1A Spruce Hill Rd, Burlington

Market Analysis for:

Jean & Kevin Russell

I've done a market analysis on your home at 1A Spruce Hill Rd in Burlington 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 a Conventional style home, nicely situated on a quiet side-street close to schools, restaurants, and many shopping plazas and malls. The home has 4456 square feet of above ground living area on a lot that is 0.66 acres. There are 5 bedrooms with 3 full and 2 half bathrooms and a 2-car attached garage. There is a great sized, private back yard that is landscaped, as well as a patio area with gas firepit and additional patio/pavers along the side yard fence.

As you enter the home from the small farmer’s style front porch through the beautiful glass paned front door, you are greeted with a stunning wall of windows in the 2-story foyer. To the left of foyer is the huge dining room with bamboo floors and 3 large windows and a glass door leading into the kitchen. At the beginning of a small, ceramic tiled hallway from the foyer to the back of the home, there is a guest bedroom which is light filled, has a large double closet and full bath with ceramic floor tiles, tile-look vinyl shower/tub surround. Further down the hall is a storage closet with a smaller plumbing closet inside. Past the closet, you arrive at the open living area of the home. There is an informal dining area, a family room and the kitchen and another family room beyond that. In the dining area there are bamboo floors, abutting the kitchen ceramic floor tiles and a large closet. The family room is framed with half-height walls with end columns. It has a cathedral ceiling with ceiling fan, lots of windows allowing for lots of light and a slider to the back deck. The home’s kitchen is just stunning. There is a large center island/breakfast bar with room enough for 6 and an additional prep sink. It has lots of wood cabinetry and drawers with nice hardware, a beautiful bay window above the sink looking out over the deck and yard beyond. The appliances are all stainless steel, including a dishwasher, 6-burner Viking gas cooktop with Braun exhaust fan, two side-by-side refrigerators with bottom freezers, and double wall ovens. There are granite countertops, ceramic tile back splash, ceramic floor tiles and a single glass door leading to the back deck. Just past the kitchen is a fantastic walk-in pantry closet, the door to the garage with a bit of a mud-room area. Across from the garage door there is another small hallway with a mud-room area with cubbies, a closet, door to the back deck and a half bathroom with the same ceramic tile floor, a nice modern vanity with Corian countertop. Across the hallway from the kitchen is a second family room which is huge with a gas fireplace with a slate hearth, cabinetry, windows and bookcases surrounding it. I would recommend painting all of the fireplace surround with a satin off white paint color which matches the bookcases on either side. There is lots of natural light with 4 large windows.

Going up the open staircase from the foyer to the 2nd floor you enter a large, open landing that overlooks the foyer below. There are rooms to the right and a long hallway to the left. There’s a generously sized bedroom to the right with lots of lights from the windows and 2 double closets. Next is a hallway closet and another great sized bedroom, again with lots of natural light and 2 double closets. In the center of the landing, just across from the stairway is the full family bathroom with ceramic file floor, double sink vanity with storage, a linen closet, separate toilet and tile-look vinyl shower/tub surround. As we start down the hallway to the left of the staircase there is an office with great natural light - for the purposes of marketing your home we will call this a bedroom without a closet. We will get more value in this designation than your home having 2 offices. There is a nicely sized laundry room with upper and lower cabinetry, laminate counter with sink and ceramic floor tiles. At the end of the hallway is a huge room, currently being used as an office, with cathedral ceiling, lots of windows allowing for lots of natural light and attached half bath with ceramic floor tiles and modern vanity. This office has a staircase leading down to an exterior side entry. The next room is the master suite, also at the end of the hallway. There is a small entry way as you walk into the master with a huge open room to the left with a cathedral ceiling and a gas fireplace with marble (maybe) tile surround, matching/symmetrical bookcases and windows on either side, and 2 nicely sized walk-in closets. To the right of the entry way is the stunning master bath. It has a beautiful birch vanity with double sinks and granite countertop and a birch cabinet between the sinks. It has ceramic floor tiles, linen closet, semi-private toilet, Jacuzzi tub and a huge tiled walk-in shower with double shower heads.

There is an unfinished basement in the home, which is huge in space. There are 2 sump-pumps, instant hot-water for never-ending hot water supply, a utility sink and lots of storage space.

There is radiant floor heating throughout the home (?). The home is very modern and has been added-on to and extended throughout your ownership.


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Market Dynamics

We have been experiencing shortages of housing inventory in Burlington over the last 5 years or so. There are always a number of buyers looking to buy in Burlington because of the the community dynamics, the popular restaurant and shopping scene and the vibrant downtown. The  conservation areas close by pull those who desire an outdoor lifestyle while still remaining within commuting distance to Boston.

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

Average prices in Burlington are well above average prices obtained in the peak of the market in 2005. Average single family home prices have been increasing steadily since 2011. 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 $400K price-range is the most active in Burlington. The next busiest price range in Burlington is the $500K price range.  With only 7 homes selling in the $1 - $1.5M range last year we need to ensure that every marketing component at our disposal is used to sell your home. It is simply not enough to add your home to MLS and just hope to get the highest price possible.

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 Burlington around the $1M -1.5M price range is around $268 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 1960’s the average price per sq. ft. is $297.

The chart below shows that single family homes in Burlington of similar size to your home in the 4,000 square foot range, have an average price per square foot of $248 but it increases to $255 per sq. ft. when you decrease to the 3,000 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 2 month’s supply showing a 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 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home was built in 1925 and rebuilt in 2001 and part of the original foundation was kept.  It is smaller than your home with 4,008 sq ft of approx living area. Your home has 4,456 sq ft of above ground living area.  This home the same number of bedrooms as your home, both having 5 bedrooms. It has 1 less half bathroom than your home, having 3 full and 1 half bathrooms while your home has 3 full and 2 half bathrooms. It sits on a similar size 0.69 acre lot whereas your home sits on a 0.66 acre lot.
The home has lovely curb appeal, and upon entry through a beautiful glass paned door, the 2-story foyer has an accent window above, built in shelf, the staircase to the 2nd level,and the formal dining room on the left. The formal dining room has triple windows, crown molding, and hardwood floors. The living room is accessible through the kitchen via a doorway and it has a tray ceiling, picture windows, and hardwood floors and has a door to a bedroom in this level. The family room has high cathedral ceiling, bay and arched windows, wall to wall carpeting, exterior access to the deck through double sliding glass doors, and access to the kitchen through a cased opening. The kitchen has a breakfast bar peninsula, a center cooktop island, granite countertops, picture window over the sink, maple cabinets with glass pane on some cabinets overhead, black appliances, crown molding, ceramic tile floors, and an exterior access to the deck through the informal dining area and is adjacent to the main level bathroom and to the bedroom which is also accessible through the living room. This bedroom has walk in closet, and wall to wall carpeting. The 2nd level includes the master suite, 3 family bedrooms with wall to wall carpeting, and a family bathroom. The master bedroom has walk in closet, wall to wall carpeting, picture windows, and an attached bathroom. The master bathroom has double sink vanity, a shower stall, and a jacuzzi. The finished lower level has an exercise room, a half bathroom, and a bonus room which has wall to wall carpeting and has an exterior access.
This home has an inground pool and a storage shed. It also has an attached 2 car garage and paved 10 car off street parking, and has forced air and central heating and central air cooling. It was listed for $889,000 and was sold for $860,000.

Relevance: Less.  Given the smaller living area, similar lot size, inferior condition, inferior layout, wall to wall carpeting in many rooms, inground pool I believe your home will sell for more than this home.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home is new construction in 2016.  It is smaller than your home with 4,350 sq ft which includes 1,350 sq ft of unfinished space in the basement!! Your home has 4,456 sq ft of above ground living area.  This home has 1 less bedroom than your home, having 4 bedrooms whereas your home has 5 bedrooms. It also has 1 less full bathroom and 1 less half than your home, having 2 full and 1 half bathrooms while your home has 3 full and 2 half bathrooms. It sits on a larger size 0.92 acre lot whereas your home sits on a 0.66 acre lot.
This home does not have a living room but has a family room which has a fireplace with white mantel, crown molding, hardwood floors, and has an exterior access to the backyard through sliding glass doors. The formal dining room has picture window, crown molding, and hardwood floors. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinets to  the ceiling, stainless steel appliances, picture window, and hardwood floors. The family bedrooms are on the 2nd level including the master bedroom and a family bedroom. The master bedroom has bay windows, walk in closet, hardwood floors, and an attached bathroom. The master bathroom has double sink vanity with granite countertop, cherry cabinet, and a shower stall. The family bathroom also ahs double sink vanity with granite countertop, and white cabinets. This home also has a home office on this level.
This home is located in a cul de sac neighborhood in the Foxhill school district. It has an attached 2 car garage and 2 car off street parking, and has forced air heating and central air cooling. It was initially listed for $975,000 but its price was dropped twice, to $929,000 and then to $919,000, dropped again to $899,000 and then to $885,000 before it went under agreement and was finally sold for $869,000 after a total of 264 days on the market.

Relevance:  Less. Given the smaller size (which would have disappointed buyers as soon as they walked in the door), inferior condition even though it was new construction, less bedrooms and bathrooms, initial overpricing, I believe that your home will sell for more than this home.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home is new construction in 2017.  It is smaller than your home with 3,620 sq ft of all above ground approx living area which includes 386 sq ft of finished space in the basement. Your home has 4,456 sq ft of above ground living area.  This home has less bedrooms than your home, having 4 bedrooms whereas your home has 5 bedrooms. It also has less bathrooms than your home, having 3 full bathrooms while your home has 3 full and 2 half bathrooms. It sits on a smaller size 0.51 acre lot whereas your home sits on a 0.66 acre lot.
The home has lovely curb appeal and upon entry to the 2-story foyer, it has a wall of windows, the staircase to the 2nd level, the living room is on the left and the formal dining room on the right. The living room has picture window, crown molding, wainscoting, and hardwood floors. The formal dining room also has picture window, crown molding, wainscoting, and hardwood floors. The family room has a fireplace with white mantel, crown molding, picture windows, hardwood floors, exterior access through sliding glass doors, and access to the kitchen through a cased opening. The kitchen has a large breakfast bar island, granite countertops, cabinets to the ceiling, picture window, stainless steel appliances, hardwood floors, and exterior access to the deck through glass doors. The 2nd level includes 3 bedrooms, the master suite and a family bathroom. The master bedroom has walk in closet, and an attached bathroom which has a jacuzzi and double sink vanity with granite countertop. The family bathroom also has double sink vanity with granite countertop.
This home has an attached 2 car garage and 4 car off street parking, and has forced air heating and central air cooling. It was listed for $989,900 and was sold for $972,500.

Relevance: Relevant, but less.  Given the smaller living area, new construction, less bedroom, your 2 extra half bathrooms I believe that once all factors are considered it is relevant to your home but your home will sell for more.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home is new construction in 2017.  It is smaller than your home with 3,481 sq ft of all above ground approx living area. Your home has 4,456 sq ft of above ground living area.  This home has 1 less bedroom than your home, having 4 bedrooms whereas your home has 5 bedrooms. It also has 1 less half bathroom than your home, having 3 full and  1 half bathrooms while your home has 3 full and 2 half bathrooms. It sits on a smaller size 0.55 acre lot whereas your home sits on a 0.66 acre lot.
Buyers love the curb appeal of the traditional colonial style home. The main level has an open floor plan with crown molding and hardwood floors. The living room and the formal dining room are on the right from the foyer. Both have wainscoting and are defined by a half height wall with columns and built in shelves. The family room has a cathedral ceiling, a fireplace with white mantel, glass paned cabinets and windows on either sides of the fireplace, and picture windows with transom. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinets, high end stainless steel appliances, wine chiller, and hardwood floors. It also has exterior access to the deck through sliding glass doors by the informal dining area. The 2nd level includes the master suite, 2 family bedrooms with hardwood floors, and a family bathroom. The master bedroom has hardwood floors, walk in closet, and an attached bathroom which has a double sink vanity with granite countertop and a shower stall with frameless glass door. The 3rd level includes another bedroom which has wall to wall carpeting, a bonus room, and a full bathroom.
This home has an attached 2 car garage and paved 4 car off street parking, and has forced air heating and central air cooling. It was initially listed for $1,100,000 but price dropped to $1,074,999 before it went under agreement and sold for $975,000 after 89 days on the market.

Relevance: Relevant, but less. Given the smaller size, new construction, 1 less bedroom I believe that once all factors are considered it is relevant to your home but yours should sell for more.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home was newly built in 2017.  It is smaller than your home with 3,930 sq ft of approx living area. Your home has 4,456 sq ft of above ground living area.  This home the same number of bedrooms as your home, both having 5 bedrooms. It has less bathrooms than your home, having 3 full and 1 half bathrooms while your home has 3 full and 2 half bathrooms. It sits on a smaller size 0.55 acre lot on a busy street, whereas your home sits on a 0.66 acre lot.
The home has very appealing style, with the entry into the home under the covered porch. As you enter the home you have the living room off to the right, with a bay window and open to the formal dining room. The family room has a gas fireplace and is open to the kitchen and the informal dining area. The kitchen has white painted cabinetry, wood stained island cabinet, quartz countertops, stainless steel appliances, and a pantry and is open to the informal dining. Exterior access to the deck is from the glass doors off the informal dining area. The 2nd level includes 3 bedrooms, a family bathroom, and the master suite. The master bedroom has 2 walk in closets, and an attached bathroom which has a shower stall with frameless glassdoor, jacuzzi, and a double sink vanity. The 3rd floor includes a bedroom, a den/office, and a full bathroom with skylight.
This home has an attached 2 car garage and 3 car off street parking, and has forced air and central heating and central air cooling. It was listed and was sold for $997,000.

Relevance: Relevant but less. Given the inferior location, new construction, slightly smaller size, traditional floor plan I believe this home is relevant to your home but yours should sell for more.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home was newly built in 2017.  It is smaller than your home with 4,000 sq ft of approx living area. Your home has 4,456 sq ft of above ground living area.  This home the same number of bedrooms as your home, both having 5 bedrooms. It has less bathrooms than your home, having 3 full and 1 half bathrooms while your home has 3 full and 2 half bathrooms. It sits on a smaller size 0.46 acre lot whereas your home sits on a 0.66 acre lot.
The home has lovely curb appeal. The living room is on the right from the foyer and it has wainscoting, crown molding, bay windows, hardwood floors, and it has a partially open floor plan with the formal dining room defined by a half height wall with columns. The formal dining room has a tray ceiling, wainscoting, and hardwood floors. The family room has a fireplace, cathedral ceiling, picture and arched windows, hardwood floors, and has an open floor plan with the kitchen, The kitchen is huge and has a white breakfast bar island, granite countertops, ceramic tile backsplash, cherry cabinets with glass paned doors on some cabinets overhead, picture and arched windows, walk in pantry, stainless steel appliances, and hardwood floors. It also has exterior access to the deck through sliding glass doors by the informal dining area. An office is also on this level which has double french doors, coffered ceiling, and wainscoting. The 2nd level includes the master suite, 3 family bedrooms with wall to wall carpeting, and a family bathroom which has double sink vanity with granite countertop. The master bedroom has crown molding, wall to wall carpeting, walk in closet, and an attached bathroom which has a double sink vanity with granite countertop and a shower stall with seat. The finished lower level has been nicely finished and includes another bedroom which has wall to wall carpeting, the recreation area, and a full bathroom.
This home has an attached 2 car garage and 4 car off street parking, and has forced air heating and central air cooling. It was initially listed for $1,100,000 but price was changed to $1,050,000 before it went under agreement and was sold for $1,035,000.

Relevance: Relevant, but higher. Given the new construction, slightly smaller size, traditional layout i believe that once all factors are considered this home is relevant to your home but it should sell for more.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home was built in 1996.  It is slightly smaller than your home with 4,208 sq ft of approx living area. Your home has 4,456 sq ft of above ground living area.  This home the same number of bedrooms as your home, both having 5 bedrooms. It has 1 less half bathroom than your home, having 3 full and 1 half bathrooms while your home has 3 full and 2 half bathrooms. It sits on a smaller size 0.46 acre lot in a desirable cul de sac, abutting conservation area and walking distance to Fox Hill elementary school, whereas your home sits on a 0.66 acre lot.
The home has lovely curb appeal. As you walk in the front door you have a 2 story foyer, with an accent window above. The living room is off to the right and has picture window, custom built ins and cabinets,  and hardwood floors. It is open to the formal dining room through a cased opening. The formal dining room has picture window, crown molding, wainscoting, and hardwood floors. The family room has a fireplace, and wall to wall carpeting, and has an open floor plan with the kitchen. The kitchen is large with a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinetry, stainless steel appliances, an office nook, and  ceramic tile floors. It also has an informal dining area which has bay windows, and exterior access through a french door. The master bedroom has walk in closet, custom built ins, wall to wall carpeting, and an attached bathroom. The master bathroom has double sink vanity with white cabinets, an additional vanity, a shower stall, and a jacuzzi. This level includes 3 more family bedrooms and a home office with wall to wall carpeting. The finished lower level is lovely and is a full in law suite with a kitchen, 1 bedroom with wall to wall carpeting, and a game room which has a walk in closet.
This home has an attached 3 car garage and paved 4 car off street parking, and has water baseboard heating and central air cooling. It was initially listed for $1,149,000 but price was changed to $1,049,000 before it went under agreement and was sold for $1,049,000.

Relevance: Relevant, but higher. Given the slightly smaller size, superior location, 3 car garage I believe that once all factors are considered it is relevant to your home but it should sell for more.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home is new construction in 2018.  It is slightly smaller than your home with 4,270 sq ft of approx living area including a finished lower level. Your home has 4,456 sq ft of above ground living area.  This home has 1 less bedroom than your home, having 4 bedrooms whereas your home has 5 bedrooms. It also has 1 less half bathroom than your home, having 3 full and 1 half bathrooms while your home has 3 full and 2 half bathrooms. It sits on a smaller size 0.46 acre lot whereas your home sits on a 0.66 acre lot.
The home has stunning curb appeal with a farmers porch and landscaped front entry. The foyer has wainscoting that flows seamlessly to the formal dining room on the right of the foyer. The formal dining room has tray ceiling, double windows, wainscoting, and hardwood floors. The family room has a fireplace, crown molding, and hardwood floors and is open to the kitchen. The kitchen is large and has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinetry, stainless steel appliances, and has a exterior access to the deck through sliding glass doors by the informal dining area. There is a second living space adjacent to the kitchen as well as the family room. The 2nd level includes the master suite, 3 family bedrooms with hardwood floors, and a family bathroom which has double sink vanity with granite countertop and white cabinets. The master bedroom has crown molding, hardwood floors, walk in closet, and an attached bathroom which has a double sink vanity with granite countertop and white cabinets, and a jacuzzi, a shower stall with frameless glass door.
The finished lower level has laminate flooring and includes a media room and open to the bonus room with wet bar.
This home has an attached 2 car garage and paved 4 car off street parking, and has forced air heating and central air cooling. It was listed for $1,100,000 and went under agreement within 3 days of coming on the market so it is likely to have sold at asking price or more.

Relevance: Higher. Given the superior traditional curb appeal, new construction, similar size I believe this home will sell for more than your home.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This home is new construction and has lots of curb appeal. It is larger than your home with 4600 sq ft of living area. Your home has 4456 sq ft of living area. It has 1 less bedroom than your home with 4 bedrooms, and has 1 less full bathroom than your home with 2.5 bathrooms, yours has 3 full and 2 half baths.  It is on a smaller size lot of 0.48 acres, yours is 0.66 acres.
The home has lots of curb appeal, and as you enter the front door under the covered porch. The dining room is to the right of the foyer and is open to the living room via a wide opening. The living room has a modern gas fireplace, and is open to the huge, stunning kitchen. Full of lots of white cabinetry, with a large breakfast bar center island, triple french doors leading out to the deck beyond. An informal dining area and wetbar and associated china cabinetry is also in the kitchen. There is access to a small office and a half bathroom off the kitchen. On the second floor is the master suite and 4 additional family bedrooms. The master suite has cathedral ceiling, huge walk in closet, huge bathroom with double sink vanity. The family bathroom has a double sink vanity and is stunning.

Relevance: Higher.  Given the larger size, new construction, traditional layout I believe this home will sell for more than your home.

Your details: Living area 4456 sq ft | 5 beds | 3 full 2 half baths | Lot size 0.66 acres | Built 1965 | 2 car garage

This colonial style home is new construction in 2016.  It is a similar size to your home with 4,384 sq ft of approx living area including a finished 3rd level. Your home has 4,456 sq ft of above ground living area.  This home has 1 less bedroom than your home, having 4 bedrooms whereas your home has 5 bedrooms. It also has 4 full bathrooms while your home has 3 full and 2 half bathrooms. It sits on a similar size 0.59 acre lot whereas your home sits on a 0.66 acre lot.
The home has stunning curb appeal with a wrap around farmers porch. Upon entry through the farmer’s porch with stone facade, the living room has a coffered ceiling, and hardwood floors. The formal dining room also has coffered ceiling, custom built ins, wine chiller, and hardwood floors. The family room is accessible through french door and has a fireplace, and hardwood floors. The kitchen is large and has a breakfast bar island, granite countertops, stainless steel appliances, a pantry, hardwood floors, and an exterior access to the deck by the informal dining area. The large deck leads to a large patio on the backyard which also has a built in firepit. This level also includes a mudroom and the adjacent main level bathroom. The master suite and the rest of the family bedrooms are on the upper level. The master bedroom has a fireplace, a cathedral ceiling, a walk in closet, hardwood floors, and an attached bathroom. The bathroom is large and has dual sink vanities, a walk in huge shower, marble and is quite stunning. One of the family bedrooms on this level also has an attached bathroom and has a walk in closet. The rest of the family bedrooms have hardwood floors and share a family bathroom which has double sink vanity and granite countertop. The 3rd level is a bonus/media room.
This home has an attached 3 car garage and 6 car off street parking, and has forced air heating and central air cooling. It was listed for $1,250,000 but was sold at a lower price of $1,157,000 after 151 days on the market.

Relevance: Higher. Given the similar size, new construction, superior curb appeal, 3 car garage, superior condition and features I believe this home 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 $990,000-$1,030,000.   

Pricing of your home depends on your time frame for sale. I would recommend pricing realistically. 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. You can see many examples of this above where I believe the homes could have sold at a higher price but they became stale sitting on the market for as long as they did.  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.

 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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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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