11 Patriots Drive, Lexington

Market Analysis for:

Lin-wen Hu & Sam Yam

I've done a market analysis on your home at 11 Patriots Drive in Lexington and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also scrutinize the home for issues that, in my experience, will impact the price of a home making it more or less valuable. Then, I look at your current competition - the other homes that buyers in your price range will be viewing, to help determine your price.

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

Your home is located in the desirable neighborhood of Merriam Hill in Lexington. This area appeals to buyers because of its proximity to Lexington Center, the Minuteman bikeway and is walking distance to all 3 schools. Your home sits on a 0.40 acre lot. Your home was built in 1947 and has 4 bedrooms and 3 full bathrooms with a 1 car garage. Public record has your home as 2646 sq ft which does not include the finished basement or the unheated room over the garage. I would estimate the unheated room to be 252 sq ft, and the finished basement to be 578 sq ft. This totals 3476 sq ft in size. Once we have floor plans done we will be able to validate the total living area.

Your home is an expanded and altered cape style home which presents lengthways on the lot, so the garage and end of the home is what is mainly visible from the street, so the curb appeal is limited. As you walk up the brick path you notice different architectural elements of the home including inversed arched windows. The front door is set off to the left of the cape front, and as you enter you have the foyer in front, the informal dining and kitchen to the right and the living room a step down, to the left via an arched entryway. The living room has a picture window and double windows on two walls. There is a wood burning fireplace with built ins on either side and beside the windows also. Through another arched entryway you have the informal dining area, casual seating area adjacent to the kitchen, and the open plan kitchen. This whole area was renovated in the last 8 years. The kitchen is modern with maple cabinetry, stainless steel appliances, glass tile backsplash behind the cooktop, granite counters with a breakfast bar peninsula island. The informal dining area has wainscoting. There is a full bathroom adjacent to the kitchen and a first floor bedroom. Through a french door from the kitchen is the formal dining room with a 2 sided wood burning fireplace in a brick chimney logically separating the dining room from the family room. A spiral staircase leading up to the master bedroom suite is in the dining room. These 2 rooms have inverted arched windows and are open and airy. There is an exterior door to the side of the home, and double glass doors leading out to the deck and backyard. There is an open balcony above the dining room which is a hallway from a family bedroom to the master bedroom.

Downstairs to the finished lower level you have a finished area which has access to the single car garage, a utility closet with instant on demand hot water and a new gas fueled boiler, a laundry, a newly finished craft/workshop area, full walkout half height french door, and play area. Additional storage is provided by closets, shelving and crawl space.

Heat is via hot water baseboards.

There is a 1-car attached garage and approx 3 off-street tandem parking spots.

This market analysis is assuming paint throughout most of the home, minor repairs as discussed, and exterior painting.

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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 1940’s the average price per sq. ft. is $453.

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 3476 sq ft (inc 578 in lower level & 252 unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1 car garage

This contemporary ranch style home was built in 1958. It is of similar size as your home with 3,302 sq ft of approx living area including 650 sq ft of partially finished lower level. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has more bathrooms than your home, having 3 full and 1 half bathrooms. It sits on a larger size 0.49 acre lot on a busy street whereas your home sits on a 0.40 acre lot in Merriam Hill.
There is no formal living room, but there is a large family room with a gas fireplace and a vaulted ceiling. It is connected to the eat in kitchen through a cased opening. The kitchen is large and has a breakfast bar island with cooktop, granite countertops, ceramic tile backsplash, stainless steel appliances, custom built cabinets, and pantry. It also has an informal dining area and external access to the deck through sliders and another exterior access to the backyard. It leads to the formal dining room which has wainscoting, and crown molding. These rooms have gleaming hardwood floors. The master bedroom has an attached bathroom, walk in closet, and wall to wall carpeting. The master bathroom has shower stall, granite countertop, and jacuzzi. There are 2 more bedrooms with wall to wall carpeting. The family bathroom has granite countertop, custom built cabinets, and shower stall. One of the bedrooms is part of an in-law apartment on the main living level.There is also a room used as an office. 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, but has a bit of a dated feel. The lower level offers the half bathroom, a recreation/playroom, and another bonus room.
This home has an attached 2 car garage and paved 8 car off street parking, has central air cooling and forced air heating. It was listed for $899,000 and sold at a higher price, with competition, for $1,035,000.

Relevance: Less. Given the similar size, inferior location, inferior configuration (in law) I believe your home will sell for more than this home.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This colonial style home was built in 1913.  It is smaller than your home with 3,225 sq ft of above ground approx living area. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has 1 more bedroom than your home, having 5 bedrooms. It has 1 more half bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.34 acre lot in Merriam Hill whereas your home sits on a 0.40 acre lot.
Entry to this home is through a portico. The living room has a fireplace, a beamed ceiling, double windows, and hardwood floors. The formal dining room has chair rails, a recessed china shelf, and hardwood floors. The family room has hardwood floors, and multiple exterior access to the deck and to the backyard through glass sliders. The kitchen has beamed ceiling, crown molding, high end stainless steel appliances, white cabinets, granite countertops, ceramic tile floors, picture window, and an adjacent half bathroom. The master suite and 3 more family bedrooms are on the upper level. The master bedroom has hardwood floors, a sitting room with vaulted ceiling and triangular windows, picture windows, and an attached bathroom. The family rooms on this level have hardwood floors and share a family bathroom. The 3rd level includes a bonus room, a bedroom, and a full bathroom.
This home has an attached 2 car garage and 4 car off street parking, and has hot water baseboard heating. It was initially listed for $1,185,000 but price was dropped to $1,150,000 and was sold at a lower price of $1,050,000 after 113 days on the market. Once the buyers closed on the home it is undergoing a complete gut renovation and expansion.

Relevance: Relevant, but less. Given this home's larger above ground living area, 1 extra bedroom, 1 extra bathroom I believe it is relevant to your home but your home will sell for more.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This contemporary, multi-level style home was built in 1964.  It is smaller than your home with 2,987 sq ft of approx living area including a finished basement. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 less full bathroom than your home but has an additional half bathroom, having 2 full and 1 half bathrooms. It sits on a similar size 0.36 acre lot in Merriam Hill whereas your home sits on a 0.40 acre lot.
The main living area includes the spacious living room which has a fireplace with a white mantel and brick facing, crown molding, hardwood floors, and a wide bay window. The formal dining room has chair rails that extends to the kitchen, crown molding, hardwood floors, and has access to the kitchen through double french doors. It also has access to the screened porch through double glass doors and leads to the deck overlooking a beautifully landscaped garden. The kitchen is large and has a breakfast bar island, granite countertops, custom built cabinets to the ceiling, some stainless steel appliances, picture windows, laminate floors, and an informal dining area.
The master suite is located on the second floor and it has hardwood floors, walk in closet and an attached full bathroom with shower stall, double vanity. On the same level are 2 more family bedrooms that share a bathroom. This family bathroom has double sink vanity, a shower stall, and ceramic tile floor. The 3rd level includes a bedroom and an office and both have hardwood floors and vaulted ceilings. The lower level has a sunroom and a family room. The family room has wall to wall carpet and its own fireplace while the sunroom has chair rails, beamed ceiling, crown molding, and ceramic tile floors.
This home has an attached 2 car garage with paved 6 off street parking, and has hot water baseboard heating. It was initially listed for $1,138,000 but price was dropped to $1,098,000 before it went under agreement and was finally sold at an even lower price of $1,050,000.

Relevance: Relevant, but less.  Given its smaller living area, similar location, similar condition I believe it is relevant to your home but yours will sell for more.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This is our listing. This contemporary cape style home was built in 1972.  It is of similar size as your home with 3,298 sq ft of approx living area which includes 224 sq ft of partially finished lower level. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has 1 more bedroom than your home, having 5 bedrooms. It has the same number of bathrooms as your home, both having 3 full bathrooms. It sits on a smaller size 0.33 acre lot at the end of a cul de sac whereas your home sits on a 0.40 acre lot.
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 a brick facade to the ceiling. It has arched windows framing the fireplace, crown molding, hardwood floors, and 2 exterior accesses 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 accesses to the deck through 2 french doors. The kitchen has a breakfast bar island with a food prep sink, granite countertops and backsplash, cherry shaker style wood 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. The remaining bedrooms are on the second floor including the master suite. The master bedroom has a fireplace with brick facade to the cathedral ceiling which has skylight, an attached newly renovated full 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 are 2 family bedrooms, an office, and a newly renovated bathroom with double sink vanity, granite countertop, jacuzzi, and accent window on this level. The partially finished lower level includes a bonus room and a playroom.
This home has an attached 2 car garage and paved 4 car off street parking, and forced air heat and central air cooling. It was listed for $1,029,000 and we had 8 offers on the home and it will sell for $1,130,000.

Relevance: Relevant, but less. Given this homes inferior location, similar condition, 1 extra bedroom, your inferior layout with the master being accessed by circular stairs if you consider the 4th bedroom a bedroom then I believe that once all factors are considered this home is relevant to your home but yours may sell for a little more.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This colonial style home was built in 1961. It is smaller than your home with 2,856 sq ft of approx living area including a partially finished lower level. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 1 more half bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.26 acre lot whereas your home sits on a 0.40 acre lot.
The living room has a fireplace with brick facing and white mantel, picture windows, hardwood floors, and is partially open to the dining room through cased openings. The dining room has double windows, hardwood floors, and has an open floor plan with the kitchen. The kitchen is stunning and has recently been completely renovated and has a breakfast bar island where the induction stove top is situated, quartz countertops, white cabinetry to the ceiling, with glass panels on some cabinets overhead, stainless steel appliances, hardwood floors, and has an exterior access to the deck. The family room has custom built ins, wall of windows with transoms, and hardwood floors. This level also has a bedroom which has hardwood floors and adjacent is the main level bathroom. The master suite and 2 more family bedrooms are on the upper level. The master bedroom has a cathedral ceiling, walk in closet, hardwood floors, and an attached bathroom. The master bathroom has a glass walled shower stall, a jacuzzi, and hardwood floors. The other bedrooms also have hardwood floors and share the family bathroom on this level. The finished lower level has wall to wall carpeting, a fireplace with brick facing, and a half bathroom.
This home has an attached single car garage and 4 car off street parking, and has forced air heat and central air cooling. It was listed for $1,089,000 and was sold higher than its listing price with competition for $1,182,000.

Relevance: Relevant. Given the smaller size, superior condition, inferior location, 1 less garage, 1 more half bathroom, its traditional layout I believe once all factors are considered by buyers this home is relevant to your home.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This contemporary colonial style home was built in 1996.  It is of similar size as your home with 3,363 sq ft of above ground approx living area. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has 1 more bedroom than your home, having 5 bedrooms. It has 1 more half bathroom than your home, having 3 full and 1 half bathrooms. It sits on a similar size 0.35 acre lot on a cul de sac in the Prospect Hill neighborhood which is also walking distance to the town, and all 3 schools, whereas your home sits on a 0.40 acre lot in Merriam Hill.
The home has very appealing curb appeal. As you enter 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 columns. The formal dining room has a fireplace with white mantel, crown molding, picture windows, and hardwood floors. The family room has a cathedral ceiling with skylight, picture windows with transom, hardwood floors and exterior access to the deck through double glass doors and is full of light. It has an open floor plan with the kitchen separated by breakfast peninsula bar. The kitchen also has a 2 tier breakfast bar island where the stove is situated, some stainless steel appliances, desk area, cherry cabinets, and hardwood floors. This level also includes a mudroom and a half bathroom. The second floor includes 3 family bedrooms and the master suite. The master bedroom has walk in closet, wall to wall carpeting, and an attached bathroom. The attached master bathroom has double sink vanity and white cabinets. One of the family bedrooms on this level has bay windows and wall to wall carpeting and all 3 family bedrooms share a family bathroom which has a double sink vanity and separately enclosed toilet. The 3rd level is a bedroom which has vaulted ceiling with skylights, an attached 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, and hot water baseboard and central air cooling. It was listed for $1,299,000 and was sold lower than the listing price, for $1,222,000 after 47 days on the market.

Relevance: Relevant, but higher. Given its larger above ground living area, extra bedroom, extra half bathroom, superior curb appeal, superior internal configuration I believe once all factors are considered it is relevant to your home but will sell for more than yours.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This was our listing. This colonial garrison style home was built in 1946.  It is smaller than your home with 2,530 sq ft of approx living area including a room in the finished basement. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has less bathrooms than your home, having 2 full and 1 half bathrooms. It sits on a smaller size 0.24 acre lot in Merriam Hill whereas your home sits on a 0.40 acre lot also in Merriam Hill.
The main level has an open floor plan, with the living room, the dining room, the family room, and the kitchen. The living room has a wood burning fireplace, beamed ceiling, and picture windows and is directly connected to the dining room. The family room has cathedral ceiling with skylights, and large picture windows spanning the room. The kitchen had recently been renovated and also has cathedral ceiling with skylight, and a large center breakfast island, granite countertops, decorative tile backsplash, stylish cabinets to the ceiling with some having glass paneled doors, high-end stainless steel appliances, a pantry, and an exterior access to the patio via a french door. On the same level is a huge office which could have been considered a bedroom by buyers, with an attached 1/2 bathroom with toilet and sink. The family bedrooms are on the second level including the master suite with an attached newly renovated master bathroom. The finished basement served as a family room and had a wood burning fireplace.
This home is located in the Merriam Hill neighborhood. It has an attached single car garage and 4 car off street parking, and has hot water baseboard and central air cooling. It was listed for $1,249,000. We didnt have competing offers on it and the buyers ended up pulling out after an inspection. The second set of buyers a week later paid higher than the listing price and it sold for $1,288,000. We were very, very, very lucky to get this price as it was an inexperienced agent who really didn't know what they were doing and the buyer was overseas.

Relevance: Relevant, but higher. Given the smaller size, superior condition, superior curb appeal, similar location, superior traditional layout I believe that once all factors are considered this home is relevant to yours but it will sell for higher than yours.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This colonial style home was built in 1984.  It is of similar size as your home with 3,427 sq ft of approx living area which includes 224 sq ft of partially finished lower level. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished 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, both having 3 full bathrooms. It sits on a similar size 0.32 acre lot a similar distance to the town center as your home, whereas your home sits on a 0.40 acre lot.
The living room has a fireplace with brick facing, crown molding, hardwood floors, and is partially open to the formal dining area through a cased opening. The dining room has a large china cabinet, double windows, crown molding, hardwood floors, and access to the sunroom through a french door. The huge sunroom has walls of glass and cathedral ceiling. The family room has a cathedral ceiling with skylights, recessed built ins, hardwood floors, and exterior access on both sides through double french doors. It is also connected to the sunroom through a sitting room via double french doors which has triple windows and hardwood floors. The kitchen has granite countertops, ceramic tile backsplash, picture window, stainless steel appliances, and ceramic tile floors and was newly renovated.  This level also includes a bedroom with an attached fully renovated bathroom. The second floor includes 2 family bedroom and the master suite. The master bedroom has a fireplace with brick facade, double windows, an attached office, and an attached fully renovated bathroom. The family bathroom on this level has also been fully renovated recently. The finished lower level has a game room which has laminate floorings. The backyard has a huge patio and lovely gardens.
This home has an attached 2 car garage and paved 6 car off street parking, and has hot water baseboard and forced air heating and central air cooling.  It was listed for $1,198,000 and was sold with competition for $1,331,000.

Relevance: Higher.  Given its similar size (but larger above ground living area), similar location, superior condition, superior curb appeal, superior traditional layout I believe that once all factors are considered it will sell for more than your home.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This was our listing. This colonial style home was built in 1895 but has been renovated since.  It is smaller than your home with 2,800 sq ft of approx living area including a finished room in the basement. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has  2 full and 1 half bathrooms. It sits on a smaller size 0.15 acre lot steps to the town center whereas your home sits on a 0.40 acre lot a little further away.
Entry from the farmer’s porch is through a screened door. On the left from the foyer is the formal dining room with crown moldings and picture windows. It is connected to the living room which has wainscoting, crown molding, hardwood floors, and a bay window. The kitchen has a high cathedral ceiling with skylights, a wall of windows, large high windows and external access to the deck through wide glass sliders overlooking the fenced yard. It also has stylish white cabinets and some having glass doors, quartz countertops, ceramic tile backsplash, stainless steel appliances, a Viking double oven with a six-burner cooktop and grill, radiant heat floor, breakfast room, and access to the family room on the lower level. The breakfast area has bay window and cabinets. On the same level is an office with lots of built in shelving. On the second level are 3 family bedrooms. Two of them have bay windows and all of them share a renovated full bathroom on the same level with custom built cabinets, ceramic floor tiles and a Jacuzzi. The master suite is on the 3rd level with a full bathroom with skylights, beamed cathedral ceiling, hardwood floors, and a wood burning fireplace.
This home is located in the Merriam Hill neighborhood. It has a detached 2 car garage and 4 car off street parking, and has hot water radiators. It was listed for for $1,199,000 and was sold higher than the listing price for $1,350,000. We were extremely lucky with this offer. There were no other offers and the agent didnt ask if there were other offers and just came in with this offer.   I believe we had listing the home at too high a price (which was correct as we did not have competing offers) but had an agent who didnt do their due diligence and their buyer paid wayyyy over market value for the home. We can hope that this occurs with your home, but we shouldn't price your home assuming it will occur.

Relevance: Relevant. Given the slightly smaller size, similar location, superior curb appeal, superior traditional layout, smaller lot size I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This colonial style home was built in 1928.  It is smaller than your home with 2,300 sq ft of approx living area including a finished room in the basement. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 2 full and 1 half bathrooms. It sits on a smaller size 0.19 acre lot around the corner from your home, whereas your home sits on a 0.40 acre lot.
This home has been stunningly renovated inside. Everything done has been of superior quality than is normally found in a renovation. The main level has an open floor plan and has crown molding and hardwood floors. The living room has a fireplace with brick facing, custom built ins, arched and picture windows, and tall original wainscoting. The dining room has built in china cabinet and has access to the sunroom through a cased opening. The sunroom has walls of windows. The kitchen is simply stunning. It has a large breakfast bar island, quartz counters and ceramic tile backsplash, lots and lots of white cabinetry extrending to the ceiling some with glass panels on the uppers, stainless steel appliances, and is adjacent to the main level bathroom. The family room has picture windows and is accessible through french doors from the entry hall.  Buyers would have fallen in love with the home based on its main level.
The master suite and 3 more family bedrooms are on the upper level. The master bedroom has a cathedral ceiling, walk in closet, hardwood floors, and an attached bathroom. The master bathroom is stunning. It has a double sink vanity with marble countertop and white cabinets, a shower stall with marble wall tiles, frameless glass door, a jacuzzi with a marble wall tile surround, and marble tile floors. The other bedrooms also have vaulted ceiling, one with skylight, custom built ins, hardwood floors and share the family bathroom. The family bathroom been stunningly renovated and has a shower stall with frameless glass door, marble floor tiles, skylight. The finished lower level has wall to wall carpeting, and custom built ins. The huge mudroom has been completely kitted out with cubbies, shelving, hanging. Access to the huge patio and deck is from the sunroom and buyers would have loved this.
This home is located in the Merriam Hill neighborhood. It has an attached single car garage and paved 4 car off street parking, and has hot water baseboard, central heating, and window AC cooling. It was listed for for $1,299,000 and was sold higher than the listing price due to competition, for $1,375,000.

Relevance: Higher. Given the smaller size of the home, smaller lot, but far superior condition inside and out, superior curb appeal, superior layout inside I believe this home will sell for more than your home.

Your details: Living area 3476 sq ft (inc 578 in lower level & 252  unheated space) | 4 beds | 3 baths | Lot size 0.40 acres | Built 1947 | 1  car garage

This colonial style home was built in 1915.  It is larger with above ground living area than your home with 3,095 sq ft of above ground approx living area. Your home has 3,476 sq ft of  living area which includes the 252 sq ft of unheated space and 578 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It has 2 full and 1 half bathrooms. It sits on a similar size 0.30 acre lot whereas your home sits on a 0.40 acre lot, both in Merriam Hill.
The home has very appealing curb appeal. Buyers want traditional center entrance colonials. As you enter from the portico through a vestibule, the living room is immediately on the right and it has a fireplace with brick facing and white mantel, a coffered ceiling, a box window with a windows seat and custom built ins, and hardwood floors, and has access to the sunroom through a french door. It is partially open to the formal dining room through a cased opening and the dining room has chair rails, bay windows, crown molding, and hardwood floors. The family room has custom built ins, hardwood floors, exterior access to the deck via double glass doors, and has an open floor plan with the kitchen. The kitchen has a peninsula, white cabinets to the ceiling, white cabinetry to the ceiling, and hardwood floors. There is an office on this level also. The master bedroom and 3 more family bedrooms are on the second level. The master suite has his and her walk in closets, custom built ins, hardwood floors, and an attached office and access to the second level sunroom. The other bedrooms also have hardwood floors and share the family bathroom. The 3rd floor is a bedroom with a cathedral ceiling and hardwood floors and has a full bathroom on this level.
This home is located in the Merriam Hill neighborhood. It has a detached 2 car garage and paved 5 car off street parking, and has hot water baseboard heating. It was listed for for $1,375,000 and was sold for the same price.

Relevance: Higher. Given its larger above ground living area, traditional layout, superior 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 $1,175,000-$1,225,000.  

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.  This is especially important with your non traditional layout and not great curb appeal (sorry 😀). 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,  and 518 Lowell St which is in a horrible location and has poor curb appeal which came on the market for $899,000 and sold for  $1,035,000, and the home at 43 Fletcher which came on the market for $1,198,000 and sold for $1,331,000. 

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? 

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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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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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