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Are you in the market to buy, rent or sell property in South End? Before you make a move, understanding the local market condition can make all the difference. We’ve outlined below exactly what’s happening with Condos in the area. All these number reflect what’s taken place over the last 6 months.

Condominium Listings
Total Condos SOLD: 251
Average Living Area by Square Feet: 1,148.33
Average Listing Price: $1,026,012
Average DOM (Days on Market):  36.49
Average Sales Price: $1,040,665

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to
Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales
Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will
be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!
Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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Assessed Vs Appraised Vs Market Value| Which Do I Use?

How do we determine Value?
Many of our clients question how the value of their home was ascertained. They see various price quotes on Zillow, Public records, assessors office. All of these values are accurate but they serve very different purposes. It is important to understand what each number represents.

Assessed Value: Value determined by local municipality for tax purposes only. You pay property taxes based on this value. It has nothing to do with the resale value of your home. 

Appraised Value: An Appraiser is hired to determine value that banks are willing to lend on. Essentially, they want to find similar homes in the area that have sold and how much they sold for. They then compare your home to this home and assess whether your home is worth more or less. 

Market Value: What a buyer is willing to pay for the property. It is a combination of Appraised value, inventory, and demand. We understand that if there are several homes on the market listed around $500,000 but none of them are going under contract… these homes are more than a buyer is willing to pay. However, if homes at this price are going under contract within days/weeks, we know that buyers are willing to pay within this price for homes in the area. 

Determining the value of a home for Sale is a little more in depth than simply reviewing comparable homes. 

If you are interested in finding out the value of your home, please call today to schedule your FREE home value analysis! 

617-297-8641 or email us at contact@mandrellco.com

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10 Minute Room Transformation

Transforming your home to appeal to buyers does not always involve buying new furniture or expensive upgrades. This video shows that it can be as simple as decluttering and allowing natural light to enter. Buyers want to envision themselves in your home so your goal is to keep the room as simple as possible. 

Remove personalized items from the walls and tables

Remove throws, blankets, extra “Stuff” from sofas and chairs

Remove electronics that are not pertinent to the space 

Have a “catch all” bin to toss all the items you do not have a storage space for currently.

For more tips on how to stage your home on a budget, please feel free to connect with us online at contact@mandrellco.com or call us at 617-297-8641.

 

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Cash Flow

Cash Flow by definition is the total amount of money being transferred into and out of a business, especially as affecting liquidity. In real estate investing, what this means is:

Total Income – Total Expenses = Cash Flow

While you would assume total income would consist of just rent, make sure to include other potential sources of income including application fees, late fees and laundry income. If these sources are possible, also make sure to estimate your numbers using a conservative approach. In the long run this will be the most beneficial approach. On the flip side, your total expenses are NOT simply your mortgage, property taxes and insurance. Other expenses that cannot be overstated include utilities, potential flood insurance, repairs, vacancy, property management and capital expenditures. The last three expenses can be used as percentages against your monthly income from the property. Failure to include ALL possible expenses could lead to you purchasing a “deal” that actually turns out to be no deal at all.

Depreciation/Appreciation

Once you have purchased a property and become a landlord, it is to stay up to date with the value of your property and identify whether appreciation or depreciation has taken place. While this is very important post purchase, factoring in appreciation for an investment decision is speculative in nature and brings unneeded risk into the situation. In the event that your property has depreciated over time, there may be significant tax advantages to this and those same advantages may even be available to you if your property has appreciated over time.

Net Operating Income

Net Operating Income by definition equals all revenue from the property minus all reasonably necessary operating expenses. To look at this simply, NOI is calculated on a monthly basis using monthly income and expense data, therefore it can be converted to annual data just by multiplying by 12. The important thing to remember with NOI is that the formula does not include debt service costs, (loan costs) which differs from cash flow. One of the biggest reasons a landlord will want to know this number is because Net Operating Income plays a huge role in determining the value of your property. For this reason, it is in your best interest to work towards maximizing this number using different strategies to accomplish this.

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