Your property has a lot of things going for it. Your upgrades look great, the yard and garden are lovely, and you are at the top of Moreland near Main Street (very important in this part of town). I would be very excited to be one of your agent candidates and would welcome the opportunity to come by and view the property personally. Your assessments vis a vis development potential are right on, as this spot may well draw a developer who will put two or three units in.
There are a couple of ways to proceed and I would like to go over them with you...market to developers now and/or wait until the Spring and sell to the entire market. Feel free to give me a call.
Somerville is my market....my office is on Highland Ave and I've serviced Somerville consumers for a dozen years. I live on Albion Street.
Hope to hear from you soon....
GreenHome Realty, LLC
327 Highland Avenue, Somerville, MA 02144
Member of the Multiple Listing Service; Massachusetts Licensed Broker; HomeGain Top Producer and Gold ClubÂ® Member; Certified Buyer Representative; Certified Negotiation Specialist; Certified Title Examiner.
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There is a 3 unit building condo conversion across the st 36 moreland. Asking $340 for the bottom unit smaller than my house but in better condition. Nicer condos sold up the street for $450s better condition they all sold. Trying to figure out the Market more importantly the way buyers think. I went on the Trulia estimate it estimates my property to be worth $255k.
Issues. The house is currently rented for $1800 a month don't have any problems with the tenants. Never had any issues renting this house that said i think this might turn off first time home buyers. The Boston Globe also prints Nightmare scenarios about difficult tenants. Lease ends on August.
Winter-hill is not Cambridge or Charles-town but i guess the positives are that this house with the land would be selling for 3 times the price if it was. Are buyers turned off by Somerville? I was hoping to sell it for $280,000
Questions: with regard to the lease If i had a buyer i could guarantee buyers in Writing that they will get $1800 a month until the lease ends in August. I could also state that i would be liable if they did not move out in August. Would they understand this concept?
The tenant's are young guys i could always give them a few grand to leave. Has any one experienced this with your sellers before?
Alternatively am i better off selling the house in August and selling it vacant.
Or am i better off selling the house in a year or two It looks like the market is starting to improve? No one has a Crystal ball but there are a lot of developments going up in the area. Not saying that Developers are always right but they vote with their pockets.
This could also be a development play. An individual could knock it and build a bigger house. I worked in construction some times its actually cheaper to build rather than renovate. It could also be a development play for a builder. Lot size 5500 sqft. Zoned for a two family but a developer will want to do a 3 or 4 family. If a developer wanted to do this it would take him 9 months to go through the hassle of permits etc but i have nine months left in the lease so it would work out well.
Sorry for the long email. Thank you for your help and thank you Trulia for providing this form. I since there will be more and more people like me going on this form in the coming years. I am surprised that more people don't go on it.
Judging from the photos you've done really nice upgrades. Your landscaping is lovely.
A couple of things to think about - in the end you decide the price with the advice and guidance of your agent and others you've met with. You don't want to select an agent based on their price estimate - you want to select the agent you believe will do the best job and who you'll best be able to work with. Additionally, in this market it's best not to overshoot on price and let the market take it up if buyers think there's value there.
Somerville is in the heart of my market and I'd be happy to meet with you. I'm at 617-504-1737 or can be contacted through my website - the link is below.
Buyers are very savy to the market. Price a home high it sits and eventually will sell for less than you wanted and you could find the process disappointing. The more activity you get to view it the higher the price it will sell for. I know it is a hard concept, but if you price it on the lower end of the two values the agents give you, your home will sell, sell quickly and you will get the best price in the market today, it could be over the listing price as well.
Waitng is not the best idea, as there is always uncertainty in the future. And your buying power will be the same.
Also, a comp should be what other similar units sold for, not asking price.
Talk to a realtor, but you will probably have to list as a 2 bedroom if the town has you as a 2 bedroom. If it is as easy as having the town in to up it to a three, do that. It will be worth the minimal tax hit while you are selling. In my area it is much more complicated to add a legal bedroom.