60 Ivan St, Lexington

Market Analysis for:

Scott Li & Shirley Ao

I've done a market analysis on your home at 60 Ivan 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 is an expanded cape style home built in 1972.  It is located at the end of a cul-de-sac off Eldred Street in west Lexington north of Interstate 95.  It is in close proximity to major commuting routes, shopping, schools, and conservation areas. Your home will appeal to families who are looking to take advantage of Lexington’s high quality school system, and to people who desire an outdoor lifestyle while still remaining within commuting distance to Boston. 

The home is set back from the street on a 0.33-acre lot with several large trees, nice landscaping, and lovely curb appeal. 

As you walk through the front door, you enter a hallway with a coat closet and a step going up to the kitchen and the living room directly in front.  The living area is large with lots of windows, a wood burning fireplace with marble surround, sliding glass door out to the huge deck, and arched windows framing the fireplace.  At one end of the living area is a set of French doors opening to the stairs which lead to the bedroom level.

                As you leave the foyer area up the couple of steps through French doors into the kitchen area, there is a dining room with 2 separate French doors leading out to the back deck.  The dining room is finished with chair rail.  The kitchen is stunning with dark wood cabinets, granite countertops, granite tile backsplash, stainless steel appliances, modern light fixtures, breakfast island with prep sink, and glass fronted cabinetry.  There is a small informal dining area with bay window.

Off the kitchen area is a full bathroom with a tiled shower/tub and large window, and 2 smaller bedrooms.

Upstairs there is a family room at the top of the stairs with a skylight.  The flooring in the room is currently a blue/green carpet.  We discussed replacing this carpet with a very light colored Berber or plush carpet.  The same or similar carpet would be used in the new master bedroom.  The new master bedroom would have a wood burning fireplace, walk-in closet and new master bathroom.  On the other side of the family room is the current master bedroom wing.  We discussed converting this to 2 bedrooms, both with large closets.  There is also a small office in this area.  The family bathroom will be reconfigured slightly to turn the shower to accommodate access into the second bedroom, but it would still be a little dated.  The flooring in this whole area is a Pergo laminate which looks like wood.

Downstairs in the basement is a basically finished area.  There is a small room with wood paneling which will be pained Benjamin Moore ‘Ashwood’ with trim painted Benjamin Moore ‘White Dove’.  The head height is a little compromised in some of the basement area and the utility of the area needs to be discounted a little because of head height and finish.  The laundry is in the unfinished portion of the basement. 

The home has 5 bedrooms and 3 full bathrooms. There is a 2 car attached garage.  Heating is forced air, heating fuel is oil.  The home has central air.

Based on floorplans drawn up we should market your home as 3298 sq ft in size.  This includes 224 sq ft in finished basement as per public record, but not approx. 400 sq ft of low ceiling height, and unheated, playroom as per the last time we came on the market.

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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, and 66 homes in 2016.

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 $383 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 before the 1980’s the average price per sq. ft. is $368.

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 $382 but it increases to $390 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 is just under 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 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This expanded cape home was built in 1930, yours in 1972, and located in the Turning Mill neighborhood. It is larger than your home at 3,986 sq ft all of above ground living area. Your home has 3298 sq ft of living area including the finished room in the lower level. This home offers 5 bedrooms and 3 bathrooms, as does your home. It sits on a larger size lot of 0.75 acres, yours at 0.33 acres. The main level includes the living room, which has a fireplace. The dining room has a china cabinet and a bay window. The family room has a slate floor, a cast iron stove for heating, built-in shelves and bench, and exterior access to the patio. The kitchen, also on this level, is a little dated and has a walk in pantry. An indoor garden room has a vaulted ceiling, and an open floor plan to the dining area. All of the bedrooms are on the second floor including the master bedroom. It has a master bathroom with double vanity sink with white cabinets, and shower and tub, and his and hers walk in closets. This home has an attached 2-car garage, as yours does. It was listed for $925,000. Its price dropped to $859,950 before it went under agreement but was sold at its original listing price of $925,000. It is a foreclosure and is in rough shape.

Relevance: Less
Given its inferior condition, but superior size I believe your home will sell for more.

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This cape style home was built in 1961 and yours in 1972. It has an approximate living area of 2,876 sq ft., which includes the finished basement. We have your home at 3298 sq. ft. including the finished room in the lower level. It has 5 bedrooms and 4 full bathrooms, whereas your home has 5 bedrooms and 3 full bathrooms. It sits on a slightly larger size lot at 0.36 acres, vs. yours at 0.33 acres. The main level includes the kitchen with an informal dining area, the dining room, the living room, a den, 2 bedrooms and a remodeled full bathroom with wainscoting and shower stall. The kitchen has a small island, granite countertops, upgraded cabinets and stainless steel appliances. It is large with an informal dining area, which has direct access to the den. The living room has a fireplace with stylish white mantel and brick facing and a bay window. The main dining room has wainscoting. The master bedroom is located on the second level with its walk in closet, an en-suite bathroom remodeled with tub and shower, a whirlpool soaking Jacuzzi and bead board. On the same level are 2 more family bedrooms. They share 1 bathroom, which has a shower/tub and accented by bead board. The family room and a playroom are located in a finished basement with its own full bathroom and fireplace, and access to the single car garage. This home has mostly hardwood flooring throughout. This home has an attached single car garage with 2 off street parking vs. yours with a 2-car attached garage. This is located close to the Arlington line. It had competing offers on it and sold for over the asking price.

Relevance: Relevant, but less
Given your larger sq footage and 2 car garage, versus this home having an extra bathroom I believe it is relevant to your home but your home should sell for more.

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This Colonial, built in 1966, offers 2,976 sq. ft. of living area, which includes 300 sq. ft. recreation room in the finished lower level. Your home has 3298 sq ft of living area including a finished room in the basement. It has 4 bedrooms, one less bedroom than your home, and 2.5 bathrooms, one less full bathroom than yours.  This home sits on a larger lot of 0.44 sq. ft. close to the Arlington line with a close proximity to Great Meadows conservation land and with nearby access to the Minuteman bike path. Your home sits on a lot of 0.33 acres within the desirable Estabrook School district and offers a great location for commuters with easy highway access. The home has a 2-car attached garage, as does yours, and oil fueled hot water baseboard heat, no central air. This home has nice hardwood floors throughout and 3 fireplaces (one gas). The living room has a large picture window and fireplace. The kitchen is fresh and has white appliances, and offers an open floor plan to the family room and formal dining room. The family room has large windows for lots of natural light, a cathedral ceiling, and fireplace. The master suite and 3 more family bedrooms are on the 2nd level all with hardwood floors. The master suite has a bathroom with a shower stall. The other bedrooms share the family bathroom with a tub/shower. The bathrooms, including the master bathroom, have a dated feel. The lower level has a finished playroom with the home’s 3rd fireplace. The large private backyard features a patio area. This home had an accepted offer in 6 days with competition, selling over asking price.

Relevance: Relevant, but less
Given the smaller size of the home, 1 less bedroom and 1 less bathroom than your home, along with an inferior condition I believe it is relevant to yours but your home should sell for more.

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This is an expanded and renovated contemporary ranch, built in 1958, and located along busy Lowell Street. It is just a bit larger than your home at 3302 sq. ft. of living space including about 650 sq. ft. in the lower level. We have your home at 3298 sq. ft., also including a finished room in the lower level. This home sits on a larger lot of 0.49 acres vs. your 0.33 acre lot. It has a 2-car attached garage, central air, and gas fueled forced air heat. The home offers 4 bedrooms, one less than yours, and 3.5 bathrooms, one more half bathroom than your home. One of the bedrooms is part of an in-law apartment on the main living level. The home has a lot of modern style throughout with gleaming hardwood floors on the first level. There is no formal living room, but there is a large family room with a gas fireplace and a vaulted ceiling. There is also a room used as an office. Wainscoting graces the walls of the formal dining room. A cased opening leads into the kitchen from the family room. The kitchen offers granite counters, stainless steel appliances, breakfast bar island with cooktop, and opens to an informal dining area. A slider from the informal dining area opens to the huge deck overlooking the backyard. The master suite was freshly painted with white trim, whereas the rest of the home had a darker wood trim. The master bedroom is carpeted with his/hers closets, one is a walk-in, and a full bathroom with a Jacuzzi tub and shower stall. Two more family bedrooms share the nearby full family bathroom and are both carpeted. The in-law apartment offers a large space, which would work as a 4th bedroom. The large room opens to the home’s 2nd kitchen and an en suite full bathroom. The in-law apartment is spacious and light-filled. The lower level offers the half bathroom, a recreation/playroom, and another bonus room. This home sold over asking price with completion in 7 days.

Relevance: Relevant
Given the slightly larger size, larger lot, 1 half bathroom more than your home versus its inferior location I believe it is relevant, or perhaps a little less than your home.  I believe it sold for way over its market value because of its original list price of $899K.  It had over 15 offers on the home.

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This was our listing. This colonial style home was built in 1985. It is smaller than your home with 2,432 sq ft., which includes a 285 sq. ft. finished room in the basement. Your home has 3298 sq ft., also including a finished room in the lower level. This home has 4 bedrooms, one less than your home, and it has 2.5 bathrooms versus your 3 full bathrooms. It sits on a larger size lot at 0.43 acres, vs. yours at 0.33 acres. The foyer and majority of the home’s interior was freshly painted. The living room has hardwood floors and a wood-burning fireplace. A slider from the living room leads to the fully fenced backyard & brick patio. The living room flows into a formal dining area, which has hardwood floors & chair rail. The dining room opens into the newly renovated kitchen with granite countertops, stainless steel appliances, maple cabinets, tile backsplash & an informal dining area. A bay window provides lots of natural light. The main level also features the master suite with wall to wall carpeting, a walk in closet and full bath with granite counter & tiled shower/tub. Another family bedroom with wall to wall carpeting is on the first level along with a half bath. Two additional large bedrooms with wall to wall carpeting are on the 2nd floor and share a bathroom. This family bathroom has been renovated and has shower and tub, ceramic tile floor, and granite counters. The lower level has a bonus room with wall to wall carpeting that is accessed via an unfinished basement area. This home also has an attached 2 car garage. It has solar panels, which really appealed to buyers. It was listed for $899,000 and we had 20 offers on the home and we sold it for $1,060,000.

Relevance: Relevant, but less
To be honest, we don't know why we had such an amazing response to this home. Sure, we did our marketing, and staging but to sell this much higher than the asking price when the home was only 2432 sq ft it was all about the fact that we had 20 offers. The buyers who wanted it paid well over market value for the home. We'll take it and our sellers were very happy :-) It is smaller than your home, less beds & baths on a larger lot in a superior location. Given these factors I believe it is relevant, but yours should sell for more.

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This split-level style home was built in 1959 and is located within short walking distance of the Old Res, Bridge School, and LHS. It is smaller than your home at 2,980 sq. ft of all above ground living area. Your home has 3298 sq. ft., including the finished room in the lower level. This home has 4 bedrooms, one less than yours, and has the same number of bathrooms at 3.  It sits on a larger size lot at 0.54 acres, yours at 0.33 acres. The main level of this home is up a few steps from the front door with an open floor plan with the living room on the right, the dining room, and the family room. The living room features a fireplace with marble tiles, and lots of windows. The dining room and the family room both have a cathedral ceiling and exposed beams with exterior access to the deck through 2 very wide glass sliders. The family room has a fireplace and large windows, gas fireplace. The dining room has a huge china cabinet with glass doors. The kitchen has ceramic floor tiles, mismatched appliances, white cabinets, access to the dining room through a pass-through, and is large enough to accommodate an informal dining area. The master suite has a full bathroom with ceramic floor and wall tiles. 2 more bedrooms are also on this level along with a family bathroom. A large bedroom is on the lower level with a wall of windows and glass doors out to the yard. The playroom has a fireplace with brick mantel. This home has an attached 2-car garage, as does yours. The lower level was finished very nicely. It was listed for $998,000, had competition and sold for higher at $1,100,000.

Relevance: Relevant
Given the slightly smaller size, 1 less bedroom but larger lot and superior location I believe this home is relevant to your home.

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This Split entry home was built in 1980, your home was built in 1972. It is larger than your home at 3,500 sq. ft. of living area, which includes a 170 sq ft covered and finished, but unheated porch. Your home we have estimated is 3298 sq. ft., which includes the finished room in the basement. This home sits on a larger lot of 0.46 acres, compared with your home on 0.33 acres. This home 5 bedrooms and 3 bathrooms, as does your home. It also has an attached 2-car garage, as does yours. As you enter the main level, the formal living room is on the left and the family room is in front. The family room has a full brick wall fireplace to the ceiling, a wet bar, and is open to the kitchen. It has access to the sunroom through a glass slider. The kitchen has a breakfast bar peninsula, stainless steel appliances, granite countertops, ceramic tile back splash, white cabinetry. It is a galley style kitchen with an informal dining area, a built-in china cabinet with some glass panels, chair rails, and exterior access to a deck through a sliding glass door. The formal dining room has access to the same desk through glass sliders. The master suite is located on the main level with a master bathroom with granite countertop and white vanity cabinet. Another bedroom and another full bathroom are on this level. The lower level includes 2 bedrooms, an office, a utility room, a large storage room and another full bathroom. The entire home is sun-filled with huge windows. The main level of living features gleaming hardwood floors while the lower level has wall to wall carpeting. It came on the market at too high a price and went under agreement shortly after its price reduction and sold for the asking price after 39 days on the market.

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

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This split entry style home was built in 1962 located just steps from the Lexington Res. It is smaller than your home at 2,876 sq. ft. of living area, which includes a finished lower level. Your home has 3298 sq. ft. of living area, including the finished room in the lower level. This home has 3 bedrooms, 2 fewer bedrooms than your home, and 2.5 bathrooms, whereas your home has 3 bathrooms. It sits on a larger lot at 0.57 acres, vs. yours at 0.33 acres. As you enter the front door, you have an option in the foyer to either go up the main level or go down the lower level. The living room features a fireplace and wide double windows. It has an open floor plan to the formal dining room, which has access to the sunroom through glass sliders. The sunroom has exterior access to the deck and another entry into the kitchen. The kitchen is spacious enough for an informal dining area and has dated white cabinetry to the ceiling, decorative tile backsplash, mismatched appliances, wallpaper, chair rail, and skylight. It feels a little dated. The bedrooms including the master are on this level. The master suite has a walk in closet, and a master bathroom. The master bath has ceramic tiles on the floor and walls, a shower, a Jacuzzi, and double vanity sink with white cabinets and is all a little dated. The family bathroom is fresh. The finished lower level includes the family room with a wood burning fireplace, an office, a separate laundry room and a utility room. The house has mostly wall to wall carpeting except for the kitchen and bathrooms. Buyers prefer hardwood. This home has an attached 2-car garage, as yours does. It was listed for $998,000 and sold over asking.

Relevance: Relevant, but higher
Given that this home is smaller than your home but in a superior location with an almost double size lot I believe it is relevant to your home but yours won't sell for as much. I believe the buyer was a builder who was planning to tear it down because of the size of the lot, or a homeowner who was planning to extend because of the size of the lot.

Your details: Living area 3298 sq ft | 5 beds | 3 baths | Lot size 0.33 acres | Built 1972

This colonial style home was built in 1940, yours in 1972. It has an approximate living area of 3,091 sq ft that includes 479 sq ft in the finished basement. Your home offers 3298 sq ft., which also includes a finished room in the basement. It has 4 bedrooms and 3.5 bathrooms whereas your home has 5 bedrooms and 3 bathrooms. It sits on a smaller lot at 0.23 acres than yours at 0.33 acres. The home has lovely curb appeal and as you enter through a glass door from the farmer’s porch, you are welcomed with an open floor plan that circles the main level and includes the living room, the family room, the dining room, the kitchen and the informal dining area. The living room has a fireplace with white mantel, brick facing, and vintage pre-cast firebox and a bay window. The kitchen has a breakfast bar center island, granite countertops, custom cabinetry, and stainless steel appliances. It is spacious with an informal dining area and has access to the deck through a sliding glass door. It overlooks an in-ground swimming pool with a fenced pool area. The dining room has access to the deck through a sliding door. The master suite is located on the second level with wall to wall carpeting, walk in closet, an en-suite bathroom with jacuzzi and a shower and has been recently renovated. It is well lit with huge windows and a cathedral ceiling. On the same level are 3 more family bedrooms each with wall to wall carpeting and one having its own walk in closet. They share 1 bathroom, which has a tub/shower and laundry. A playroom with a full bathroom is located on the basement level, along with a kitchenette and another dishwasher. This home has mostly wall to wall carpets. Buyers prefer hardwood. This home has an attached 2-car garage in the front, with a single garage space in back of the home. Your home offers a 2-car attached garage. The home is close to the Hastings Elementary School and is on a busier street than yours but is surrounded by more expensive homes. Your home offers the desirable Estabrook School district and easy commuting via nearby highway access. The home had recently been renovated, presented well, and was very appealing. It had competing offers on it and sold for well over the asking price.

Relevance: Relevant, but higher
Given the similar size with 1 less bedroom, superior condition, but 1 more half bathroom and on a smaller lot I believe this home is relevant to your home but it will sell higher than yours.

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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $1,040,000-$1,070,000.  

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.  Its interesting to note that several homes listed above which sold for well above $1M were listed at $999,000 or below. A couple of good examples of competition pushing a price higher than market value is our listing at 4 S Rindge Ave which came on the market for $899,000 and sold for $1,060,000, and the listing at 518 Lowell St which came on the market for $899,000 and sold for $1,035,000, and the home at 6 Tufts Rd which came on the market for $999,000 and sold for $1,100,000 and the home at 2 Tufts Rd which came on the market for $998,000 and sold for $1,147,000. 

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.  If you decided to sell your home, then 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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