135 Grant St, Lexington

Market Analysis for:

Lin Song

I've done a market analysis on your home at 135 Grant 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 a beautiful Contemporary Colonial with lovely curb appeal. It is located close to the town center and bike path. The home was built in 1998, it has 4 bedrooms, 4 full and 1 half bathrooms. There is a 2-car-tandem 3-car garage. The total square footage of your home is 5835 square feet; 4428 square feet above ground and an additional 1407 square feet in the finished lower level according to public record.

When walking in through the front door, you enter the 2-story foyer with tile flooring, an open staircase with hardwood steps, wood spindle banister and railing along the open 2nd floor landing.  To the left of the foyer is the living room with crown molding, hardwood floor and a nice bay window. The dining room, to the right of the foyer, has lots of natural light, crown molding, chair rail, hardwood floor and a cased opening into the kitchen. The kitchen has ceramic tile flooring, light wood cabinetry (possibly being painted), Corian countertops, white appliances and gas cooking. There is an informal dining area with lots of natural light and an accented ceiling. There is a desk area with glass upper cabinets and side drawers. Straight beyond the entry way of the home is the family room that is defined by half columns and half height walls. There is a gas fireplace in the corner and a sliding glass door leading to the back deck overlooking the huge back yard.
Down a hallway to the left of the family room is an office, a full bathroom with Corian countertop, ceramic floor tiles and ceramic tiles in the shower. There is a laundry room with ceramic floor tiles, closet, a cabinet with laminate counter and sink, upper cabinets and a door leading to the 2nd floor family/game room. Past the laundry is the side-entrance door and door leading to the 3-car (2-tandem) garage.
Going up the staircase to the 2nd floor there is a lovely accent window above the door. There is a bedroom directly across from the staircase which is a great size, has a double closet, carpeted floor and many windows.  Down the hall to the left there is a full bathroom with ceramic floor and shower tiles, double-sink vanity with Corian counter. Next is another nicely sized bedroom with double closets and carpeting. Down the hallway to the right of the staircase is the master bedroom which is a great size with tray ceiling, a gas fireplace in the corner, a small hall with 2 double closets on the right and desk area with 2 additional closets on either side to the master bathroom. The master bath has ceramic floor tiles, ceramic wall tiles in the shower stall, a corner Jacuzzi tub, semi-private toilet and a long double-sink vanity with white cabinetry and overhead lights (which will be replaced).  There is one more good sized bedroom with double closets, carpeting and a semi-private full bathroom that is shared with the 2nd floor family/game room. This bathroom has ceramic floor tiles, ceramic wall tiles in the shower and a single-basin Corian vanity.  The 2nd floor games room is a huge space with carpeted flooring and has additional storage space/closets and a staircase leading to the main floor laundry room.
The finished basement is huge with a few different areas. There is engineered wood flooring throughout. Starting to the left of the stairs there is a closet containing the electrical and public sewer. Next is a kitchenette with light wood cabinetry and laminate countertop, then a gym area with great natural light through the many windows and full walk-out through a sliding glass door to a small brick patio area of the back yard. Further on there is a huge open area, a casual entertaining area with a gas fireplace and lots of windows allowing for lots of natural light. There is a half bath with ceramic tile floor and modern vanity.  Beyond a door next to the bathroom is the unfinished portion of the basement which is home to the air handler, Weil-McLain gas furnace, instant hot water, ejector pump. Finally there is a large storage closet.

This market analysis is assuming the cosmetic suggestions we made are done.


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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 $1.5M - $2M price range is around $391 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 1990’s the average price per sq. ft. is $361.

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 $1.5M - $2M 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 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This is our listing. This colonial style home was built in 1977.  It is smaller than your home with 5,333 sq ft of approx living area including a finished lower level. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level).  This home has more bedrooms than your home, having 5 bedrooms. It has the 1 more full bathroom than your home but yours has a half bathroom having 5 bathrooms, yours having 4.5 bathrooms. It sits on a smaller size 0.58 acre lot in a cul de sac whereas your home sits on a 0.69 acre lot on a busier street.
The home is a classic center entrance colonial with lots of curb appeal. Upon entry to the foyer, the living room is on the right through double french doors. The living room has a fireplace with white mantel, crown molding, chair rails, bay windows, and hardwood floors. The formal dining room is on the left from the foyer, and it also has crown molding, chair rails, bay windows, 2 built in corner china cabinets and hardwood floors. It is connected to the kitchen via a large cased opening and also has the mudroom and a walk in storage at the end of the hall toward the side entry and garage. The kitchen is huge with a breakfast bar island with the second prep sink, granite countertops, ceramic tile backsplash, stylish white cabinets with glass panels on some cabinet doors overhead, pantry, stainless steel appliances, hardwood floors, and a huge informal dining area. The informal dining area has high cathedral ceiling with skylights, wall of windows to the ceiling, access to the screened porch, and exterior access to the deck. The family room has an open floor plan with the kitchen and the informal dining area. The family room has high vaulted ceiling with skylights, walls of windows to the ceiling, a fireplace inset into a wall of stone blocks, custom built ins and cabinets, hardwood floors, with exterior access to the deck, and access to the home office through a french door. The office has a beamed cathedral ceiling, lots of windows, hardwood floor, and exterior access to the deck. The family bedrooms are on the 2nd level including the master bedroom. The master bedroom has cathedral ceiling, picture windows with arched windows, walk in closet, wall to wall carpeting, and an attached bathroom. The master bathroom has his and hers sink vanity with granite countertops, a shower stall with glass door and seat, and a jacuzzi. One of the bedrooms has a skylight and custom built ins, and another bedroom has an attached bathroom with shower stall. All bedrooms have wall to wall carpeting. The family bathroom has double sink vanity with cherry cabinets, and a shower stall. The finished basement has another family room with hardwood floors, exterior access to the patio, and an attached bathroom. This level also has a game room, a gym, and a sauna. Note that this home has granite countertops in the kitchen and stainless steel appliances.
This home has an attached 3 car garage and 6 car off street parking, and has water baseboard heating and central air cooling. It was listed for $1,799,000 and we had 2 offers when it initially came on the market. The sellers chose not to take either of these offers, although within 48 hours of rejecting one of them they asked to see if that buyer was still interested, and unfortunately the answer was no. The home has been on the market for 10 days so far with little activity since then.

Relevance: Relevant.  Given the smaller sq footage, but extra bedroom and bathroom, extra garage, larger lot on a cul de sac, larger kitchen and open plan layout I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This contemporary style home was built in 1996.  It is larger than your home with 6,000 sq ft of approx living area including a finished lower level. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level).  This home has the same number of bedrooms as your home, both having 4 bedrooms. It also has the same number of bathrooms as your home, both having 4 full and 1 half bathrooms. It sits on a larger size 0.86 acre lot in a cul de sac whereas your home sits on a 0.69 acre lot on a busier street.
The home has lots of curb appeal and as you enter from the arched roof lined portico you have the foyer fronting a glass wall with the living room on the other side. The living room has a 2 story ceiling, a fireplace with granite facade, a huge 2 storey wall of windows, exterior access to the deck through double glass doors, and hardwood floors. 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 and inlay appliances, white cabinets, bay windows by the informal dining area, ceramic tile floors, and an office nook by the hall which has hardwood floors. The family room has a contemporary fireplace with walls of glass bricks 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. The upper level 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. Through the catwalk which is open to the high ceiling living room, is the hall which has access to another bedroom/study overlooking the living room.  This bedroom doesnt have access to a bathroom on this level so it is not as desirable. The master suite has cathedral ceiling, bay windows, wall to wall carpeting, his and her vanity rooms with jack and jill access to the bathroom with shower stall, jacuzzi, and marble floors. The lower level has wall to wall carpeting with exterior access through sliding glass doors. It has a full bathroom which has jack and jill access with a bedroom on this level. Note that this home has granite countertops in the kitchen and stainless steel appliances.

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

Relevance: Relevant, but less.  Given the larger size of this home, but non traditional layout, and inferior location even though the home is on a cul de sac vs your walk to town I believe this home is relevant to your home but yours should sell for more.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This colonial style home was newly built in 2017.  It is smaller than your home with 5,255 sq ft of approx living area including a finished lower level. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level). This home has 1 more bedroom than your home, having 5 bedrooms. It has the same number of bathrooms as your home, having 4 full and 1 half bathrooms. It sits on a smaller size 0.28 acre lot in a less desirable location whereas your home sits on a 0.69 acre lot on a busier street walking distance to the town center.
The home doesnt have much curb appeal with the lot being quite narrow. The living room has a fireplace with built ins and cabinets on either sides, crown molding, picture windows, and hardwood floors. The family room has a fireplace with built ins and cabinets, and windows on either sides and trim over the mantel to the ceiling with crown molding. It also has triple windows, hardwood floor.  The formal dining room has wainscoting, double windows, and hardwood floors and has access to the kitchen through a butler’s pantry through french doors which has cabinets with glass panels on the overhead, a wine/beverage chiller, a prep sink and 2nd dishwasher, quartz countertop, and hardwood floors. The kitchen 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 bath room. The master bathroom has his and hers separate vanity sinks with granite countertops, skylight, a tub and a shower with frameless glass door. There are 2  bedrooms with walk in closets, large windows, and hardwood floors, and both have a jack and jill bathroom with double sink vanity. A home office is also on this level. The lower level has laminate flooring and has a full bathroom with granite countertop. Note that this home has granite countertops in the kitchen and stainless steel appliances.
This home has an attached 2 car garage and paved 4 car off street parking, and has forced air heating and central air cooling. It was initially listed for $1,625,000 then dropped to $1,599,000 then to $1,549,999 and went under agreement a couple of times and was finally sold for $1,475,000 after a total of 88 days on the market.

Relevance: Relevant, but less. Given the smaller size of the home, smaller lot size, new construction, 1 more bedroom, inferior curb appeal I believe that once all factors are considered this home is relevant to your home but yours will sell for more.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This colonial style home was built in 2011.  It is smaller than your home with 5,130 sq ft of approx living area including a finished lower level. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level). This home has the same number of bedrooms as your home, having 4 bedrooms. It has 1 less full bathroom than your home, having 3 full and 1 half bathrooms. It sits on a similar size 0.70 acre lot whereas your home sits on a 0.69 acre lot on a busier street.
The home has great curb appeal. As you enter the foyer from the portico, the living room is on the right and the kitchen on the left. It has a fireplace with marble facing, white mantel, and transom 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 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 has picture windows, crown molding, hardwood floors and accessible through french doors. 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 has walk in closets, 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 lower level has custom built ins, wall to wall carpeting, chair rails, and crown molding. Note that this home has granite counters and stainless steel appliances.
This home has an attached 2 car garage and paved 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. Sold at $1,495,000.

Relevance: Relevant, but less. Given the smaller size of the home, 1 less bathroom I believe that once all factors are considered this home is relevant to yours but yours will sell for more.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This multi-level contemporary style home was built in 1959.  It is smaller than your home with 4,560 sq ft of approx living area including the finished basement. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level).  This home has 1 more bedroom than your home, having 5 bedrooms. It also has 1 less bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.35 acre lot in very desirable Munroe Hill whereas your home sits on a 0.69 acre lot on a busier street.
The home has lovely curb appeal. From the foyer with high cathedral ceiling, the living room is on the right and has an open floor plan with the formal dining area or the kitchen straight ahead. They have double windows, crown molding, and hardwood floors and are slightly separated by built in shelves. The family room has beadboard walls, crown molding, double windows overlooking the deck, a fireplace with white mantel and ceramic tile facing, and is slightly open to the kitchen. The kitchen has lots of cherry cabinets to the ceiling, high end stainless steel appliances, a breakfast bar island with a 2nd prep sink, custom built ins, granite countertops, and an informal dining area. It has access to the sunroom which has skylights, floor to ceiling windows with transom, and exterior accesses to 2 decks on either sides. An office with skylights, floor to ceiling windows, stone flooring, rustic wood walls, and exterior access is also on this level. There is also a bedroom accessible through the mudroom that connects to the garage. The second floor has mostly wall to wall carpeting and includes 3 family bedrooms that share a bathroom with dual vanity sink with white cabinets, and ceramic tile floors. The master suite is also on this level which has walk in closets, and an attached bathroom. The master bathroom has double sink vanity with white cabinets, ceramic tile floors, a Jacuzzi, separately enclosed toilet, and a shower stall with frameless glass doors and walls. The finished lower level includes a bonus room and a media room and both have wall to wall carpeting. Note that this home has granite countertops in the kitchen and stainless steel appliances.
This home has an attached 2 car garage and 6 car off street parking, and hot water baseboard heating and central air cooling. It was listed for $1,499,000 and sold with competition for $1,540,000.

Relevance: Relevant. If you upgraded your kitchen with stainless steel appliances and granite counters, I believe that even though this home is in a far superior location (side street in Munroe Hill), is smaller, has 1 less bathroom, I believe this home would be relevant to your home.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This colonial style home was built in 1995.  It is smaller than your home with 4,525 sq ft of approx living area which includes a finished lower level. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level).  This home has 1 more bedroom than your home, having 5 bedrooms. It has the same number of bathrooms than your home, having 4 full and 1 half  bathrooms. It sits on the same size 0.69 acre lot in a cul de sac as your home sits on a 0.69 acre lot on a busier street.
The home has lots of curb appeal as a classic center entrance brick colonial. Upon entry to the foyer, the living room is on the right through s french door. The living room has a fireplace with marble facing and white mantel, crown molding, large windows, hardwood floors and access to the family room through a french door. The formal dining room has wainscoting, recessed china cabinet, crown molding, large windows, hardwood floors, and access to the kitchen. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, cherry cabinets, high end stainless steel appliances, picture windows, hardwood floors, access to the family room through a french door, an adjacent half bathroom, and exterior access to the deck through a glass door. The family room has a fireplace with white mantel, built ins, crown moldings, picture windows, exterior access to the deck through a glass door with transom windows, and hardwood floors. A bedroom with an attached full bathroom is on this level adjacent to the mudroom leading to the 2 car garage. The 2nd level includes the master suite, 3 bedrooms which have wall to wall carpeting, and the family bathroom with shower stall. The master bedroom has wall to wall carpeting, large windows, walk in closet, and an attached bathroom. The master bathroom has ceramic floor and wall tiles, shower stall with glass walls and frameless glass door. The finished lower level has been finished beautifully with lots of trim work, includes a bedroom, the media room which has wall to wall carpeting and accented by columns, and has a full bathroom. Note that this home has granite countertops in the kitchen and stainless steel appliances.
This home is located on a cul de sac and has an attached 2 car garage and paved 6 car off street parking. It has gas heating and central air cooling. It was listed for $1,495,000 and was sold for $1,548,500 after competition.

Relevance: Relevant. I believe that once you upgraded your kitchen with granite countertops, stainless steel appliances, even though this home is smaller in size, it has a superior location, is newer finishes with it being built in 1995, 1 more bedroom, I believe that once all factors are considered this home would be relevant to your home.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This colonial style home is a new build in 2018. It is smaller than your home with 5,144 sq ft of approx living area including a finished lower level. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level). This home has the same number of bedrooms as your home, having 4 bedrooms. It has 3 full and 2 half bathrooms. It sits on a smaller size 0.40 acre lot on a quiet side street, whereas your home sits on a 0.69 acre lot on a busier street.
The home has stunning curb appeal and upon entry to the grand foyer with wainscoting and crown molding, the living room is on the right through a cased opening. It has crown moldings, bay windows, and hardwood floors. It is open to the formal dining room through a cased opening. The dining room has tray ceiling with crown molding, wainscoting, and access to the kitchen through a cased opening. The kitchen has a breakfast bar island, quartz countertops, marble tile backsplash, white cabinets to the ceiling with glass panel doors on some cabinets overhead, high end stainless steel appliances,  crown molding, triple windows, pantry, and hardwood floors. It also has an informal dining area with wall of windows, and exterior access to the deck. Th family room has an open floor plan with the kitchen and it has a fireplace with granite facing and white mantel, coffered ceiling with crown moldings, tall windows to the ceiling, and hardwood floors. Adjacent to the mudroom which lead to the garage, and the main level bathroom, is a study which has crown moulding and hardwood floors. The 2nd level includes the master suite, 3 family bedrooms, and the family bathroom. The master suite has large and double windows, crown molding, custom built ins, hardwood floors, a sitting room, his and hers walk in closets, and an attached bathroom. The master bathroom has his and hers vanity sinks, a separately enclosed toilet, and a shower stall. Two of the bedrooms have jack and jill bathrooms which have a double sink vanity and shower stall. The finished lower level has wall to wall carpeting, a bathroom, and exterior access to the patio through sliding glass doors.
This home has an attached 2 car garage and paved 5 car off street parking. It has forced air heating and central air cooling. It was listed for $1,735,000 and went under agreement and sold for $1,725,000 after 15 days on the market.

Relevance: Higher. Given that this is new construction and everything is sparkly new, superior location on a side street walking distance to the town center via the bike path, I believe this home will sell for more than your home.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This colonial style home was a new build in 2016.  It is of similar size as your home with 5,750 sq ft of all above ground living area. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level).  This home has 1 more bedroom than your home, having 5 bedrooms. It also has more bathrooms as your home, having 5 full bathrooms. It sits on a smaller size 0.43 acre lot on the corner of a busier street, whereas your home sits on a 0.69 acre lot of a busier street.
The home has lovely curb appeal and as you enter the foyer from the portico, the living room is on the right and it has an open floor plan with the formal dining room. The living room has coffered ceiling,triple windows, and hardwood floors. It leads to the formal dining room through a half height accented wall with columns. The formal dining room also has coffered ceiling, wainscoting, and hardwood floors. The family room also has coffered ceiling, a fireplace with granite facing and white mantel and has custom built ins on either sides, picture windows, and hardwood floors. It has an open floor plan with the informal dining area and the kitchen. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, clean white cabinets, high end stainless steel appliances, beverage bar nook with wine chiller, hardwood floors, and exterior access to the deck. This level also includes an office with an attached bathroom and hardwood floors. The upper level including the 3rd level has the family bedrooms and the master suite. The master bedroom has a cathedral ceiling, walk in closet, an attached bathroom, custom built ins, and hardwood floors. The attached master bathroom has double vanity sink, a separately enclosed toilet, shower stall with frameless glass door, whirlpool tub, and granite countertop. The family bathroom has double vanity sink and granite countertop. The 3rd floor has a bedroom which has an attached full bathroom and a great room and have hardwood floors.
This home has an attached 3 car garage and paved  4 car off street parking, and central heat and central air cooling. It was initially listed $1,874,999 until its price was dropped to $1,864,888 and to $1,824,799 before it went under agreement and was finally sold for $1,750,000.

Relevance: Higher.  Given that this is new construction and a similar size to your home, similar location, 3 car garage, 1 extra bathroom and bedroom I believe your home will not sell for as much as this home even with upgraded counters and appliances in the kitchen.

Your details: Living area 5835 sq ft | 4 beds | 4.5 baths | Lot size 0.69 acres | Built 1998 | 3 car garage

This colonial style home was a new build in 2017.  It is smaller than your home with 5,450 sq ft of approx living area including a finished lower level. Your home has 5,835 sq ft of approx living area which includes 4,428 sq ft (above ground) + 1,407 sq ft (on the finished walkout lower level).  This home has 1 more bedroom than your home, having 5 bedrooms. It has the same  number of bathrooms as your home, having 4 full and 1 half bathrooms. It sits on a smaller size 0.55 acre lot on a quieter street, albeit further from the center, whereas your home sits on a 0.69 acre lot on a busier street close to the center.
The home has lovely curb appeal and the family room has a fireplace with white mantel, custom cabinets and windows on either sides of the fireplace, crown molding, triple windows, hardwood floors, and has an open floor plan with the kitchen. The kitchen has breakfast bar island with the second prep sink, granite countertops, ceramic tile backsplash, stylish white cabinets with glass panel doors on some overhead cabinets, high end stainless steel appliances, wine chiller, crown molding, and hardwood floors. It also has an informal dining area with triple windows and exterior access to the deck through sliding glass doors. The formal dining area has coffered ceiling, triple windows, chair rails, and hardwood floors. This level also has a study with custom built ins and shelves, coffered ceiling, triple windows, chair rails, and hardwood floors. The 2nd floor has the master suite and 3 more family bedrooms. The master bedroom has a cathedral ceiling, hardwood floors, walk in closet, custom built ins, and an attached bathroom. The master bathroom has double sink vanity, cherry cabinets, marble tile floors, triple windows, tub, and shower stall with frameless glass door and wall. The 3rd floor includes a bedroom, with a full bathroom and hardwood floors.
This home is located in the Fiske Elementary School neighborhood and has an attached 2 car garage and paved  4 car off street parking. It has central heat and central air cooling. It was initially listed for $1,895,000 but was dropped to $1,859,000. It went under agreement and sold for $1,803,000.

Relevance: Higher. Given that it is almost the same size as yours, but is new construction, has 1 more bedroom I believe that it will sell for higher 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 $1,550,000-$1,600,000.  This range is difficult to assess as there is a large jump from relevant at $1,550,000 and then the next home is at $1,725,000 but I believe that since we have two homes that I believe are relevant at the $1,550,000 range that this is an indicator that this is the right area.  Based on all of the relevant homes in this report, all of them, with the similar sq footage, having granite countertops and stainless steel appliances I believe that to maximize the price you will get for your home you should upgrade these items.

Given the current market dynamics in Lexington, I would suggest listing your home in this price range to attract more interest.  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. 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.  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 they will offer market value for your 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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