124 Woburn St, Lexington

Market Analysis for:

Nicole Wang 

I've done a market analysis on your home at 124 Woburn St 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.

The home is a Village Colonial built in 1897 with lovely curb appeal and full of beautiful updates/renovations, set on a lot of 0.37 acres. The home is located along a busy street, but in a great location within walking distance to the town center and bike path. The home has 4 bedrooms and 3 full bathrooms. It offers 2,662 square feet of living space including a finished room in the basement. There is no garage, but a large driveway for parking. The kitchen and bathrooms have all been newly renovated. 

The front farmer’s porch welcomes you into the foyer where gleaming hardwood floors span the home. The formal living room flows from the left of the foyer, the family room lies to the right, with lovely views straight ahead to the formal dining room. Gleaming hardwood floors span the home on both levels. Some of the flooring within the home is brand new.

The spacious, front to back living room is stunning and full of natural light with large windows and a sliding glass door to the huge, brand new deck overlooking the backyard. A sunny bay window offers delightful views of the front farmers porch. A gas fireplace creates a focal point for the beautiful room with a marble surround and hearth. A cased opening transitions from the living room into the formal dining room. The dining room is open to the family room with lovely hardwood floors spanning the area. 

The kitchen is newly renovated with granite counters, stainless steel appliances (with the exception of the refrigerator), new stylish white cabinetry, gas cooking, marble floor tiles, tile backsplash, two skylights, and a ceiling fan. Step down from the kitchen to exterior access offering another great connection to the new deck and backyard. A brand new full bathroom off of the kitchen offers convenience and style with a granite topped vanity, beautifully tiled marble shower stall, and a marble tile floor. 

Outdoor entertaining and relaxation options are limitless in the spacious lush, green yard with the oversized deck. The backyard offers a storage shed for all your garden tools. The driveway has also been redone and offers ample parking.

The second level continues with the huge master suite, two more family bedrooms, and a full bathroom. The spacious master bedroom offers a walk-in closet, hardwood floors, and large windows for lots of natural light. The master bathroom is brand new with a dual sink, marble topped modern vanity, marble tiled shower stall, and a separate tub. The family bedrooms are generously-sized with new hardwood flooring. There are two additional closets situated outside the family bedrooms. The family bathroom is beautifully renovated with a marble topped vanity, marble floor/wall tiles and a tub/shower. 

The third level offers more finished space with the fourth family bedroom. This bedroom is spacious and full of natural light with skylights and an adjacent sitting room/office. 

The finished room in the lower level is carpeted and generously sized perfect for use as a playroom.  There are double windows in this area, which fill the room with natural light while built-in cabinetry offers additional storage. The unfinished area is clean with plenty of space for storage. Laundry is in the basement. 

 The home is heated by gas fueled hot water radiators. The furnace and hot water tank are new.

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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 $900K price range is around $400 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 before the 1900’s the average price per sq. ft. is $415.

The chart below shows that single family homes in Lexington of similar size to your home in the 2,000 square foot range, have an average price per square foot of $406 but it increases to $483 per sq. ft. when you decrease to the 1,000 square foot range. It is common across municipalities to see an increase in the price per square foot for smaller sized homes, as it reflects the minimum cost of a home in a town irrespective of the property size.

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

Any price range where there is more than 7 months’ supply, we consider there to be an oversupply of inventory, also known as a ‘buyer’s market’. Anything between 4 – 6 months is considered a balanced market. Anything less than 3 months’ supply is considered a shortage of inventory on the market at this price range, also known as a ‘sellers’ market’. As can be seen, currently, absorption rates for all homes in the $900K price range is less than 1 months 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 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This antique, Queen Anne colonial style home was built in 1880. It is smaller than your home at 2,091 sq  ft of approx. living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has less bathrooms than your home, having 2.5 bathrooms while your home has 3 full bathrooms. It sits on a larger size 0.70 acre lot whereas your home sits on a 0.37 acre lot.
Entry to this home is through a covered porch. The living room has bay windows, and hardwood floors. It has access to the kitchen through a pass through window with granite counters that is more like a breakfast bar peninsula. The kitchen has cherry cabinets, granite countertops, ceramic tile backsplash, stainless steel appliances,  triple windows,pantry, and hardwood floors. The formal dining room has custom built ins, crown molding, wainscoting, tall windows, and hardwood floors. The family room is accessible through a french door and has tall, bay windows, crown molding, a wet bar with overhead china cabinets, and hardwood floors. The family rooms, including the master bedroom, are on the 2nd and 3rd level. The master bedroom has bay windows, walk in closet, wall to wall carpeting, and has an attached bathroom. The master bathroom has a vanity with granite countertop, and cherry cabinets, a shower and tub with granite seat and glass door. The family bedrooms also have wall to wall carpeting.
This home has a detached 2 car garage and paved 4 car off street parking. It has hot water baseboard heating and wall AC cooling. It was initially listed for $995,000 but was dropped to $899,000 before it was extended, temporarily withdrawn, until it was cancelled. It was re-listed for $899,900 and was sold for $875,000 after a total of 196 days on the market.

Relevance: Relevant, but less. Given the similar age, smaller size, inferior condition of this home, but with a 2-car garage (although detached), I believe that once all factors are considered it is relevant to your home but yours should sell for more.

Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This colonial style home was built in 1946. It is of similar size but still smaller than your home at 2,544 sq  ft of approx. living area. There does appear to be approx. 800 sqft in the finished part of the basement - this is not finished to a high standard though. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has more bedrooms than your home, having 5 bedrooms. It has the same number of bathrooms as your home, both having 3 full bathrooms. It sits on a smaller size 0.17 acre lot whereas your home sits on a 0.37 acre lot.
Upon entry to this home, the living room is immediately on the left an it has a fireplace with brick facing and white mantel, crown molding, hardwood floor, and a sitting area that leads to the formal dining room. It also has access to a family bedroom which has hardwood floors and exterior access to the deck. The formal dining room has triple windows and hardwood floors, and access to a full bathroom and to a family bedroom. This bedroom has triple windows and hardwood floors. The kitchen has cherry cabinets, granite countertops, ceramic tile backsplash, hardwood floors, and has an informal dining area which has a rustic beadboard ceiling. The 2nd level consist of 2 more bedrooms and the master suite. The family bedrooms have hardwood floors and share a family bathroom which has a double sink vanity with white cabinets. The master bedroom has triple windows, skylight, walk in closet, hardwood floors, and an attached bathroom. The master bathroom has double sink vanity, and a jacuzzi. The finished lower level includes a kitchenette with a prep sink, stove, granite countertops, ceramic tile backsplash and floors. This level also includes a bonus room and a full bathroom, and has access to the deck. This home was sold in an “as is” condition.
This home has an attached 2 car garage and 4 car off street parking. It has hot water baseboard heating. It was initially listed for $949,000 but was dropped to $909,000 before it went under agreement and sold for $895,000.

Relevance: 
Relevant, but less. Given the similar size (assuming the basement was finished to an inferior standard), inferior condition of this home, but with a 2-car garage, I believe that once all factors are considered it is relevant to your home but yours should sell for more.


Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This colonial style home was built in 1988. It is smaller than your home at 2,388 sq  ft of approx. living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has less bathrooms than your home, having 2.5 bathrooms while your home has 3 full bathrooms. It sits on a larger size 0.71 acre lot whereas your home sits on a 0.37 acre lot.
From the foyer, the living room is on the left and the dining room is on the right. The living room has large windows, crown molding, and hardwood floors. The formal dining room has wainscoting, crown molding, large windows, and hardwood floors, and has access to the kitchen through a french door. The kitchen has skylight and picture window over the sink, ceramic tile floors, and has an informal dining area. It also has an open floor plan with the family room defined by a half height wall. The family room has a cathedral ceiling with skylights, a fireplace on bricks to the ceiling, picture with arched window, hardwood floors, and has exterior access to the deck through a half french door. The family bedrooms and the master bedroom are on the 2nd level and have wall to wall carpeting. The master bedroom has a cathedral ceiling with skylight, large windows, and an attached bathroom which has a double sink vanity.
This home has an attached 2 car garage and 2 car off street parking. It has forced air heating and central air cooling. It was listed for $899,000 and was sold for $910,000.

Relevance: Relevant, but less. Given the smaller size, inferior condition of this home, inferior location (proximity to Route-2 and distance to the center of Lexington), but with a 2-car garage, I believe that once all factors are considered it is relevant to your home but yours should sell for more.

Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This multi-level style home was built in 1955.  It is larger than your home at 2,767 sq  ft of approx living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has less bathrooms than your home, having 2.5 bathrooms while your home has 3 full bathrooms. It sits on a larger 0.77 acre lot, whereas your home sits on a 0.37 acre lot.
Entry to the grand foyer is through glass stained double doors. The foyer has bay windows to the cathedral ceiling, and hardwood floors. It leads to the piano room on the left and the living room on the right. The piano room has bay windows, crown molding, and a plant box. The living room has a fireplace on a brick wall to the ceiling, bay windows, and hardwood floors. The hallway leading to the formal dining room has beadboard walls, picture windows, and custom built in china cabinet with glass sliders. The kitchen has a breakfast bar island, paper based countertop, bay windows, skylights, and ceramic tile floors. It has an exterior access to the balcony to the backyard and has an informal dining area. A bedroom with hardwood floors and a full bathroom are also on this level. The master bedroom and 2 more bedrooms are on the upper level and they share a family bathroom. The master bedroom has bay windows, walk in closet, and hardwood floors. The finished lower level is a recreation room with a kitchenette, and a full bathroom with a shower stall.
It has an attached 2 car garage and 4 car off street parking, central air and window AC cooling, and was sold in "as is" condition. It was listed for $949,900 but was sold for a lower price of $922,500.

Relevance: Relevant, but less. Given the similar size, inferior condition of this home, but superior location (quiet side-street), and with a 2-car garage, I believe that once all factors are considered it is relevant to your home but yours should sell for more.

Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This colonial style home was built in 1946. It is larger than your home at 2,944 sq  ft of approx living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has more bathrooms than your home, having 3.5 bathrooms while your home has 3 full bathrooms. It sits on a smaller 0.29 acre lot, whereas your home sits on a 0.37 acre lot.
Upon entry to the main level, the formal dining room is immediately accessible. It has a fireplace, and hardwood floors, and has an open floor plan with the living room. The living room has double windows, and hardwood floors, and has access to the family room through a french door. The family room has a cathedral ceiling, arched windows, hardwood floors, and has exterior access to the patio through sliders. The kitchen has upgraded cabinets, stainless steel appliances, ceramic tile floors, bay windows by the informal dining area, exterior access to the patio through sliders, and has an open floor plan with the sitting room and the mudroom. The sitting room and the mudroom have cathedral ceiling with skylight, ceramic tile floors, and double and arched windows. The family bedrooms are on the 2nd level, including the master bedroom. The master bedroom has walk in closet, wall to wall carpeting, and has an attached bathroom which has a double sink vanity. The family bathroom also has a double sink vanity.
This home has no car garage but has 5 car off street parking. It has hot water baseboard heating and central air cooling. It was listed for $874,900 and was sold for $926,000.

Relevance: Relevant. Given the similar size, similar condition of this home, similar location, I believe that once all factors are considered it is relevant to your home yours and should sell for a similar amount.

Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This colonial style home was built in 1910. It is smaller than your home at 2,240 sq  ft of approx living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has less bathrooms than your home, having 2.5 bathrooms while your home has 3 full bathrooms. It sits on a smaller 0.11 acre lot, whereas your home sits on a 0.37 acre lot.
Upon entry to the foyer from the covered porch, the living room is on the left and the main level has an open floor plan including the dining area and the kitchen. The living room and the dining room has crown molding, fireplace with white mantel, custom built ins, bay windows, and hardwood floors. The kitchen has a breakfast bar peninsula, granite countertops, ceramic tile backsplash, pantry, white cabinets, stainless steel appliance, crown molding, double windows, hardwood floors, and access to the mudroom and to a half bathroom. The 2nd level has 3 bedrooms, an office and a family bathroom. The bedrooms have hardwood floors, the office has crown molding, and the family bathroom has a double sink vanity with granite countertops. The master bedroom is on the 3rd level and it has a low cathedral ceiling with skylight, and has an attached bathroom. The master bathroom has a double sink vanity with granite countertops and white cabinets, cathedral ceiling, a shower stall with frameless glass door, and a separate vanity.
This home has no car garage but has paved 4 car off street parking. It has forced air heating and central air cooling. It was listed for $949,900, went under agreement but was placed back on the market before it was sold for $953,900 after 11 days on the market.

Relevance: Relevant. Given the smaller size, superior condition of this home (complete renovation in 2014), similar location (although directly on Bedford Street), I believe that once all factors are considered this home is relevant to your home.

Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This cape style home was built in 1946. It is smaller than your home at 2,443 sq  ft of approx living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has less bathrooms than your home, having 2 full bathrooms while your home has 3 full bathrooms. It sits on a similar size 0.40 acre lot, whereas your home sits on a 0.37 acre lot.
From the foyer, the living room is on the right and it has a fireplace, crown molding, beadboard walls, custom built ins, chair rails, hardwood floors, and is partially open to the dining room through a cased opening, and has access to the screened porch. The dining area has an open floor plan with the kitchen and the kitchen has a cathedral ceiling with skylight, a breakfast bar island, granite countertops, ceramic tile backsplash, cabinets with glass paned doors on the overhead, stainless steel appliances, double windows, pantry, and hardwood floors. It has 2 exterior accesses to the deck through glass doors. The screened porch has a beamed cathedral ceiling with skylights, beadboard walls, arranged stone floors, walls of glass, and access to the deck and to the garage. There are 2 bedrooms on the main level and they have hardwood floors, and an adjacent full bathroom. The master bedroom and another family bedroom are on the 2nd level and they both have cathedral ceiling with skylights, and custom built ins, and share a full bathroom on this level. The partially finished lower level has the family room and it has a fireplace on bricks to the ceiling, custom built ins, and wall to wall carpeting.
This home is located in the Manor section neighborhood. It has an attached single car garage and paved 4 car off street parking. It has hot water baseboard heating. It was listed for $899,000 and was sold for $955,000.

Relevance: Relevant, but higher. Given the smaller size, inferior condition of this home, but with a 2-car garage it would appear that this home should sell for less than your home. But, soon after closing, the house underwent an extensive renovation and so I think the buyer bought this home based on the potential the home offered once renovated. I believe that once all factors are considered it is relevant to your home but it should sell for more than your home.

Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This colonial style home was built in 2002. It is larger than your home at 3,252 sq  ft of approx living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has more bathrooms than your home, having 3.5 bathrooms while your home has 3 full bathrooms. It sits on a smaller 0.29 acre lot, whereas your home sits on a 0.37 acre lot.
Upon entry to the foyer from the farmer’s porch, the formal dining room is on the right and it has crown molding, chair rails, large windows, and the hardwood floors. The living room is at the end of the hall and it has crown molding, triple windows, and hardwood floors. The kitchen has a breakfast bar island, white cabinets, stainless steel appliances, a pantry, triple windows by the informal dining area, ceramic tile backsplash, and exterior access to the deck. The 2nd level has wall to wall carpeting and includes 3 family bedrooms and the master suite. The master bedroom has  walk in closet and an attached bathroom which has a jacuzzi. Th finished lower level has wall to wall carpeting and includes the family room, a playroom or a bonus bedroom, a full bathroom, and an office which has an exterior access.
This home has an attached 2 car garage and paved 4 car off street parking, hot water baseboard heating and window AC cooling. It was initially listed for $1,099,999 but was temporarily withdrawn until it expired. It was re-listed for $989,900 and went under contingency but was placed back on the market before it went under agreement and was finally sold for $970,000 after a total of 61 days on the market.

Relevance: Relevant, but higher. Given the larger size, similar condition of this home, inferior location (overlooking Route-2), 2-car garage I believe that once all factors are considered this home is relevant to your home but it will sell for more than your home.

Your details: Living area 2662 sq ft | 4 beds | 3 baths | Lot size 0.37 acres | Built 1897

This multi-level style home was built in 1960. It is of similar size as your home at 2,594 sq  ft of approx living area. Your home has 2,662 sq ft of approx living area which includes 336 sq ft in the finished basement. This home has the same number of bedrooms as your home, both having 4 bedrooms. It has less bathrooms than your home, having 2 full bathrooms while your home has 3 full bathrooms. It sits on a smaller 0.19 acre lot, whereas your home sits on a 0.37 acre lot.
The foyer is on the ground level where a bedroom is situated. The living room, the formal dining room, the family room, and the kitchen are on the 2nd level on an open floor plan with hardwood floors. The living room has a fireplace with white mantel, crown molding, and picture windows. The formal dining room also has crown molding and double windows. The kitchen has a breakfast bar peninsula, granite countertops, ceramic tile backsplash, cherry cabinets to the ceiling, stainless steel appliances, and has a passthrough arch window to the family room. The family room has a cathedral ceiling with skylights, large double windows, and access to the screened porch through sliding glass doors. The family bedrooms, including the master bedroom, are on the 3rd floor and all have hardwood floors and share a family bathroom.
This home has an attached single car garage and 4 car off street parking, hot water baseboard heating and central air cooling. It was listed for $898,000 and was sold for $990,000.

Relevance: Relevant, but higher. Given the similar size, similar condition of this home, superior location (quiet side street), 1-car garage I believe that once all factors are considered this home is relevant to your home but it will sell for more than your home.

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Pricing Recommendation

My analysis of the comparable properties suggests a final market value for your home of $925,000-$975,000.


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 listing 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 of the homes above that came on the market for a lot less, and competition pushed them up to the price they sold for. The challenge in estimating a price for a home is ‘would this home have sold for this price if they had priced it higher?’ or was competition the driving factor that got to this price. Experience tells me that competition is why they sold for what they did, so we have to be careful with pricing. A couple of good examples of competition pushing a price higher than market value is: 375 Lowell St. which came on the market at $874,900 and sold for $926,000, the home at 57 Blake Rd which came on the market at $899,000 and sold for $955,000, and the home at 25 Eastern which came on the market at $898,000 and sold for $990,000.  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.
Competing offers occur when homes are priced realistically and the buyer community pushes the prices up over the market value because of competition.

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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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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