10 Vaille Ave, Lexington

Market Analysis for:

David and Lorien Moore

I've done a market analysis on your home at 10 Vaille Ave 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.

Your home is located walking distance to the town center and abuts Lexington Golf Club. Your home sits on a 0.32 acre lot and was built in 2013. Your home has 5 bedrooms and 4.5 bathrooms with an attached 2 car garage. The home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus and estimated 1,511 sq ft in the finished basement. Once floor plans are drawn up we will be able to validate the total finished living area in your home.

Your  colonial style home has stunning curb appeal and has elegant design throughout the home. As you walk into the foyer, the hall way has wainscoting and hardwood floors. The living room has a gas burning fireplace with white mantel, shutters on the windows and is full of light. It is open to the formal dining room through a cased opening. The formal dining room has wainscoting, triple windows with built in window seat, and sconces framing a cased opening, and is connected to the kitchen through a butler's pantry. The butler's pantry has a wine cellar and glass panel doors on the cabinets overhead with a walk in pantry and a small office nook. On the right from the foyer is the home office with closet, which is a great size for someone working from home though a little small. A hall leads to a mudroom down a couple of steps, which has cubbies, hooks, and bead board walls, with slate floors, access to the basement, double closet, access to the 2 car garage with great ceiling height, and exterior access through a side entry. Along the main hall is a utility closet and a nicely done half bathroom which has beadboard halfheight walls, and marble tile floors. The stunning kitchen has a center breakfast bar island, granite countertops, nicely designed ceramic tile backsplash, Thermador high end stainless steel appliances, white cabinetry, triple windows over the sink, an informal dining area, and has an exterior access to the deck through a glass door overlooking a small brook and the Lexington Golf Club. The kitchen has an open floor plan with the family room defined by a half height wall with built ins and column. The family room has a fireplace with white mantel, nice deep crown molding, surround sound. The main level has mostly hardwood floors with wainscoting flowing through almost the entire level. 

The wide staircase going up the second level has wainscoting which continue on to the halls on the second level. There are closets on the hall as additional storage. The master bedroom is on this level and it has triple windows, crown molding, large walk in closet with built ins, hardwood floors, and an attached bathroom. The master bathroom is absolutely stunning and has marble floor tiles, double sink vanity with quartz countertop and cherry cabinets, a separately enclosed toilet, a built in jacuzzi with quartz surround, marble look alike(?) wall tiles, and a huge shower with rain head, steam and seat. This level has 5 bedrooms, including the master bedroom, the laundry room with granite countertop, lots of shelving and cabinets. One bedroom has an awesome chandelier light( :-) ), crown molding, lots of windows, great walk in closet, and an attached full bathroom which has ceramic tile floors, an elegant vanity with quartz, and a ceramic tiled shower and tub. Another bedroom has a great size with large windows, hardwood floors, a walk in closet, an an attached full bathroom which also has ceramic tile floors, an elegant vanity with quartz counter, and a ceramic tiled shower and tub. The next bedroom also has triple windows, hardwood floors.  It has access to a bathroom which is attached to the last bedroom on this level.  This bedroom has hardwood floors, large windows, and a unique  finished space which can be used as a fort or sleeping space for kids  which is a great solution for sleepovers or extended family sleeping in the same room . The attached bathroom has marble tile floors, vanity with marble countertop, and marble tile walls on the shower and tub and this bathroom also has an external access from the hallway. 

Up to the third floor continuing up the staircase with hardwood floors, is a finished family room which has wall to wall carpeting, skylights, cubbies. It also has a bonus room with vinyl floors, and skylights that is currently being used as storage but would be great to stage it and inspire the buyers imagination for what they can use it for. 

Down to the lower level we have ceramic tile floors at the bottom of the stairs. The finished basement is kid and parent heaven. One room has a stage and is great for recitals and has a small door that connects to the garage. The hall on the basement has cubbies, hooks, and shelves, has access to a wine cellar ( :-) ), access to a nicely done half bathroom, access to a great hockey rink which has netting on the windows, and access to a utility room. Another area is a gym adjacent to the hockey rink, and there is a side entry leading to the backyard and perfect for cross country skiing during winter as a ski in/ski out. Another room is the workshop area. 

Your home has an automatic sprinkler system, and Nest thermostats. It has forced air heating and central air cooling. 

There is a 2-car attached garage and 4 off-street parking areas.

Return to Top

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 $1.5M -2M price range is around $390 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 2010’s the average price per sq. ft. is $374.

The chart below shows that single family homes in Lexington of similar size to your home in the 7,000 square foot range, have an average price per square foot of $298 but it increases to $340 per sq. ft. when you decrease to the 6,000 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 $1.5M - $2M price range is less than 1 month’s supply showing a severe shortage.

Return to Top


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 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This colonial style home was newly built in 2017.  It is smaller than your home with 5,640 sq ft of approx living area including a finished lower level. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus  an estimated 1,511 sq ft in the finished basement.
This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 1 more full bathroom than your home, having 5.5 bathrooms. It sits on a similar size 0.38 acre lot whereas your home sits on a 0.32 acre lot abutting a golf course.
This home does not have a living room but a large family room which has an open floor plan with the kitchen. The formal dining room has coffered ceiling, wainscoting, and hardwood floors. The family room has a fireplace with white mantel and built ins on either sides, triple windows, crown molding, and hardwood floors. The kitchen has a breakfast bar island which has a second prep sink, granite countertops, ceramic tile backsplash, clean white cabinets, crown molding, ceiling detail over the island, stainless steel appliances, beverage chiller, hardwood floors, and exterior access to the deck through glass sliders. The mudroom has bead boards, seats, and cubbies. The home office has coffered ceiling, lots of built ins, wainscoting, and hardwood floors. The second floor has 3 of the family bedrooms and the master suite. The master bedroom has walk in closet, an attached bathroom, custom built ins, and hardwood floors. The attached master bathroom has double sink vanity, a separately enclosed toilet, shower stall with frameless glass door, hot/spa tub, and granite countertop. The family bedrooms have hardwood floors. The third floor has a bonus room and an additional bedroom and bathroom. The finished lower level has wall to wall carpeting and a full bathroom. This builder typically builds an inferior product.
It has an attached 2 car garage and paved 6 car off street parking, and central heat and central air cooling. It was listed for $1,889,000 but was sold for a lower price of $1,855,000.

Relevance: Less. Given its smaller size, inferior condition, extra bathroom, inferior location I believe your home will sell for more than this home.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This colonial style home was newly built in 2017.  It is smaller than your home with 6,000 sq ft of approx. living area including a finished lower level. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus an estimated 1,511 sq ft in the finished basement.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has more bathrooms than your home, having 6 full bathrooms. It sits on a larger size 0.42 acre lot close to Willard Woods whereas your home sits on a 0.32 acre lot abutting the golf club.
The home has lovely curb appeal with a farmers porch, and entry into the front door. As you enter the foyer from the porch, the living room is on the left and it has an open floor plan with the formal dining room. The living room has wainscoting, coffered ceiling, and hardwood floors. It leads to the formal dining room through a half height wall. The formal dining room has a coffered ceiling, wainscoting, picture windows, and hardwood floors. The family room has a fireplace with granite facing and white mantel and has custom built ins on either sides, picture windows, crown molding, and hardwood floors. It has an open floor plan with the informal dining area and the kitchen. The kitchen has a breakfast bar island with second prep sink, granite countertops, ceramic tile backsplash, white cabinetry with built in china cabinets, stainless steel appliances, an office nook, pantry,  crown molding, ceiling over the island, hardwood floors, and exterior access to the deck through sliders. This level also includes an office accessible through french doors from the foyer and has bay windows, coffered ceiling, wainscoting, crown molding, and hardwood floors. The second floor has 3 of the family bedrooms and the master suite. The master bedroom has a sitting room, walk in closet, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom has double sink vanity, granite countertop, a separately enclosed toilet, shower stall with frameless glass door, and whirlpool tub.  A jack and jill bathroom with double sink vanity and granite countertop  is shared by 2 family bedrooms which also have walk in closets. Another bedroom has an attached bathroom and hardwood floors.  The 3rd floor has a bedroom which has an attached full bathroom and has wall to wall carpeting. The finished lower level has wall to wall carpeting which serves as recreation room and has an attached bathroom and wet bar with granite countertop. This builder is the same builder as Bridge St and builds an inferior product.
This home has an attached 2 car garage and  4 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,949,000 but price was dropped to $1,919,000 before it went under agreement and sold at a lower price of $1,900,000.

Relevance: Less. Given the smaller size, slightly larger lot but in an inferior location, inferior condition, extra bathrooms, I believe your home should sell for more than this home.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This contemporary style home was built in 2012, yours in 2013.  It is smaller than your home with 6,234 sq ft of approx living area including the finished lower level. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus 1,511 sq ft in the finished basement.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 1 more full bathroom than your home, having 5 full and 1 half bathrooms. It sits on a larger 0.48 acre lot in a desirable area whereas your home sits on a 0.32 acre lot abutting the golf club.
The home doesnt have as much curb appeal as your home does. From the foyer, the living room is on the right and it has a fireplace with granite facing and white mantel, crown molding, double windows, wainscoting, and hardwood floors. The family room has custom built ins, crown molding, and hardwood floors, and it has an open floor plan with the kitchen and an exterior access to the deck. The kitchen and the informal dining area has a unique arrangement. The kitchen has a beamed cathedral ceiling with skylights, custom built ins, pantry, breakfast bar island, granite countertops, high end stainless steel appliances, picture windows and huge accent windows, and is open to the lower level. It has exterior access to the patio that leads to an inground pool in the backyard. The formal dining room has crown molding, triple windows, wainscoting, and hardwood floors. This level has an office/library which is accessible through french doors and it has custom built ins, crown molding, picture windows, and hardwood floors. This home has 2 master bedrooms and one of them is on the main level. The master bedroom on this level has an attached bathroom, walk in closet, crown molding, and hardwood floors. The attached master bathroom has double sink vanity, with granite countertops, a cathedral ceiling, picture windows, a shower stall with frameless glass door, and jacuzzi. The second floor has the family bedrooms and the 2nd master suite. The master bedroom on  this level has a sitting room, walk in closets, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom has double sink vanity, granite countertop, shower stall with frameless glass door, and jacuzzi. There are 2 family bedrooms with attached bathrooms and walk in closet. The finished lower level includes a recreation room, the mud room, a media room which has a fireplace, a kitchenette, and a full bathroom with sauna. This home has handicap access including an elevator. The home has some stunning features inside.
This home has an attached 2 car garage and  4 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,998,000 but price dropped a couple of times, to $1,988,000 then to $1,948,000, before it went under agreement and finally sold for a lower price of $1,925,000.

Relevance: Relevant. Given this homes living area is getting closer to yours, your narrow front hallway and smaller office, similar desirability of location, both having lovely components I believe this home is relevant to yours.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This classic colonial home was built in 2016 and was new construction when sold. It is a similar size to your home at 7028 sq ft which includes some areas finished in the basement.  Your home has 7,228 sq ft of approx living area which includes 5,717 sq  ft of above ground plus 1,511 sq ft in the finished basement.  This home  has 1 more bedroom than your home with 6 bedrooms, yours has 5 bedrooms.  It has 2 more full bathrooms than your home, having 6 full and 1 half  bathrooms. It sits on a larger 0.55 acre lot in an area that is not as desirable as your home whereas  your home sits on a 0.32 acre lot abutting the golf club.
As you walk into the home under the front portico, you enter the 2 story grand foyer with staircase leading up to the second floor and wainscoting. The study accessed via double french doors is off to the right, and the living room is off to the left. The living room is open to the dining room via a large cased opening. Both rooms have wainscoting and accent wall detail. with ceiling accents as well.  Via a large opening from the dining room is the large kitchen, informal dining area and family room. The kitchen has a large center breakfast bar island, white cabinetry, ceiling detail work, stainless steel appliances or cabinet overlay appliances. There is a desk area with glass uppers and a large informal dining area. Exterior access from the informal dining area leads to the patio down a couple of steps. The family room is quite stunning with coffered ceilings, a gas fireplace with built ins on either side, full windows flanking the fireplace, and lots of trim work. There is also a wall of windows overlooking the landscaped backyard. Off the family room is a bedroom with double closets, and an attached full bathroom. The bathroom has marble counters, ceramic tile wall and floor tiles. There is a half bathroom on this level also.
Up the stairs to the second floor you have the master suite and 3 family bedrooms. The master suite has a huge walk in closet with lots of built ins and a large master bathroom. The master bathroom has a double sink vanity with marble counters, marble floor tiles, shower with marble wall tiles and accent pieces, tub and separately enclosed toilet. One of the family bedrooms has an attached bathroom with a double sink vanity. Two of the other bedrooms have a shared jack and jill bathroom. The laundry is also on this level.  Upstairs to the third floor you have a bonus room, a full bathroom, walk in closet and bedroom.
Downstairs in the lower level you have a media room, rec room, mudroom leading from the garage, and a full bathroom.
It has an attached 3 car garage. It initially came on the market for $2,098,000, then dropped to $1,998,000, then to $1,948,000 before selling for $1930,000 after 231 days on the market.

Relevance: Relevant, but higher. Given the classic design, grand foyer, new construction, 3 car garage, similar build quality, extra bedroom, 2 more full bathrooms, your narrow foyer and smaller office I believe that once all factors are considered it is relevant to your home but it will sell for more.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This grand cape style home was built in 2000.  It is of similar size as your home with 7,162 sq ft of approx. living area including a finished lower level. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus an estimated 1,511 sq ft in the finished basement.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 1 more half bathroom than your home at 4 full and 2 half bathrooms. It sits on a larger size 0.72 acre lot in a very popular area walking distance to the town center, whereas your home sits on a 0.32 acre lot abutting the golf course.
The home has lovely curb appeal with a very deep front porch and grand entry. The living room is on the left from the foyer and it has picture windows and hardwood floors. The formal dining room has picture windows, wainscoting, and hardwood floors. The family room has an open floor plan with the sitting room, the informal dining area, and the kitchen. The family room is very impressive and has a fireplace in a rock wall which extends up to the tray ceiling with accent lighting, and has custom built ins and transom windows, and accent windows on either side of the fireplace. The whole room is flooded with natural light. It has lots of custom built ins and has an exterior access to the deck through double french doors with transom windows, and hardwood floors. The sitting area also has a fireplace with white mantel, and it is accessible from the family room through a cased opening. The kitchen has a breakfast bar island with second prep sink, granite countertops, ceramic tile backsplash, white cabinetry with built in china cabinets, high end stainless steel appliances, an office nook, pantry,  crown molding, and hardwood floors. This level also includes an office adjacent to the master suite. The master bedroom has custom built ins, walk in closet, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom has marble countertops, marble floors, a separately enclosed toilet, shower stall with marble wall tiles and frameless glass door, and jacuzzi.  The second floor includes 4 family bedrooms and an office/bedroom with separate entry and attached bathroom. There are 2 bedrooms that share a jack and jill bathroom with separately enclosed toilet and granite countertop. Adjacent bedrooms share a family bathroom. The finished lower level has a fireplace and wall to wall carpeting and it serves as recreation room and has an attached bathroom with sauna. The backyard has a huge deck which leads out to a huge patio with a built in firepit. The home was built by one of the best builders in town as his personal home.
This home has an attached 2 car garage and paved 6 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,939,000 and sold for the same price within 5 days on the market.

Relevance: Relevant, but higher. Given the superior condition, similar size, similar location, larger lot size I believe this home is relevant to your home but it should sell for more than yours.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This colonial style home was built in 2011.  It is smaller than your home with 5,888 sq ft of approx living area including a finished lower level. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus an estimated 1,511 sq ft in the finished basement.  This home has 1 more bedroom than your home, having 6 bedrooms. It has 2 more full bathrooms than your home, having 6 full and 1 half bathrooms. It sits on a larger 0.45 acre lot almost opposite your future home :-) whereas your home sits on a 0.32 acre lot abutting the golf course.
The home has stunning curb appeal with a wrap around farmers porch. Upon entry to the foyer from the porch, the living room is on the right. The living room has crown moldings, hardwood floors, and has access to the formal dining room through french doors. The formal dining room has a tiered ceiling, crown molding, double windows, wainscoting, and hardwood floors. The family room has a fireplace with stone tiles to the ceiling, crown molding, hardwood floors, exterior access to the deck through sliding doors, and has an open floor plan with the informal dining area and the kitchen defined by columns. The kitchen has a breakfast bar island, granite countertops and backsplash, ceiling detail, crown molding, cherry cabinets with built in china cabinets, picture window with transom, and hardwood floors. It has bay windows by the informal dining area and an adjacent half bathroom through the mudroom. The main level also has a bedroom which has an exterior access to the wrap around porch and has an attached full bathroom. The second floor includes 3 family bedrooms and the master suite. The master bedroom has custom built ins, walk in closet, an attached bathroom, skylights, double windows, and hardwood floors. The master bathroom has custom built ins, double sink vanity with granite countertop, a shower stall, marble flooring, and jacuzzi. There are 2 bedrooms each with an attached bathroom and they both have hardwood floors. An office is also on the upper level and it has lots of built ins and has hardwood floors. The 3rd level has a bedroom with walk in closet, custom built ins, hardwood floors, and an attached bathroom. The finished lower level is stunning and has a recreation room which has a fireplace with custom built ins and accent windows on either sides, crown molding, hardwood floors, a wet bar with beverage fridge, granite countertop, glass tile backsplash, and upper cabinets with glass panels, and another peninsula bar with wine rack. This level is accented with half height walls with columns and has a full bathroom.
This home has an attached 2 car garage and  4 car off street parking, and forced air heat and central air cooling. It was listed for $1,989,000, went under agreement a couple of times until it went under agreement again and was finally sold lower for $1,948,000.

Relevance: Relevant, but higher. Given the similar age, smaller living area, superior basement, 2 extra bathrooms, 1 extra bedroom, your narrow hall and small office I believe this home is relevant to your home but it should sell for more.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This colonial style home was built in 2012 and is located in Merriam Hill.  It is slightly smaller than your home with 6,913 sq ft of approx living area including a finished lower level. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus an estimated 1,511 sq ft in the finished basement.  This home has 1 more bedroom than your home, having 6 bedrooms. It has 3 more full bathrooms than your home, having 7 full and 1 half bathrooms. It sits on a similar size 0.30 acre lot in Merriam Hill whereas your home sits on a 0.32 acre lot abutting a golf course.
The home has lovely curb appeal and it has some stunning features inside. Upon entry to the grand foyer from the farmer’s porch, a study is on the right and it has a fireplace with white mantel, crown molding, built ins, triple windows, and hardwood floors. The formal dining room is on the left from the foyer and it has coffered ceiling with crown molding, high wainscoting, triple windows, and hardwood floors. A butlers pantry connects the formal dining room to the kitchen and this has a wet bar, wine chiller, granite countertops, white cabinets with glass panels on the cabinets overhead, hardwood floors, and an arched ceiling. The kitchen has a center breakfast bar island, marble countertops, marble tile backsplash, high end Thermador stainless steel appliances, an office nook, pantry, white cabinets, crown molding, and hardwood floors. It has an informal dining area with bay windows, and has an open floor plan with the family room. The family room has a fireplace with white mantel, custom built ins and picture windows on either sides of the fireplace, double glass doors with transom windows leading to the patio, crown molding, and hardwood floors. A bedroom with walk in closet, large windows, crown molding, and hardwood floors, and with an attached full bathroom is also on the main level adjacent to the mudroom and the main level bathroom. The mudroom is huge and is complete with cubbies, shelves, hooks, and seats, crown molding, and has exterior access leading to the patio and access to the garage on the lower level.
The 2nd floor has the master suite, 4 family bedrooms, and the family bathroom. The master suite has a fireplace with white mantel, crown molding, double windows, his and hers walk in closets, hardwood floors, and an attached bathroom. The master bathroom has double sink vanity and quartz countertop, a jacuzzi with quartz countertop, a shower stall with frameless glass door and glass wall tiles, and marble flooring. A pair of bedrooms with triple windows with window seats and built ins, vaulted ceiling, hardwood floors, and share the jack and jill full bathroom. The jack and jill bathroom has double sink vanity with granite countertop and dark cabinets, and slate tiles. There are 2 more family bedrooms on this level with crown moldings, double windows, and hardwood floors. One of them has an attached bathroom and the other uses the family bathroom which has a double sink vanity with quartz countertop, dark cabinets, and ceramic tile floors. The 3rd level is a bonus room which has a cathedral ceiling with lots of skylights, wall to wall carpeting, and has a full bathroom. The finished lower level has been finished beautifully and has a recreation room which has a wet bar with breakfast bar peninsula and 2 wine chillers, a bar island, an exercise room, and a bathroom. The finish work was simply stunning on this home.
This home has an attached 2 car garage and  4 car off street parking, and has hydro air heat and central air cooling. It was listed for $2,285,000 but price was dropped to $2,195,000 before it went under agreement and was sold for $2,085,000 after 127 days on the market.

Relevance: Higher. Given the superior finish, similar size, superior location, extra bedroom, 3 more full bathrooms I believe this home will sell for more than your home.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This colonial style home was newly built in 2016.  It is smaller than your home with 6,046 sq ft of all above ground approx. living area. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus 1,511 sq ft in the finished basement.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It also has 4 full and 1 half bathrooms. It sits on a larger size 0.81 acre lot adjacent to conservation land whereas your home sits on a 0.32 acre lot abutting the golf course.
Upon entry to the foyer from the covered porch, a study is on the left and the living room is on the right. The living room has an open floor plan with the formal dining room, which has exterior access through sliding glass doors, and both have bay windows. The family room has a fireplace, coffered ceiling, exterior access through sliding glass doors, and has an open floor plan with the kitchen. The kitchen has a breakfast bar island, granite countertops, high end stainless steel appliances, wine chiller, upgraded cabinets, a pantry and has an informal dining area with exterior access to the deck. It also has access to the mudroom which leads to the garage on the lower level. The master suite is on the 2nd level. It has a fireplace, bay and picture windows, a large walk in closet, and an attached bathroom which has a double sink vanity, a jacuzzi tub, a separately enclosed toilet, and a shower stall. The 3 other bedrooms on this level all have walk in closets but one of them has an attached bathroom which has a double sink vanity. The 2 other s share the family bathroom which also has a double sink vanity. The 3rd level includes a bedroom, a bonus room with wall of windows, and a full bathroom. This home has mostly hardwood floors. It also has an unfinished lower level which is ready of immediate or future upgrade.
This home is located in the  Sun Valley neighborhood. It has an attached 3 car garage and paved 6 car off street parking, and has Energy Star forced air heat and Energy Star central air cooling. It was initially listed for $2,288,800 but price was dropped to $2,257,000 before it dropped again to $2,146,888 before it went under agreement and finally was sold for $2,147,888 after 309 days on the market.

Relevance: Higher.  Given the smaller size, but new construction, larger lot abutting conservation land, 3 car garage I believe it will sell for more than your home.

Your details: Living area 7228 sq ft | 5 beds | 4.5 baths | Lot size 0.32 acres | Built 2013 | 2 car garage

This colonial style home was newly built in 2017.  It is smaller than your home with 6,597 sq ft approx. living area including a partially finished lower level. Your home has 7,228 sq ft of approx living area which includes 5,717 sq ft of above ground plus an estimated1,511 sq ft in the finished basement.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 1 more full bathroom with 5 full and 1 half bathrooms. It sits on a larger 1.02 acre lot whereas your home sits on a 0.32 acre lot abutting the golf course.
Upon entry to the foyer from the covered porch, a study is on the right and it has crown molding, and double windows. The living room is on the left from the foyer it has tray ceiling with crown molding, wainscoting, and lots of windows. It is partially open to the formal dining room through a cased opening. The dining room also has tray ceiling with crown molding, and wainscoting and has an exterior access to the wrap around deck via sliding glass doors. The family room has a fireplace with white mantel and trim to the ceiling, coffered ceiling, and also has exterior access to the deck through sliding glass doors. It is open plan to the kitchen defined by half height walls with built in shelves and columns. The kitchen has a center breakfast bar island, with granite countertops, ceramic tile backsplash, high end stainless steel appliances, white cabinets with glass panels on the cabinets overhead, wet bar, wine chiller, triple windows above the sink, pantry, and crown molding. It has an informal dining area which has triple windows and exterior access to the deck and access to the mudroom leading to the garage on the lower level. The family bedrooms are on the 2nd level including the master suite which has crown molding, double windows, walk in closet and an attached bathroom. The attached bathroom has double sink vanity with marble countertops and white cabinets, marble floor and wall tiles, a jacuzzi tub, shower stall with double shower head, and a separately enclosed toilet. One of the bedrooms in this level has an attached bathroom, another has walk in closets, and the family bathroom has a double sink vanity with granite countertop. The 3rd level has a vaulted ceiling and includes a bedroom with lots of built ins, and a bonus room with lots of built ins and with a full bathroom. The partially finished lower level is a recreation room and has a wet bar with cherry cabinets, wine rack, and wine chiller, wall to wall carpeting, a full bathroom, and exterior accesses through 2 sliding glass doors leading to the lower deck. This home has mostly hardwood floors.
This home is located in the  Sun Valley neighborhood. It has an attached 3 car garage and paved 4 car off street parking, and has Energy Star forced air heat and Energy Star central air cooling. It was initially listed for $2,348,000 and dropped to $2,248,000 dropped again to $2,198,000 and then to $2,185,000, dropped once more to $2,183,980 before it went under agreement and was finally sold for $2,173,980 after a total of 332 days on the market.

Relevance: Higher. Given the similar size, new construction, 1 more full bathroom, 3 car garage, 1 acre lot I believe that it will sell for more than your home.

Return to Top

Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $1,900,000-$1,940,000.  

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  up to the market value of the home, and sell within a shortened time frame.

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.

Return to Top

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...

Read More

 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...

Read More

 


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

The MA Properties Online team takes a 'data driven approach' to real estate . ...

Read More

 


 

Testimonials | MA Properties Online | RE/MAX Leading Edge

Read Reviews about MA Properties Online | RE/MAX Leading Edge...

Read More


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! 

Return to Top