24 Blueberry Ln, Lexington

Market Analysis for:

Mark Jacobson & Sheila Callahan

4/20/2018

I've done a market analysis on your home at 24 Blueberry Ln 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. I will also include in this report an analysis of what a builder would pay for your home as a teardown as part of the 'Buyer or Builder' program.

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 was built in 1956 and is on large lot of 1.15 acres in the Sun Valley neighborhood of Lexington. It is a ranch style home with 4 bedrooms, 1 full and 1 half bathrooms, and a 2-car garage. The total square footage of your home, including the 600 square feet in the finished part of the basement, is 2054 square feet.  This market analysis is assuming the freshening up we discussed.

The home has a small entry foyer from the screened front door with a window. Through the front door there is a coat closet immediately in front of you and ceramic floor tiles, and the home opens to the right. There are hardwood floors through the main living area and the living room has large picture windows, allowing for lots and lots of light in the home, and a wood burning fireplace. Past the living room is the open plan dining room with a family room area behind it. The family room has a slightly higher ceiling with a fan and is flooded with light through with 3 walls of windows overlooking the huge back yard. There is a small deck off the kitchen. The kitchen has ceramic floor tiles, recessed lighting, a box window over the sink, an informal dining area and door to the backyard. The cabinetry is white, appliances are stainless steel and the countertops are Corian.

Opposite of the living and dining room area of the home is the bedroom wing. There is a door leading to the basement as you start down the hallway to the bedrooms.  The first two bedrooms are nicely sized with double closets and bright with natural light. The full family bathroom has ceramic floor tiles with white maple cabinetry, Corian counter and shower/tub. The master bedroom is large and bright with light from the double-paned windows and double closets. The half bath in the master has a tiled floor, ceramic wall tiles, freshly painted vanity and shelf. The last of the bedrooms/office has a great sized closet.

Downstairs in the finished basement there is a mud-room area with door to the 2-car garage to the right of the stairs. To the left is a smaller finished area and through a cased opening is a larger finished family room area. Both the front and back areas are approximately 15x30 in size. The walls are pine-board that have been painted white. From the back family room there is a door to the laundry area with cement floor and sump-pump and through a doorway there is the oil furnace, hot water tank and oil tank.

The location of your home has surrounding conservation land and wetlands. Builders will need to investigate further with the town the ability to build a new home on your land so we should allow them time to do their due diligence in order to get the highest price possible.


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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 homes 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 $900K price range is around $405 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 $414.

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 $481 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 $900K price range are under 1 month’s supply showing a severe shortage.

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Analysis of Relevant Properties

The following map shows the  homes that we believe to be of value in determining the price of your  home. Below the map you will find basic information  provided for each home including the price the home was  listed at, and the price the home sold at (if sold), the listing date, Days on market, Bedrooms, Bathrooms, living area size and lot size.  Noted for each home is a classification of Relevance which outlines whether we think the  property is valued Less (L), Relevant/Comparable (R) or Higher (H) than  your home. The notes for each home outlines the similarities and differences between  your home and the one being analyze

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This colonial style home was built in 1959. It is of similar size as your home at 2,016 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has more bathrooms than your home, having 2 full bathrooms while your home has 1.5 bathrooms. It sits on a smaller size 0.71 acre lot whereas your home sits on a large 1.15 acre lot.
The living room has bay windows and hardwood floors. The formal dining area has hardwood floors and is partially open to the kitchen and has access to the family room through double french doors. The family room has skylights, bay windows, potbelly stove, hardwood floors, and has an exterior access to the deck through glass paned doors. The kitchen has black appliances, lots of cabinets to the ceiling, double windows, vinyl flooring, access to the study and full bathroom, and exterior access to the deck. The study has double windows, and vinyl flooring. The family bedrooms are on the 2nd level and all have hardwood floors together with a family bathroom.
This home has an attached single car garage and 2 car off street parking. It has hot water radiator heating. It was listed for $760,000 and was sold for $730,000 which is lower than the listing price.

Relevance: Relevant, but less. Given the similar size, inferior condition of this home, 2 full bathrooms, 1 car garage, I believe that once all factors are considered it is relevant to your home but yours should sell for more.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This colonial, garrison style home was built in 1948. It is smaller than your home at 1,525 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. This home has less bedrooms than your home, having 3 bedrooms. It has the same number of bathrooms as your home does, both having 1.5 bathrooms. It sits on a smaller size 0.18 acre lot whereas your home sits on a large 1.15 acre lot.
From the entry hall, the living room is on the left defined by half height walls with columns. The living room has a fireplace with white mantel, custom built ins, coffered ceiling, and hardwood floors. The formal dining room has a china cabinet, deep crown molding, chair rails, hardwood floors, and is open to the kitchen defined by an archway and the 2-tier breakfast bar peninsula. The kitchen has stainless steel appliances, custom built modern cabinetry to the ceiling, skylights, granite countertops, box window, ceramic tile flooring, and exterior access through glass paned door leading to the deck. This level also includes a bonus room which has ceramic tile floors. The family bedrooms are on the 2nd floor and all have hardwood floors. The master bedroom has walk in closet and hardwood floors. The finished lower level includes a workroom and the family room which has ceramic tile floors, and recessed custom built ins.
This home is located in Follen Hill neighborhood. It has an attached single car garage and 2 car off street parking. It has steam heating. It was listed for $819,000 and is currently under agreement after competing offers.

Relevance: Relevant. Given the smaller size of this home, 1 less bedroom, superior condition, smaller lot size I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This cape style home was built in 1952. It is smaller than your home at 1,664 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. 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, having 1.5 bathrooms. It sits on a smaller size 0.24 acre lot whereas your home sits on a large 1.15 acre lot.
Upon entry to this home you immediately enter the living room. It has triple windows and hardwood floors. It has access to the formal dining room through an arched opening which also leads to a hall where the full bathroom and bedrooms are located. The dining room has recessed custom built in, hardwood floors, and is slightly open to the kitchen through a cased opening. The kitchen has double windows, wood cabinets to the ceiling, white appliances, ceramic tile backsplash, vinyl flooring, an informal dining area, and exterior access to the deck. This level also includes the master bedroom and a family bedroom and both have hardwood floors. The 2nd level includes 2 family bedrooms which have sloped ceilings and hardwood floors, and the half bathroom.
This home has no garage space but has paved 4 car off street parking. It has hot water baseboard heating. It was listed for $849,900 and is currently under agreement after competing offers.

Relevance: Relevant but less. Given the smaller size of the home and smaller lot size, I believe this home is relevant to your home but yours should sell for more.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This home was built in 1953. It is larger than your home at 2,198 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has more bathrooms than your home, having 2 full bathrooms while your home has 1.5 bathrooms. It sits on a smaller size 0.37 acre lot whereas your home sits on a large 1.15 acre lot.
Upon entry from the porch through the glass paned door, the living room is on the left and it has a fireplace, crown molding, double windows, and hardwood floors. The living room has an open floor plan with the formal dining room defined by half height walls with columns. The formal dining room has crown molding, walls of windows, hardwood floors, 2 china cabinets, and exterior access to the patio through double french doors. The kitchen has stainless steel appliances, granite countertops, ceramic tile backsplash, maple cabinets to the ceiling, crown molding, beadboard wainscoting, hardwood floors, has an informal dining area, and exterior access to the patio. The master bedroom is also on  this level and it has hardwood floors, and is attached to the full bathroom which is also accessible from the hall. This level also includes an office which has crown molding, custom built ins and desk, and hardwood floors. It is accessible through a double french doors on the right from the entry hall and is the 4th bedroom. The 2nd level includes 2 family bedrooms, a full bathroom, an an unfinished room/area. One of the bedrooms on this level has beamed cathedral ceiling with skylights, large picture windows with transom, and hardwood floors. The other bedroom has cathedral ceiling, custom built ins, and hardwood floors. The finished lower level includes a workroom and the family room which has beadboard walls, custom built ins, double windows, hardwood floors, and exterior access to the patio. The patio is stunning with much hardscaping, a trellis and a built in BBQ.
This home is located in The Manor neighborhood. It has an attached single car garage space and paved 4 car off street parking. It has hot water baseboard heating. It was listed for $859,000 and had competing offers on it and is now under agreement.

Relevance: Relevant, but higher. Given the larger size, 2 bathrooms, superior kitchen condition, stunning patio area albeit smaller lot size and 1 car garage, I believe that once all factors are considered this home is relevant to your home but it should sell for more.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This cape style home was built in 1955. It is larger than your home at 2,376 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. This home has less bedrooms than your home, having 3 bedrooms. It has the same number of bathrooms as your home does, both having 1.5 bathrooms. It sits on a larger size 1.27 acre lot though your home sits on a relatively large 1.15 acre lot.
The living room has a fireplace and hardwood floors. The formal dining room has chair rails, wainscoting, and hardwood floors. The family room has a fireplace and hardwood floors. Its kitchen has ceramic tile floors. The family rooms, including the master bedroom, are on the 2nd level. This home was presented as a “fixer upper” suited to professional builders.
This home has an attached 2 car garage and 2 car off street parking. It has hot water baseboard heating. It was listed for $759,000 and was sold for higher than the listing price. It was sold for $875,000 in an sold "as-is" condition.  It was adjacent to Vine Brook and had a brook running across the land so it would have had less value than your home to a builder.

Relevance: Relevant, but less.  Given the inferior condition of the home, larger lot size but less utility of the lot, 1 less bedroom I believe this home is relevant to your home but yours should sell for more.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This colonial style home was built in 1950. It is of similar size but still larger than your home at 2,151 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. This home has less bedrooms than your home, having 3 bedrooms. It has the same number of bathrooms as your home does, both having 1.5 bathrooms. It sits on a smaller size 0.49 acre lot whereas your home sits on a large 1.15 acre lot.
The living room has a fireplace, bay windows, and hardwood floors. It has access to the formal dining room through an arched opening. The dining room has a china cabinet, custom built ins, wainscoting, and hardwood floors. The kitchen has box windows, custom built cabinets with wine rack, and vinyl flooring. This level also has a sunroom which has vaulted ceiling, and exterior access through walls of sliding glass doors. The family rooms on the 2nd level, including the master bedroom, all have vaulted ceilings, hardwood floors, and share a family bathroom. The partially finished lower level has a fireplace on arranged stones to the ceiling, wall to wall carpeting, bay windows, and beadboard walls.
This home is located in Merriam Hill neighborhood. It has an attached single car garage and 4 car off street parking. It has hot water radiators and central heating, and window AC cooling. It was listed for $899,000 and was sold for $897,500.

Relevance: Relevant, but higher. Given the larger size of this home, superior location in Merriam Hill, 1 less bedroom, 1 car garage I believe that once all factors are considered this home is relevant to your home but it will sell for more.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This colonial style home was built in 1920. It is larger than your home at 2,203 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. 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, having 1.5 bathrooms. It sits on a smaller size 0.32 acre lot on one of the most desirable streets in Munroe Hill whereas your home sits on a large 1.15 acre lot.
The living room has a fireplace, crown molding, custom built ins, bay windows with seat, and hardwood floors. The sunroom has lots of windows, custom built ins, and hardwood floors. The family bedrooms are on the 2nd level and the home has mostly hardwood floors.
This home is located in Munroe Hill neighborhood. It was sold in "as is" condition. It has a detached 2 car garage and 4 car off street parking. It has hot water baseboard heating. It was listed for $1,100,000 and was sold for $925,000.

Relevance: Relevant, but higher. Given that the home is on Slocum Rd so it has a superior location, is larger, superior style being a center entrance colonial, is walking distance to the town center, is a smaller lot I believe that once all factors are considered this home is relevant to yours but it should sell for more than your home.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This cape style home was built in 1946. It is larger than your home at 2,443 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has more bathrooms than your home, having 2 full bathrooms while your home has 1.5 bathrooms. It sits on a smaller size 0.40 acre lot whereas your home sits on a large 1.15 acre lot.
Upon entry to the foyer through a glass paned door, the living room is on the right and it has a fireplace, crown molding, beadboard wall, chair rails, access to the screened porch which leads to the garage and to the deck. The screened porch has walls of glass, beamed cathedral ceiling with skylights, wide pine walls, and stone floors. The living room has an open floor plan with the dining room and the kitchen. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, stainless steel appliances, modern wood cabinetry with glass paneled doors on some overhead cabinets, pantry, vaulted ceiling with skylights, triple windows, and exterior access to the deck through the informal dining area. There are 2 bedrooms on this level adjacent to an updated full bathroom. The master bedroom and 1 more bedroom are on the 2nd level and both have skylights on vaulted ceilings. The family room is on the partially finished lower level and it has a fireplace inset into a brick chimney to the ceiling, custom built ins, and wall to wall carpeting.
This home is located in Manor Section neighborhood. It has an attached single car garage and paved 4 car off street parking. It has oil and hot water baseboard heating. It was listed for $899,000 and was sold for $955,000.

Relevance: Higher. Given the much larger size, 2 full bathrooms, superior condition of kitchen and bathrooms I believe this home will sell for more than your home.

Your details: Living area 2054 sq ft  (includes 600 sq ft in the finished basement) | 4 beds | 1.5 baths | Lot size 1.15 acres | Built 1956 | 2 car garage

This colonial style home was built in 1950. It is larger than your home at 2,831 sq  ft of approx. living area. Your home has 2,054 sq ft of approx living area which includes 600 sq ft in the finished basement. This home has less bedrooms than your home, having 3 bedrooms. It has the same number of bathrooms as your home does, both having 1.5 bathrooms. It sits on a smaller size 0.30 acre lot whereas your home sits on a large 1.15 acre lot.
Upon entry to the foyer from the portico, the living room is on the right and it has a fireplace with white mantel, crown molding, chair rails, and hardwood floors. It has access to the family room which has beamed ceiling, rustic wide pine walls and wainscoting, hardwood floors, and exterior access through large glass sliders leading to the porch. The formal dining room has a built in corner china cabinet, crown molding, chair rails, and hardwood floors. The kitchen has stainless steel appliances, wood cabinetry, an indoor grill with stainless steel hood vent, triple windows, a peninsula, hardwood floors, and has exterior access through both front and back entries adjacent to a half bathroom. It also has an informal dining area which has beamed ceiling, bay windows, chair rails, and has access to the family room. The family bedrooms are on the 2nd level. The master bedroom has chair rails, crown molding, and access to the balcony. The finished lower level has a fireplace, custom built ins on either sides of the fireplace, an office nook, wainscoting, wall to wall carpeting, and exterior access.
This home is located in Follen Hill neighborhood. It has an attached 2 car garage and 6 car off street parking. It has oil and hot water baseboard heating. It was listed for $1,149,000 and was sold for $1,121,000.

Relevance: Higher. Given its much larger size, 1 less bedroom, superior location, superior style of a center entrance colonial 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 $890,000-$940,000 when selling to a buyer.  

If you were to sell to a buyer, then 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 99 East St which came on the market for $759,000 and sold for $875,000, and the listing at 57 Blake St which came on the market for $899,000 and sold for $955,000. 

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.  

Buyer or Builder

As part of our Buyer or Builder initiative I have asked a builder to propose a tear down value for your home.  As you are still at least 1-2 years away from selling I didn't formalize my request to the builders we work with, but asked a 'what if' to one of them to get his assessment.   His assessment would be that your home would be worth anywhere from $1,100,000 - $1,150,000 as a ballpark range.  When we get closer I can ask for a 'real' price from them, or any number of builders on your behalf.

If you were to sell to a builder, there are a couple of differences in selling to a builder vs that of a buyer: 

  1. you don't need to do any work to the home to prepare it, you take what you want from the home when you leave and the builder will dispose of your belongings that you don't want. 
  2. A builders offer will not have an inspection contingency, nor a mortgage contingency.  
  3. Most builders will also work with you with regard to closing date, and potentially allowing you to stay a little longer in your home after closing. Each sale is different and the builders are quite flexible when compared to a buyer because a buyer needs to have somewhere to move to, to live in, so there is less flexibility.
  4. When selling to a buyer there is a 5% selling fee. This selling fee is split equally between the listing agent's company and the buyers agent's company.  So your net when selling to a buyer is the market value - 5%. When selling to a builder there is no fee, as the builder pays the agent when the subsequent new construction is sold. So your net when selling to a builder is the price offered minus attorney fees, and typical closing costs.

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

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

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

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

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


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