4 Blueberry Ln, Lexington

Market Analysis for:

Nina Johannessen

I've done a market analysis on your home at 4 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.

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 in the popular area of Sun Valley in Lexington. With lovely curb appeal, your home has lots of off street parking, a covered porch wrapping the length of the front of the home, and partially along the left hand side, and is freshly painted.  The home has two entrances as it has a legal in law apartment.  Perfect for those with extended family who come into town to visit for an extended period of time. From the front door with double sidelights into the main home you enter the foyer area, which has ceramic floor tiles extending to the laundry area and to the door leading out the patio in the huge backyard. To the right you go up a set of stairs to the living area and also down a few stairs to the partially finished basement.  To the left is a door into the in law apartment from inside of the main home.
The living room has picture windows overlooking the lovely front yard, with a wood burning fireplace and stone facade to the ceiling and mantel.  Open to the living room is the dining room with a picture window overlooking the side yard. This area has hardwood floors.  From the dining area you can access the walnut paneled family room and the kitchen. The kitchen has a mix of stainless steel and white appliances, painted white cabinets, an informal dining area, and has hardwood floors. The family room has new wall to wall carpet with an exterior door and stairs leading down to the private patio. With picture windows, walnut walls, and built in shelving and cabinets line one wall of this family room.
Up a short flight of stairs you have a full bathroom on the right with a newly painted tub, ceramic tile walls, a vanity with granite countertop, and a large window allowing lots of lights in. This level also has 3 newly painted family bedrooms, doors/trim were also painted, each with hardwood floors and large windows. The master bedroom has wall to wall carpeting, its own bathroom that is being painted including the tiles and vanity, lots of windows, newly painted walls, and a freshly painted walk in closet.
The laundry is on the main entry level. The lower level now has a newly carpeted family room, the utility room with the oil burning furnace.
The newly painted in law apartment has a front entry on the left hand side of the home under the overhang and leads into a foyer area which is open plan with the large living room, dining area and an open plan kitchen with lots of windows and hardwood floors. The kitchen has modern cabinetry that will be sanded and veneered and a breakfast bar peninsula with laminate counters. There are 2 newly painted bedrooms and a full bathroom with jacuzzi, and its own laundry area that complete the apartment. There is another entry in from the foyer of the main entrance, and one of the bedrooms has an exterior access through sliding glass doors.
There is 988 sq ft in the in law apartment, with 2 bedrooms and a bathroom.There is 3499 sq ft in total.  This means that the main part of the home with 4 bedrooms and 2 full bathrooms and the living area in total for this is 994 + 974 + 543 (as per calcs) is 2511 sq ft.
In total, the home has 3499 sq ft of living area. In total there are 6 bedrooms and 3 full bathrooms. It has hot water baseboard heat, is on 1.05 acres of land with 3 sheds, no garage, 1 wood burning fireplace, and was built in 1956. The home has been smartened up and has been recently painted and has a new roof.

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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 $414.

The chart below shows that single family homes in Lexington of similar size to your home in the 3,000 square foot range, have an average price per square foot of $385 but it increases to $405 per sq. ft. when you decrease to the 2,000 square foot range. It is common across municipalities to see an increase in the price per square foot for smaller sized homes, as it reflects the minimum cost of a home in a town irrespective of the property size.

The chart below shows how many months’ supply of inventory there is in a given price range. It uses the assumption that given the same rate of sales over the prior 12 months, and considering current inventory available for sale, how many months it should take to sell the available inventory. This is referred to “Absorption” in the real estate world. 

Any price range where there is more than 7 months’ supply, we consider there to be an oversupply of inventory, also known as a ‘buyer’s market’. Anything between 4 – 6 months is considered a balanced market. Anything less than 3 months’ supply is considered a shortage of inventory on the market at this price range, also known as a ‘sellers’ market’. As can be seen, currently, absorption rates for all homes in the $1M-1.5M price range are less than 1 month’s supply showing a severe shortage.

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Analysis of Relevant Properties

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

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This colonial style home was built in 1984.  It is larger than your home with 4461 sq  ft of approx living area which includes a finished lower level. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 1 less bedroom than your home does, having 5 bedrooms. It has 1 half bathroom more than your home does, having 3 full and 1 half bathrooms.  It sits on a smaller, but significantly larger than normal, 0.69 acre lot, whereas your home sits on a large 1.05 acre lot.
The main level has an open floor plan. The living room has bay windows, and hardwood floors. The formal dining room has bay and tall windows, chair rails, and hardwood floors. The family room has high cathedral ceiling with skylights, a fireplace on bricks to the ceiling, tall with arch windows, bay windows, hardwood floors, and exterior access to the deck. The kitchen has center breakfast bar island with cooktop stove, granite countertops, cedar cabinets to the ceiling, high end black appliances, wine chiller, bay windows, ceramic tile flooring, an informal dining area, and exterior access to the deck through sliders. This level also has an office with bay windows, custom built ins, cedar cabinets, and hardwood floors. The master bedroom and 3 family bedrooms are on the 2nd level. The master suite has walk in closet, large windows, hardwood floors, and an attached bathroom which has a cathedral ceiling, double sink vanity with white cabinets, a shower stall, and a jacuzzi. The family bedrooms each have walk in closet, and hardwood floors and share a family bathroom in this level. Another bedroom is on the finished lower level. This level also has the mudroom, the exercise room and the playroom which has custom built ins, and wall to wall carpeting and has a full bathroom with shower stall.
This home has an attached 2 car garage and paved 6 car off street parking. It has forced air heating and central air cooling.  It was overpriced and initially listed for $1,478,000 but was dropped to $1,438,000 and then to $1,399,999 and is still on the market after 35 days on the market.

Relevance: Higher. Given the 2 car garage, larger size, extra half bathroom, traditional colonial layout your home will not sell for as much as this home.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This contemporary gambrel style home was built in 1930.  It is a similar size to your home's total living area with 3,600 sq  ft of approx living area which includes a finished lower level. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 1 less bedroom than your home does, having 5 bedrooms. It has 1 half bathroom more than your home does, having 3 full and 1 half bathrooms.  It sits on a smaller 0.16 acre lot, whereas your home sits on a large 1.05 acre lot.
As you walk in the side door into the 2 story foyer area you are surrounded by glass and ceramic tile floors. Upstairs, the living room has a fireplace, hardwood floors, and exterior access to the deck. It has an open floor plan with the sunroom and the library defined by cased openings. The dining room has bay windows, chair rails, crown molding, and hardwood floors and has an open floor plan with the kitchen defined by columns. The kitchen is stunning and has a tray ceiling, a kitchen island, granite countertops, white cabinets with glass panels on the cabinets overhead, china cabinet, stainless steel appliances, pantry, and double windows. The master suite and a family bedroom are also on the main level. The master bedroom has a dressing room, hardwood floors, and an attached bathroom which has double sink vanity with marble countertop, a separately enclosed toilet with bidet, and a marble lined shower stall with frameless glass door. The upper level includes a large bedroom with an attached bathroom, and 2 bedrooms with cedar closet and share a family bathroom. The finished lower level includes the family room which has wall to wall carpeting and custom built ins.
This home is located in the Manor neighborhood. It has an attached 2 car garage and 4 car off street parking, hydro air heating and central air cooling. It was listed for $1,025,000 but was sold at a lower price of $990,000.

Relevance: Relevant, but less. Given the inferior location, similar total size, smaller lot, 2 car garage, superior condition, non traditional layout I believe this home is relevant to yours but yours will sell for more.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This cape style home was built in 1961. It's overall size is smaller than your home with approximate living area of 2,876 sq ft., which includes 638 sq ft in the finished basement. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 1 less bedroom than your home does, having 5 bedrooms. It has 1 more full bathroom than your home does, having 4 full bathrooms.  It sits on a smaller 0.36 acre lot, whereas your home sits on a large 1.05 acre lot.
The main level includes the kitchen with an informal dining area, the dining room, the living room, a den, 2 bedrooms and a remodeled full bathroom with wainscoting and shower stall. The newly renovated kitchen has a small island, granite countertops, upgraded cabinets and stainless steel appliances. It is large with an informal dining area, which has direct access to the den. The living room has a fireplace with stylish white mantel and brick facing and a bay window. The main dining room has a chair rail. The master bedroom is located on the second level with its walk in closet, an attached bathroom which have been refreshed and with tub and shower, a whirlpool soaking Jacuzzi and beadboard walls. On the same level are 2 more family bedrooms. They share a family bathroom that is also on this level. The family room and a playroom are located on a finished basement with its own full bathroom and fireplace, and access to the single car garage. This home has mostly hardwood flooring throughout.
This home has an attached single car garage and paved 2 car off street parking, and has central heat, forced air, and electric baseboard heating and central air cooling. It was listed for $989,000 and after competition was sold at a higher price of $1,012,000.

Relevance: Relevant, but less. Given the similar main living area size, your additional inlaw suite, superior condition, 1 car garage, extra bathroom, smaller lot I believe that once all factors are considered this home is relevant to your home but yours should sell for more.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This home is a mid century modern built in 1961 in the popular area of Turning Mill. It's total living area is smaller in size than your home at 3034 sq ft. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. It has 2 less bedrooms than your home with 4 bedrooms, but has a half bathroom more than yours with 3.5 bathrooms.  It is on a good sized lot of 0.76 acres, but this is smaller than your 1.05 acres. 
Its main living area is larger than your home's main living area. It has been renovated and the living area is open plan as per typical mid century moderns.  It has a modern kitchen and the home has 2 master suites, one on the first floor and one on the second floor. It has a 2 car garage and 4 car off street parking.  

Relevance: Relevant, but higher.  Given the larger main living area albeit smaller in total living area, 2 car garage, 2 master suites I believe this home is relevant to your home but may sell for more. This is where the market analysis gets tough.  Would buyers pay more for this single family home of a total living area smaller than yours, or would they be happy to have a smaller main living area but a large separate in law suite?

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This split entry style home was built in 1980.  It's total size is larger than your home at 3,500 sq  ft of all above ground living area.  Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 1 less bedroom than your home does, having 5 bedrooms. It has the same number of bathrooms as your home does, having 3 full bathrooms.  It sits on a smaller size 0.46 acre lot, whereas your home sits on a large 1.05 acre lot.
As you enter the main level, the formal living room is on the left and the family room is in front. The family room has a full brick wall fireplace to the ceiling, a wet bar, and is open to the kitchen. It has access to the sunroom through a glass slider. The kitchen has a breakfast bar peninsula, stainless steel appliances, granite countertops, ceramic tile backsplash, white cabinets. It is a galley style kitchen with an informal dining area, a built-in china cabinet with some glass panels, chair rails, and exterior access to a deck through a sliding glass door. The formal dining room has access to the same desk through glass sliders. The master suite is located on the main level with a master bathroom with granite countertop and white vanity cabinet. Another bedroom and another full bathroom are on this level. The lower level includes 2 bedrooms, an office, a utility room, a large storage room and another full bathroom. The entire home is sun-filled with huge windows. The main level of living features gleaming hardwood floors while the lower level has wall to wall carpeting.
This home has an attached 2 car garage and 6 car off street parking, oil  heat, and central air cooling. It was initially listed for $1,175,000 but price was dropped to $1,125,000 before it went under agreement and was sold for $1,125,000.

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

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This is our listing. This contemporary cape style home was built in 1972.  It's total living area is smaller than your home with 3,298 sq ft of approx living area including a small finished room in the lower level. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment.  This home has 1 less bedroom than your home, having 5 bedrooms. It has the same number of bathrooms as your home, having 3 full bathrooms. It sits on a smaller size 0.33 acre lot whereas your home sits on a large 1.05 acre lot.
The home has lovely curb appeal and as you pass through the foyer to the hallway, the living room is on the left and it has a fireplace with marble facing, white mantel, and inset into a brick facade to the ceiling. It has arched windows framing the fireplace, crown molding, hardwood floors, and exterior access to the deck through double sliding doors. The formal dining area has an open floor plan with the kitchen. It has chair rails, crown molding, hardwood floors, and exterior access to the deck through french doors. The kitchen has a breakfast bar island with a food prep sink, granite countertops and backsplash, dark wood cabinets, glass fronted cabinets, pendant light fixtures, stainless steel appliances, bay window where the informal dining area is situated, and hardwood floors. This level also includes 2 family bedrooms and a full bathroom. The other 2 family bedrooms are on the upper level as well as the master suite. The master bedroom has a fireplace with a brick facade to the cathedral ceiling which has skylight, a newly renovated attached bathroom, and wall to wall carpeting. The family room is also on this level which has a cathedral ceiling with skylights, and wall to wall carpeting. There are 2 family bedrooms, an office, and a full bathroom with double vanity sink, granite countertop, jacuzzi, and transom window on this level. The partially finished lower level includes a bonus room and a playroom.
This home has an attached 2 car garage and 4 car off street parking. It has forced air heating, and central air cooling, and has solar panels. It was listed for $1,029,000 and is currently under agreement with competition and will sell for $1,130,000.

Relevance: Relevant but higher. Given the superior condition of the kitchen, bathrooms, 1 less bedroom, 2 car garage, smaller lot, smaller total size but all contiguous living area,  I believe once all factors are considered this home is relevant to your home but it should sell for more.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This contemporary style home was built in 2001.  It is larger than your home with 4,000 sq ft of all above ground approx living area.  Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 2 less bedrooms than your home,having 4 bedrooms. It has more bathrooms, having 4 full and 1 half bathrooms. It sits on a smaller size 0.49 acre lot on a busy street whereas your home sits on a large 1.05 acre lot.
The main level includes the living room which has hardwood floors and has an adjacent half bathroom. The formal dining room has wall to wall carpeting. The family room has cathedral ceiling with skylights, and wall to wall carpeting. The kitchen also has a cathedral ceiling, a breakfast bar island, granite countertops, and ceramic tile floors. A bedroom with walk in closet and wall to wall carpeting and a full bathroom are also on the main level. The master bedroom is on the second floor and it has a cathedral ceiling with skylights, wall to wall carpeting, an attached nursery, and an attached bathroom which has a Jacuzzi. There are 2 more bedrooms, both having wall to wall carpeting and attached bathroom, are also on this level.
This home is located in the Fiske school neighborhood and has an attached 3 car garage and paved 6 car off street parking, forced air central  heat, and central air cooling. It was initially listed for $1,436,000 but price was dropped to $1,390,000 and then $1,150,000 and was sold for $1,150,008 after a total of 137 days on the market.

Relevance: Higher. Given the larger size, 3 car garage, extra bathrooms, traditional layout I believe it will sell for more than your home.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This contemporary colonial style home was built in 1955.  It is larger than your home with 3,915 sq ft of approx living area including a finished lower level.  Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has less bedrooms than your home,having 4 bedrooms. It has more bathrooms than your home, having 4 full bathrooms. It sits on a smaller size 0.69 acre lot whereas your home sits on a large 1.05 acre lot.
The living room has picture windows, hardwood floors, and has an open floor plan with the formal dining room. The dining room is a step higher than the living room and has picture windows, hardwood floors, and has an open floor plan with the eat-in kitchen, and has access to the sunroom. The kitchen has recently been renovated and has cherry cabinets, granite countertops, ceramic tile backsplash, stainless steel appliances, hardwood floors, and has exterior access by the informal dining area. The family room has bay windows, hardwood floors, and an attached bathroom. A bedroom is also on this level which has hardwood floors and is adjacent to the main level bathroom. The master suite and 2 more bedrooms are on the second floor. The master bedroom has cathedral ceiling, picture windows, hardwood floors, walk in closet, and an attached bathroom. The master bathroom has a cathedral ceiling, whirlpool tub, and shower stall. The family bathroom on this level has a double sink vanity. The finished lower level has wall to wall carpeting, cedar closets, and has a fireplace. This home has a heated inground pool.
This home is located in the Sun Valley neighborhood. It has an attached single car garage and 3 car off street parking. It has hot water baseboard heating, and central air cooling. It was listed for $1,099,000 and was sold over the listing price due to competition. Sold for $1,153,000.

Relevance: Higher.  Given the larger size of the home, 1 car garage, renovated kitchen, extra bathroom, large bathrooms I believe this home will sell for higher than your home.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This colonial style home was built in 2000.  It's total living area is smaller than your home at 3,198 sq  ft of approx. living area which includes a finished lower level. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 2 less bedrooms than your home does, having 4 bedrooms. It has 2 full and 2 half bathrooms. It sits on a smaller 0.22 acre lot, whereas your home sits on a large 1.05 acre lot.
The home has lots of curb appeal being a center entrance colonial. Upon entry to the 2 story foyer with accent windows, the living room is immediately on the right and it has columns, crown molding, and hardwood floors. It has access to the office/ study through french doors. The office has custom built ins double windows, and hardwood floors. The formal dining room has chair rails, tray ceiling, and hardwood floors. The family room has a fireplace with brick facing and white mantel, hardwood floors, has an exterior access to the deck through glass doors, and has an open floor plan with the kitchen. The kitchen has a breakfast bar peninsula, picture window, cherry cabinets, stainless steel appliances, and hardwood floors. The master suite and the family bedrooms are on the upper level. The master bedroom has wooden floors and an attached bathroom which has double sink vanity with white cabinets, a shower stall with glass door, and a jacuzzi. The other family bedrooms have wall to wall carpeting and share a family bathroom which has a double sink vanity with white cabinets. The finished lower level has laminate flooring and has a half bathroom.
This home has an attached 2 car garage and 6 car off street parking. It has radiant, forced air  heating, and central air cooling. It was listed for $1,100,000 and was sold over the listing price due to competition. Sold for $1,185,000.

Relevance: Relevant, but higher. Given the smaller total size of this home but larger main living area, smaller lot size, superior curb appeal, similar condition, 2 car garage I believe this home is relevant to your home but it should sell for higher.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This colonial style home was built in 1992.  It is larger than your home with 4,364 sq ft of approx living area including a finished lower level. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 1 less bedroom than your home, having 5 bedrooms. It has 1.5 more bathrooms than your home, having 4 full and 1 half bathrooms. It sits on a smaller size 0.30 acre lot in desirable Merriam Hill whereas your home sits on a large 1.05 acre lot.
Upon entry to the grand foyer, the main level has an open floor plan with back to back fireplaces with brick facing and white mantel, double windows, and hardwood floors. The living room has custom built ins. The formal dining room has external access through french door. The kitchen is large and has a breakfast bar peninsula, granite countertops, pantry, white stainless steel appliances, a center kitchen island, custom built cabinets, and hardwood floors. It has access to both the covered porch leading to the detached office and the family room. The detached office has a sitting room, an attached bathroom and a loft with skylights and balcony. The family room also has access to the large rear deck. The upper level includes the master suite and 2 family bedrooms. The master bedroom has a fireplace with brick facing and white mantel, double windows, hardwood floors, walk in closet, and an attached bathroom. The master bathroom has double sink vanity, a shower stall, bidet, and a jacuzzi. The other bedrooms on this level have wall to wall carpeting and share a family bathroom. The finished lower level includes 2 more bedrooms and a sitting room, both with vinyl flooring and a full bathroom.
This home is located in the Merriam Hill neighborhood. It has  6 car off street parking, and has forced air, and hot water baseboard  heat, and central air cooling. It was listed for $1,275,000 and went under agreement twice before it got sold for $1,205,000.

Relevance: Higher. Given the much larger size, newer construction, superior location extra 1.5 bathrooms I believe this home will sell for more than your home.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This home is a traditional garrison colonial that is smaller in total living area than your home with 3226 sq ft which does not include the finished basement. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. When you consider the main living area it is larger than your home. It has the same number of bedrooms as your home with 6 bedrooms. It has 1 half bathroom more than your home at 3.5 bathrooms, yours has 3 in total. It was built in 1974, yours in 1956. The kitchen is large with white cabinetry, modern ceramic tile backsplash that is open to a huge octagonal ceiling family room. The bathrooms have all been renovated and the home shows well.  Its location was stunning being at the end of a cul de sac only steps to the bike path and a short walk to the town center. The home had a traditional layout with a 2 car attached garage.  The backyard is lovely with a large paved patio, and a large paved driveway. The home went under agreement, then came back on the market and went under agreement again a couple of weeks later. Given the delay in going under agreement it more than likely has sold for less than the asking price.

Relevance: Higher. Given its superior location, 2 car garage, larger main living area, extra bathroom, renovated bathrooms I believe that when all factors are considered it will sell for more than your home.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This colonial style home was built in 1984.  It is of similar size as your home at 3,427 sq  ft of approx. living area including a finished basement. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. This home has 2 less bedrooms than your home, having 4 bedrooms. It has the same number of bathrooms as your home, having 3 full bathrooms. It sits on a smaller size 0.32 acre lot just steps to the town center, whereas your home sits on a large 1.05 acre lot.
The living room has a fireplace with brick facing, crown molding, hardwood floors, and is partially open to the formal dining area through a cased opening. The dining room has a large china cabinet, double windows, crown molding, hardwood floors, and access to the sunroom through french door. The sunroom has walls of glass and cathedral ceiling. The family room has a cathedral ceiling with skylights, recessed built ins, hardwood floors, and exterior access on both sides through french doors. It is also connected to the sunroom through a sitting room which has triple windows and hardwood floors. The kitchen is stunning and has granite countertops, cherry cabinets, ceramic tile backsplash, picture window, stainless steel appliances, and ceramic tile floors.  This level also includes a bedroom with an attached bathroom. The second floor includes 2 family bedroom and the master suite. The master bedroom has a fireplace with brick facing, double windows, an attached office, and an attached bathroom. The master bathroom has marble counters and is large. 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. It 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, after competition pushed it well over its asking price.

Relevance: Higher.  Given the similar total size but your much smaller main living area, superior location, superior condition, 2 car garage, I believe it will sell for more than your home.

Your details: Living area 3499 sq ft | 6 beds | 3 baths | Lot size 1.05 acres | Built 1956

This is our listing. It came on the market last weekend and we reviewed offers on the home on Tuesday. It is smaller than your home at 3198 sq ft and this includes a small finished room in the lower level. Your home has 3499 sq ft of living area which includes 2511 sq ft in the main living area and 988 sq ft in the inlaw apartment. The home is a traditional center entrance colonial which the buyers love. It also is close to the town center and an easy walking distance to all 3 schools as well as the town center. The home has been updated throughout. It has marble tiles in the foyer, and the dining room is on the right, with the living room on the right with a woodburning fireplace. The kitchen is at the back of the home and has been updated with granite counters, modern white cabinetry, informal dining area, french doors leading to the huge deck, and access to the attached 2 car garage. Upstairs are 5 huge bedrooms with all 3.5 bathrooms having been recently remodelled with granite topped vanities and modern fixtures. The home had recently been totally repainted.
It has an attached 2 car garage and paved 4 car off street parking. It has hot water baseboard and high velocity central air cooling.  It was listed for $1,349,000 and after 3 offers it was sold at $1,331,000, after competition pushed it well over its asking price. The buyer was a young family with a 2 year old child.

Relevance: Higher.  Given the similar size, superior location, superior condition, 2 car garage, I believe 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 $1,050,000-$1,100,000.  

This has been quite a hard market analysis to do as there are very few  homes with over 4 bedrooms that do not have garages, and none that are 2  family homes.  Your home could sell for more than this range  but pricing conservatively is the best way to get a higher price, and if  my estimate is wrong then the market will correct it. I just don't see  too many people looking to buy a 2 family home with a completely  distinct apartment. More common are in-law suites actually within the  same building with the same front door, so this concerns me and prompts  me to suggest being more conservative with pricing.

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 our listing at 60 Ivan St  which came on the market for $1,029,000 and will sell for $1,130,000, the home at 105 Gleason which came on the market for $1,100,000 and sold for  $1,185,000 and the home at 43 Fletcher Rd which came on the market for $1,198,000 and sold for $1,331,000. 

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

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

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

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

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

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

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

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

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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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