,908 sq ft of living area including the finished lower level of the split entry which is above ground. Your home has 1,768 sq ft of living area assuming the additional 200 sq ft in expansion. This home has the same number of bedrooms as your home does, having 3 bedrooms. This home has the same number of bathrooms as your home, having 2 full bathrooms.  It sits on a similar size 0.23 acre lot whereas your home sits on a 0.24 acre lot.

The living room has a fireplace,  cathedral ceiling, picture windows, and hardwood floors. The formal dining room has hardwood floors and exterior access to the deck through glass sliders. The kitchen has been renovated and has an informal dining area, upgraded cabinets, granite countertops and granite backsplash, stainless steel appliances, and ceramic tile floors. The master bedroom and the family bedrooms have hardwood floors. The family room is on the finished lower level and has ceramic tile flooring.

This home has an attached 2 car garage and 6 car off street parking. It has hot water baseboard, central  heat and central air cooling. It was listed for $639,000 and sold higher than the listing price, for $644,000.

Relevance:  Higher. Given the larger living area, newer construction, superior location, 2 car garage, lovely curb appeal 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 $580,000-$620,000.  

Determining the right price 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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