6 Trodden Path Lexington

Market Analysis for:

Paul Boulos

I've done a market analysis on your home at 6 Trodden Path in Lexington and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also scrutinize the home for issues that, in my experience, will impact the price of a home making it more or less valuable. Then, I look at your current competition - the other homes that buyers in your price range will be viewing, to help determine your price.

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

The home was built in 1983 and set on a lot of 0.47 acres within a quiet cul de sac offering easy access to Route 2. The total living area is 3224 sq. ft (1324 first floor, 988 second floor, 336 sunroom, and 576 in the finished basement). These measurements will be confirmed by the floor plan. The home has been freshly painted throughout and offers 4 bedrooms and 2.5 bathrooms.

Upon entering the front foyer with granite floor tiles, a huge front to back living room is found to the left. The living room has beautiful hardwood floors. A doorway from the living room offers direct access to the kitchen. To the right of the foyer is the formal dining room with gleaming hardwood floors. A cased opening from the dining room leads into a spacious family room with a cathedral ceiling, skylights, and a ceiling fan. Natural light streams into the family room through the large windows. A wood burning fireplace with a stone, floor-to-ceiling hearth and surround offers ambiance and style.  A sliding glass door from the family room spills further out to a sunroom. The sunroom has ceramic floor tiles and walls of windows for abundant natural light. Sliding glass doors at each end of the sunroom allow exterior access to the deck and the huge, private backyard. 

The family room also leads into the kitchen, which is large enough to accommodate an informal dining area. The kitchen features granite counters, stainless steel appliances including the oven, dishwasher, and a built-in microwave (no refrigerator). The kitchen also has a Jenn-Air grill/griddle. The laundry area and a half bathroom, with ceramic floor and wall tiles, are both off from the kitchen area. 

Stairs from the front foyer lead to the second level with the master and three more family bedrooms. The master bedroom is spacious with beautifully maintained hardwood floors. The master bathroom has ceramic floor tiles, a granite topped single sink vanity, and a vinyl surround shower stall. All of the family bedrooms offer immaculate hardwood floors. A full family bathroom features a granite topped, single sink vanity and a vinyl surround tub/shower. 

A set of stairs from the sunroom allows easy access to the finished basement. A door from the foyer also offers direct access to the garage and lower level. The finished area of the basement is spacious with ceramic floor tiles and a cedar-lined accent wall. The utility room, which will be cleared out before coming on the market, houses the oil fueled furnace and hot water tank. The 2-car garage is spacious with plenty of room for parking and additional storage. The garage will be cleared as well.    


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Market Dynamics

We have been experiencing shortages of housing inventory in Lexington over the last 5 years or so. There are always a number of buyers looking to buy in Lexington because of the strong school system, the community dynamics and vibrant downtown. People like the feeling of the downtown area, and want to stop and have a coffee, or have dinner at the many restaurants, or just watch the world go by, chatting with folks who are out and about. The Minuteman bike path and conservation areas close by pull those who desire an outdoor lifestyle while still remaining within commuting distance to Boston.

The Lexington market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Lexington far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Lexington are well above average prices obtained in the peak of the market in 2005. Average single family home prices have been increasing steadily since 2009. The real estate market downturn that existed for the last few years is well and truly over and prices are continuing to increase each year.

Sales distribution statistics for single family homes show that the $1M-$1.5M price-range is the most active in Lexington. The next busiest price range in Lexington is the $1.5M - $2M price range. This is an indicator that new construction is having a significant impact on the average single family home prices in Lexington. The number of new construction homes being built in Lexington in 2013 was 55 homes, 70 homes in 2014, 71 homes in 2015, 66 homes in 2016, and 55 in 2017.

Before reviewing the price per sq foot charts it is important to throw in a caveat of using the average as the definitive guide. There is wide variability among agents as to what is included in the living area reported in MLS. In some instances, agents will include a finished component of the basement in the living area and this is acceptable so long as how the living area is calculated is disclosed. Others report the living area reported in public record, which never includes finished areas in the basement, but note in MLS that there is a finished basement. To this end, it is important to review each individual listing to determine the ‘true’ price per sq. ft. of above ground living area, but we also need to factor into this when a home has a finished basement.

Reviewing the price per sq. foot charts for single family homes shows us that the average price per sq. ft. in Lexington around the $1M -1.5M price range is around $393 per sq. ft. It’s important to note that the maximum price per sq. ft. achieved varies across most price ranges, along with the minimum obtained for each price range.

When the year built in the 1980’s the average price per sq. ft. is $391.

The chart below shows that single family homes in Lexington of similar size to your home in the 3,000 square foot range, have an average price per square foot of $387 but it increases to $405 per sq. ft. when you decrease to the 2,000 square foot range. It is common across municipalities to see an increase in the price per square foot for smaller sized homes, as it reflects the minimum cost of a home in a town irrespective of the property size.

The chart below shows how many months’ supply of inventory there is in a given price range. It uses the assumption that given the same rate of sales over the prior 12 months, and considering current inventory available for sale, how many months it should take to sell the available inventory. This is referred to “Absorption” in the real estate world. 

Any price range where there is more than 7 months’ supply, we consider there to be an oversupply of inventory, also known as a ‘buyer’s market’. Anything between 4 – 6 months is considered a balanced market. Anything less than 3 months’ supply is considered a shortage of inventory on the market at this price range, also known as a ‘sellers’ market’. As can be seen, currently, absorption rates for all homes in the $1M-1.5M price range are less than 1 month’s supply showing a severe shortage.

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Analysis of Relevant Properties

The following map shows the  homes that we believe to be of value in determining the price of your  home. Below the map you will find basic information  provided for each home including the price the home was  listed at, and the price the home sold at (if sold), the listing date, Days on market, Bedrooms, Bathrooms, living area size and lot size.  Noted for each home is a classification of Relevance which outlines whether we think the  property is valued Less (L), Relevant/Comparable (R) or Higher (H) than  your home. The notes for each home outlines the similarities and differences between  your home and the one being analyzed.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This contemporary ranch style home was built in 1956. It is a bit larger than your home at 3,516 sq  ft of approx. living area which includes a finished lower level. Your home has 3,224 sq ft of  living area which includes the finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has the same number of bathrooms than your home, having 2 full and 1 half bathrooms. It sits on a similar size 0.49 acre lot on a busy road, whereas your home sits on a 0.47 acre lot in a cul de sac.
The living room has a fireplace and walk in bay window, crown molding, and hardwood floors. It is connected to the informal dining area of the eat in kitchen through a french door. The kitchen has a breakfast bar peninsula, custom built cabinets, stainless steel appliances, bay window, ceramic tile backsplash, cork flooring, wet bar, and wine chiller. The kitchen is connected to a grand formal dining room passing through the informal dining area which has a cathedral ceiling and picture windows and through the wet bar. The formal dining room has a cathedral ceiling, walls of glass, hardwood floors, and has an exterior access to the deck through folding glass doors that leads to the deck overlooking the backyard. The master suite is also on this level and it has an attached bathroom, dressing room, crown molding, and hardwood floors. The master bathroom has custom cabinets, granite countertop, shower stall, and jacuzzi. Another bedroom/ office with lots of built ins is adjacent to the master bedroom. The family room is on the lower level and it has a fireplace, custom built ins, ceramic tile floors, and exterior access to the backyard through sliders. On this level are 2 bedrooms with walk in bay windows, an adjacent office, a study/nook, a potting shed with exterior access, and a library with lots of custom built ins and exterior access to the patio under the deck.
This home has an attached 2 car garage and 4 car off street parking. It has hot water baseboard heating, and central air and wall AC cooling, and has solar panels. It was listed for $1,049,000 and sold with competition for $1,100,000 by one of Sandy's buyers.

Relevance: Relevant, but less. Given the similar size, but your superior location I believe it is relevant to your home but your home should sell for more.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This split entry style home was built in 1980 so it is a similar vintage to your home.  It is larger than your home at 3,500 sq  ft of all above ground living area.  Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has 1 more bedroom than your home does, having 5 bedrooms. It also has more bathrooms than your home does, having 3 full bathrooms.  It sits on a similar size 0.46 acre lot on the other side of Concord Ave from your home on a cul de sac, whereas your home sits on a 0.47 acre lot.
As you enter the main level, the formal living room is on the left and the family room is in front. The family room has a full brick wall fireplace to the ceiling, a wet bar, and is open to the kitchen. It has access to the sunroom through a glass slider. The kitchen is a narrow U-shaped kitchen which has stainless steel appliances, two tier breakfast bar peninsula, granite countertops, ceramic tile backsplash, white cabinets. It is a galley style kitchen with an informal dining area, a built-in china cabinet with some glass panels, chair rails, and exterior access to a deck through a sliding glass door. The formal dining room has access to the same desk through glass sliders. The master suite is located on the main level with a master bathroom with granite countertop and white vanity cabinet. Another bedroom and another full bathroom are on this level. The lower level includes 2 bedrooms, an office, a utility room, a large storage room and another full bathroom. The entire home is sun-filled with huge windows. The main level of living features gleaming hardwood floors while the lower level has wall to wall carpeting. Most buyers struggled with the non-traditional layout of the home.
This home has an attached 2 car garage and 6 car off street parking, oil  heat, and central air cooling. It was initially listed for $1,175,000 but price was dropped to $1,125,000 before it went under agreement and was sold for $1,125,000 to one of Sandy's buyers.

Relevance: Relevant but less. Given the similar size of the home, 1 more bedroom, 1 more full bathroom, non traditional layout I believe that this home is relevant to your home but yours should sell for more.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This colonial style home was built in 1984 so it is a similar vintage to your home.  It is of similar size as your home at 3,392 sq  ft of approx. living area which includes a finished lower level. Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has the same number of  bedroom as your home does, having 4 bedrooms. It also has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a larger 0.69 acre lot on a cul de sac close to your home, whereas your home sits on a 0.47 acre lot.
This home’s huge living room has hardwood floors and is connected to the formal dining room through a cased opening. The formal dining room has picture windows, chair rails, and hardwood floors. The eat in kitchen has custom built cabinets which are oak so they are not as appealing to buyers, some stainless steel appliances, granite countertops, ceramic tile backsplash, a pantry, a breakfast bar island with a second cooktop, and ceramic tile floors. There is a desk with built in shelves above, drawers, and granite countertops in the informal dining area, and an exterior access to the deck through sliding glass doors overlooking the backyard. The family room has a fireplace with a brick façade to the ceiling, cathedral ceiling with skylights, bay windows, wall to wall carpet, and it also has an exterior access to the deck. This home also has a mudroom with a walk in closet connected to the family room and a walkout access to the front yard. The home feels quite dated because they have left the trim, baseboards, crown as wood whereas most buyers prefer the white you have painted yours. The master suite on the second level is huge and has hardwood floors, a walk in closet, and an attached master bathroom. The master bathroom is lovely with a Jacuzzi shower combo unit, marble counters and ceramic tile floors. The 3 other family bedrooms are on the same level and one of them has a walk in closet. They all share a family bathroom which has been nicely renovated with granite counter vanity, ceramic floor tiles and with tub and shower. The lower level has been nicely finished and has wainscoting around the perimeter of the room. It includes an office, a mud room and a media room. The home is set up high on the lot so buyers would not have liked the terraced look of the front yard.
This home has an attached 2 car garage and 4 car off street parking, central heat, hot water baseboard  heat, and central air cooling. It was initially listed for a very high price of $1,398,000 but price was dropped to $1,298,000 before it dropped to $1,185,000 but was sold at the lower price of $1,140,000.

Relevance: Relevant but less. Given the similar size of the home, similar location, similar age, but dated appearance of the trim color and the aspect of the home on the lot, I believe this home is relevant to your home but your home will sell for more.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This colonial style home was built in 2000.  It is of similar size as your home at 3,198 sq  ft of approx. living area which does not include the finished lower level. Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has the same number of  bedrooms as your home does, having 4 bedrooms. It has 1 more half bathroom than your home, having 2 full and 2 half bathrooms. It sits on a smaller 0.22 acre lot, whereas your home sits on a 0.47 acre lot.
Upon entry to the 2 storey foyer with transom windows, the living room is immediately on the right and it has columns, crown molding, and hardwood floors. It has access to the office through double french doors. The office has custom built ins double windows, and hardwood floors. The formal dining room has chair rails, tray ceiling, and hardwood floors. The family room has a fireplace with brick facing and white mantel, hardwood floors, has an exterior access to the deck through glass doors, and has an open floor plan with the kitchen. The kitchen has a breakfast bar peninsula, picture window, cherry cabinets, stainless steel appliances, and hardwood floors. The master suite and the family bedrooms are on the upper level. The master bedroom has hard wood floors and an attached bathroom which has double sink vanity with white cabinets, a shower stall with glass door, and a jacuzzi. The other family bedrooms have wall to wall carpeting and share a family bathroom which has a double sink vanity with white cabinets. The finished lower level has laminate flooring and has a half bathroom.
This home has an attached 2 car garage and 6 car off street parking. It has radiant, forced air  heating, and central air cooling. It was listed for $1,100,000 and was sold a little over the listing price due to competition. Sold for $1,185,000.

Relevance:  Relevant but less. Given the larger size of this home, but inferior condition, smaller lot I believe it is relevant to your home but your home should sell for more.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This tudor style home was built in 1968.  It is smaller than your home at 3,043 sq  ft of approx. living area which includes 806 sq ft in the finished basement. Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has the same number of  bedroom as your home does, having 4 bedrooms. It also has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a smaller 0.37 acre lot in Follen Hill, whereas your home sits on a 0.47 acre lot.
Upon entry through the grand foyer with skylights, everything has an open floor concept with beamed cathedral ceiling and dark wood trim and beams. The living room has high beamed cathedral ceiling, a fireplace with brick facing, hardwood floors, and exterior access through sliding glass doors. The dining room, which has a beamed ceiling and picture window, has an open floor plan with the kitchen. The kitchen has white custom built cabinets, stainless steel appliances, brick hood to the ceiling, picture window, hardwood floors, and exterior access through sliding glass doors. The office has very '
strong' ceramic floor tiles with dark wood beams which the buyers will not like. The sunroom also has 'strong' ceramic floor tiles which the buyers will not like. The master bedroom is on the ground level and it has beamed ceiling,  picture windows, exterior access, stone floors, and an attached bathroom. The master bathroom has beamed cathedral ceiling, double sink vanity with granite countertop and white cabinets, a shower stall with frameless glass door, and a jacuzzi. The rest of the family bedrooms are on the upper level and have hardwood floors, picture windows, and custom built ins. The finished lower level has a fireplace on bricks to the ceiling, and hardwood floors. The bathrooms are quite dated.
This home is located in the Follen Hill neighborhood. It has an attached 2 car garage and 4 car off street parking. It has forced air  heating, and central air cooling. It was initially listed for $1,150,000, had competing offers but the accepted offer fell through, then listed for a higher price of $1,199,000 before it went under agreement and was finally sold for $1,199,000.

Relevance: Relevant, but less. Given the smaller size of the home, inferior condtion and non-traditional layout I believe it is relevant to your home but your home will sell for more.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This contemporary colonial style home was built in 1996.  It is of similar size as your home at 3,363 sq  ft of all above ground approx. living area. Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has 1 more  bedroom than your home does, having 5 bedrooms. It also has more bathrooms than your home, having 3 full and 1 half bathrooms. It sits on a smaller 0.35 acre lot in desirable Prospect Hill, whereas your home sits on a 0.47 acre lot.
As one reach the foyer from the portico, the living room is on the left and it has an open floor plan with the formal dining room. The living room has bay windows, crown molding, and hardwood floors. It leads to the formal dining room through a half height walls with pillars. The formal dining room has a fireplace with white mantel, crown molding, picture windows, and hardwood floors. The family room also has a cathedral ceiling with skylight, picture windows with transom, hardwood floors and exterior access to the deck through glass doors. It has an open floor plan with the kitchen separated by peninsula breakfast bar. The kitchen also has a center bar island where the stove is situated, black appliances, office nook,cherry cabinets, and hardwood floors. This level also includes a mudroom and a half bathroom. The second floor includes 3 family bedrooms and the master suite. The master bedroom has walk in closet, wall to wall carpeting, and an attached bathroom. The attached master bathroom has double vanity sink and white cabinets. One of the family bedrooms on this level has bay windows and wall to wall carpeting and all 3 bedrooms share a family bathroom which has a double vanity sink and separately enclosed toilet. The 3rd level is a bedroom which has vaulted ceiling with skylights, an attached bathroom, and wall to wall carpeting. All the bathrooms but 1 are a little dated with 1996 style.
This home is located in the Prospect Hill neighborhood. It has an attached 2 car garage and 4 car off street parking. It has hot water baseboard heating, and central air cooling. It was listed for $1,299,000 but was sold at a lower price of $1,222,000.

Relevance:  Relevant. Given the larger living area of this home with it all being above ground also, inferior condition, extra bedroom, extra bathroom, cul de sac location I believe it is relevant to your home.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This was our listing. This colonial style home was built in 1920.  It is of similar size as your home at 3,480 sq  ft of approx. living area which includes a finished lower level and front porch. Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has the same number of  bedroom as your home does, having 4 bedrooms. It also has more bathrooms than your home, having 3 full bathrooms. It sits on a smaller 0.41 acre lot on a busier street, whereas your home sits on a 0.47 acre lot.
Upon entry from the portico through a screened porch with arched windows, the living room has a fireplace with brick facing, coffered ceilings, gumwood trim, triple windows, and hardwood floors. It has access to both the formal dining room and the family room through french doors. The formal dining has wainscoting, crown molding, and hardwood floors. The family room has triple windows, and hardwood floors. The kitchen has a breakfast bar island with a second prep sink, granite countertops, bay windows, white cabinetry, an office nook, stainless steel appliances, and hardwood floors and has an informal dining area defined by an arched opening with columns. The master suite, an adjacent office, and 3 family bedrooms are on the upper level. The master bedroom has a walk in closet, hardwood floors, and an attached bathroom. The master bathroom has double sink vanity with white cabinets, a separately enclosed toilet, a shower stall, and a jacuzzi. The rest of the family bedrooms have hardwood floors and share the family bathroom. An office is also on this level and it has arched triple window. The finished lower level has custom built ins, a wet bar, and ceramic tile flooring.
This home has a detached 2 car garage and 5 car off street parking. It has forced air heating, and central air cooling. It was listed for $1,199,000 and was sold for $1,250,000 with competition.

Relevance: Relevant.  Given the larger size of this home, superior kitchen condition, inferior location I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This colonial style home was built in 1982.  It is of similar size as your home at 3,333 sq  ft of all above ground approx. living area. Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has the same number of  bedroom as your home does, having 4 bedrooms. It also has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a similar size 0.46 acre lot on a cul de sac 2 streets over, whereas your home sits on a 0.47 acre lot.
The living room has picture windows, and hardwood floors. The formal dining room has chair rails, crown molding, picture windows, and hardwood floors. The family room has a fireplace with custom built ins on either sides, picture windows, chair rails, and hardwood floors. It has and open floor plan with the kitchen defined by a cased opening with columns. The kitchen was completely renovated 2 years ago and has cherry cabinets, granite countertops, picture window, stainless steel appliances, hardwood floors, and exterior access to the deck through sliders from the informal dining area. This level also includes an office with picture windows and hardwood floors. The master suite and the family bedrooms are on the upper level. The master bedroom has a walk in closet, hardwood floors, and an attached bathroom which was renovated recently and has double sink vanity, marble counters, cherry cabinets, tiled shower stall.  The rest of the family bedrooms have hardwood floors and share the family bathroom that was renovated and has dual sink vanity with marble counters. The home has a stunning sunroom off the back of the home overlooking the manicured gardens. The laundry which was on the first floor had recently been renovated and had granite counters, white cabinetry to the ceiling.
This home has an attached 2 car garage and paved 4 car off street parking. It has forced air heating, and central air cooling. It was initially listed for a high price of $1,489,000 but dropped to $1,399,000 before it dropped to $1,379,000, then $1,349,000 before it went under agreement and was finally sold for $1,325,000.

Relevance: Higher.  Given the larger size of the home which is all above ground living area,, similar location, superior condition with recently renovated kitchen and bathrooms I believe this home will sell for higher than your home.

Your details: Living area 3224 sq. ft sq ft | 4 beds | 2.5 baths | Lot size 0.47 acres | Built 1983 | 2 car garage

This colonial style home was built in 1984.  It is larger than your home at 3,427 sq  ft of approx. living area including a finished basement. Your home has 3,224 sq ft of  living area which includes the finished lower level. This home has the same number of  bedroom as your home does, having 4 bedrooms. It has more full bathrooms than your home, having 3 full bathrooms. It sits on a smaller size 0.32 acre lot in a very desirable location steps to the town center, whereas your home sits on a 0.47 acre lot in a cul de sac.
The living room has a fireplace with brick facing, crown molding, hardwood floors, and is partially open to the formal dining area through a cased opening. The dining room has a large china cabinet, double windows, crown molding, hardwood floors, and access to the sunroom through french doors. The sunroom has walls of glass and cathedral ceiling. The family room has high cathedral ceiling with skylights, recessed built ins, hardwood floors, and exterior access on both sides through french doors. It is also connected to the sunroom through a sitting room which has triple windows and hardwood floors. The kitchen has been recently renovated with granite countertops, ceramic tile backsplash, picture window, stainless steel appliances, and ceramic tile floors and is quite lovely.  This level also includes a bedroom with an attached renovated bathroom. The second floor includes 2 family bedrooms and the master suite. The master suite has a fireplace with brick facing, double windows, an attached office, and an attached completely renovated bathroom with dual sink vanity with marble counters. The finished lower level has a game room which has laminate floorings.
This home has an attached 2 car garage and paved 6 car off street parking. It has hot water baseboard and forced air heating and central air cooling.  It was listed for $1,198,000 and was sold at $1,331,000 with competition.

Relevance: Higher. Given this homes larger size, superior location, superior condition I believe it will sell for more than your home.


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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $1,225,000 - $1,275,000.

Given the current market dynamics in Lexington, I would suggest  listing your home at the lower end of this price range to attract more  interest and potentially multiple offers.  If the market deems your home  to be worth more than the list price, then the price will be pushed  over the market value of your home, and sometimes well over when we get  multiple offers. You can see many examples above that came on the market  for a lot less, and competition pushed them up to the price they sold  for. The challenge in estimating a price for a home is ‘would this home  have sold for this price if they had priced it higher?’ or was  competition the driving factor that got to this price.  Experience tells  me that competition is why they sold for what they did, so we have to  be careful with pricing. A couple of good examples of competition  pushing a price higher than market value is our listing at 2 Middle St  which came on the market for $1,199,000 and sold for $1,250,000,  105 Gleason Rd which came on the market for $1,100,000 and sold for $1,185,000, and 43 Fletcher which came on the market for $1,198,000 and sold for  $1,331,000. 

When homes are overpriced they end up sitting on the  market and ultimately selling for less than market value, whereas homes  priced realistically can often sell for well over market value.  Competition is what will get us the highest sales price. As we see time  and time again, if the buyers consider the market value of your home to  be realistic in relation to the asking price, then competition will push  the price up higher and often over the market value of the home. The  challenge with overpricing is that the buyers are very educated – they  go week after week to see homes in their price range so they KNOW what  the prices are and what ‘feels’ right.

I have to stress that these are recommendations. We would bring your home on the market at whatever price you deem to be appropriate.  

When determining the right price - it all depends on your motivation and your risk tolerance level. We know that homes that are priced at the 'strike price' will sell quicker and may generate more than one offer.  I’m an excellent negotiator and know how to push a price up if we have the market activity. I also know that some sellers want to put their home on for a higher price than I might recommend, which I’m willing to do, so long as it is understood that putting the home on for more than the majority of buyers perceive its value, could mean that your home will have a much longer market time and sell for less than it should have had it been priced properly out of the gate.

I DO NOT DETERMINE THE PRICE - the market dictates the value - what a buyer is willing to pay. My job is to make sure that you have the best market exposure and that your home is positioned well in the market.   I do not believe in projecting more money than I think your home will sell for just to get your business.

My team and I know how to stage and market your home, and I understand its value, but I can only sell it for what the market or a buyer will pay. I strongly believe that a home should be priced compared to the current competition, not just on what has sold in the last six months.  At the end of the day, you will be competing for the buyers looking for a home like yours and in the same price range. You can do far more 'damage' to the resultant price we get for your home if we overprice. The prospective serious buyers will see your home within the first weekend of your home coming on the market, and they will have seen everything else in this price range.  In other words, the serious buyer knows what is priced well.  If they don't see value in your home at its listing price and are not motivated to make an offer, then they will move on and keep looking.  In times of increasing prices, it is often hard to predict what a home will sell for, but be assured that even if we price your home lower than what market value is currently, market dynamics will bring the price of the home up to where it should be.  Prospective buyers should walk in thinking the price 'feels right' and are motivated to make an offer in the short term, rather than letting several months’ pass.

It is important to stress the value of marketing your home to capture the highest price.  In times of low inventory, we know your home will sell by doing the bare minimum to market it, BUT that is not going to get you the maximum price for your home.  Key to getting the maximum price for your home is to prepare a comprehensive marketing plan that incorporates all avenues available to us to expose your home to the maximum number of buyers out there looking.  Exposure, and feet in the door, is what will get you the highest price for your home. Basic ratios help explain this.  If 10% of the buyers who walk in your door fall in love with your home, then if you only have 10 buyers walking in, then potentially there is only 1 buyer - if you have 100 buyers walking in your door then using the same ratios, you will potentially have 10 buyers falling in love with your home.  10 buyers will push the price up versus only one buyer.

Given the price point you are at your home would be categorized as a RE/MAX Collections home, which is the Luxury home brand for RE/MAX. For the first Open House we would organize to have a pianist come in to play, and food for Open House guests. We would market it as our Signature Open House. The aim is to have an ‘event’ of your Open House and get serious buyers seeing the home with as many people as we can to stimulate activity and excitement for the home. In addition to this we do additional marketing for our Collections listings and can be reviewed below.

 New statistics state that over 100% of potential buyers search the web as their primary search vehicle.  Thankfully, your home will show fabulously in photos. With historically low interest rates likely to increase and inventory at a 7-year low, there are still homes that do not sell in this market.  I’m making my recommendations to ensure that you are one of the sellers who will have success in the first month of being on the market, but optimally the first weekend.

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So, what is our Marketing Plan? 

Read More to find out all about the standard marketing we offer, at no additional charge to the standard fee.

Marketing to sell your home

Make your home stand out with MA Properties Online's Marketing Today's technology makes it...

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 Because your home is a Luxury home, we offer additional marketing on top of the standard marketing seen above.

Marketing our Luxury homes

Additional marketing occurs when the home is a Collections listing.   RE/MAX Collecti...

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Who We Are | MA Properties Online | RE/MAX Leading Edge

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Testimonials | MA Properties Online | RE/MAX Leading Edge

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We look forward to working with you!   Please reach out if you have any questions at all about this market analysis or our plans to market your home!

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