124 Kendall Rd, Lexington

Market Analysis for:

Kim Effron

I've done a market analysis on your home at 124 Kendall Rd in Lexington and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also scrutinize the home for issues that, in my experience, will impact the price of a home making it more or less valuable. Then, I look at your current competition - the other homes that buyers in your price range will be viewing, to help determine your price.

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

Your home was built in 1968 and is on a lot of 0.36 acres. It is located in a desirable area of Lexington that is walking distance to the town center and the high school. The home is a 5 bedroom, 2.5 bathroom Garrison Colonial with a 2-car garage.

As you walk in the front door of the home, you enter a foyer with marble floor tiles. There is a hallway and stairs directly in front, the dining room is off to the right-hand side and the living room is off to the left. The living room is large with recessed lighting and a wood-burning fireplace. Through a cased opening, you enter the large dining room with a picture window looking out to the front yard. From there, you enter the kitchen. The kitchen has white cabinetry, granite counters, white appliances except for a new stainless steel fridge and is modern and fresh. The appliances are a little dated (except for the refrigerator), but look fresh and clean. There is a desk area with glass-fronted cabinets above. Adjacent to the kitchen is the informal dining area which has a French door leading out to the huge deck beyond. To one side of the kitchen is a hallway to the side entry door and where the laundry is located. On the informal dining area wing of the first floor, there is a freshly painted half bathroom and a family room. The family room is large with a large sliding glass door leading out to the deck.

Up the stairs we head to the bedroom level of the home. There is a large landing where the bedrooms and family bathroom are accessed. The master bedroom is large with double closets and a full bathroom off of it. The bathroom has been renovated and has a Corian countertop, tiled shower and ceramic floor and wall tiles. There are 4 other bedrooms on this level, all of them great sized and one that is huge. The family bathroom is modern with granite counters, dual sinks, white cabinetry, tub/shower with marble tile and ceramic floor tiles.

Downstairs in the basement there is a large play room, approximately 30*15, with veneer walls and a bricked-in fireplace and wall-to-wall carpeting. There is a huge unfinished section of the basement which has a full walkout.

The home has high velocity air conditioning and hot water baseboards. It looks like there are 4-zones of heat with the boiler fueled by gas. The windows have been replaced with double-paned windows throughout. The home also has a generator.

Based on public record, your home is 2860 square feet above ground. By my calculations, we are talking about approximately 450 square feet in the finished room at the bottom of the stairs, for a total of 3310 square feet. The diagram below was sourced from public records and shows the square footage breakdown of your home.


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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 $392 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 1960’s the average price per sq. ft. is $424.

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 $386 but it increases to $403 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 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This is our listing. This contemporary cape style home was built in 1972.  It is smaller than your home with 3,298 sq ft of approx living area including a finished lower level. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has more bathrooms than your home, having 3 full bathrooms. It sits on a similar size 0.33 acre lot in a less desirable area adjacent to wetlands, whereas your home sits on a 0.36 acre lot in a desirable area.
As one passes through the foyer to the hallway, the living room is on the left and it has a fireplace with marble facing, white mantel, and 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, cherry shaker style 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. Another 2 family bedrooms are on the upper level as well as the master suite. The master bedroom has a fireplace with 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 paved 4 car off street parking, and forced air heat and central air cooling. It was listed for $1,029,000, we had 8 offers on the home and it will sell for $1,140,000. The home is adjacent to wetlands which bothers a number of people, and the layout inside is non traditional which is also a negative to the home. Updates have been done to the home, but not to a high standard.

Relevance: Less. Given the inferior condition, inferior layout, inferior location, yet similar size I believe your home will sell for more than this home.

Your details: Living area 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This split entry style home was built in 1980.  It is larger than your home with 3,500 sq ft including the lower level. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has more bathrooms than your home, having 3 full bathrooms. It sits on a larger size 0.46 acre lot in a less desirable area of town but backing onto conservation land, whereas your home sits on a 0.36 acre lot in a desirable area.
As you enter the main level, the living room is on the left and the family room is in front. The living room has hardwood floors and is directly accessible to the formal dining room through a cased opening. The formal dining room has chair rails, hardwood floors, and exterior access to the deck. The family room has a full brick wall fireplace to the ceiling, a wet bar, and is open to the kitchen and informal dining area. It has access to the sunroom through a glass slider. The kitchen has a U-shaped design, and has a 2- tier breakfast bar peninsula, stainless steel appliances, granite countertops, ceramic tile backsplash, and white cabinetry. It is a U shaped galley style kitchen that 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 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 (which they are calling a bedroom in the bedroom count), a utility room, a large storage room and a half bathroom with a separate room (away from the half bathroom) with a shower in it, so it is a less than desirable configuration. 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 carpets.
This home has an attached 2 car garage and 6 car off street parking, and oil heat and central air cooling. It was initially listed for $1,175,000 but price dropped to $1,125,000 before it went under agreement and was sold for this price.

Relevance: Less. Given your superior layout, superior location, true 5 bedroom home, superior configuration, similar size, I believe your home should sell for more than this home.

Your details: Living area 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This contemporary colonial style home was built in 1996.  It has a similar size as your home with 3,363 sq ft of all above ground living area. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 1 more full bathroom than your home, having 3.5 bathrooms. It sits on a similar size 0.35 acre lot whereas your home sits on a 0.36 acre lot in a desirable area.
As you enter the foyer from the portico, the living room is on the left and it has an open floor plan with the formal dining room. The living room has bay windows, crown molding, and hardwood floors. It leads to the formal dining room through a half height walls with half columns. The formal dining room has a fireplace with white mantel, crown molding, picture windows, and hardwood floors. The family room also has a cathedral ceiling with skylight, picture windows with transoms, hardwood floors and exterior access to the deck through glass doors. It has an open floor plan with the kitchen separated by breakfast peninsula bar. The kitchen also has a breakfast bar island where the stove is, dated appliances, laminate counters, office nook,cherry cabinets, and hardwood floors. This level also includes a mudroom and a half bathroom. The upper level includes 3 family bedrooms and the master suite. The master bedroom has walk in closet, wall to wall carpeting, and an attached bathroom. The attached master bathroom is a little dated and has double vanity sink and white cabinets. One of the family bedrooms on this level has bay windows and wall to wall carpeting and all 3 bedrooms share a family bathroom which is a little dated and has a double sink vanity and separately enclosed toilet. The 3rd level is a bedroom which has vaulted ceiling with skylights, an attached bathroom, and wall to wall carpeting.
This home is located in the Prospect Hill neighborhood. It has an attached 2 car garage and 4 car off street parking, and hot water baseboard and central air cooling. It was listed for $1,299,000 and was sold lower than the listing price, for $1,222,000.

Relevance: Less. Given the inferior condition, inferior location, 1 more full bathroom, I believe your home will sell for more than this home.

Your details: Living area 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This colonial style home was built in 2008.  It is larger than your home with 3,829 sq ft of all above ground living area. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 1 more full bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller size 0.17 acre lot on a busier road, whereas your home sits on a 0.36 acre lot.
As you enter from the farmers’ porch, the living room is on the left of the foyer. It has crown molding and hardwood floors. It connects to the formal dining room through double French doors. The formal dining room has coffered ceiling, wainscoting, and hardwood floors. The family room has a fireplace with white mantel and marble facing and window seats on each sides, crown molding and hardwood floors. It has an open floor plan to the informal dining area and the kitchen. The kitchen has a 2 tier breakfast bar island, granite countertops and backsplash, pantry, white cabinets and some with glass panels, stainless steel appliances, and crown molding. It also has an informal dining area where the exterior access to the sunroom through glass sliders, leading out to the deck through a French door, are located. The master suite is on the second level and it has a fireplace with white mantel, crown molding, hardwood floors, walk in closet and an attached bathroom. The master bathroom has double sink vanity with granite countertop and white cabinets, a Jacuzzi and a shower stall, and ceramic tile floors. On this level are 3 more family bedrooms where one has a walk in closet with cathedral ceiling and circular window. They all have hardwood floors and share a family bathroom which also has a double sink vanity with granite countertop and stylish cabinets. The 3rd floor includes a bedroom and a bonus room and they both have cathedral ceiling and wall to wall carpeting. A full bathroom is also on this level and it has granite countertop.
This home is located in the Hastings School neighborhood. It has an attached 2 car garage and paved 2 car off street parking, and forced air heating and central air. It was listed for $1,325,000 and competing offers meant it sold for $1,380,000.

Relevance: Relevant. Given the inferior location, smaller lot size, larger living area, extra full bathroom, superior condition I believe this home is relevant to your home once all the factors are considered.

Your details: Living area 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This colonial style home was built in 2008.  It is larger than your home with 2,739 sq ft of all above ground living area, as well as approx 1300 sq ft in the nicely finished basement. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It also has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a larger size 0.69 acre lot in a desirable area walking distance to the town center, whereas your home sits on a 0.36 acre lot in a desirable area.
Entry to the foyer is through a portico and the living room is on the right. The living room has a fireplace with brick facing and white mantel, bay window, and wall to wall carpeting over hardwood floors. The formal dining room has wainscoting and wall to wall carpeting. The kitchen has a breakfast bar island, granite countertops and backsplash, stainless steel appliances, custom built cabinets, ceramic tile floors, and an exterior access to the deck through a half french door. The family room has a fireplace in bricks facade extending to the beamed ceiling, lots of built ins, beautiful millwork, bay window, access to the half bathroom, and exterior access to the deck through a glass door. The family bedrooms including the master suite are on the upper level. The master bedroom has an attached bathroom, walk in closet, and hardwood floors. The attached master bathroom has a shower stall and is quite dated. The 4 other bedrooms have wall to wall carpeting and share a family bathroom which is also quite dated. The finished lower level has a fireplace in brick chimneyl, and has wall to wall carpeting and a beautifully finished games room with ceramic tile floors.
This home is located in the Saddle Club Estates neighborhood. It has an attached 2 car garage and 6 car off street parking, and hot water baseboard and central air cooling. It was listed for  $1,298,900 and was sold higher than the listing price due to competition for $1,410,000.

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

Your details: Living area 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This home was bought by one of our buyers who looked for over 5 years for the 'perfect' house. They were very, very picky :-) This colonial style home was built in 1960.  It is larger than your home with 3,690 sq ft of approx living area including the finished basement. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It also has the same number of bathrooms as your home, having 2 full and 1 half bathrooms. It sits on a larger size 0.72 acre lot in a very desirable area whereas your home sits on a 0.36 acre lot.
From the foyer, the living room is on the left which has a fireplace with brick facing and white mantel. The formal dining room is on the left from the foyer and it has chair rails and access to the kitchen. The kitchen is huge with expansive wood cabinetry and built in china cabinets, a wet bar, granite countertops, ceramic tile backsplash, and stainless steel appliances. It was very appealing. It has access to the sunroom which has a fireplace with white mantel, beadboard wainscoting, and stone floors. The main level has mostly hardwood floors and crown molding. One bedroom is on the main level and has lots of built ins and serves as an office. All the other bedrooms including the master bedroom are on the upper level. The master bedroom has crown molding and hardwood floors, walk in closet, and attached bathroom. The master bathroom is beautifully updated and has crown molding, double sink vanity with marble countertop and stylish cabinets, wood paneled wainscoting, and marble floors. The shared family bathroom has granite countertop and wood paneling wainscoting also. The family room is on the finished lower level which has wall to wall carpeting. It is huge and also has a fireplace on brick wall to the ceiling and a ceramic floor tiled play area. The backyard was stunning with a large patio area and expansive gardens.
This home is located in the Burnham Farms neighborhood. It has an attached 2 car garage and 6 car off street parking, and hot water and electric baseboard and central air cooling. It was listed for  $1,399,000 and competition pushed it up to $1,460,000.

Relevance: Relevant, but higher. Given the larger size of the home, similar location, superior condition, larger lot size I believe it is relevant to your home but it should sell for more.

Your details: Living area 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This colonial style home was built in 1961.  It is larger than your home with 3,762 sq ft of approx living area including the finished basement. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It also has 1 more full bathroom than your home, having 3 full and 1 half bathrooms. It sits on a larger size 0.58 acre lot in a desirable area whereas your home sits on a 0.36 acre lot also in a desirable area.
From the foyer, the living room is on the left and it has a fireplace with white mantel, crown molding, and hardwood floors. The formal dining room is on the left of the foyer and has chair rails, crown molding, china cabinet, and hardwood floors. The family room has hardwood floors and is connected to the kitchen through the mudroom complete with hook, seats and cubbies. The kitchen is brand new and has breakfast bar peninsula, granite countertops, ceramic tile backsplash, lots of white cabinetry, stainless steel appliances, a pantry, chair rails around the informal dining area part of the kitchen, picture windows, hardwood floors, and access to the sunroom through a half french door in the informal dining area. The sunroom has skylights, and exterior access to the deck. The family bedrooms, including the master bedroom, are on the upper level and they all have hardwood floors. All bathrooms in the home have been completely renovated and new. The finished lower level has a fireplace and vinyl flooring and includes a bedroom, a kitchenette, wine cellar, a full bathroom, and an office. The whole home has been renovated and freshly painted and presented like new construction.
This home is located in the Baskin Hill neighborhood. It has an attached 2 car garage and paved 6 car off street parking, and hot water baseboard central heat and central air cooling. It was listed for  $1,495,000 and sold at its listing price.

Relevance: Higher. Given the similar location, larger living area, larger lot size, superior condition I believe this home will sell for more than your home.

Your details: Living area 3310 sq ft | 5 beds | 2.5 baths | Lot size 0.36 acres | Built 1968 | 2 car garage

This multi-level contemporary style home was built in 1959.  It is larger than your home with 4,560 sq ft of approx living area including the finished basement. Your home has 3,310 sq ft of living area which includes approximately 450 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It also has 1 more full bathroom than your home, having 3 full and 1 half bathrooms. It sits on a similar size 0.35 acre lot in Munroe Hill whereas your home sits on a 0.36 acre lot.
From the foyer with high cathedral ceiling, the living room is on the right and has an open floor plan with the formal dining area or the kitchen straight ahead. They have double windows, crown molding, and hardwood floors and are slightly separated by built in shelves. The family room has  crown molding, double windows overlooking the deck, a fireplace with white mantel and ceramic tile facing, and is open to the kitchen. The kitchen is huge and has lots of cherry cabinets to the ceiling, high end stainless steel appliances, a breakfast bar island with a 2nd prep sink, custom built ins, granite countertops, and an informal dining area. It has access to the sunroom which has skylights, floor to ceiling windows with transom, and exterior accesses to 2 decks on either sides. An office with skylights, floor to ceiling windows, stone flooring, cedar lined walls, and exterior access is also on this level. There is also a bedroom accessible through the mudroom that connects to the garage. The upper level have mostly wall to wall carpeting and includes 3 family bedrooms that share a bathroom with dual sink vanity with white cabinets, and ceramic tile floors. The master suite is also on this level which has walk in closets, and an attached bathroom. The master bathroom has double sink vanity with white cabinets, ceramic tile floors, a Jacuzzi, separately enclosed toilet, and a shower stall with frameless glass doors and walls. The finished lower level includes a bonus room and a media room and both have wall to wall carpeting.
This home has an attached 2 car garage and 6 car off street parking, and hot water baseboard and central air cooling. It was listed for   $1,499,000 and competing offers to the price to $1,540,000.

Relevance: Higher. Given the much larger size of the home, superior condition, slightly superior location, extra bathroom, I believe this home will sell for higher 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 $1,380,000-$1,430,000.  

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 at 2 Whitman Circle which came on the market for $1,399,000 and sold for $1,460,000, the listing at 34 Saddle Club which came on the market for $1,298,900 and sold for $1,410,000 and the home at 9 Minola Rd which came on the market for $1,499,000 and sold for $1,540,000.  

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. 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.

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

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

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So, what is our Marketing Plan? 

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

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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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