47 Cary Ave, Lexington

Market Analysis for:

Jamie and Steve Rauscher

I've done a market analysis on your home at 47 Cary 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 colonial style home was built in 2001 and on a 0.46 acre lot and has 4 bedrooms and 3.5 bathrooms . It has an approximate total living area of 4907 sq ft which includes 3609 sq ft on the first 2 floors (as per public record) + estimated 324 sq ft on the 3rd floor (approx 18'x18') + estimated 974 sq ft on the finished walkout lower level.  This is based on my estimates of your third floor and your lower level, but the sq footage will need to be validated once we have floor plans drawn up and know the sq footage definitively.  Your home has 5 zone hydro/forced air heating, and central air conditioning.  
Your home struggles a little with curb appeal as you mentioned with being down a long driveway and views of the 2 car garage as you head toward the home. The main entry is on the left through a french door into a lovely foyer. Directly in front is the living room, and the stairs to the upper level, and on the right is a hallway into the kitchen, and the formal dining room. The living room has a stunning aluminum leaf ceiling, crown molding, hardwood floors, and is leading to a home office through double french doors. The office has beautiful grass wallpaper, arched window, and some windows overlooking the screened deck. The formal dining room has wainscoting, dentil crown molding, and hardwood floors. It has access to the kitchen which has a center breakfast bar island with glass fronted cabinets, granite countertops, ceramic tile backsplash, stainless steel appliances including a subzero fridge and a Viking gas stove with a hood and Viking double oven, beautiful cherry cabinets to the ceiling, a pantry, and hardwood floors.  There is a half bathroom with ceramic tile floors, and access to the 2 car garage down through a staircase by a coat closet, and the garage also has access through a stairwell to the basement. The kitchen has an open floor plan with the family room and the informal dining area. The family room has exterior access via glass sliders to the covered screened deck, which is overlooking a large  backyard.  It also has a wood burning fireplace with white mantel.
The staircase with immaculate carpet runners up to the second floor ends at a landing on the right with access to the 3rd level. There are three beautifully finished family bedrooms with double closets, whose carpets are going to be replaced next week, a full family bathroom with double sink vanity with ceramic tile floors, corian countertop, maple cabinets, double linen closet and tub/shower with ceramic tiled walls. This level also includes the laundry room with ceramic tile floors, sink and shelving. The master bedroom also on this level, has a sitting room as one enters it, with a couple of steps to the bedroom area, a full bathroom with double sink vanity and corian counters, ceramic floor and wall tiles, a jacuzzi, a double shower, contemporary medicine cabinets with sidelites, a separately enclosed toilet, and a huge walk in closet. Down a couple of steps to the bedroom area, it has a nice accent window above the bed, big picture windows, and lots of closets.
The 3rd floor has finished living area and has lots of natural light. It has wall to wall carpeting, cathedral ceiling, a couple of unfinished storage rooms.

The finished lower level is a great space with carpet on the stairs going down. It is currently used as a gym and it has a full bathroom with shower stall, has wall to wall carpeting, exterior access to the patio in the backyard through sliding glass doors, another door leading to a patio area under the deck, and a huge unfinished utility area also being used as storage. This area has access to the garage and access to the lower level bathroom.

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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 2000’s the average price per sq. ft. is $369.

The chart below shows that single family homes in Lexington of similar size to your home in the 5,000 square foot range, have an average price per square foot of $354 but it increases to $380 per sq. ft. when you decrease to the 4,000 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 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home has great curb appeal and was built in 2002.  It is larger than your home with 4,852 sq ft of all above ground approx living area which does not include the finished basement. Your home has 4907 sq ft of approx living area which includes an estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974 sq ft in the finished walkout lower level. This home has 2 more bedrooms than your home,having 4 bedrooms. It has 1 less full bathroom but has 2 half bathrooms, at 3 full and 2 half baths. It sits on a similar size 0.46 acre lot on a busier street.
The home is a center entrance colonial with the stairs up to the second floor as you walk in the front door. The main level is open plan with an office with french doors off to the left, a hall toward the kitchen off to the left of the stairs and the living room off to the right. The living room has a fireplace with a brick facade and white mantel, and is open to the dining room via an arched opening flanked by columns. The office has a wood burning fireplace and built in shelving and cabinetry on either side. The dining room has an inset ceiling, and is open to the kitchen. The kitchen has a two tiered breakfast bar center island, stainless steel appliances, cherry cabinetry some with glass fronted uppers, and coffering above the island. This whole area is open to the family room which has 2 story windows on one side, and an open walkway to the master suite above. From the family room you have a half bathroom and access to the 2 car garage.
The master suite and 4 more bedrooms are on the second level. The master has a sitting area, a huge closet, and a master bathroom. The bathroom is lovely with ceramic wall and floor tiles, a jacuzzi, huge shower, double sink vanity with white cabinetry. One of the family bedrooms has an attached bathroom with granite topped vanity. The family bathroom has dual sink vanities, a separate toilet with tub/shower with ceramic floor and wall tiles. The bedrooms are all good sized, and all have wall to wall carpet. Upstairs to the third floor you have a bedroom and play room with wall to wall carpet.
The lower level had been finished and was large with wall to wall carpet and a half bathroom and had been finished nicely.
This home has an attached 2 car garage and 8 car off street parking, has forced hot air and central air conditioning. It was dramatically overpriced when it first came on the market at $1,599,000, then dropped to $1,549,000, then to $1,499,000, then to $1,399,000 before finally being sold at $1,350,000 after 137 days on the market.

Relevance: Relevant, but less.  Given its larger size (not including the finished basement), similar age, 2 extra bedrooms, superior curb appeal, similar lot size, inferior location, dramatic overpricing, and thus stigmatization, I believe once all factors are considered this home is relevant to yours, but yours should sell for more.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home doesn't have great curb appeal and was built in 1951.  It is smaller than your home with 4,672 sq ft which includes the finished basement. Your home has 4907 sq ft of approx living area which includes an estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974 sq ft in the finished walkout lower level. This home has 1 more bedroom than your home,having 5 bedrooms. It has 4 full bathrooms. It sits on a smaller size 0.39 acre lot on a busier street, whereas your home sits on a 0.46 acre lot.
The home has a very open plan feel to it and the main level includes the living room which has a fireplace with marble facade, picture windows, a cathedral ceiling, hardwood floors, and access to the mudroom, and then the garage. The formal dining room is on the right from the 2-story foyer and it also has a fireplace with marble facade, picture windows, and hardwood floors. It is open to the family room which has cathedral ceiling with skylights, and a fireplace with marble facade. The kitchen has stylish white cabinets to the ceiling and some with glass panels, a breakfast bar island, granite countertops, glass tile backsplash, a pantry, hardwood floors, and white appliances. It also has an informal dining area which has a cathedral ceiling with skylight, built in hutch and exterior access. A bedroom is also on this level with an adjacent full bathroom which has a pedestal sink, makeup area with granite countertop. The master suite and 4 additional bedrooms are on the second floor. The master has a fireplace with marble facing and mantel, a cathedral ceiling, walk in closet, hardwood floors, and an attached bathroom. The master bathroom has his and her vanity with sink and granite countertops, ceramic tile floors and tiled half height walls, and a Jacuzzi and shower stall with frameless glass walls and door. On this level are 4 more family bedrooms and they share a family bathroom which has a makeup area with granite countertop surrounded by custom white cabinetry, and a separate vanity with sink and granite countertop. The finished lower level has an exercise room with ceramic floor tiles, and a media room which has a rock wall fireplace to the ceiling, a laundry, and a full bathroom.
This home has an attached 2 car garage and 8 car off street parking, has hot water baseboard  heat, and central air conditioning. It was listed for $1,299,000 and with competition was sold higher than the asking price, for $1,425,000.

Relevance: Relevant. Given the slightly smaller size, 1 more bedroom, inferior location, a little better curb appeal but not much more, slightly smaller lot size, I believe once all factors are considered this home is relevant to your home.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home was built in 2006.  It is larger than your home with 5,122 sq ft of approx living area including a finished lower level. Your home has 4907 sq ft of approx living area which includes an  estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974  sq ft in the finished walkout lower level.  This home has 1 more bedroom than your home, having 5 bedrooms. It also has 1 more full bathroom than your home, having 4 full and 1 half bathrooms. It sits on a smaller size 0.18 acre lot whereas your home sits on a 0.46 acre lot.
The home is very appealing with stunning curb appeal. Entry to the foyer is through a farmer’s porch and the living room is on the left. The living room has an open floor plan with the dining room having half height walls and columns defining the two, bay windows, crown molding, and hardwood floors. The formal dining room has tray ceilings, crown moldings, wainscoting, and hardwood floors. The kitchen is partially open from the dining room through a cased opening. It has a breakfast bar island, granite countertops, ceramic tile backsplash, cherry cabinets with some glass panels, crown molding, hardwood floors, stainless steel appliances, pantry, and exterior access to the deck through glass sliders on the informal dining area. The family room has a fireplace on arranged stones to the cathedral ceiling, skylights, exterior access to the deck through glass sliders, and hardwood floors. There are 4 bedrooms on the second floor including the master suite. The master bedroom has huge walk in closets, a dressing room, an attached bathroom, and hardwood floors. The master bathroom has double sink vanity with granite countertop, a shower stall with frameless glass door, and a jacuzzi and has ceramic floor and wall tiles. The shared family bathroom also has double sink vanity with granite countertop and ceramic wall and floor tiles. The 5th bedroom is on the 3rd level and it has wall to wall carpeting, a sloped ceiling with skylight, walk in closet, an attached bathroom with granite counter and ceramic floor tiles with tub/shower. The finished lower level has wall to wall carpeting, a media room and has a fireplace with brick facing and white mantel, a wet bar with granite countertop and wine rack, lots of closets, a full bathroom with granite counter, ceramic floor tiles and shower.
This home has an attached 2 car garage and paved 4 car off street parking, and has hydro air, forced air heating and central air cooling. It was initially listed for $1,400,000 and was sold with competition for $1,450,000. Interestingly, we are bringing this home on the market this week for $1,499,000. The sellers have been relocated to California and are not using the agent they bought it with, or the listing agent at the time.

Relevance: Relevant, but higher. Given the larger size of the home, lovely curb appeal, 1 more full bathroom, smaller lot size I believe that once all factors are considered this home is relevant to yours but it will sell for more.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home was built in 1996.  It is much larger than your home with 5,122 sq ft of approx living area including a finished lower level. Your home has 4907 sq ft of approx living area which includes an  estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974  sq ft in the finished walkout lower level.  This home has the same number of bedrooms as your home, having 4 bedrooms. It also has 1 more full bathroom than your home, having 4 full and 1 half bathrooms. It sits on a larger size 0.86 acre lot whereas your home sits on a 0.46 acre lot.
The home has lovely curb appeal and upon entry from the arched portico is the foyer with a glass block wall and the living room on the other side. The living room has a 2 storey ceiling, a fireplace with granite facade, a huge multisided 2 storey wall of windows, an open walkway on the bedroom level overlooking the room, exterior access to the deck through double glass doors, and hardwood floors.  It is a 'wow' room. The formal dining room is accessible from the living room through a hall which has a wet bar, and and custom built ins. The formal dining room has wall of windows, china cabinets, and hardwood floors. It is connected to the kitchen which has a cooktop breakfast bar peninsula, 2 prep sinks, granite countertops, ceramic tile backsplash, stainless steel appliances, white cabinetry to the ceiling, bay window for the informal dining area, ceramic tile floors, and an office nook by the hall which has hardwood floors. The family room has a fireplace with wall of glass on either sides, wall to wall carpeting, and access to the balcony through 2 sliding glass doors. On the right side of the foyer is a bedroom which has an attached bathroom which has marble floor and wall tiles, jacuzzi, corner shower. The second floor includes the master bedroom and 2 bedrooms. Up to the stairs is a bedroom on the left and it has wall to wall carpeting and an attached bathroom. Along the balcony walkway is another bedroom which has an issue as it does not have access to a bathroom on this level as both bathrooms have their own attached bedrooms. The master suite has cathedral ceiling, bay window, wall to wall carpeting, his and her vanity rooms with access to the bathroom with shower stall, jacuzzi, and marble floors. The laundry is on this level. The lower level has wall to wall carpeting with exterior access through sliding glass doors. There is a bedroom on this level and the full bathroom is accessible from both rooms.

This home has an attached 2 car garage and paved 10 car off street parking, and has forced air heating and central air conditioning. It was overprice to being with at $1,674,900 but dropped to $1,599,900 before it dropped again to $1,499,900 before it went under agreement and finally sold for $1,475,000 after 113 days on the market.

Relevance: Higher. Given its much larger size, similar vintage, 1 extra bathroom, larger lot, superior curb appeal I believe this home will sell for more than your home.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home doesnt have much curb appeal and was newly built in 2017.  It is larger than your home with 5,255 sq ft of approx living area including a finished lower level. Your home has 4907 sq ft of approx living area which includes an  estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974  sq ft in the finished walkout lower level.  This home has 1 more bedroom than your home, having 5 bedrooms. It also has 1 more full bathroom than your home, having 4 full and 1 half bathrooms. It sits on a smaller size 0.28 acre lot whereas your home sits on a 0.46 acre lot.
The front door is set off to the left of the home beside the garage doors, and as you enter the living room has a fireplace with built ins and cabinets on either sides, crown molding, picture windows, and hardwood floors.  Through a cased opening is the open plan family room which has a fireplace with built ins and cabinetry surrounding it, and windows on either sides and panelling over the mantel to the ceiling with crown molding. It also has triple windows, hardwood floor.  The formal dining room is off the living room and has coffered ceiling, wainscoting, double windows, and hardwood floors and has access to the kitchen through a butler’s pantry through french doors which has cabinetry some with glass uppers, a beverage chiller, a prep sink and 2nd dishwasher, quartz countertop, and hardwood floors. The kitchen is stunning and has a center breakfast bar island, quartz countertops, marble subway tile backsplash, stainless steel appliances, a pantry, and exterior access leading to the patio in the backyard. The master bedroom and the rest of the family bedrooms are on the second floor. The master bedroom has large windows, walk in closet, hardwood floors, and an attached bathroom. The master bathroom is stunning with his and hers separate vanity sinks with marble countertops, marble tile floors, skylight, a tub and a shower with marble tile walls with frameless glass door. There are 2 sets of 2 bedrooms with walk in closets, large windows, and hardwood floors, and have jack and jill access to a bathroom with double sink vanity with granite counters. A home office is also on this level. The lower level has laminate flooring and has a full bathroom with granite countertop. The home is lovely but buyers worried about the curb appeal and also the neighborhood not supporting the price.
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 overpriced at $1,625,000. dropped to $1,599,000, dropped to $1,549,999 and went under agreement and was finally sold for $1,475,000 after 217 days.

Relevance: Higher. Given its larger size, new construction, extra bedroom, extra bathroom I believe it will sell for more than your home.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home was built in 2011.  It is larger than your home with 5,130 sq ft of approx living area including a finished lower level. Your home has 4907 sq ft of approx living area which includes an  estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974  sq ft in the finished walkout lower level. This home has the same number of bedrooms as your home, having 4 bedrooms. It also has the same number of bathrooms as your home, having 3 full and 1 half bathrooms. It sits on a larger size 0.7 acre lot whereas your home sits on a 0.46 acre lot.
The home has lovely curb appeal, and as you enter the foyer from the portico, the living room is on the right and the kitchen on the left. The living room has a fireplace with marble facade, white mantel, and accent windows. It also has crown molding, picture windows, hardwood floors, and an open floor plan with the formal dining room with half height walls with columns defining the two. The formal dining room has crown molding, wainscoting, and hardwood floors. The kitchen is stunning and has a 2-tier breakfast bar island, granite countertops, white cabinets, built in china cabinet, stainless steel appliances, pantry, bay windows, hardwood floors, and an exterior access by the informal dining area. The family room is off the kitchen via double french doors and has picture windows, crown molding, hardwood floors. An office is also on the same level and it has chair rails, crown molding, hardwood floors, and is adjacent to the half bathroom. The bedrooms including the master suite are on the second floor. The master bedroom is huge with 2 walk in closets, a sitting room, an attached bathroom, wall to wall carpeting, and crown molding. The master bathroom has a double sink vanity, granite countertop, custom built cabinets, and a shower stall. The shared family bathroom also has double sink vanity with granite countertop. The finished walkout lower level has custom built ins, wall to wall carpeting, chair rails, and crown molding. The backyard is lovely with a huge patio area and stunning gardens.
This home has an attached 2 car garage and 4 car off street parking, and forced air heating and central air cooling. It was listed for $1,578,000 but was sold lower than the listing price for $1,495,000 after 58 days on the market.

Relevance: Higher. Given its larger size, superior curb appeal, larger lot size, newer construction I believe that this home will sell for more than your home.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home was built in 1995.  It is a similar size to your home with 4525 sq ft of living area which includes the finished lower level.  Your home has 4907 sq ft of approx living area which includes an  estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974  sq ft in the finished walkout lower level. This home has 1 more bedroom than your home, having 5 bedrooms. This home has 1 more bathroom than your home, having 4.5 bathrooms. It sits on a larger 0.69 acre lot whereas your home sits on a 0.46 acre lot.
The home is a classic center entrance colonial and upon entry to the foyer, the living room is immediately on the right and the formal dining room on the left. The living room has crown molding, a fireplace with a marble facade and white mantel, and hardwood floors. The formal dining room has wainscoting, crown molding, china cabinet, and hardwood floors. You access the kitchen from the hallway or dining room and it has a center island breakfast bar, granite counters, cherry cabinetry to the ceiling, ceramic tile backsplash, exterior access to the huge deck from a glass door.  The family room is adjacent the kitchen and has a wall of windows overlooking the deck with a glass exterior door, a fireplace with white mantel and builts in bookcases on either side. A bedroom with a small bathroom are off the mudroom with internal access to the garage.
Upstairs are 4 bedrooms including the master suite. The bedrooms all have wall to wall carpet, and the master has a walk in closet, and full bathroom. The bathroom has recently been renovated and has ceramic wall and floor tiles, a jacuzzi, large shower with frameless glass door. The family bathroom has a tub, and separate shower. Each of the family bedrooms are a good size. Downstairs in the loer level is another bedroom with wall to wall carpeting and an attached full bathroom which also has access from the family room. The bathroom has ceramic wall and floor tiles, shower and vanity. The family room has been finished beautifully with ceramic tiles and beautifully finished woodwork. The laundry is on this level. The very private, huge backyard is green grass with tree screening for privacy.

This home has an attached 2 car garage and 6 car off street parking, and forced air heating and central air conditioning. It was listed for $1,495,000 and competition took it to sell at $1,548,500.

Relevance: Higher. Given the similar size, superior curb appeal, 1 extra bedroom, 1 extra bathroom, larger lot I believe this home will sell for higher than your home.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home was built in 2004.  It is a similar size above ground to your home with 3,814 sq ft of all above ground living area.  Your home has 4907 sq ft of approx living area which includes an  estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974  sq ft in the finished walkout lower level. This home has the same number of bedrooms as your home, having 4 bedrooms. It has the same number of bathrooms as your home, having 3 full and 1 half bathrooms. It sits on a smaller 0.3 acre lot whereas your home sits on a 0.46 acre lot.
This home has stunning curb appeal and entry to the foyer is from the farmer’s porch. As you enter the 2 story foyer the living room is immediately on the right and the formal dining room on the left. The living room has crown molding,  wainscoting and hardwood floors. The formal dining room has wainscoting, crown molding, and hardwood floors. The family room is open to the dining room and kitchen and has a fireplace with marble facade, white mantel and built ins on either sides, crown molding, picture windows, decorative columns, hardwood floors, and is open to the kitchen through a cased arch. The kitchen has a breakfast bar island, granite countertops, cherry cabinets, stainless steel appliances, hardwood floors, and exterior access to the deck through sliding french doors. The home office has built ins bookshelves, hardwood floors, and access  through french doors. Upstairs are 4 bedroom which includes the master suite. The master bedroom has tray ceiling, hardwood floors, an attached bathroom, and walk in closet.  The master bathroom has a double sink vanity, granite countertop, custom built cabinets, a shower stall with frameless glass door, and a jacuzzi.
The shared family bathroom also has double sink vanity with granite countertop. The bedrooms are all a good size.
This home has an attached 2 car garage and 10 car off street parking, and forced air heating and central air conditioning. It was listed for $1,599,000 and with competition was sold higher than the listing price for $1,640,000.

Relevance: Higher. Given the superior curb appeal, similar above ground living area, superior location in an area of like homes, open plan feel of the home, I believe it will sell for more than your home but I have to say I am amazed at the price they got for this home.

Your details: Living area 4907 sq ft | 4 beds | 3.5 baths | Lot size 0.46 acres | Built 2001| 2 car garage

This colonial style home was newly built in 2017.  It is larger than your home with 5,024 sq ft of approx living area including a finished lower level. Your home has 4907 sq ft of approx living area which includes an  estimated 3,933 sq ft (on the 1st, 2nd and 3rd floors) + estimated 974  sq ft in the finished walkout lower level. This home has 1 more bedroom than your home, having 5 bedrooms. It has 1 more full bathroom than your home and 1 more half bathroom, with 4 full and 2 half bathrooms. It sits on a similar size 0.43 acre lot whereas your home sits on a 0.46 acre lot.
The home also does not have much curb appeal with the garage doors being the prominent feature as you look to the home. It was quite stunning inside. As you enter the foyer, you have a half bath in front, and an office and kitchen. The office has crown molding, french doors to the living room which has an
open floor plan with the kitchen and dining room. The living room has a fireplace with white mantel and with windows and built ins on either sides, coffered ceiling, wainscoting, double windows, and hardwood floors. The dining area also has coffered ceilings and has exterior access to the deck through glass sliders. The kitchen has a center breakfast bar island and breakfast bar peninsula, granite countertops, glass tile backsplash, white cabinets to the ceiling, stainless steel appliances, a walk in pantry, and hardwood floors. The second floor includes the master suite and 3 family bedrooms. The master bedroom has coffered ceiling, lots of windows, walk in closet, hardwood floors, and an attached bathroom. The attached bathroom has double sink vanity with granite counters, white shaker style cabinetry, and a shower stall with frameless glass doors. A junior suite is also on this level and it also has walk in closet, hardwood floors, and an attached bathroom. The attached bathroom has granite counters, ceramic floor and wall tiles and frameless glass door on the shower. The 2 other family bedrooms on this level share a family bathroom which has a double sink vanity and separate toilet and tub/shower. The 3rd level has wall to wall carpeting and includes a bedroom, a family room and a full bathroom with access from the bedroom and the family room on this level. The finished lower level has wall to wall carpeting, a wet bar with granite countertop, and has a half bathroom on this level.
This home has an attached 2 car garage and 4 car off street parking, and has forced air heat, and central air conditioning. It was initially overprice at $1,759,900 but price was dropped multiple times (to $1,729,900 and to $1,729,000, then to $1,699,000,  to $1,678,000, to $1,649,000, then up to $1,678,000) before it went under agreement 3 times (each time falling through) and is currently under agreement after 187 days on the market so it most likely has sold under the asking price.

Relevance: Higher. Given the larger size, new construction, similar curb appeal, 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 $1,400,000-$1,450,000.  

Given the current market dynamics in Lexington, I would suggest  listing your home at the lower end of this price range to attract more  interest and potentially multiple offers.  If the market deems your home  to be worth more than the list price, then the price will be pushed  over the market value of your home, and sometimes well over when we get  multiple offers. You can see many examples above that came on the market  for a lot less, and competition pushed them up to the price they sold  for. The challenge in estimating a price for a home is ‘would this home  have sold for this price if they had priced it higher?’ or was  competition the driving factor that got to this price.  Experience tells  me that competition is why they sold for what they did, so we have to  be careful with pricing. A couple of good examples of competition  pushing a price higher than market value is the listing at 171 Burlington St which came on the market for $1,299,000 and sold for $1,425,000, the home at 19 Freemont St which came on the market for $1,400,000 and sold for  $1,450,000 and the home at 2 Currier Crt which came on the market for $1,495,000 and sold for $1,548,500. 

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

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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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