Dm, Home Buyer in Somerville, MA

How is the East Cambridge market doing this season?

Asked by Dm, Somerville, MA Thu May 8, 2008

I am about to put my loft up for sale and was curious how the market compares to last year's. Thanks!

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i just posted about that issue on another answer ... Ask every agent to give you the hard data to back up every property valuation because a lot of times sales agents will give you a price they think you want to hear just to get the business, which is likely what is causing the discrepancy you speak of ... if they were both using the hard data (done by hard property analysis) they should be coming up with a number in the same range and then your decision is to hire the person who is best at the following:
Marketing
Staging
Effective salesperson (ask them for their sold data: how many properties have they sold in the last year what is their sale price to original price ratio, etc ... if you want i can help you decide on the realtor as i have access to their history info ... find me here: website http://:www.territoryre.com and let's chat)

Ask the agent(s) to send you examples of each of the above and ask that they explain what they will do different than any other broker (what is their competitive advantage).
1 vote Thank Flag Link Thu May 8, 2008
Dm, you love trulia answers! Don't your agents answer any of these questions - that is indeed why you are paying them a % of your sale price (lots of money) ;)

I did a quick market snap shot for condo's- total sold from 5/8/06-5/8/07 and below are the statistics:

98 sold, average sale price was $535,140, average days on market were 105, and the sale price to original price ratio was 98%, which means the properties were being discounted 2% from original asking. The largest number of units out of the 98 (24 units) sold in the $600,000-699,999 price range.

Snapshot, total sold, 5/8/07-5/8/08:
63 units sold at an average sale price of $507,825, with an original to sale price ratio of 96% (which means properties have been discounted 4% off original asking price). Average days on market was 63 and most units sold in the $500,000-599,999 range.

Good luck!
Web Reference: http://www.territoryre.com
1 vote Thank Flag Link Thu May 8, 2008
obviously, dm, should be looking at everything including the statistics i gave which were snap shots of the east Cambridge market in the last two years (what his original question asked for ) ... dm seems pretty savvy
Web Reference: http://www.territoryre.com
0 votes Thank Flag Link Thu May 8, 2008
Just a comment on "TerritoryRE"'s statistics. If you put one foot in boiling water and one in ice, on average you are comfortable. What you should be looking for are comparable properties that have recently sold or are your current competition. Ask the agents you've talked to to show you the comps, drive by the sold ones and go to open houses of those currently on the market. If you are honest with yourself, you can usually figure out the price bracket you should be in. Certainly closer han $150,000!.

Julie Duncan
0 votes Thank Flag Link Thu May 8, 2008
Thank you! I am indeed not sure whom to entrust with the sale of my property, and want to do a little bit of digging before I commit. I have been given wildly divergent evaluations of it by two different realtors (150K difference!), so I'm a bit baffled.
0 votes Thank Flag Link Thu May 8, 2008
Dm,
Since all Real Estate is local, rather than this forum you should talk with a local agent...or more than one if you want multiple opinions. I'm in the Lexington market and things here are about the same, maybe a little better, than last year. Well priced properties are going under agreement immediately and overpriced properties are sitting on the market.

A word of warning--be sure you are pricing it right. The worst thing you can do is over price. Buyers are tougher than ever. I hope you have a trusted real estate professional helping you.

Good luck.

Julie Duncan
RE/MAX Landmark
0 votes Thank Flag Link Thu May 8, 2008
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