16 Childs Rd, Lexington

Market Analysis for:

Howard & Elaine Smith

I've done a market analysis on your home at 16 Childs Rd 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 a desirable neighborhood in the Lexington center area of 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 0.52 acre lot. Your home was built in 1958 by yourselves and and has been renovated and maintained nicely since then. Your home has 5 bedrooms and 2.5 bathrooms with a 2 car garage. Your home has 2599 sq ft of living area above ground, and I would estimate approx 1000 sq ft of finished area in the lower level.

Your  home has stunning curb appeal with presence on the lot. The front path meanders to the front door around a central planting island and ends up in the covered porch area. Inside the front door you have ceramic tile floors, a staircase with iron railings leading to the second level,  an entry into the kitchen, the living room to the right and the bedroom wing to the left. The living room is huge with a large bay window, a wood burning fireplace and open plan with the dining room. The dining room has a large picture window with large side windows, a doorway out to the huge screened porch. The screened porch has slate floor and a doorway into the 2 car garage. A door from the screened porch leads out to the circular patio in the backyard. The kitchen is accessed via bifold doors from the dining room and is lovely with birch cabinetry up to the ceiling, some with glass fronts, corian counters, ceramic tile backsplash, mixed appliances. It is large enough for an informal dining area. From the kitchen is the laundry, a half bathroom and an exterior door to outside.

To the left of the foyer is the lower level bedroom wing. There is an office with wood paneling, a bedroom (which can also double as a family room), and the master bedroom suite. The master has hardwood floors under the carpet and lots of windows providing lots of natural light. Two closets, and access to the full bathroom which also has access via the hallway. The bathroom has a tub, shower, toilet and single sink vanity with a corian counter.

Upstairs you have a large landing with a huge bedroom off to one side. This bedroom has a walk in closet, carpet and sloped ceilings. Off the landing is a full bathroom with modern vanity, ceramic wall and floor tiles, tub/shower. Another 2 bedrooms are on this level. Each bedroom on this level is a great size.

Downstairs to the lower level you have carpet on the floors, wood paneling throughout and the majority of the basement is two large rooms with smaller rooms off them. One end of the basement has wrought iron decorative structure, carpet, and a bar with a mahogany counter. A playroom is off from the hallway. There is a large pool room off to the other side of the basement, with a wine cellar and large utility rooms. One utility room has the oil tank, and a newer Weil McLain boiler, and an antique incinerator . There are 2 sump pumps in the basement.

The home has central air, and a generator.

There is a 2-car attached garage and 4 off-street parking areas.

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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 1950’s the average price per sq. ft. is $413.

The chart below shows that single family homes in Lexington of similar size to your home in the 2,000 square foot range, have an average price per square foot of $405 but it increases to $478 per sq. ft. when you decrease to the 1,000 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 2599 sq ft (not including approx 1000 sq ft in basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2 car garage

This was our listing. This colonial style home was built in 1985.  It is of similar size as your home with 2,432 sq ft of approx living area which includes 285 sq. ft. in a finished room in the basement. Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has 1 less bedroom than your home, having 4 bedrooms. It has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a smaller size 0.43 acre lot whereas your home sits on a 0.52 acre lot in a more desirable area.
The foyer and majority of the home was freshly painted. The living room has hardwood floors & 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 modern 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 has the master suite with wall to wall carpets, walk in closet and full bath with  granite counter & tiled shower/tub. Another family bedroom with wall to wall carpets is on this level along with a half bath. Two additional large bedrooms with wall to wall carpets are on the 2nd level and share a bathroom. This family bathroom has shower and tub, and ceramic tile floor, and granite counters.  The lower level has a bonus room with wall to wall carpet that is accessed via an unfinished basement area. This home has an attached 2 car garage with 4 off street parking same as yours. This house is located close to the Arlington Res in a popular neighborhood with access to the Minuteman bike path and public transportation. It had ‘owned’ solar panels which really appealed to buyers.

This home has forced air,  humidifier, active solar heating and central air cooling. It was listed for $899,000 and we had 20 offers on the home and we sold it for $1,060,000.

Relevance: Less. Given the similar size of above ground living area but yours has the additional lower level, your extra bedroom and office, inferior location of this home I believe  your home will sell for more than this home.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This colonial style home was built in 1974.  It is larger than your home with 2,690 sq ft of all above ground approx living area. Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has 1 less bedroom than your home, having 4 bedrooms. It has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a larger size 0.69 acre lot opposite conservation land whereas your home sits on a 0.52 acre lot walking distance to the town center which is more desirable.
Upon entry to the foyer, the living room is on the left and the formal dining room is on the right. The living room has a fireplace with brick facing, picture windows, and hardwood floors. The formal dining room has china cabinet, picture windows, chair rails, and hardwood floors. The family room also has a fireplace with a brick facade to the ceiling, beamed ceiling, crown moldings, wainscoting, hardwood floors, and has an exterior access to the screened porch. The kitchen has rustic cherry cabinets, white appliances, chair rails, and vinyl floors. A small office is also on this level and it has built ins, and hardwood floors. The family bedrooms, including the master bedroom, are on the second floor. These bedrooms have hardwood floors and walk in closet, and one of the bedrooms has an attached bonus room. The master bedroom has a cedar closet , an attached bathroom, and hardwood floors. This home had wallpaper on almost every wall which the buyers don't like.
This home is located on the corner of a cul de sac. It has an attached 2 car garage and 4 car off street parking, and has hot water baseboard heating. It was listed for $1,079,000 and was sold for $1,130,000, higher than the listing price.

Relevance: Less. Given the similar size of above ground living area but yours has the additional lower level, your extra bedroom, inferior location  of this home I believe  your home will sell for more than this home.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This colonial style home was built in 1937.  It is smaller than your home with 2,352 sq ft of above ground approx living area excluding 200 square feet of living in the lower level . Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has less bedrooms than your home, having 4 bedrooms. It has more bathrooms than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.27 acre lot in Follen Hill whereas your home sits on a 0.52 acre lot walking distance to the town center.
Upon entry to the foyer, the living room is on the right through french doors and the formal dining room is on the left. The living room has a fireplace with brick facing, and white decorative mantel and white painted paneling over the mantel, beamed ceiling, crown molding, double windows, wainscoting, and hardwood floors. Access to the music room/sun room are through 2 french doors on either sides of the fireplace and this room has lots of double windows and has hardwood floors. The formal dining room has 2 china cabinets on each corner, crown molding, wainscoting, triple windows, hardwood floors and has access to the screened porch. The kitchen has wood cabinetry to the ceiling with glass panels, granite countertops, ceramic tile backsplash, ceramic tile floors, pantry, and stainless steel appliances, and has access to the mudroom leading out to the patio and the detached garage. The second level includes 2 family bedrooms which has hardwood floors, a family bathroom, and the master suite. The master bedroom has walk in closet, crown molding, hardwood floors, an attached bathroom, and access to the deck. The attached master bathroom has double sink vanity with granite countertops and cherry cabinets, and a large shower stall with frameless glass door. The 3rd floor includes 2 bedrooms with cathedral ceiling, custom built ins, and hardwood floors, and share a bathroom on this level. The partially finished lower level is a recreation room though it was not included in the living area.
This home has a detached 2 car garage and 3 car off street parking, and has steam heating. It does not have central air. It was listed for $1,195,000 and was sold at a lower price of $1,161,000.

Relevance: Relevant, but less. Given the smaller size of the home when you consider your finished basement as well, its smaller lot size, superior condition, no central air, detached garage I believe that when all factors are considered it is relevant to your home but yours should sell for more.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This colonial style home was built in 1922.  It is of similar size as your home with 2,406 sq ft of above ground approx living area which does not include the finished basement . Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has the same number of bedrooms as your home, both having 5 bedrooms. It also has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a smaller size 0.46 acre lot on a busy street corner walking distance to the town center whereas your home sits on a 0.52 acre lot.
Upon entry to the foyer, the living room is on the left and it has a fireplace with white mantel, crown molding, triple window, has an exterior access to the deck through french doors, accesses to the sunroom through 2 french doors on either sides of the fireplace. The dining area is open to the kitchen and it has wainscoting, custom ceiling, beamed ceiling, triple windows, and hardwood floors, and exterior access to the deck. The kitchen has stainless steel appliances, ceramic tile backsplash, picture window, ceramic tile floors, chair rails, and access to the large mudroom leading to the garage.
The second level includes 2 family bedrooms which has hardwood floors, a family bathroom, and the master suite. The master bedroom has crown molding, chair rails, hardwood floors, an attached bathroom, and access to the deck. One of the 2 family bedrooms also has access to another deck. The 3rd floor includes 2 tiny bedrooms with hardwood floors, where one has a cedar closet. The partially finished lower level is a recreation room with an attached half bathroom.
This home has an attached 2 car garage and paved 3 car off street parking, and has hot water radiator heating and central air cooling. It was listed for $1,095,000 and was sold at $1,200,000 after competition.

Relevance: Relevant, but less. Given the inferior location of this home albeit it is walking distance to the town center, difficulty in really calling it a 5 bedroom home, I believe it is relevant to your home but your home should sell for more.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This multi-level style home was built in 1922.  It is of similar size as your home with 2,784 sq ft of approx living area including a finished lower level. Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has 1 less bedroom than your home, having 4 bedrooms. It has the same number of bathrooms as your home, both having 2 full and 1 half bathrooms. It sits on a similar size but larger size 0.59 acre lot whereas your home sits on a 0.52 acre lot.
The main level includes the living room with a bay window, a fireplace with white mantel and brick facing, and with built ins on each sides. It is partially open to the formal dining room through a cased opening. The formal dining room has wainscoting, picture window and an exterior access to the patio through sliding French doors. The kitchen has custom built cherry cabinets to the ceiling, breakfast bar peninsula, ceramic tile floors, mismatched appliances, and a brick walls on the informal dining area which is the back part of the fireplace on the living room. The family room is on the lower level which has a fireplace with brick facade, vinyl floors, and wood paneled walls. An office is also on this level. The master bedroom is on the second floor with 3 more family bedrooms. The master bedroom has a walk in closet, chair rails, hardwood floors, and an attached bathroom with a corian counter vanity and a shower stall. The family bathroom is a little dated. There is also a den and access to the attached 2 car garage.
This home is located in the very popular Loring Hill neighborhood. It has an attached 2 car garage and paved 6 car off street parking, and has forced air heating and central air cooling. It was listed for $1,150,000 and was sold at $1,225,000, it had competing offers on it and sold for over the asking price.

Relevance: Relevant. Given the similar size, popular location, slightly superior condtion, I believe that when all factors are considered this home is relevant to your home.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This colonial style home was built in 1956.  It is larger your home with 2,898 sq ft of approx living area including a partially finished lower level . Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has less bedrooms than your home, having 4 bedrooms. It has more bathrooms than your home, having 2 full and 2 half bathrooms. It sits on a smaller size 0.38 acre lot just a few houses away from you whereas your home sits on a 0.52 acre lot.
The main level of this home includes the living room having a bay window, a fireplace with white mantel and brick facing, and wall to wall carpet over hardwood floors. It has access to the sunroom which has ceramic tile floors, all glass walls, and exterior access to the balcony. The formal dining room has wainscoting, crown molding, and hardwood floors. The kitchen has custom built modern cabinetry to the ceiling, bay window, granite countertops, stainless steel appliances, a desk at the corner with granite countertop with glass panels on the cabinets overhead, and a peninsula with induction cooktop. It is a more modern renovation than your kitchen. It has an informal dining area with skylights and access to the sitting room. The sitting room has large windows, knotty pine walls and crown molding. An office is on this level which has picture windows, wallpaper and recessed built ins. The second floor has all wall to wall carpets and includes the master bedroom and 3 more family bedrooms. The master bedroom has a cathedral ceiling with skylight an attached bathroom with shower stall and skylight. The finished lower level has a recreation room and lots of storage space.
This home has an attached 2 car garage and 4 car off street parking, and has central heating and central air cooling. It was listed for $1,195,000 and with competing offers was sold at $1,236,000.

Relevance: Relevant, but less. Given the overall larger size of your home, along with a larger lot, superior kitchen, but wall to wall carpets I believe that once all factors are considered it is relevant to your home but your home will sell for more.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This multi-level style home was built in 1958.  It is larger your home with 2,873 sq ft of approx living area including a partially finished lower level . Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has less bedrooms than your home, having 4 bedrooms. It has the same number of bathrooms as your home, both having 2 full and 1 half bathrooms. It sits on a larger size 0.80 acre lot in the very popular Brent Rd area, whereas your home sits on a 0.52 acre lot popular center location.
The living room is on the upper level and it has high cathedral ceiling, a fireplace with a rock facade, triple windows, and hardwood floors. It has an open floor plan with the formal dining area which has cathedral ceiling, chair rails, double windows, and hardwood floors. The kitchen is connected to the dining area and it has cherry cabinets to the ceiling, granite countertop, ceramic tile backsplash, high end stainless steel appliances, and hardwood floors. The family room is on the ground level and has picture windows, hardwood floors, and access to the sunroom which has a cathedral ceiling, wall of windows, and exterior access. This level also includes a small home office and the mudroom. The 3 family bedrooms and the master suite are on the second floor. The master bedroom has walk in closet, wall to wall carpeting, double windows, an attached office, and an attached bathroom. The family bedrooms have hardwood floors and share a family bathroom. The finished basement serves as a recreation room which has wall to wall carpeting.
This home is located on the corner of a dead end street, abutting Diamond Middle School ball field. It has an attached 2 car garage and 6 car off street parking, and has hot water baseboard heating and central air cooling.  It was listed for $1,189,900 and with competing offers was sold at $1,265,000 to one of our buyers.

Relevance: Relevant.  Given the similar size of the home, similar condition, larger lot size, similar desirability of location I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This colonial style home was built in 1965.  It is larger your home with 2,856 sq ft of approx living area not including 660 sq ft of potential finished space in the lower level. Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has less bedrooms than your home, having 4 bedrooms. It has the same number of bathrooms as your home, both having 2 full and 1 half bathrooms. It sits on a smaller size 0.36 acre lot on a busier road in Merriam Hill, whereas your home sits on a 0.52 acre lot in a popular center location.
Upon entry to the home, the living room is on the right and it has a fireplace with brick facade and white mantel, crown molding, hardwood floors, and access to the sunroom through french doors which has walls of sliding glass doors, and ceramic tile floors. The formal dining room has hardwood floors and is connected to the kitchen. The kitchen has been stunningly renovated with a breakfast bar peninsula, granite countertops, decorative ceramic tile backsplash, cherry cabinets with glass panels on the cabinets overhead, bay windows, stainless steel appliances, hardwood floors, and has an open floor plan with the family room. The family room has a fireplace on full width wall of bricks and white mantel, crown molding, picture windows, wall to wall carpeting, and exterior access to the deck. The second floor includes 3 family bedrooms and the master suite. The master bedroom has hardwood floors, and attached newly renovated bathroom which has a shower stall with frameless glass door and walls. The family bedrooms also have hardwood floors and share a newly renovated family bathroom.
This home is located in Merriam Hill neighborhood. It has an attached 2 car garage and 4 car off street parking, and has hot water baseboard heating and central air cooling.  It was listed for $1,268,000 and was sold with competition for $1,300,000.

Relevance: Relevant.  Given the similar size, superior condition of the home, inferior condition I believe that this home is relevant to your home.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This colonial style home was built in 1984.  It is larger than your home with 3,427 sq ft of approx living area including a finished lower level . Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has 1 less bedroom than your home, having 4 bedrooms. It has more bathrooms than your home, having 3 full bathrooms. It sits on a smaller size 0.32 acre lot in a location that is steps to the town center, whereas your home sits on a 0.52 acre lot in a popular center location.
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 huge cherry built in china cabinet, double windows, crown molding, hardwood floors, and access to the sunroom through french door. The sunroom has walls of glass and cathedral ceiling. The family room has high cathedral ceiling with skylights, recessed built ins, hardwood floors, and exterior access on both sides through french doors. It is also connected to the sunroom through a sitting room which has triple windows and hardwood floors. The kitchen has been stunningly renovated and has granite countertops, ceramic tile backsplash, picture window, stainless steel appliances, and ceramic tile floors.  This level also includes a bedroom with an attached renovated bathroom. The second floor includes 2 family bedroom and the master bedroom. The master bedroom has a fireplace with brick facing, double windows, an attached office, and an attached renovated bathroom. The family bathroom on this level had been recently renovated also.The finished lower level has a game room which has laminate floorings.
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 at $1,331,000, a little over than its listing price.

Relevance: Higher. Given its similar location, but superior condition, larger size, 1 extra full bathroom I believe this home will sell for more than your home.

Your details: Living area 2599 sq ft (not including approx 1000 sq ft in  basement) | 5 beds | 2.5 baths | Lot size 0.52 acres | Built 1958 | 2  car garage

This garrison colonial style home was built in 1964.  It is larger than your home with 3,114 sq ft of approx living area including a finished lower level. Your home has 2,599 sq ft of above ground living area (not including approx 1,000 sq ft in basement).  This home has the same number of bedrooms than your home, having 5 bedrooms. It has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a larger size 0.77 acre lot in the popular Brent Rd/Suzanne Rd area whereas your home sits on a 0.52 acre lot in a popular center location.
From the foyer, the living room is on the left and it has hardwood floors and crown molding, and has access to both the screened porch and the family room. The family room has a fireplace with a brick facade to the ceiling, custom built ins, crown molding, bay windows, and hardwood floors. The kitchen has custom built cabinets to the ceiling, ceramic tile backsplash, some stainless steel appliances, a peninsula with overhead cabinetry, a pantry, laminate floors, an office nook, and exterior access through sliding glass doors in the informal dining area. The formal dining area is adjacent to the kitchen and it has a china cabinet, crown molding, and hardwood floors. The master suite and 4 other family bedrooms are on the second floor. The master bedroom has custom built ins, hardwood floors, a dressing room, walk in closet, and an attached bathroom. There are 2 more bedrooms with custom built ins and hardwood floors. The finished lower level is a recreation room and it has a fireplace, vinyl flooring, and wood panelled walls.
This home has an attached 2 car garage and 6 car off street parking, and has hot water baseboard and other heating and central air cooling.  It was listed for $1,195,000 and was sold at $1,375,000, a little over than its listing price.

Relevance: Higher. Given the larger size of the home, larger lot size in a similarly desirable area, all the bedrooms on the same level which buyers prefer I believe once all factors are considered it 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 $1,270,000-$1,310,000.  

Given the current market dynamics in Lexington, I would suggest  listing your home at the lower end of this price range to attract more  interest and potentially multiple offers.  If the market deems your home  to be worth more than the list price, then the price will be pushed  over the market value of your home, and sometimes well over when we get  multiple offers. You can see many examples above that came on the market  for a lot less, and competition pushed them up to the price they sold  for. The challenge in estimating a price for a home is ‘would this home  have sold for this price if they had priced it higher?’ or was  competition the driving factor that got to this price.  Experience tells  me that competition is why they sold for what they did, so we have to  be careful with pricing. A couple of good examples of competition  pushing a price higher than market value is the listing at 12 Hathaway Rd  which came on the market for $1,189,900 and sold for $1,265,000,  43 Fletcher Rd which came on the market for $1,198,000 and sold for  $1,331,000, and the home at 21 Suzanne Rd which came on the market for $1,195,000 and sold for $1,375,000.

When homes are overpriced they end up sitting on the  market and ultimately selling for less than market value, whereas homes  priced realistically can often sell for well over market value.  Competition is what will get us the highest sales price. As we see time  and time again, if the buyers consider the market value of your home to  be realistic in relation to the asking price, then competition will push  the price up higher and often over the market value of the home. The  challenge with overpricing is that the buyers are very educated – they  go week after week to see homes in their price range so they KNOW what  the prices are and what ‘feels’ right.

I have to stress that these are recommendations. We would bring your home on the market at whatever price you deem to be appropriate.  

When determining the right price - it all depends on your motivation and your risk tolerance level. We know that homes that are priced at the 'strike price' will sell quicker and may generate more than one offer.  I’m an excellent negotiator and know how to push a price up if we have the market activity. I also know that some sellers want to put their home on for a higher price than I might recommend, which I’m willing to do, so long as it is understood that putting the home on for more than the majority of buyers perceive its value, could mean that your home will have a much longer market time and sell for less than it should have had it been priced properly out of the gate.

I DO NOT DETERMINE THE PRICE - the market dictates the value - what a buyer is willing to pay. My job is to make sure that you have the best market exposure and that your home is positioned well in the market.   I do not believe in projecting more money than I think your home will sell for just to get your business.

My team and I know how to stage and market your home, and I understand its value, but I can only sell it for what the market or a buyer will pay. I strongly believe that a home should be priced compared to the current competition, not just on what has sold in the last six months.  At the end of the day, you will be competing for the buyers looking for a home like yours and in the same price range. You can do far more 'damage' to the resultant price we get for your home if we overprice. The prospective serious buyers will see your home within the first weekend of your home coming on the market, and they will have seen everything else in this price range.  In other words, the serious buyer knows what is priced well.  If they don't see value in your home at its listing price and are not motivated to make an offer, then they will move on and keep looking.  In times of increasing prices, it is often hard to predict what a home will sell for, but be assured that even if we price your home lower than what market value is currently, market dynamics will bring the price of the home up to where it should be.  Prospective buyers should walk in thinking the price 'feels right' and are motivated to make an offer in the short term, rather than letting several months’ pass.

It is important to stress the value of marketing your home to capture the highest price.  In times of low inventory, we know your home will sell by doing the bare minimum to market it, BUT that is not going to get you the maximum price for your home.  Key to getting the maximum price for your home is to prepare a comprehensive marketing plan that incorporates all avenues available to us to expose your home to the maximum number of buyers out there looking.  Exposure, and feet in the door, is what will get you the highest price for your home. Basic ratios help explain this.  If 10% of the buyers who walk in your door fall in love with your home, then if you only have 10 buyers walking in, then potentially there is only 1 buyer - if you have 100 buyers walking in your door then using the same ratios, you will potentially have 10 buyers falling in love with your home.  10 buyers will push the price up versus only one buyer.

Given the price point you are at your home would be categorized as a RE/MAX Collections home, which is the Luxury home brand for RE/MAX. For the first Open House we would organize to have a pianist come in to play, and food for Open House guests. We would market it as our Signature Open House. The aim is to have an ‘event’ of your Open House and get serious buyers seeing the home with as many people as we can to stimulate activity and excitement for the home. In addition to this we do additional marketing for our Collections listings and can be reviewed below.

 New statistics state that over 100% of potential buyers search the web as their primary search vehicle.  Thankfully, your home will show fabulously in photos. With historically low interest rates likely to increase and inventory at a 7-year low, there are still homes that do not sell in this market.  I’m making my recommendations to ensure that you are one of the sellers who will have success in the first month of being on the market, but optimally the first weekend.

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So, what is our Marketing Plan? 

Read More to find out all about the standard marketing we offer, at no additional charge to the standard fee.

Marketing to sell your home

Make your home stand out with MA Properties Online's Marketing Today's technology makes it...

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

Marketing our Luxury homes

Additional marketing occurs when the home is a Collections listing.   RE/MAX Collecti...

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Who We Are | MA Properties Online | RE/MAX Leading Edge

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Testimonials | MA Properties Online | RE/MAX Leading Edge

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We look forward to working with you!   Please reach out if you have any questions at all about this market analysis or our plans to market your home! 

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