6 Idylwilde Rd, Lexington

Market Analysis for:

Federico & Liliam Martinez

I've done a market analysis on your home at 6 Idylwilde 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.

As you enter the front door you enter the large entry with marble tile floors and have the typical choice for a split level of choosing to go up or down.

When you head upstairs you have the living area off to the left and it is has an open floor plan which includes the living room and the formal dining room. It is a large space with a cathedral ceiling, recessed lights, beautifully painted walls, and hardwood floors. You can access the kitchen from the dining room or the living room hallway. The kitchen has a breakfast bar island,  granite countertops, stainless steel appliances which includes a 2 door fridge/freezer, maple cabinetry, ceramic tile backsplash, hardwood floors, and an informal dining area. Through a cased opening is a stunning family room with lots of natural light via multiple windows and accent windows . The family room has a vaulted ceiling, wall to wall carpeting, and exterior access through a glass door to the deck which overlooks the beautiful backyard. There is a set of stairs leading to one of the playrooms down stairs. Off the family room is a large bedroom with wall to wall carpeting and a full bathroom which is quite dated with mirrored tiles, wallpaper on the walls, cabinet with granite countertop, and a sunken bathtub.

As you come up the stairs from the front door, to the right is the bedroom wing which has closets along the hall, and a full bathroom which has a granite countertop vanity, ceramic tile floors, ceramic tiled shower tub, and a closet. There are 2 large family bedrooms with double windows, and hardwood maple floors. The master suite is a great size and it has a walk in closet, maple floors, and has an attached bathroom. The master bathroom has a vanity with granite countertop, maple(?) cabinets, ceramic tiled tub/shower.

As you go downstairs from the entry you have another family room off to the left. It will be freshly painted. It has a fireplace inset into bricks to the ceiling, wall to wall carpets (throughout the finished rooms in the lower level apart from the half bathroom) and windows allowing for natural light. There are  closets along the hallway off to the right from the stairs down, a dated half bath, a laundry room which has access to the garage. The attached 2 car garage has cabinets, lots of additional storage.

As you continue on the hallway you have a large playroom which has wall to wall carpeting and closets, a set of stairs leading to the family room above, and it has access to another room that we will stage as a bedroom to make the 5th bedroom according to public record. This room has wall to wall carpeting, closet, and a closet for the water tank.

Your home has new roof, new gutters, new lawn, a radon mitigation system, an irrigation system. It has electric heat throughout much of the home as a backup to the  main heating in the home which is the furnace, and central air conditioning found in the attic space.

In summary, the living area of your home is 2444 sq ft first floor, and 1830 sq ft in the lower level totaling 4274 sq ft.  This will need to be verified once the floor plans have been created. Upon receipt of the floor plans, we have found an error in the 'new' public record information provided.  They have double counted 330 sq ft shown as Cath Clng.  The record of 2444 sq ft on the first floor is correct.  The lower finished level is 30*28 (= 840), 30*22 (=660), 14*8 (=112) which totals 1612 sq ft in the finished lower level.  This is including the whole of the laundry area, along with all of the area on the left of the laundry, and the area at the back of the home underneath the family room and bedroom/bathroom upstairs as can be shown in the floorplan provided.  The 1500 shown in the future public record is the same as we have but we have added in the laundry as well.   The total sq ft in your home is 2444 (first floor) + 1612(lower level) = 4056 sq ft.

It has 5 bedrooms, 3.5 bathrooms. It has an attached 2 car garage, built in 1974, on 0.38 acre lot.

Below is a copy of the assessors record as per the future record you provided. I've also included the draft floor plan - changes of rooms need to be changed, but it has the layout that can be mapped to the new public record sketch. (We use the gross length/width values from public record to calculate the living area)

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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 $399 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 1970’s the average price per sq. ft. is $369.

The chart below shows that single family homes in Lexington of similar size to your home in the 4,000 square foot range, have an average price per square foot of $389. 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 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This split entry style home was built in 1980.  It is smaller than your home with 3,500 sq ft which consists of 2056 sq ft on the main level and includes the finished living area in the lower level. Your home has 4,056 sq ft of living area which consists of 2444 sq ft  on the main living level and 1612 sq ft in the finished lower level.  This home has the same number of bedrooms as your home, having 5 bedrooms. It has 1 less half bathroom than your home, having 3 full bathrooms as your home has an additional 1 half bathroom. It sits on a larger size 0.46 acre lot whereas your home sits on a 0.38 acre lot. It was built in 1980 whereas your home was built in 1974.
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 2-tier breakfast bar peninsula, stainless steel appliances, granite countertops, ceramic tile backsplash, and white cabinets to the ceiling. It is a galley style kitchen which is quite small 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 deck through glass sliders. The master suite is located on the main level and has an attached 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. The bathrooms have all been updated and are quite large.
This home is located in a nice area and 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: Relevant, but less. Given the smaller size of this home, 1 less half bathroom, inferior layout, superior condition of bathrooms, I believe that this home is relevant to your home but your home should sell for more.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5 beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2 car garage

This is an older sale of a contemporary style home which was built in 2001.  It has larger above ground living area than your home with 3613 sq ft above ground and approx 400 sq ft in the basement totaling 4,000 sq ft of living area. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level.  This home has 1 less bedroom than your home,having 4 bedrooms. It has 4 full and 1 half bathrooms whereas your home has 3 full and 1 half bathroom. It sits on a larger size 0.49 acre lot on a busier road whereas your home sits on a 0.38 acre lot in a cul de sac.
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 2nd floor and it has a cathedral ceiling with skylights, wall to wall carpeting, an attached office/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. The home had not been maintained well and was poorly presented to the market. This home highlights the impact of poor preparation and marketing.
This home is located in the Fiske school neighborhood and has an attached 3 car garage and paved 6 car off street parking, forced hot air heat, and central air cooling. It came on the market overpriced and was initially listed for $1,436,000 but was dropped to $1,390,000 until it dropped price again to $1,150,000 and was sold for $1,150,008 after a total of 137 days on the market.

Relevance: Relevant, but less.  Given the larger main living area size of the home, inferior location, inferior presentation, larger lot, 1 less bedroom, 1 more full bathroom with all bathrooms being 2001 vintage, extra garage, I believe considering all of the factors that this home is relevant to your home but yours will sell for more.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This home is smaller than your home at 3817 sq ft in size which consists of 2920 sq ft above ground and approx 900 sq ft in the lower level. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level.  It has 1 bedroom more than your home at 6 bedrooms, and it has the same number of bathrooms at 3 full and 1 half bathroom. It is on a larger lot than your home at 0.72 acres, yours in 0.38 acres.  It was built in a similar vintage of 1971, yours is 1974. It also has a 2 car garage.  This is an example of a home with no preparation whatsoever so the home does not show well. The kitchen counters are completely full of 'stuff', there is too much furniture in the home all of it with 'things on it' and it makes it hard for the buyers to imagine themselves living in the home. The bathrooms and kitchen are in similar condition to your home.  It has a similar size finished basement as your home.
The home came on the market overpriced at $1,399,900, then dropped to $1,299,900, then to $1,199,900, then up again to $1,299,900, then to $1,199,900 back on 4/30.   It has an accepted offer on it a couple of days ago, with an inspection so there is still a chance it will fall through, and will sell for below its true market value.

Relevance:  Relevant, but less. Given its smaller size, larger lot size, similar bathroom and kitchen condition, lack of preparation I believe it is relevant to your home but yours should sell for more. The challenge with this is that we have no idea what it will ultimately sell for but I believe it will sell for far less than its current listing price.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This is our listing. It is smaller than your home with 3499 sq ft of living area.  This is currently split between an in-law apartment and the main home and I included this because it has 1125 sq ft in the inlaw apartment and 2374 sq ft in the main living area. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. The home has 1 more bedroom than your home at 6 bedrooms, and has 1 half bath less than your home at 3 full bathrooms. It is on a larger lot of 1.05 acres in a desirable area of Lexington. The home was vacant and we staged it fully for sale. The seller had done lots of preparation prior to coming on the market with paint throughout, floors refinished, new carpet, granite in the kitchen, minor updates to bathrooms. The home had been a long term rental prior to this work being done so it was necessary. One of the features with this home is that it had a lot of living spaces for the family with a family room out the back off the living/dining room, another family room downstairs, and an open plan family room/dining/living room in the in-law apartment. It did not have a garage or central air.
We had 8 offers on the home and it went under agreement for $1,261,000. Its worth noting that we were cautious with the asking price because of the negatives of the total living area being split into two separate living spaces, how few multifamilies sell in Lexington, and the lack of a garage. With being cautious we ended up with a higher than market value offer on the home once we had competing offers.

Relevance: Relevant, but less.  Given the smaller size, lack of a garage, 1 less bedroom, 1 more half bathroom, albeit a much larger lot size in a desirable area I believe this home is relevant to yours but yours should sell for more.  Of difficulty in using this as a relevant home is the fact that this sold as a multifamily rather than as a single family. A high proportion of the offers we had for the home were as a multi.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This is our listing.  We bought it on the market this weekend so we don't know what its ultimate sale price will be. It is a similar size to your home at 4110 sq ft although it has much larger above ground living area at 3120 sq ft. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. It was built in a similar vintage in 1968, yours is 1974. It was originally built as a split level home but another floor was added making it have 3 finished levels.  It has 1 more bedroom than your home with 6 bedrooms and it has 1 more half bath than your home with 3 full and 2 half baths. It is on a smaller lot of 0.26 acres, yours is 0.38 acres.
As you walk in the front door you have a landing and then choose to go up or down as does your home. When you go up you have a living room with a wood burning fireplace, large bay window and is open to the formal dining room similar to your home. From the dining room you can head out to the fully enclosed sunroom via sliding french door. The kitchen is modern with cherry cabinets, ceramic tile floor, granite countertops, an informal dining area with a bay window and white appliances. There are 2 bedrooms on this level one having an attached full bathroom and an office and a half bathroom. Upstairs there are 4 bedrooms, one being the master suite, and a library. The master suite has a walk in closet, and a large master bathroom with a shower and a jacuzzi.  The family bathroom has dual sink vanities. Downstairs there is a large family room, a laundry, an office, and a half bathroom. The whole home has been freshly painted, with new carpets and presents beautifully. The home has an accepted offer on it for $1,249,000.

Relevance: Relevant but higher. Given the similar size, superior bathroom condition, additional rooms (2 offices and a library), 2 main living areas which would be considered above ground by assessors/appraisers I believe this home is relevant to yours but it should sell for a smidge over yours.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This home is a similar size of 4100 sq ft but it consists of 2 finished floors above ground and a finished lower level, and its above ground living area is larger at 3025 sq ft.   Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. It has 1 less bedroom than your home at 4 bedrooms although it has an office on the first floor as well. It has the same number of bathrooms at 3.5 bathrooms. It is on a similar size lot of 0.37 acres, yours in 0.38 acres. It was built in 1999 whereas your home was built in 1974.
This home is a classic center entrance colonial which the buyers love. When you walk in the front door you have the front to back living room to the left, hallway and staircase in front and via double french doors the office to the right hand side. The dining room is classic with lots of windows and wainscoting and opens to the kitchen. The kitchen is a little basic with corian counters, black appliances and a breakfast bar island and is open to the informal dining area and family room. The informal dining area has double french doors opening out to the backyard. The family room is open to the kitchen with a cathedral ceiling, skylights, fireplace and double french doors opening to the patio. Upstairs the bedrooms are large and each bedroom has lots of closet space with 2 of the family bedrooms having walk in closets. The master suite is large with a master bathroom that is huge (as big as a bedroom), a walk in closet, a sitting room, and 2 large storage spaces. The lower level has been nicely finished.
The home came on the market for $1,249,000 and is currently under agreement so we don't know what it will sell for.

Relevance: Relevant, but higher.  Given the larger above ground living area (2 floors), more popular style of home, all bedrooms co-located, superior condition of all bathrooms I believe this home is relevant to your home but it should sell for more than your home.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This home is larger above ground living area than your home with 2 finished floors above, and the lower level also finished. It has 2800 sq ft in the 2 finished upper floors and approx 900 in the lower level totaling 3716 sq ft. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. It has the same number of bedrooms and bathrooms as your home. It is on a larger lot of 0.46 acres, your home is on 0.38 acres.  It was built in 1985.
The front entrance of the home is around the side of the home so its curb appeal is not strong for a colonial. The home is open plan inside and as you walk in the home opens up around you with the living room off to the left and the family room in front via french doors. The living room is open to the dining room. The family room, informal dining and kitchen are all open plan and double glass doors from the informal dining lead out to the deck and a stunning patio outside. The kitchen has recently been updated and has white cabinetry, stainless steel appliances and granite counters. It has a breakfast bar peninsula also. Off the living room via french doors is a stunning sunroom with walls of windows, cedar lined cathedral ceiling. There is also a first floor master bedroom with cathedral ceiling and attached bathroom with jacuzzi, steam shower, double vanities and white painted beadboard walls. Upstairs are another 4 bedrooms, one as the master suite with an attached bathroom and the other 3 sharing a family bathroom. Downstairs in the lower level is a large recreation room, and office and lots of storage. The home has lovely open yard, and a long driveway off Shade St providing lots of privacy.
The home came on at too high a price and sat on the market for about a month before going under agreement for less than the asking price.

Relevance: Relevant, but higher. Given the larger above ground living area (2 floors), renovated kitchen and completely open family room, 2 master suites I believe that this home is relevant to yours but it should sell for higher.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This contemporary style home was built in 1969.  It has larger above ground living area with 3,196 sq ft which doesnt include the finished lower level. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level.   This home has the same number of bedrooms and bathrooms as your home.  It sits on a similar size 0.37 acre lot in the very desirable area of Follen Hill. Your home sits on a 0.38 acre lot.
The home has been renovated with the help of an architect and is not your typical split level home. As you enter the front door your options are to go up to the living room or to go down to the family room. The living room has a cathedral ceiling, large accent windows lining the front wall, a bay window, a fireplace with marble tile facade, and hardwood floors. It is open to the formal dining room and the kitchen. The formal dining room has chair rails, hardwood floors, and access to the balcony. The kitchen has a large skylight, crown molding, stylish cabinets to the ceiling, granite countertops, stainless steel appliances, ceramic tile floors and an informal dining area. There are 4 family bedrooms on this level and one of them has an attached bathroom. All family bedrooms on this level have wall to wall carpeting and 3 of them share a family bathroom. The master bedroom is on the upper level and it has a cathedral ceiling with skylight, his and her walk in closets, a sitting area which has access to a balcony, and an attached bathroom. The master bathroom has double vanity sink, marble countertops, and marble floors. The stairs to the master suite are from the living room and are open to this area. The family room is on the lower level and it has a fireplace with custom built ins on both sides of the fireplace,  bay window, and wall to wall carpeting. This level also has an office with an attached bathroom, and hardwood floors.
This home is located in the Follen Hill neighborhood. It has an attached 2 car garage and paved 6 car off street parking, has hot water baseboard  heat, and central air cooling. It was listed for $1,274,900 and was sold higher than the listing price, due to competition, for $1,285,000.

Relevance: Relevant, but higher. Given the larger above ground living area (2 floors), superior location, superior condition with recent architect designed renovations I believe this home is relevant to your home but it should sell for more.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This was bought by one of our buyers. This popular colonial style home was built in 1953 but it was new construction in 2017 from the foundations up.  It is larger than your home with 4,217 sq ft of all approx living area including a finished lower level, and consists of 2 finished above ground floors. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. This home has 1 less bedroom than your home having 4 bedrooms. It has 4 full  bathrooms. It sits on a similar size 0.33 acre lot whereas your home sits on a 0.38 acre lot.
The quality of construction was high with lots of detailed woodwork, accents, and finishes throughout. The main level has an open floor plan with hardwood floors, wainscoting, and crown molding  which includes the living room, the formal dining room, and the kitchen. The living room has a fireplace with marble facade, white mantel, and built ins around the fireplace, and picture windows. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinetry to the ceiling, stainless steel appliances, and exterior access to the deck through sliding glass doors in the informal dining area. An office, a mudroom with custom built ins, and a full bathroom are also on this level. The master suite, a junior suite with an attached bathroom and another 2 family bedrooms, and a family bathroom are on the upper level and all bedrooms are co-located. The master bedroom has a cathedral ceiling, huge walk in closets with custom builtins, hardwood floors, and an attached bathroom. The master bathroom has double vanity sink with marble counters, and large shower stall. The junior suite has a walk in closet, hardwood floors, and attached bathroom. The family room is on the finished lower level together with the recreation room and they have wall to wall carpeting. The home is basically new construction as there is virtually nothing remaining from the older home except the foundations.
This home has an attached 2 car garage and 4 car off street parking, has forced air heat, and central air cooling. It was listed for $1,349,000 and was sold at its listing price.

Relevance:  Higher.  Given the larger size, superior condition, extra full bathroom, junior suite as well as master suite I believe it will sell for more than your home.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This popular colonial style home was built in 2002.  It is larger than your home with 4,852 sq ft of all above ground approx living area which does not include the beautifully finished lower level. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. This home has 1 more bedroom than your home having 6 bedrooms. It has 1 more half bathroom as your home does, having 3 full and 2 half bathrooms. It sits on a larger size 0.46 acre lot on a busier road whereas your home sits on a 0.38 acre lot. The home is more recent construction being built in 2002.
As you enter the front door under the impressive portico, the main level has an open floor plan and includes the living room which is on the right from the foyer and the office which is to the left via double french doors. The living room has a fireplace with brick facade and white mantel, picture windows, crown molding, and hardwood floors. The office has a  fireplace with brick facade and white mantel, hardwood floors, and lots  of built ins. The formal dining room has ceiling detail work, crown molding, picture windows, wainscoting, and hardwood floors. The kitchen is huge and has an accented ceiling, cherry cabinets to the ceiling with built in china cabinets, a huge breakfast bar island with a second prep sink, granite countertops, ceramic tile backsplash, an office nook, stainless steel appliances, ceramic tile floors. It is open to the family room which has a 2-story cathedral ceiling, 2-story windows, french doors, and transoms, and hardwood floors and has sliders to the deck and also access to the screened porch on the opposite side. The master suite is on the upper level together with 4 more family bedrooms and 1 family bathroom. The master bedroom has a walk in closet, an attached bathroom, vaulted ceiling, and wall to wall carpet. The master bathroom has double vanity sink with granite countertops, white cabinets, a shower stall, and a jacuzzi. Another family bedroom has an attached updated bathroom. The family bathroom had also been nicely renovated. A bedroom on the 3rd level has cathedral ceiling and wall to wall carpeting. Downstairs in the beautifully finished huge basement was a half bath.
This home has an attached 2 car garage and paved 8 car off street parking, has oil fueled central heat, and central air cooling. It came on the market overpriced at $1,599,000 and they dropped the price by $200K over several price changes to $1,399,900 before it went under agreement and was finally sold for $1,350,000 after 137 days on the market.

Relevance: Higher. Given the home is much larger than your home, superior style home, larger lot, inferior location, superior condition I believe it will sell for more than your home.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This home is larger than your home with 4461 sq ft of living area consisting of 3426 sq ft of above ground living area on 2 floors and the finished basement.  Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. It has the same number of bedrooms and bathrooms as your home. It is on a much larger lot of 0.69 acres, vs your 0.38 acres. It was built more recently than your home in 1984 whereas your home was in 1974.  It has a 2 car garage underneath.  
The home is a popular center entrance colonial and had great curb appeal.  The home had been freshly painted inside, a family room with a cathedral ceiling, skylights, fireplace and french doors to the backyard. It was open to the large kitchen with granite counters, breakfast bar island and informal dining. The home was vacant and most of the rooms were empty with only the dining room, family room, living room and master bedroom having some furniture.  Given such a large home most buyers have difficulty visualizing how furniture will fit so it was a detriment to its selling potential.
It initially came on the market overpriced at $1,478,000 and then dropped to $1,438,000 and then again to $1,399,999.  It went under agreement after 24 days at this price so it will have sold for quite a bit less than $1,399,999. It will be closing in 5 days time so we will know its sale price then.

Relevance: Higher.  Given its much larger living area, larger lot size I believe it will sell for more than your home.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This was our listing. This popular colonial style home was built in 1997.  It is larger than your home with 3063 sq ft of above ground living area and totaling 4,073 sq ft of approx living area which included 2 above ground finished floors and the finished basement and gazebo. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. This home has 1 less bedroom than your home having 4 bedrooms. It has more full bathrooms with 4 full bathrooms. It sits on a larger size 0.76 acre lot in a popular area whereas your home sits on a 0.38 acre lot.
The curb appeal of this home is stunning along with a large landscaped 3/4 acre lot. As you enter this home, you have the living room on the left from the spacious foyer. This living room has 11’ ceilings, crown moldings, picture windows, chair rails, and hardwood floors. It has access to the octagonal gazebo through a French door. The formal dining room has open floor plan with the living room and also has an 11’ ceiling giving both rooms a grand feeling. The dining room has an accented ceiling, triple picture windows, and hardwood floors. The kitchen has a center breakfast bar island, granite countertops, ceramic tile backsplash, white custom built cabinets, and a breakfast area inset into a bay window area. It has an open floor plan with the family room which has a gas fireplace with built in shelves and cabinets on both sides, hardwood floors, and has exterior access to the huge deck through a French door with matching height windows along the wall which provide lots of natural light. Also on this level is an office with crown molding, bay window with seat, hardwood floors, and built in white cabinetry with desk and shelving, a full bathroom and a mudroom with lots of closets. The master suite and 3 more family bedrooms are on the second level. The master bedroom has an attached master bathroom, a walk in closet, picture windows, and wall to wall carpeting. The bathroom has double vanity sink, granite countertop and white cabinets, a shower stall, a separately enclosed toilet, a jacuzzi, picture windows, and ceramic tile floors. One of the family bedrooms has a cathedral ceiling, hardwood floors and picture windows. Another one has a bay window with wall to wall carpet. The finished lower level has another family room with wall to wall carpet and a full bathroom.
This home has an attached 2 car garage and 6 car off street parking, has forced air  heat, and central air cooling. It was listed for $1,299,000 and we had 10 offers on the home and sold it for $1,400,000.

Relevance: HIgher. Given the superior curb appeal of the home, larger above ground living area, superior condition, larger lot I believe it will sell for more than your home.

Your details: Living area 4056 sq ft (with 1612 in the lower level) | 5  beds | 3 full baths, 1 half bath | Lot size 0.38 acres | Built 1974 | 2  car garage

This colonial style home was built in 1951.  It is larger than your home with 4055 sq ft of above ground living area on 2 floors, totaling 4,672 sq ft of living area when it includes the lower level. Your home has 4,056 sq ft of living area which consists of 2444 sq ft   on the main living level and 1612 sq ft in the finished lower level. This home has the same number of bedrooms as your home having 5 bedrooms. It has an extra full bathroom with 4 full bathrooms. It sits on a similar size 0.39 acre lot whereas your home sits on a 0.38 acre lot.
Thsi home has been completely renovated recently and showed beautifully. As you walk in the front door the home opens up in front of you with lovely open plan spaces. The main level includes the living room which has a fireplace with granite facade, picture windows, a cathedral ceiling, hardwood floors, and access to the mudroom. The formal dining room is on the right from the 2-story foyer and it also has a fireplace with granite facade, picture windows, and hardwood floors. The family room has cathedral ceiling with skylights, and a fireplace with granite facade. The kitchen is huge and has stylish white cabinets to the ceiling and some with glass panels, a breakfast bar island, granite countertops, ceramic tile backsplash, a pantry, ceramic tile floors, and white appliances. It also has an informal dining area which has a cathedral ceiling with skylight and exterior access. A bedroom/office which is not included in the bedroom count, is also on this level and a family bathroom which has a vanity with granite countertop. The master suite is on the upper level. It has a fireplace with marble facing and mantel, a cathedral ceiling, walk in closet, hardwood floors, and an attached bathroom. The master bathroom has his and her vanity with sink and granite countertops, ceramic tile floors and half height walls, and a Jacuzzi and shower stall. On this level are 4 more family bedrooms and they share a family bathroom which has a vanity and a separate sink with granite countertops. The finished lower level has been beautifully finished and it includes an exercise room with ceramic floor tiles, a full bathroom, and a media room which has a fireplace on brick wall to the ceiling. The home was fully renovated recently and is quite stunning inside.
This home has an attached 2 car garage and 8 car off street parking, has hot water baseboard  heat, and central air cooling. It was listed for $1,299,000 and was sold higher than the listing price, for $1,425,000, with competing offers.

Relevance: Higher. Given the larger size, superior condition, extra full bathroom 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 $1,220,000-$1,270,000. 

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 are our listing at 4 Blueberry Lane which came on the market at $1,150,000 and is selling for $1,261,000, our listing at 845 Emerson Gardens Rd which came on the market for $1,299,000 and sold for $1,400,000, and the home at 171 Burlington St which came on the market for $1,299,000 and sold for $1,425,000. 

When homes are overpriced they end up sitting on the market and ultimately selling for less than market value an example of this is the home at 481 Concord Ave, 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. Competition occurs with homes in your price range so the value of  pricing realistically is that sometimes competition will push the price  up over market value when buyers become emotional about 'have to have  this home'.

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.

 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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