June, Home Seller in Somerville, MA

Sell this spring or not?

Asked by June, Somerville, MA Fri Feb 6, 2009

We own a 3 bedroom, 1 bath condo. in Somerville 02144 area code, it has two parking spot, half mile away from Davis square on Broadway in Teele square, we've moved two years ago to NC due to my husband job. We haven't really been keep up with the real estate market in Somerville, the condo is in good condition, hardwood floor every where, two levels, the kitchen cabinets were redone three years ago but does not have the most up-to-date amanities, currently the condo is rented out for $1830 a month (quite low for a 3 bedroom, but since we are far away, we wanted easy tenants instead of high rents), we've been thinking about if we should sell it this year or wait for next year, long distance managing can be headache sometimes (fortunately our neighbor has been helping out), I wonder if we do put it on the market this year, realistically how much would it fetch at this market?

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Answers

6
Condos are selling in the Davis/Teele area and you do need a local realtor to look at and evaluate the property. Is it in pristine condition or does it need a lot of work? These are some things one must see to evaluate. Pricing right to move it is very important. And cooperative tenants will make the process so much easier.
Let me know if you have questions or would like an evaluation. We're right in the neighborhood.
Good luck.

Suzanne M. Berner
Sales Associate
617-388-5692

Prudential/Buccelli Real Estate
368 Highland Ave
Somerville, MA 02144
0 votes Thank Flag Link Mon Dec 6, 2010
Hi June,

Our recommendation is to contact a local real estate professional to support your interests. This will accomplish a couple of important things for you. First, it will provide for you a hands on account for the local real estate activity for this area. Your best information will come from someone that is actively involved in the market in which your home is located.

Secondly, with their local insight, they will be able to provide you with a realistic asking price for your property.

Here's our take....many sellers hae taken their properties off the market and opted to rent them but with the recent initiatives and interest rates being favorable many of these people will soon be exploring their options and considering putting their property back on the market.

Our recommendation is if you are serious about listing your home do it sooner than later......and price it RIGHT immediately. There are buyers but they are all looking for value.

Good luck
0 votes Thank Flag Link Mon Feb 9, 2009
June,

If the economic stimulus bill passes with the tax credit (senate version: $15K) I think the market will pick up, and this will be a good year to sell. (Actually, it is starting to pick up already. I took buyers to an open house yesterday, and there were dozens of families looking, and 4 offers!) Plus Somerville and Cambridge have weathered the market better than most parts of the country, so you may do OK. There is only one condo for sale in Teele Square right now, too.

As others have said, you will need to get a price and advice from an agent who actually views the property.

As somene who owns a rental property out of state (Virginia), I can empathize with your concerns about maintaining it from a distance. It helps that you have good tenants! Good luck and let me know if you have any ohther questions.

Deb
Web Reference: http://homes.DebN.net
0 votes Thank Flag Link Mon Feb 9, 2009
I agree that no one can tell you how much you can "fetch" for your condo, even after seeing it. The only way is to list it and see what feedback you get. If your tenants are flexible that would be very helpfull as well. I am local to your market in Somerville; if I can be of any assistance let me know.

Wen
Century 21
century21ma@yahoo.com
617-290-4272
0 votes Thank Flag Link Fri Feb 6, 2009
June, I understand your question, and the only way I can helps is, I can refer you to a Realtor in that area to contact you, I will also contact you to follow up and make sure your happy with the Realtor and see that they send you a market up-date and help you get your home ready to sell. It is a great time for investors since the interest rates are lower and since this has been a rental, it could be marketed as an investment. Thank you and bless you. You may contact me directly on my website at http://www.sheilagibson.com.
0 votes Thank Flag Link Fri Feb 6, 2009
No one worth their salt can give you a value on your property until they see it. They can give you a vague sense of what 3BD units are going for, but that's it. Also, your value will depend on whether your agent needs to sell it with tenants in it, and how easy to work with and tidy the tenants are. Bottom line - you need a professional to evaluate the property. Preferably 3-4.
0 votes Thank Flag Link Fri Feb 6, 2009
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