As a Boston Area Buyers Agent I will represent buyers all the way out to Rt95-128. Buyers Agency has more geographic flexibility than Listing Agency therefore providing more valuable assistance with Boston Relocation. A Listing agent would not take listings so far flung. It wouldn’t be profitable or fair to her sellers. A Buyers Agent however is less limited by locality. I can represent a buyer in Milton and another at the Ritz Towers on Avery Street downtown. Check out our Suburban Boston page for a map and list of cities.
Rt-95 - Rt 128 Loop
With the help of the GPS system and the computer I can go into any neighborhood and tell you what a property is worth.
Rt-95 - Rt 128 Loop
Establishing fair market value is the challenge. Buyers Agency is an alignment with truth and that is what we are trying to establish here, the truth. While easily done in a city of condos this challenge gets more involved and time consuming when you get to Lexington, Norwood, Weston and other Boston suburbs. If you have a Buyers Agent, he can do the extra work for you.
In the city the condos have so many similarities that it is easy to pull up all 3rd floor rear condos sold on Marlborough St or all front facing 2nd floor studios on Beacon Street over the last 12 months and you are 90 percent there. All you have to do now is compare renovation levels and you have nailed it down or have a short range of fair prices.
The suburbs are handled by quantitative analysis just like the condos but with a few wrinkles thrown in that require the true labor of thought. Here is my process:
First step, I start by treating single family homes just like condos. Compare the property with other sold homes within a certain distance, same number of bedrooms, bathrooms, garage, etc. I start by using the same calculations I would use for downtown Boston.
Here is where it gets more challenging:
What about lot size?
With a little grade school math I figure out the price per sq ft for the lot also. Not so tough. To this I add or subtract the ineffables like views, position of the lot, usefulness of the lot and is Joes Auto Body shop across the street? These numbers are arrived at a bit more subjectively. Maybe the view is so great you might want to add $50 per sq ft or maybe its so bad you subtract $50 from the average.
What about garages?
How useful is it? Can you fit a car into it? Or is it a small falling down tool shed the kids are afraid of. Valuation is easily done with simple math but requires some thought and some patience. A number can be reached for the different garages that can be added to the value of the home. Single, double, big, small, these can all be quantified. I look at the sold homes and compare the garages. Again a bit subjective but my attitude is you can quantify everything about the home. On the more subjective points I may use a range of prices.
What about basements and attics?
Same as garages, the answer here depends on how useful they are as they presently stand and how much potential they might have for becoming living area in the future.
You can see how this can turn into an investment in time here.
When was the home built?
This can tell us a lot. If the construction date is in the Victorian to 1930 range you are probably talking about homes that were built to last 300 years. Varying from home to home, the decade the house was built in is not definitive but can have some importance. For example, Newton MA which is one of Boston’s most expensive suburbs because of their fabulous school system, has a ton of poorly built ranch style homes built in the 50s. Ugly,ugly, ugly!!! While down the street you may find a home built in 1920 that is a beautiful masterpiece of solidly built construction.
So turn a deaf ear to the listing agent’s monologue about how much the house across the street sold for. Sparsely interesting but it may be apple to oranges
Objectivity and an alignment with truth is what we are after here with all these calculations, but once its done you can enjoy your home for years knowing you did not overpay. Also I can rest assured that I have fulfilled my promise to my buyers to make sure they don’t pay a penny over current fair market value for the home.
Written by REMAX Destiny Exclusive Buyers Agent Jeff Persons 617-512-3443
Your comments will be appreciated!
More articles by Jeff:
Can I Get Away Without Paying For a Real Estate Attorney?
5 Clues That Your Boston Real Estate Buyers Agent is a Sellers Agent in a Brilliant Disguise.
Negotiating The Price of Your Boston Home – Stick To The Numbers
A 20 Year Resident of Bostons Back Bay Tells Why He Likes Brookline MA So Much
How I Help “Out-Of-Towners” Find Their Spot Within Boston Real Estate and Boston Suburbs
Return To WeSellBoston.Net
How To Establish Fair Market Value For Boston Suburb Homes
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