TTC_06_27_18_Vol.14-No.35.p1-12

Community Connections
Business Spotlight
June 27 - July 3, 2018 www.TheTownCommon.com Page
For
Sale
Lots of calls this week from
potential sellers looking to determine
the value of their home. Determining
that value is done by matching up
your home with others in your
immediate area that have similar
characteristics. As a REALTOR® I
will put together an analysis of the
real estate market comparing your
home with others to get a price that
will attract buyers. Most importantly
I will put it in writing to show you the
evidence behind the price I come up
with. If you are interested in selling
your home, you should know how a
market analysis is created.
Active Listings
Active listings are homes currently
for sale. These homes have not gone
under agreement or sold and if used
in the market analysis compare with
your home in some way (see below
in “Why does it compare?”) They
are usually not a great indicator of
market value simply because they
haven’t sold so we can’t establish
their worth. While sellers can ask
whatever they want for their home,
it doesn’t mean price they are
asking is realistic. We have all seen
the house in your neighborhood
or town that was way overpriced.
Overpricing a similar home doesn’t
affect the price of your home
unless you and your REALTOR®
make the mistake and use it as a
comparable when formulating a
market analysis.
Pending Listings
These are listings that are under
agreement. They have not yet
closed but the buyer and seller have
come to an agreement. Unless
the listing agent is willing to share
information about the pending sale
price (usually the REALTOR® won’t
in case deal falls apart in which
case everyone will know what the
seller was willing to sell for) you
will not know the actual agreed
upon price until the transaction
closes. Pending sales do indicate
the direction the market is moving
however. Currently there are a
number of homes that are under
agreement and a scarcity of homes
for sale. As you probably know the
real estate market is doing well…if
you are selling, tougher if you are
buying.
Sold Listings
Homes that have sold within the
past six months are your comparable
sales. These are the sales an appraiser
will use when appraising your
home for the buyer, along with
the pending sales. These are your
best comparable homes. Look long
and hard at the comparable sales
because these indicate your market
value.
Off-Market / Withdrawn /
Canceled /Expired Listings
Real Estate • For Sale
Market Analysis
Sports • Sports • Sports
By John McCarthy, Rowley Realty
These are properties that were
taken off the market for a variety
of reasons. The seller may have
decided not to sell, the home may
have just sat on the market or the
seller may not have found a home
to purchase. For whatever reason
the prices of this group will almost
always be higher than the median
prices of comparable sales.
Why Does it Compare?
Often times in reviewing the
comparable sales with a seller I am
asked “why does this house compare
to mine, I know it, it is much smaller”.
Well, while it is usually impossible
to find a home that has sold that is
exactly alike, choosing ones that are
similar are our best option. Some of
the factors taken into account when
comparing your home to others are:
Similar square footage
Self explanatory I think. If your
home is 3000 square feet it makes
sense to compare it to homes
within 10-15% either larger or
smaller. Doesn’t make much sense
to compare this home to the 900
square foot ranch.
Similar age of construction
Ideally, the year it was built
should be within a few years of
other comparable sold homes. If
your home was built in 1970 and
homes in a brand new subdivision
up the street are selling for more,
you cannot reasonably expect to get
the same price as the new homes.
Similar amenities, upgrades
and condition
Have the kitchens and baths been
updated? Do you have hardwood
flooring? Does the home need a
new roof or heating system? An
up to date home is certainly worth
more than one in need of repair.
While that is obvious, by sitting
down with a REALTOR® who sells
in your area you may not know
that the “older” house down that
street that just sold had all new
everything inside. A REALTOR®
who has visited all homes in their
area of expertise will know this even
if they weren’t involved in the sale.
Location
Yes, we all know “location,
location and location” are the 3
most important things in selling
a home but what does this really
mean? We recently sold a home
very close to the commuter rail.
While most people didn’t want to
live that close to the rail tracks some
buyers had no problem with it.
In putting together a market
analysis your REALTOR® should also
take into account where your home is
priced in relation to what is for sale. If
the home next to yours is exactly the
same and sells for $350,000 than you
know what your home is worth. It
is rarely that easy though. While we
Pets, Animals, Plus
Health & Fitness
mentioned that homes on the market
and for sale don’t aren’t the best
indicator of what your home is worth
they are your competition and your
REALTOR® should know whether
or not the home you are competing
with are worth more or less than your
home.
Finally, the market analysis is not
always perfect but if all of the above
points are used it should give you an
idea as to where your home is valued
on the open market. As always
give your local REALTOR® a call
(shameless plug for Rowley Realty)
and good luck!
If you have any questions about this
article, real estate in general or are
looking to buy or sell a home please
contact me, John McCarthy at Rowley
Realty, 165 Main St., Rowley, MA
01969, Phone: 978 948-2758, Cell
978 835-2573 or via email at john@
rowleyrealestate.com
NEW LISTING!!!
ROWLEY: 17 Wilkes
Road. Gorgeous Colonial
in a beautiful subdivision.
This lovely home with its
open floor plan lends
itself to much flexibility.
The gourmet kitchen is
the centerpiece, with a
granite breakfast bar
and lots of counter space. The kitchen opens to the family
room and off to the deck and private backyard. A front to
back living room and dining room along with an office finish
out the space downstairs. Upstairs, the Master Suite boasts
a spa tub, HUGE walk in closet and a bonus room. The three
additional bedrooms are generous in size. The basement
could certainly be finished if more space is needed. 3 car
garage all in a great setting, near highways, restaurants
and all that the north shore has to offer. Nothing to do but
move right in. Call for a private showing. $629,900.
Call Rowley Realty at 978 948-2758 or John McCarthy
at 978 835-2573. You can email us as well at john@
rowleyrealestate.com for more information or to arrange a
private showing.
ROWLEY REALTY
165 Main St., P.O. Box 101, Rowley, MA 01969
Phone 978-948-2758 • Fax 978-948-2454
Sold Single Family Homes
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Address, Town Description DOM List Price Sold For Orig Price
52 Forest Rd, Salisbury 5 room, 3 bed, 1f 0h bath Split Entry 208 $179,900 $154,000 $254,900
226 Haverhill St, Rowley 5 room, 3 bed, 1f 0h bath Ranch 8 $295,000 $290,000 $295,000
24 South Pleasant St, Merrimac 7 room, 3 bed, 1f 1h bath Colonial 21 $345,000 $355,000 $345,000
10 Crum Hill, Amesbury 6 room, 3 bed, 1f 1h bath Ranch 22 $349,900 $386,000 $349,900
8 Alpha Rd, Groveland 5 room, 2 bed, 1f 0h bath Ranch 20 $350,000 $340,000 $350,000
8 Pentucket Ave, Georgetown 6 room, 3 bed, 1f 1h bath Cape 20 $360,000 $370,000 $360,000
13 Peatfield St, Ipswich 6 room, 3 bed, 1f 0h bath Colonial 12 $375,000 $415,000 $375,000
18 Forest Ave, Essex 6 room, 2 bed, 1f 1h bath Cape 170 $339,900 $336,400 $389,900
18 Drew St, Newburyport 6 room, 3 bed, 1f 0h bath Ranch 44 $399,000 $387,000 $440,000
306 Center St, Groveland 9 room, 3 bed, 2f 1h bath Cape 50 $449,900 $449,900 $449,900
7 S Pleasant St, Merrimac 7 room, 3 bed, 1f 1h bath Colonial 16 $450,000 $455,000 $450,000
8 Margaret Rd, Hamilton 8 room, 3 bed, 1f 1h bath Ranch 28 $525,000 $518,000 $525,000
28 Turnpike Rd, Ipswich 8 room, 4 bed, 2f 1h bath Colonial 18 $525,000 $546,000 $525,000
48 South St, West Newbury 7 room, 3 bed, 2f 0h bath Cape 20 $539,900 $555,000 $539,900
90 Lime St, Newburyport 7 room, 4 bed, 1f 1h bath Colonial 87 $549,000 $525,000 $599,000
31 Sunrise Rd, Boxford 10 room, 4 bed, 2f 1h bath Cape 38 $695,000 $701,000 $695,000
13 Hillside Dr, Georgetown 11 room, 4 bed, 2f 1h bath Colonial 81 $669,900 $669,900 $709,000
43 Pleasant St, Wenham 9 room, 4 bed, 2f 1h bath Colonial 90 $699,900 $699,900 $809,900
36 Highwood Ln, Ipswich 9 room, 3 bed, 3f 1h bath Contemporary 82 $799,000 $772,000 $819,000
18 Old Point Rd, Newbury 7 room, 3 bed, 2f 1h bath Colonial 19 $819,900 $779,000 $819,900
28 Meeting Place Cir, Boxford 10 room, 4 bed, 2f 1h bath Colonial 295 $834,900 $820,000 $848,900
46 Perkins Row, Topsfield 10 room, 4 bed, 2f 1h bath Colonial 23 $969,000 $964,000 $969,000
343 Bay Rd, Hamilton 9 room, 4 bed, 4f 1h bath Colonial 14 $1,189,000 $1,177,500 $1,189,000
24 Parker St, Newbury 8 room, 2 bed, 2f 1h bath Contemporary 174 $1,175,000 $990,000 $1,190,000
171 Essex St, Hamilton 13 room, 5 bed, 3f 1h bath Colonial 18 $1,295,000 $1,315,000 $1,295,000
Single Family Listings: 25 Avg. Liv.Area SqFt: 2,440.96 Avg. List$: $607,164 Avg. List$/SqFt: $256
Avg. DOM: 63.12 Avg. DTO: 39.12 Avg. Sale$: $598,824 Avg. Sale$/SqFt: $254
2018 MLS Property Information Network, Inc.