90 Brantwood Rd Arlington

Market Analysis for:

Richard and Win Kramer

Date prepared: 

I've done a market analysis on your home at 90 Brantwood Rd in Arlington 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 take into account your reported condition and how, in my experience, that will impact the price of a home making it more or less valuable.  

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.

Home built in 1914, on 0.18 acre lot, gambrel style colonial, with 2536 sq ft of living area according to public record, 3 bedrooms, 1 office, 2 full bathrooms, 1 car detached garage. Your home is located in the Kensington Park area of Arlington and is steps to Menotomy Rocks Park.

As you walk in the front door you enter a vestibule, with double glass doors directly in front opening into the foyer.  The foyer is large with the dining room off to the right through a cased entry, and the living room off to the left via double French doors. The living room has lots of original gumwood molding around the room.  A wood burning fireplace is central to the front to back living room. Beside the fireplace are two French doors leading out to the covered patio area with columns also defining the space. The living room is carpet over hardwood floors. I would recommend getting a quote to refinish the floor to give the buyers perspective as to the minimal cost associated with restoring the floor back to hardwood. Triple windows are at the front of the home. Bookcases, and detailed molding around the fireplace is stunning. The dining room has moldings accenting the walls, another wood burning fireplace with a painted mantel and intricate woodwork detail.  Lovely handcrafted radiator covers throughout the home. A swinging door leads from the dining room to the kitchen. Wood cabinetry with some uppers with glass panes, laminate counters, peninsula island, informal dining area with a bay window overlooking the backyard, and a half French exterior door leading out to a patio, and the single car garage. A jack and jill staircase leads from the kitchen area to the second floor. This staircase has been blocked and used for storage but I would recommend restoring it back to a functional staircase. From the kitchen you access the central staircase area directly through a lower ceilinged area. The central staircase area has elegant wallpaper that is immaculate. After being in the home for a period of time I recommended to leave the wallpaper as is as I believe buyers will be taken with it. As you walk up the stairs to the second floor on the landing is a window to the jack and jill stairs and there is also a matching trim mirror on the opposite wall. The attention to detail in this home is stunning.

At the top of the stairs there is a bedroom, with a linen closet in an area off the landing, and a door to a family bathroom that has shared access by the two family bedrooms. This is another reason why the jack and jill staircase should be restored because of the lack of a bathroom on the first floor we need to provide access to guests to a bathroom and if this wing is left as a junior suite then there is no bathroom that is accessible to guests that does not require them to go via a bedroom. The family bathroom has partly tiled walls, a clawfoot tub, a shower, wallpaper (which I would recommend removing). The bedroom which is past the J&J staircase has carpet on the floor, wallpaper (which I would recommend removing. Another bedroom is larger and is light and bright with lots of windows. There is an office which could use some wall repair, has wooden beamed ceiling and is a desirable option. The master bedroom has lots of light, hardwood floors, an attached bathroom, wallpaper (which I would recommend removal of), a dressing area with lots of closets. The master bathroom has carpet, wallpaper (which should remain), closet, shower with tiled walls.

The basement is unfinished, with the laundry, a half French door leading out to the backyard via a non-full height exterior doorway. A toilet is beside the laundry, but it is an older toilet and shouldn’t be included in the bathroom count. Two other areas are down here, one with a sump pump, and the electrical room is behind a doorway. The electricals include some knob & tube wiring and I would recommend getting a quote from an electrician so that we can provide this to the buyers to give an idea of the cost to mitigate.

In the backyard is a lower patio area with a fireplace, and a fountain area in the lush green grass backyard.

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Market Dynamics

We have been experiencing shortages of housing inventory in Arlington over the last 5 years or so. There are always a number of buyers looking to buy in Arlington 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 Arlington market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Arlington far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Arlington are well above average prices obtained in the peak of the market in 2010. Average home prices have been increasing steadily since 2011. 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 homes show that the $600K price-range is the most active in Arlington. The next busiest price range in Arlington is the $800K price range. 

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 Arlington around the $900K price range is around $395 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 1910’s the average price per sq. ft. is $479. 

The chart below shows that single family homes in Arlington of similar size to your home in the 2,000 square foot range, have an average price per square foot of $398 but it increases to $448 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 price ranges is almost nothing indicating a severe shortage in every price range.

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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 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This cape style home was built in 1956. It is smaller than your home with 2,208 sq ft of approx. living area. Your home has 2,536 sq ft of approx living area according to public records. This home has 4 bedrooms, whereas your home has 3 bedrooms and 1 office. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a larger size 0.32 acre lot in Morningside whereas your home sits on a 0.18 acre lot.
The home has been presented beautifully with fresh paint on the main levels. Upon entry to this home, the living room is immediately on the left and it has a fireplace with brick facing and white mantel, and hardwood floors. The dining room has chair rails, and hardwood floors, and is partially open to the kitchen through a cased opening. The kitchen is fairly basic and has white cabinets in one corner, to the ceiling, overhead cabinets with glass paneled doors, white appliances, vinyl floors, and has exterior access through a half french door. The family room is partially open to the kitchen through a cased opening. The family room has a fireplace on bricks to the beamed cathedral ceiling, custom built ins, triple windows, cedar paneled walls, hardwood floors, and has an exterior access to the deck through glass sliders. A family bedroom is also on the main level and has custom built ins and hardwoods. There is also a dated full bathroom. The master bedroom is on the 2nd level and it has a walk in closet, double windows, and hardwood floors. Two more family bedrooms are on this level and one bedroom has custom built ins, double windows, and hardwood floors and another has double windows, and hardwood floors.
This home has an attached single car garage and 2 car off street parking. It has hot water baseboard, oil heating. It was listed for $789,000 and after competition sold for $874,500.

Relevance: Less.  Given the smaller size, inferior condition, inferior style of home I believe that this home will sell for less than your home.

Your details: Living area 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This bungalow style home was built in 1927. It is larger than your home with 2,650 sq ft of approx. living area. Your home has 2,536 sq ft of approx living area according to public records. This home has 4 bedrooms, whereas your home has 3 bedrooms and 1 office. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a similar but still smaller size 0.15 acre lot whereas your home sits on a 0.18 acre lot.
The curb appeal of this home is nowhere near the curb appeal of your home. Entry to this home is through a sunroom which has walls of windows, beadboard walls and ceiling, and hardwood floors. From the foyer, the living room is on the right though double french doors. It has a fireplace on bricks, triple windows, crown molding, hardwood floors, and has an open floor plan with the formal dining room defined by columns and custom built cabinets with glass paneled doors. The dining room has bay window, a built in china cabinet, crown molding, and hardwood floors. The kitchen is connected to the dining room through a butler’s pantry. The kitchen has been newly renovated with white cabinets to the ceiling, picture windows, stainless steel appliances, ceramic tile backsplash, wainscoting, and hardwood floors. It is connected to the mudroom which has exterior access leading to the back porch. There are 2 bedrooms on the main level, and two on the second floor. One is a bedroom which has 2 entries, crown molding, and hardwood floors. The master bedroom is also on the main level and it has hardwood floors and is adjacent to the main level bathroom. The layout on the second floor is poor with some quite small rooms. The bedrooms on the second level have have sloping ceilings, triple windows, and hardwood floors. The 2nd level also has a sitting room which has a low sloped ceiling and hardwood floors.
This home has an attached single car garage and paved 3 car off street parking. It has steam, oil heating. It was listed for $799,000 and is currently under agreement with competing offers.

Relevance: Relevant but less. Given the larger size of this home, more recent kitchen renovation, inferior curb appeal, inferior location, inferior layout on the second floor, I believe this home is relevant to yours but yours should sell for more.

Your details: Living area 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This colonial style home was built in 1915. It is smaller than your home with 1,994 sq ft of approx. living area. Your home has 2,536 sq ft of approx living area according to public records. This home has 4 bedrooms, whereas your home has 3 bedrooms and 1 office. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a similar but smaller size 0.15 acre lot backing onto a busy road, whereas your home sits on a 0.18 acre lot.
The home has lovely curb appeal, and upon entry from the farmer’s porch through the foyer, the living room is on the right. The living room has an open floor plan with the formal dining room. This area has hardwood floors, and has bay windows. The dining room has a plate rail, and a corner fireplace and access to the kitchen. The kitchen is quite dated with wallpaper, tile countertops, a breakfast bar peninsula, chair rails, beadboard walls, custom built ins, white appliances, a pantry, hardwood floors, and has exterior access through a side entry. The 2nd level includes 3 bedrooms, an office, and a family bathroom. These rooms have hardwood floors and the office has custom built ins. The master suite is on the 3rd level. It has a walk in closet, an office area, picture windows, an attached bathroom, and has hardwood floors. The master bathroom has double sink vanity and 2 separate vanity tables, a shower stall, a separately enclosed toilet, wallpaper on the walls, and a jacuzzi.
This home has a detached single car garage and 3 car off street parking. It has hot water radiators, gas heating. It was listed for $835,500 and was sold for less than the asking price at $829,500.

Relevance: Less. Given the smaller size of the home, inferior condition, inferior location backing onto Mystic Valley parkway I believe this home will sell for less than your home.

Your details: Living area 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This was our listing. This colonial style home was built in 1924. It is smaller than your home with 1,436 sq ft of approx. living area. Your home has 2,536 sq ft of approx living area according to public records. This home has 3 bedrooms, whereas your home has 3 bedrooms and 1 office. It has less bathrooms than your home, having 1.5 bathrooms while your home has 2 full bathrooms. It sits on a smaller size 0.11 acre lot whereas your home sits on a 0.18 acre lot. We helped these folks buy the home a couple of years ago and recommended the improvements over the last couple of years.
The home has lovely curb appeal. It has been completely renovated except for the family bathroom which was just painted. Upon entry from the farmer’s porch, the living room has a fireplace, crown molding, double windows, hardwood floors, and is partially open to the formal dining room through a cased opening. The formal dining room has 2 recessed china cabinets, wainscoting, crown molding, triple windows, and hardwood floors. The kitchen has been completely renovated and finished just weeks before coming on the market, a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinets, overhead cabinets with glass paned doors, new stainless steel appliances, double windows, and hardwood floors. It also has access to a newly renovated half bathroom with an inbuilt laundry and exterior access to the deck through double french doors. The family bedrooms, including the master bedroom, are on the 2nd level and they all have crown molding, hardwood floors, and share a family bathroom on this level.
This home has a detached single car garage and 2 car off street parking. It has steam, gas heating. It was listed for $699,000 and we sold it for $850,000 after 19 offers on the home, 13 of which had no inspection contingency.

Relevance: Relevant, but less. Given the much smaller size albeit superior condition of the kitchen, no master bathroom, inferior outdoor living areas 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 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This bungalow style home was built in 1936. It is smaller than your home with 2,180 sq ft of approx. living area which includes some of the basement. Your home has 2,536 sq ft of approx living area according to public records. This home has 4 bedrooms, whereas your home has 3 bedrooms and 1 office. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a similar size 0.17 acre lot whereas your home sits on a 0.18 acre lot.
The home doesnt really have any curb appeal as its really a bungalow style home that has brick and siding, but it has been freshly painted inside and the kitchen has been fully renovated recently. From the entry hall, the living room is on the right. The living room has a fireplace on bricks, crown molding, double windows, hardwood floors, and has access to he sunroom through a french door. The sunroom has walls of windows and wall to to wall carpeting. The formal dining room has china cabinet,  crown molding, chair rails, double windows, and hardwood floors. The kitchen has stainless steel appliances, stylish cabinets, granite countertops, ceramic tile backsplash, deep crown molding, hardwood floors, and has exterior access to the deck through glass sliders. A bedroom and a playroom both with crown molding and hardwood floors are also on the main level. The 2nd level includes the master bedroom and another bedroom. The master bedroom has an attached bathroom, vaulted ceiling, double windows, and hardwood floors. The second bedroom has its walk in closet but has no access to a bathroom on this level so the layout is challenged. The finished lower level also has a fireplace inset into fieldstone, has hardwood floors.
This home has an attached single car garage and 2 car off street parking. It has forced air, gas heating. It was listed for $849,000 but came back on the market after it went under agreement the first time. It went under agreement again and sold for $885,000.

Relevance: Less.  Given the smaller size, but superior condition of the kitchen, inferior curb appeal, inferior layout inside I believe your home will sell for more than this home.

Your details: Living area 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This tudor style home was built in 1933. It is larger than your home with 2,745 sq ft of approx. living area which includes the finished basement. Your home has 2,536 sq ft of approx living area according to public records. This home has 3 bedrooms but this doesnt include 2 bedrooms on the third floor, whereas your home has 3 bedrooms and 1 office. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a smaller size 0.11 acre lot whereas your home sits on a 0.18 acre lot.
The home has lots of curb appeal and is the same distance to the town center as your home, so it has appeal from that perspective also. The living room has a fireplace inset into bricks with mantel, coffered ceiling, wainscoting, triple windows, and hardwood floors. The dining room is connected to the living room through a cased archway, and it has an open floor plan with the kitchen. The dining area has crown molding, double windows, plate rail wainscoting, a builtin china cabinet, hardwood floors and has exterior access to the porch through double glass doors, and access to the sunroom. The kitchen has a breakfast bar island, modern shaker style white cabinets to the ceiling, crown molding, picture window, stainless steel appliances, and hardwood floors. The sunroom has walls of windows, custom built ins, crown molding, and also has hardwood floors. There is a small full bathroom on this level. The 2nd level includes 3 bedrooms, and a family bathroom. These bedrooms have custom built ins, crown molding, and hardwood floors. The family bathroom has been nicely renovated. The 3rd level includes 2 bedrooms and both have sloped ceilings and hardwood floors. The challenge with this layout is that the bathroom for these bedrooms is on the 2nd floor. This home has a finished lower level where the family room is located and it has a fireplace inset into bricks, and has laminate floors and access to the garage.
This home has an attached single car garage and single car off street parking. It has steam, gas heating. It was listed for $940,000 and was sold for $935,000.

Relevance: Relevant, but less. Given that some of the living area is in the basement and yours is all above ground living area, not having a master bathroom but having a full bathroom on the main floor where there are no bathrooms, superior kitchen condition, smaller lot size 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 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This colonial style home was built in 1870. It is larger than your home with 2,814 sq ft of approx. living area which includes a finished room in the basement. Your home has 2,536 sq ft of approx living area according to public records. This home has 3 bedrooms and an office same as your home having bedrooms and 1 office. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a larger size 0.31 acre lot whereas your home sits on a 0.18 acre lot.
The home has lovely curb appeal and is located on a double size lot on Highland ave, the other side of Menotomy Rocks Park. Upon entry form the portico, this home has an office on the left, and the living room on the right of the entry hall. The living room is accessible through a french door and it has picture windows and hardwood floors. The formal dining room is open to the living room and has wainscoting, fireplace and access to the sunroom via a glass door.  The kitchen has a breakfast bar peninsula, granite countertops, and cabinets to the ceiling, stainless steel appliances, picture window, ceramic tile floors, and has exterior access to the deck through glass sliders. The office has picture windows, custom built ins, and hardwood floors. The sunroom has walls of windows, a vaulted ceiling with skylight, wall to wall carpeting, and has exterior access leading out to the deck. The full bathroom on this level has been beautifully renovated and has a granite topped vanity, modern fixtures, claw foot tub.  The 2nd level includes the master bedroom, a family bathroom, and 2 more family bedrooms. The bedrooms have hardwood floors. The master bedroom has its own access to the renovated family bathroom on this level which has a shower stall with frameless glass door and jacuzzi, but all the bedrooms share this bathroom. The nicely finished family room has wall to wall carpet, recessed light fixtures and is on the finished lower level.
This home has a detached single car garage and 4 car off street parking. It has forced air, hot water baseboard, gas heating and central air cooling. It was listed for $859,000 and was sold for $955,000 after competing offers.

Relevance: Relevant. Given the lack of a master bathroom, 1 full bathroom being on the 1st floor where no bedrooms are, the superior condition, the larger size, slightly inferior location I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This bungalow home was built in 1910. It is smaller than your home with 2,270 sq ft of approx. living area which doesnt include 371 sq ft in a finished free standing studio. Your home has 2,536 sq ft of approx living area according to public records. This home has 3 bedrooms and an office the same as your home. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a larger size 0.28 acre lot whereas your home sits on a 0.18 acre lot.
The home has lovely curb appeal. Upon entry through the front door leading to the foyer, the living room is on the left and the office is off the living room. The dining room and family room are to the right. The living room has a beamed ceiling, crown molding, lots of windows, and hardwood floors. The family room/dining room has a beamed ceiling, large picture windows, hardwood floors, and a fireplace inset into a corner adjacent to the open stairs leading to the second floor. The office has hardwood floors and a bay window. The family room is open to the kitchen and breakfast area via a cased opening. The kitchen has a breakfast bar peninsula, stainless steel appliances, granite countertops, ceramic tile backsplash, modern white cabinets, crown molding, ceramic tile floors, and has exterior access to the deck via sliding glass doors. There is a totally renovated full bathroom on this level. The 2nd level includes 3 bedrooms, and another fully renovated family bathroom. The bedrooms have hardwood floors. Two of the bedrooms have a walk in closet.
This home does not have a garage as it was completely finished and is a detached studio. It has 4 car off street parking. It has hot water baseboard heat fueled by gas. It was listed for $985,000 and is under agreement after competing offers.

Relevance: Relevant.  Given the similar size when you consider the finished studio, superior condition, larger lot, lack of a master bathroom, I believe this home is relevant to your home.

Your details: Living area 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This colonial style home was built in 1928. It is smaller than your home with 2,200 sq ft of approx. living area. Your home has 2,536 sq ft of approx living area according to public records. This home has 3 bedrooms and an office the same as your home. It has the same number of bathrooms as your home, both having 2 full bathrooms. It sits on a larger size 0.41 acre lot whereas your home sits on a 0.18 acre lot.
The home has lovely curb appeal and is a brick fronted colonial which is very popular with buyers. It has been completely renovated. Upon entry through the vestibule leading to the foyer, the living room is on the left and a hall leading to the office, dining area and kitchen is on the right. The living room has a fireplace with white mantel, crown molding, triple windows, and hardwood floors. It has access to the family room through a wide french door. The family room has a beamed ceiling with crown molding, large picture windows, hardwood floors, and has exterior access to the deck through double french doors. The office has crown molding, and hardwood floors. The dining room has an open floor plan with the kitchen and a cased entry to the family room. The formal dining area has a recessed china cabinet, wainscoting, crown molding, and hardwood floors. The kitchen is stunning, and has stainless steel appliances, breakfast bar island, granite countertops, ceramic tile backsplash, white cabinets to the ceiling, crown molding, hardwood floors, and has exterior access through a side entry. The 2nd level includes 2 family bedrooms, the fully renovated family bathroom, and the master suite. The bedrooms have hardwood floors. The master bedroom has a walk in closet, attached bathroom, double windows, and hardwood floors. The master bathroom is stunning and has a marble countertop vanity, marble floor tiles, and a shower stall with frameless glass door and marble wall and seat.
This home has an attached single car garage and paved 4 car off street parking. It has central forced hot air, gas and central air cooling. It was listed for $1,089,000 and is currently under agreement after competing offers.

Relevance: Relevant, but higher.  Given the smaller size, much larger lot size, superior condition throughout I believe this home is relevant to your home but it should sell for more.

Your details: Living area 2536 sq ft | 3 beds | 2 bath | Built 1914 | 1 detached car garage | 0.18 acres

This colonial style home was built in 1937. It is a similar size to your home with 2,477 sq ft of approx. living area which includes a finished room in the basement. Your home has 2,536 sq ft of approx living area according to public records. This home has 4 bedrooms and an office, whereas your home has 3 bedrooms and an office. It has 2.5 bathrooms whereas your home has 2 full bathrooms. It sits on a larger size 0.24 acre lot whereas your home sits on a 0.18 acre lot.
The home is a popular center entrance colonial with an attached garage. Upon entry through the front door you enter the foyer, the front to back living room is on the right with an office off it, and the family room and half bathroom off to the left.  The living room has a fireplace with white mantel, crown molding, and hardwood floors. It has access to the office through a french door. The office has lots of windows. The family room is small and has wall to wall carpets and is not in a popular location being off from the main living areas. The half bathroom has been nicely renovated with white painted beadboard and modern fixtures. The dining area has an open floor plan with the kitchen. The formal dining area has a recessed corner china cabinet, chair rail, crown molding, and hardwood floors. The kitchen has stainless steel appliances, a breakfast bar island, granite countertops, glass tile backsplash, white cabinets to the ceiling, crown molding, hardwood floors, and has exterior access through a french door out to a patio. The 2nd level includes 3 family bedrooms, the family bathroom, and the master suite. The bedrooms have hardwood floors. The master bedroom has double closets, an attached bathroom with white painted beadboard, and wall to wall carpet. Downstairs in the basement is a finished family room with a wood burning fireplace.
This home has an attached single car garage and paved 4 car off street parking. It has hot water radiators fueled by gas and central air cooling. It was listed for $1,095,000 and sold for $1,100,000

Relevance: Higher.  Given the similar size, 1 extra bedroom, a half bathroom on the main floor, a larger lot, superior condition 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 between $975,000 - $1,025,000.  

Given the current market dynamics in Arlington, I would suggest listing  your home at the lower end of this price range estimated 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 that when  we get multiple offers.  You can see examples in the above  mentioned properties that came on the market for a lot less and  competition pushed them up to a higher final sale price. The challenge  in estimating a price for a home is ‘would this home have sold for this  price if they had priced it for higher’ or was competition the driving  factor that got to this price.  Experience tells us that competition is  why they sold for what they did, so we have to be careful with pricing.   Examples of this include our listing at 175 Highland Ave which was listed for $699,000 and sold for $850,000, the home at 120 Highland which was listed for $859,000 and sold for $955,000 and many of the others where we don't know the final sales price :-).

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.

 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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