Home Selling in Somerville>Question Details

kevin slatte…, Real Estate Pro in Boston, MA

Is now a good time for me to sell my home in Somerville? And what will it sell for?

Asked by kevin slattery, Boston, MA Sat Dec 1, 2012

Hi i am new to Trulia. I am thinking of selling my house. I had a Realtor come by and now its time to crunch the numbers. The Realtor was very professional. No decision yet i am just looking for a second opinion.
My house is 35 moreland Street, Somerville MA see pictures http://35morelandstreet.shutterfly.com/
Its a 3 Bed, 1.5 Bath the city records say its a 2 bed 1 bath never let the city into the property as they would only increase my taxes. unfortunately i don't have all the pictures of the Bed rooms. Should have taken better pictures.....i know but lesson learned.

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. Trulia sais i am at in $255,000. I was hoping to sell it for $280,000 should i just wait a few years?

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0 votes Thank Flag Link Thu Dec 12, 2013
Hello Kevin:

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....


Damian Musello


GreenHome Realty, LLC

327 Highland Avenue, Somerville, MA 02144

Email: GreenHomeRealty@gmail.com

Phone: 617-650-6480

Member of the Multiple Listing Service; Massachusetts Licensed Broker; HomeGain Top Producer and Gold Club® Member; Certified Buyer Representative; Certified Negotiation Specialist; Certified Title Examiner.

We donate a portion of all our profits to environmental organizations.
0 votes Thank Flag Link Sat Dec 1, 2012
Thank you all one more question

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.

0 votes Thank Flag Link Sat Dec 1, 2012
Interview three realtors. Don't necessarily go with the one who says they can get you the highest price.
0 votes Thank Flag Link Sat Dec 1, 2012
Hi Kevin ~ It's an excellent time to sell in Somerville - buyers are still out in full force and the inventory is very low. Usually this is a slower time of the year but the market is still humming this year. Your best bet for a solid second opinion is to have another realtor come by and do a full market analysis for you.

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.
0 votes Thank Flag Link Sat Dec 1, 2012
Often pricing of single families in Somerville with Zillow is far off the actual market value; I believe that this is because there many more sales of condos and multis than sf's in Somerville. Don't trust Zillow on this one; if the realtor was professional and you felt that he/she would be able to represent your best interest in the transaction, then trust the RE agents number.
0 votes Thank Flag Link Sat Dec 1, 2012
I would have another realtor come in as well to give you their opinion. Your home will sell for its value period.

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.
0 votes Thank Flag Link Sat Dec 1, 2012
I would have another realtor (or 2) come in. What did the first one say regarding price? He/she should have used real comps, not trulia or zillow. Zillow estimates in many markets are not valid.

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.
0 votes Thank Flag Link Sat Dec 1, 2012
What did your realtor tell you? A realtor is a better bet than Zillow or Trulia for estimates as they are "in and out" of homes on a regular basis. Zillow and Trulia are not and rely strictly on data where upgrades and physical condition might be excluded.
0 votes Thank Flag Link Sat Dec 1, 2012
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