24 Eldred St, Lexington

Market Analysis for:

Bob and Maureen Joseph

I've done a market analysis on your home at 24 Eldred St 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 has been immaculately maintained and was built in 1960 on a large 1.03 acre lot which is long and narrow. Your home has 6 bedrooms and 3 full and 2 half bathrooms. It has 2,968 sq ft of living space according to public records but we can add 804 sq ft of the partially finished lower level to have 3,772 sq ft of total living area.
There is a circular driveway off Eldred St and as you walk into the large foyer through a glass door, you have stairs going up on the left and the living room on the right. The living room has a bay windows, and a window looking out to the side of the house with large mirrors to the ceiling on either side, underneath the carpet are hardwood floors. Straight ahead from the foyer is the kitchen and a bedroom wing to the left. The bedroom wing has a full bathroom, and 2 bedrooms on this level both with closets. One of the bedrooms has its own door to the bathroom. The kitchen has been beautifully renovated recently and it has a breakfast bar center island, granite counters, decorative tumbled marble tile backsplash, farmer’s sink, beige cabinets, custom built ins, black appliances, and access to the formal dining room through a cased opening. The formal dining room has beautiful wall gas fireplace in the corner, hardwood floors, and has access to the mahogany floor sunroom through french doors, and access to a hall with slate floor tiles. Off the side hall is a half bathroom and the side entry with stained glass door. The family room is at the end of hall and it has a cathedral ceiling with lots of skylights letting wonderful amounts of natural light into the room, a gas fireplace with a stone facade to the ceiling in the corner, has huge wall of windows with exterior access to the deck which has a hot tub and leading to the backyard which has a heated inground swimming pool, pool shed, additional parking spaces, and a lot line going past the trees in the back. The sunroom/screened porch has access to the deck, the family room, and the formal dining room. The panels can be taken out completely allowing the natural breezes to flow through the area. 

There are 3 family bedrooms on the upper level as well as the master suite. All the family bedrooms have double windows, wall to wall carpets, and large double closets. This level also has a family bathroom, whose cabinets and mirror trimmings will be painted, and has a tub/shower. The master bedroom is large and has a vaulted ceiling with skylights, and has an enclosed area which has the bathroom on the right and the walk in closet on the left. The master bathroom has ceramic tile floors, some older ceramic tile walls which will be painted so that it will not be obvious that modern tiles were used abutting some 80’s tiles, cabinets will also be painted. The upper level has wall to wall carpeting, individual electric heating on each room. 

The partially finished basement is beautifully finished and has wainscoting, and is a great space for kids or as a family room. This level also has a room with wood panelling and cabinetry, and has wall to wall carpeting. Another room has dark wood walls, and wall to wall carpeting. A half bathroom with wood veneer walls and cabinets which if painted dove white will be a good idea. The utility area has the oil, hot water baseboards, and the laundry. There is also a huge part of the basement that is unfinished which can be used as a storage space, with extra sink, and has a door to outside through a ramp up.
 

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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 1960’s the average price per sq. ft. is $426.

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 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This is our listing. This contemporary cape style home was built in 1972.  It is larger above ground living area than your home with 3,298 sq ft of approx living area including a small finished room in the lower level. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement.  This home has 1 less bedroom than your home, having 5 bedrooms. It has less bathrooms than your home, having 3 full bathrooms, yours has an additional 2 half baths. It sits on a smaller size 0.33 acre lot whereas your home sits on a narrow 1.03 acre lot.
This  home has beautiful curb appeal. As one passes through the foyer to the hallway, the living room is on the left and it has a fireplace with marble facing, white mantel, and on bricks to the ceiling. It has arched windows framing the fireplace, crown molding, hardwood floors, and exterior access to the deck through double sliding doors. The formal dining area has an open floor plan with the kitchen. It has chair rails, crown molding, hardwood floors, and exterior access to the deck through french doors. The kitchen is lovely with a breakfast bar island with a food prep sink, granite countertops and backsplash, cherry shaker style cabinets, glass fronted upper cabinets, pendant light fixtures, stainless steel appliances, bay window where the informal dining area is situated, and hardwood floors. This level also includes 2 family bedrooms and a full bathroom. Another 2 family bedrooms are on the upper level including the master suite, along with an office. The master bedroom has a fireplace in a brick chimneys to the cathedral ceiling which has skylight, an attached newly renovated bathroom, and wall to wall carpeting. The family room is also on this level which has a cathedral ceiling with skylights, and wall to wall carpeting. There is a full renovated family bathroom with double vanity sink, granite countertop, jacuzzi, and large accent window on this level. The partially finished lower level includes a bonus room and a playroom (the small bonus room being the only room included in the living area).
This home has an attached 2 car garage and 4 car off street parking. It has forced air heating, and central air cooling, and has solar panels. It was listed for $1,029,000 and is currently under agreement with 10 offers on the home, and will sell for $1,130,000.

Relevance: Relevant. Given that this home is in a similar location, but at the end of a cul de sac, superior curb appeal, updated bathrooms, 2 car garage I believe that once all of the factors are considered it is relevant to your home.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This contemporary colonial style home was built in 1930.  It is larger than your home at 3,986 sq  ft of all above ground living area. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home, having 5 bedrooms. It has 2 half bathrooms less than your home does, having 3 full bathrooms.  It sits on a smaller 0.75 acre lot, whereas your home sits on a large 1.03 acre lot.
The foyer has skylight and leads to the living room. The living room has a fireplace and hardwood floors. The dining room has custom built ins, bay windows, and hardwood floors. The family room has a stove fireplace, hardwood floors, and exterior access to the backyard. The kitchen has pantry and ceramic tile floors and has an informal dining area with hardwood floors. The bedrooms are on the upper level including the master bedroom. The master bedroom has a cathedral ceiling, an attached bathroom, walk in closet, and has wall to wall carpeting. The master bathroom has shower stall and Jacuzzi. 2 of the 3 bedrooms have hardwood floors and all 3 bedrooms share a family bathroom which has a double vanity sink. This home was in rough shape.
It has an attached 2 car garage and 4 car off street parking, central air and central heat. It was initially listed for $925,000 but price was dropped to $859,950 before it went under agreement and sold for $925,000.

Relevance: Less. Given the inferior condition, albeit larger size, 2 car garage I believe your home will sell for more than this home.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This is our listing. This contemporary colonial style home was built in 1956.  I have included it in this market analysis purely because it is one of the only homes sold in the last 12 months with 5+ bedrooms that has no garage. It is smaller than your home at 2,506 sq  ft of all above ground living area. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home, having 5 bedrooms. It has less bathrooms than your home does, having 2 full and 1 half bathrooms.  It sits on a smaller 0.49 acre lot in a very desirable area, whereas your home sits on a large 1.03 acre lot.
Upon entry to the foyer, the living room is on the right and it has a fireplace in brick chimney to the beamed vaulted ceiling, wall of windows with triangular window to the ceiling, hardwood floors, and an exterior access through a side door. It has an open floor plan to the formal dining area which has access to the kitchen through a cased opening. The kitchen is quite dated and has white cabinets, pantry, cathedral ceiling with skylights, Mediterranean tile floors, picture windows, and an informal dining area which has an open floor plan with the family room. The family room also has a beamed cathedral ceiling with skylight, custom built ins, picture windows, and Mediterranean tile floors. It has access to the sunroom which has vaulted ceiling with skylights, and exterior access through large sliding glass doors on 2 sides. The 2 family bedrooms, as well as the master bedroom, are on the upper level and they all have picture windows and hardwood floors. The lower level includes a recreation room with a wet bar, exterior access through large sliding glass doors, a full bathroom, and an office. There are 2 more bedrooms on this level and a bonus room with its own prep sink.
This home is located in the Peacock Farms neighborhood. It has no garage and uses 5 car off street parking. It has hot water baseboard heat. It was listed for  $949,000 and we sold it for $975,000 with competition.

Relevance: Less. Given the smaller size, superior location, less bedrooms and baths I believe your home will sell for more than this home.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This contemporary gambrel style home was built in 1930.  It is a similar size to your home at 3,600 sq  ft of approx living area which includes a finished lower level. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home does, having 5 bedrooms. It has 1 less half bathroom than your home does, having 3 full and 1 half bathrooms.  It sits on a smaller 0.16 acre lot on a busy road, whereas your home sits on a large 1.03 acre lot.
You enter the home via a large 2 story foyer with slate tiles and walls of windows. The living room has a fireplace, hardwood floors, and exterior access to the deck. It has an open floor plan with the sunroom and the library defined by cased openings. The dining room has bay windows, chair rails, crown molding, and hardwood floors and has an open floor plan with the kitchen defined by columns. The kitchen is stunning and has a tray ceiling, a kitchen island, granite countertops, white cabinets with glass panels on the cabinets overhead, china cabinet, stainless steel appliances, pantry, and double windows. The master suite and a family bedroom are also on the main level. The master bedroom has a dressing room, hardwood floors, and an attached bathroom which is stunning and has double sink vanity with marble countertop, a separately enclosed toilet with bidet, and a marble tiled shower stall with frameless glass door. The upper level includes a large bedroom with an attached bathroom, and 2 bedrooms with cedar closet and share a family bathroom. The finished lower level includes the family room which has wall to wall carpeting and custom built ins. This home has a non-traditional layout as does your home.
This home is located in the Manor neighborhood. It has an attached 2 car garage and 4 car off street parking, hydro air heating and central air cooling. It was listed for $1,025,000 but was sold at a lower price of $990,000.

Relevance: Relevant, but less.  Given the similar living area of the home, smaller size, superior condition, 2 car garage, inferior location I believe this home is relevant to your home but your home should sell for more.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This contemporary mid-century style home was built in 1974.  It is similar in size to your home with 3,648 sq  ft of approx living area which includes a finished lower level. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home does, having 5 bedrooms. It has less bathrooms than your home does, having 2 full and 1 half bathrooms.  It sits on a larger 1.31 acre lot on a busy street corner, whereas your home sits on a 1.03 acre lot.
The main level has an open floor plan with a fireplace inset into a brick chimney in the middle, has cathedral ceiling, and walls of windows. The living room has the fireplace, floor to ceiling windows, hardwood floors, and exterior access to the deck and access to the sunroom. The dining room has picture windows, and ceramic tile floors. The kitchen has cherry cabinets, granite counters, picture windows, stainless steel appliances, a peninsula, and ceramic tile floors. The sunroom has large skylights on cathedral ceiling, partly hardwood and ceramic tile floors, and an exterior access to the deck. The master bedroom and 2 more family bedrooms are also on this level. The master bedroom has hardwood floors, and an attached bathroom. The family room is on the lower level and it also has a fireplace in a brick chimney, floor to ceiling glass sliders, and ceramic tile floors. Another family room has floor to ceiling glass sliders, and ceramic tile floors and is just below the sunroom through a spiral staircase. There are 2 more family bedrooms on this level and an office. The game room is also on this level which has a wet bar, cellar, and ceramic tile floors.
This home is located in the Five Fields neighborhood. It has an attached 2 car garage and paved 6 car off street parking. It has electric baseboard heating. It was initially listed for a high  $1,149,000 but was dropped to $1,098,000 before it went under agreement. It was placed back on the market at  a lower price of $1,049,000 which was also dropped to $999,000 before it went under agreement and finally sold for $1,000,000 after 57 days on the market.

Relevance: Relevant, but less. Given the similar size of the home, larger lot size, less bathrooms, non-traditional layout as does yours, 2 car garage, electric heat, inferior location on a busy corner I believe this home is relevant to your home but yours will sell for more.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This antique colonial style home was built in 1900.  It has larger above ground living area than your home with 3,769 sq ft of all above ground living area. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home does, having 5 bedrooms. It has less bathrooms than your home, having 2 full and 1 half bathrooms. It sits on a larger size 1.60 acre lot on a similarly busy street, whereas your home sits on a 1.03 acre narrow lot.
Upon entry to the foyer, the main level has an open floor plan. The living room and the formal dining room are on an area defined by a column to the beamed ceiling. The living room has a pot belly stove in one corner, hardwood floors, and has an exterior access through double glass doors. The dining room also has hardwood floors, and and has an exterior access to the wrap around deck leading to the detached bonus room/ home office. The kitchen has a center breakfast bar peninsula with rustic wood columns and another peninsula that separates it from the formal dining area. The kitchen has beadboard walls, custom built cabinets and built ins, stainless steel appliances, hardwood floors, bay windows, and is connected to the family room. The family room has bay windows, and wall to wall carpeting with hardwood floors underneath. It has access to the enclosed porch which has a cathedral ceiling with skylights, walls of glass, hardwood floors, and exterior access to the wrap around deck. The upper level includes 3 family bedrooms which have hardwood floors, and the master suite. The master bedroom has a beamed cathedral ceiling with skylights, walk in closet, access to the loft above which has skylights and wall to wall carpeting, hardwood floors, an attached bathroom, and access to the deck on this level.  The 3rd level is another bedroom in the attic with vaulted ceiling, hardwood floors,a sitting area and walk in closet.
This home is located across from Willard's Woods. It has an attached 2 carport and paved 6 car off street parking. It has hot water baseboard heating. It was listed for $1,200,000 and was sold for a lower price of $1,090,000.

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

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This split entry style home was built in 1980.  It is larger than your home at 3,500 sq  ft of all above ground living area.  Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home does, having 5 bedrooms. It has 1 half baths less than your home does, having 3 full bathrooms.  It sits on a smaller size 0.46 acre lot in a cul de sac, whereas your home sits on a narrow 1.03 acre lot on a busier street.
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 with a granite counter, and is open to the kitchen. It has access to the sunroom through a glass slider. The kitchen is lovely with a breakfast bar peninsula, stainless steel appliances, 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 renovated full bathroom are on this level. The lower level includes 2 bedrooms, an office, a utility room, a large storage room and another renovated 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.
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.

Relevance: Relevant.  Given its larger above ground living area, smaller lot but superior location on a cul de sac, superior condition, 2 car garage, oil heat vs electric heat, traditional layout I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This colonial style home was built in 1992.  It is larger than your home with 4,364 sq ft of approx living area including a finished lower level. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home does, having 5 bedrooms. It has more bathrooms than your home, having 4 full and 1 half bathrooms. It sits on a smaller size 0.30 acre lot in desirable Merriam Hill on a cul de sac, whereas your home sits on a narrow 1.03 acre lot on a busier street.
Upon entry to the grand 2 story foyer, the main level has an open floor plan with back to back fireplaces with brick facing and white mantel on the center, double windows, and hardwood floors. The living room has custom built ins. The formal dining room has external access through french door. The kitchen has been renovated and has a breakfast bar peninsula, granite countertops, pantry, stainless steel appliances, a center kitchen island, custom built white cabinets, and hardwood floors. It has access to both the covered porch leading to the detached office and the family room. The detached office has a sitting room, an attached modern bathroom and a loft with skylights and balcony. The family room also has access to the large rear deck. The upper level includes the master suite and 2 family bedrooms. The master bedroom has a fireplace with brick facing and white mantel, double windows, hardwood floors, walk in closet, and an attached modern bathroom. The master bathroom has double sink vanity, a shower stall, bidet, and a jacuzzi. The other bedrooms on this level have wall to wall carpeting and share a modern family bathroom. The finished lower level includes 2 more bedrooms and a sitting room, both with vinyl flooring and a full bathroom.
This home is located in the Merriam Hill neighborhood. It has 6 car off street parking, and has forced air, and hot water baseboard  heat, and central air cooling. It was listed for $1,275,000 and sold for $1,205,000.

Relevance: Relevant, but Higher.  Given the far superior location of this home, larger living area, modern bathrooms, also no garage, smaller lot on a cul de sac I believe that once all factors are considered this home is relevant to your home but it will sell for more than your home.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This contemporary colonial style home has lots of curb appeal and was built in 1996.  It has more above ground living area than your home at 3,363 sq  ft of all above ground approx. living area. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home does, having 5 bedrooms. It also has 1 less half bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller 0.35 acre lot in a cul de sac in a popular location walking distance to the town center, whereas your home sits on a narrow 1.03 acre lot on a busier street.
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 skylights, picture windows with accents above, hardwood floors and exterior access to the deck through glass doors. It has an open floor plan with the kitchen separated by breakfast peninsula bar. The kitchen also has a center bar island where the stove is situated, stainless steel appliances, office nook,cherry cabinets, and hardwood floors. This level also includes a mudroom and a half bathroom. The upper level includes 3 family bedrooms and the master suite. The master bedroom has walk in closet, wall to wall carpeting, and an attached modern 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 modern 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 modern bathroom, and wall to wall carpeting.
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: Higher. Given the larger size of the home, superior location and a cul de sac, superior bathroom condition, 2 car garage, superior curb appeal I believe this home will sell for more than your home.

Your details: Living area 3772 sq ft | 6 beds | 3/2 baths | Lot size 1.03 acres | Built 1960

This colonial style home was built in 2008.  It is larger than your home with 3,829 sq ft of all above ground living area. Your home has 3,772 sq ft of living area which includes approximately 804 sq ft of the partially finished basement. This home has 1 less bedroom than your home does, having 5 bedrooms. It has 1 less half bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.17 acre lot on a busy street whereas your home sits on a 1.03 acre lot on a busy street.
The home has stunning curb appeal. As one enters from the farmers’ porch, the living room is on the left of the foyer. It has crown molding and hardwood floors. It connects to the formal dining room through double French doors. The formal dining room has a tray ceiling, wainscoting, and hardwood floors. The family room has a fireplace with white mantel and marble facing and window seats on each sides, crown molding and hardwood floors. It has an open floor plan to the informal dining area and the kitchen. The kitchen is stunning with a 2 tier breakfast bar island, granite countertops and backsplash, pantry, white cabinets and some with glass panels, stainless steel appliances, and crown molding. It also has an informal dining area where the exterior access to the screened porch/sunroom through glass sliders leading out to the deck through a French door are located. The master suite is on the second level and it has a fireplace with white mantel, crown molding, hardwood floors, walk in closet and an attached bathroom. The master bathroom is stunning and has a double sink vanity with granite countertop and white cabinets, a corner Jacuzzi and a shower stall, and ceramic tile floors. On this level are 3 more family bedrooms where one has a walk in closet with cathedral ceiling and circular window. They all have hardwood floors and share a stunning family bathroom which also has a double vanity sink with granite countertop and stylish cabinets. The 3rd floor includes 2 bonus rooms and they both have cathedral ceiling and wall to wall carpeting. A full bathroom is also on this level and it has granite countertop.
This home is located in the Hastings School neighborhood. It has an attached 2 car garage and paved 2 car off street parking, and force air heat and central air cooling. It was listed for $1,325,000 and sold for $1,380,000

Relevance: Higher. Given the larger size of this home, recent construction in 2008, superior condition, similar location but smaller lot, 2 car garage 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 $1,120,000-$1,170,000.  I know this is not what you want to hear, but this is what the data and the recent sales are telling me.  There is only one home that has 5+ bedrooms that has no garage and that is the home on Glen Rd in Merriam Hill.  All other 5+ bedroom homes of your size have 2 car garages and the buyers will be looking for that.

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 60 Ivan St which came on the market for $1,029,000 and will sell for $1,130,000, the home at 93 School St which came on the market for $1,325,000 and sold for  $1,380,000. 

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

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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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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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