32 Adamson St, Allston

Market Analysis for:

Simeen Zahir

We've done a market analysis on your home at 32 Adamson St in Allston and have prepared this document to help explain how we've arrived at a price for your home. We 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. We also take into account your reported condition and how, in our experience, that will impact the price of a home making it more or less valuable. 

Contents

  1. Description of Home
  2. Analysis of Relevant Properties
  3. Pricing Recommendation
  4. 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.

The home is the end unit of a 5 unit Townhouse complex.  It was built in 2006 and sits on a quiet street in North Allston within walking distance to public transportation, shopping and restaurants. It also has easy access to major highways like the Mass. Pike, Memorial Drive and Storrow Drive. It is located on 0.03 acres and offers 2 parking spaces at the back of the building. The exterior of the building has clapboard siding, lots of windows.  Overall, the building appears to be in good condition and has nice curb appeal.

The home has 3 bedrooms, 2 full bathrooms and one half bathroom, central air, forced hot air fueled by gas. According to public records, the total living area is estimated at 1367 sq. ft. on two levels.

You enter into the home by first ascending a set of stairs outside the building and then a second set that leads you to the main door.  The kitchen is straight ahead of you. It is very spacious and appealing with dark wood cabinets, stainless steel appliances, granite counters and a breakfast bar. There are bay windows along one wall; with a built in bench that offers additional seating as well as storage space.  There is a set of French doors off the back of the kitchen leading to a spacious balcony and a set of stairs that leads to the parking lot. The living room is on your right when you enter the home. The room has lots of natural light because there are several windows all around the room.  There are hardwood floors throughout the home.  A half bath is located across from the kitchen as well as a large walk in pantry.  A staircase from the living room leads to the second floor.  The master bedroom is spacious, with lots of windows and an updated full bath with a shower/tub.  There are 2 more family bedrooms and a family bath located on this level.  All of the bedrooms are in good condition, painted in neutral tones and appear to be in very good condition.  The washer and dryer are conveniently located on the second level.

 Public records have the home at 1367 square feet. Once we have floor plans we will be able to get a better understanding of the town accuracy.

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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 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home is similar in size to your condo with 1330 sq. ft. of living area compared to your home with 1367 sq. ft. It has 2 bedrooms and 2 full baths. Your home has 3 full bedrooms and 2.5 baths. Your home has a master bath and this one does not. It was built/converted in 1920 compared to yours built in 2006. Both homes have hardwood floors. The kitchen in this unit has tile flooring and black appliances. Your kitchen is much nicer with dark wood cabinets, a granite counter and stainless steel appliances. Your unit has parking behind he unit, central A/C, gas heat for cooking. Both units are conveniently located to Storrow Drive, the Mass. Pike, public transportation and shopping. The HOA for this unit is $84 compared to yours at $250. This unit is much more dated than your unit. It was on the market for 9 days and received multiple offers over asking.

Relevance: Lower. Both units have desirable locations and are similar in sq. footage, but your unit’s condition and overall appearance is superior to this unit.  This unit will sell for less than your unit.

Your details: Living area 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home is much larger than your home with 1502 sq. ft. of living area compared to your home with 1367 sq. ft.  It has the same number of bedrooms and bathrooms as your home; which is 3 bedrooms and 2.5 bathrooms.  It was built in 2018 compared to your home built in 2006.  This home offers 2 garage spaces under the unit; your home does not have a garage.  This home has an optional HOA fee of $235 where as your home has a monthly fee of $250.  Both homes have granite counters and stainless steel appliances in the kitchen and hardwood floors throughout the home.

Relevance: Relevant but higher.  Given it is larger than your unit and is new construction, this home would sell for more than your home. It has already had one price reduction and is still on the market after more than 18 days on the market; which suggests it is priced too high.

Your details: Living area 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home is similar in size to your home; 1,334 sq. ft. of living area compared to your home with 1,367 sq. ft.  It offers 2 bedrooms and 1.5 baths; which is less than your home with 3 bedrooms and 2 full and one half baths; including a master bath.  It was converted in 1985 compared to your home in 2006.  The HOA is $271.87 vs. yours with a monthly fee of  $250.  The kitchen is bright with white cabinets and white appliances and granite counters. Your kitchen is nicer with dark cabinets, granite counters and stainless steel appliances. The layout of this unit has the bedrooms on the lower level with a spiral staircase. Your home has a more desirable layout with the kitchen/family room on the main level and the bedrooms on the upper level. Both homes are conveniently located to public transportation, highways, schools and shopping. This home received an offer after 41 days on the market for below asking. It came on the market in early August; which is not ideal but given the Universities in the area may not have deterred buyers. It sat for over a month before getting an accepted offer which; suggests it was priced too high initially.

Relevance: Lower. Given similar sizes and prime locations, but the fact that your home is in much better condition with a nicer layout, this home sold for less than your home will.

Your details: Living area 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home offers 1300 sq. ft. of living area; which is less than your home with 1367 sq. ft.  It has 2 bedrooms and 1.5 baths; which is less than your home with 3 bedrooms and 2.5 baths including a master bath.  This home was converted in 1920 compared to your newer condo built in 2006.  The HOA for this unit is $140 compared to your monthly fee of $250. The kitchen in this home has a tile floor, white cabinets and black appliances compared to your more upscale kitchen with hardwood floors, dark wood cabinets, granite counters and stainless steel appliances.  Both homes are well situated within walking distance to public transportation, amenities and easy access to the highway.

Relevance: Lower. This home received an offer after 5 days on the market and sold for above asking. This home sold for less than your home will.

Your details: Living area 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home is larger than yours with 1,420 sq. ft. of living area compared to your home with 1,367 sq. ft.  Both homes have 3 bedrooms; including 2.5 baths which includes a master bath. The kitchens are similar with stainless steel appliances but your kitchen is superior looking with a hardwood floor, granite counters and a breakfast bar.  This unit has carpet in some of the bedrooms and the bathrooms appear dated. You have hardwood floors in all the bedrooms and your bathrooms are fresh and updated looking. The monthly fee for this home is $400 compared to yours at $250.  This home received an offer after 5 days on the market and sold for above asking.

Relevance: Relevant but lower. Despite it being larger than your home, your home is in better condition and presents nicer than this one. This home is relevant but would sell for less than your home.

Your details: Living area 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home is much larger than your home with 1,620 sq. ft. of living area on 3 levels compared to your home with 1,367 sq. ft. on 2 levels. It offers 2 bedrooms and 2 full baths; which is less than your home with 3 bedrooms and 2.5 baths, including a master bath.  It was converted in 1986 and has a monthly HOA fee of $400 compared to your home built in 2006 with a monthly fee of $250.  Both kitchens are very nice with stainless steel appliances, granite counters and a breakfast bar but your kitchen presents much nicer and is more spacious.  The bedrooms do not have as many windows as your home does and the bathrooms seem more dated. This home has a private walk out patio in the back.  The home had one price ‘increase’; which is an unusual strategy and then sold for over asking. It received an accepted offer after 8 days on the market.

Relevance: Relevant but lower. Despite the larger living area, your home is more updated, is in better condition and has nicer curb appeal than this home does. This home is relevant to your home but your home would sell for more.

Your details: Living area 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home is larger than your home is with 1,572sq ft. of living area compared to your home with 1,367 sq. ft.  Both homes have 3 bedrooms and 2.5 baths including a master bath.  This home is older than yours. It was built in 1987 compared to yours in 2006. The kitchen in this home is more dated looking than yours. It has a blue tile floor, white cabinets and black appliances. Your home has dark hardwood floors, stainless steel appliances, granite counters and a breakfast bar.  This home has a one car garage under the unit compared to your home with no garage.  This home is larger and offers a garage.  This home received an accepted offer over asking 8 days after being on the market.

Relevance: Relevant but lower. This home is relevant to yours. I believe your home would sell for more because it is newer and in better condition.

Your details: Living area 1367 sq ft | 3 beds | 2.5 bath | Built 2006 | 0.03 acres | 2 offstreet parking space

This home is smaller than your home with 1,301 sq. ft. of living area compared to your home with 1,367 sq. ft. of living area.  It has the same number of bedrooms as your home; which is 3 but only 2 full bathrooms compared to your home with 2.5 baths. This unit was built in 2008 compared to your home built in 2006.  The monthly HOAs are the same at $250.   Both homes have kitchens with stainless steel appliances, granite counters and wood cabinets. This home sold for above asking. It seems to have received an offer right away that fell through but then received a successful one within days of coming back on the market.

Relevance: Relevant. Given the similar living space, desirable locations and overall condition, this home is relevant to yours.

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Pricing Recommendation

My analysis of the comparable properties suggests a final market value for your home of $625,000-675,000.

Given the current market dynamics in the Allston area, 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 listing 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 of the homes 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: 21 Kinross Rd which came on the market for $499,000 and sold for $560,000, 49 Union St. which came on the market at $589,000 and sold for $615,000 and 33 Arden St. which came on the market at $625,000 and sold for $645,000. 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.

Competing offers occur when homes are priced realistically and the buyer community push the prices up over the market value because of competition.

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.

Our team and I know how to stage and  market your home, and we understand its value, but we can only sell it for  what the market or a buyer will pay. We 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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