7 Apollo Circle, Lexington

Market Analysis for:

Dan Bollag & Wendy Miller

I've done a market analysis on your home at 7 Apollo Circle 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 classic colonial that has been expanded and renovated with an attached 3 car garage.   The home has beautiful curb appeal and is located at the end of a cul de sac in a very popular location of Lexington.  It is walking distance to the High school and Clarke Middle school.  Most of the home has been freshly painted inside. The home has 5 bedrooms and 5 full bathrooms, 3 car garage, built in 1977, on 0.58 acres.

As you walk up to the front door you see the freshly painted exterior, and impressive front door. As you walk in the front door you have stairs to the second floor immediately in front, a hallway directly in front and the dining room to the left via a cased opening, and the living room via double French doors off to the right. The living room has a chair rail, and a wood burning fireplace with slate surround and white mantel and frame. The dining room is huge. It has a chair rail around, and 2 built in china cabinets. It is open to the expansive kitchen area. Prior to entering the kitchen area from here we have a hallway to the left which opens to the general mudroom and side door entry. From this area there is access to the 3 car garage, a dedicated mudroom, and a storage area. The kitchen is huge. There are a large number of white painted cabinets which extend to the ceiling, granite countertops, stainless steel appliances, gas cooktop, glass fronted cabinets, ceramic tile backsplash, island breakfast bar, pendant and recessed lighting, and is open to the cathedral ceiling informal dining area.  This area is stunning with skylights, transom windows, white trim woodwork, French doors out to the huge deck which has recently been renovated and looks very smart, and also to the screened sunporch. The screened sunporch is exactly the location you'd want to be on a hot summers day sipping a glass of lemonade! The informal dining area is open to the floor to ceiling window/door lined half cathedral ceilinged family room which also has skylights. In this area is a laundry closet. This family room has a brick lined wood burning fireplace with built in cabinetry surrounding it.  A step down from the family room is another bonus room with chair rail, which has cathedral ceiling and double French doors leading out to the deck. In the hallway from the front door is a full bathroom which will have the vinyl shower removed and replaced with ceramic tile surround.

Upstairs off the landing are a family bathroom with double sink vanity with corian countertop, large ceramic tiled shower, 4 family bedrooms and a master bedroom. All bedrooms have wall to wall carpet. One of the family bedrooms has a full bathroom with ceramic tile surround, corian countertop.  The master bedroom is huge and light filled, with a semi cathedral ceiling.  2 closets and a walk in closet.  The master bathroom has 2 separate single vanities with granite counters, a large shower with ceramic tile surround, a tub, and access to a large storage area along the eaves.

 Downstairs in the lower level you have a floating hardwood floor, large open spaces, a full bathroom. Central vac, 6 zone baseboard heating, newer gas furnace, a sauna, a semi finished room being used as a gym, a sump pump. I would estimate the gym area to be approx. 22*16 = 352. I would estimate the remainder of the basement area to be finished and this will be verified once we obtain floor plans. This would mean the total living area in the basement to be 1886 – 352 = 1534. Combined with the above ground living area of 4467 sq ft we get a total living area of 6001 sq ft.  Once we have floor plans we will be able to get a better understanding of the basement sq footage. 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 $1.5M - $2M price range is around $391 per sq. ft. It’s important to note that the maximum price per sq. ft. achieved varies across most price ranges, along with the minimum obtained for each price range.

When the year built in the 1970’s the average price per sq. ft. is $372.

The chart below shows that single family homes in Lexington of similar size to your home in the 6,000 square foot range, have an average price per square foot of $335 but it increases to $358 per sq. ft. when you decrease to the 5,000 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 $1.5M - $2M 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 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This colonial style home was newly built in 2017.  It is smaller than your home with 5,640 sq ft of approx living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 sq ft of finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It also has a half bath more than your home, having 5.5 bathrooms. It sits on a smaller size 0.38 acre lot whereas your home sits on a 0.58 acre lot.
The formal dining room has coffered ceiling, wainscoting, and hardwood floors. The family room has a fireplace with white mantel and built ins on either sides, triple windows, crown molding, and hardwood floors. The kitchen has a breakfast bar island which has a second prep sink, granite countertops, ceramic tile backsplash, white cabinetry, crown molding, high end stainless steel appliances, beverage fridge, hardwood floors, and exterior access to the deck through glass sliders. The mudroom has bead boards, seats, and cubbies. The home office has coffered ceiling, lots of built ins, wainscoting, and hardwood floors. The upper level including the 3rd level has the family bedrooms and the master suite. The master bedroom has walk in closet, an attached bathroom, custom built ins, and hardwood floors. The attached master bathroom has double vanity sink, a separately enclosed toilet, shower stall with frameless glass door, hot/spa tub, and granite countertop. The family bedroom has hardwood floors. The finished lower level has wall to wall carpeting and a full bathroom. This home does not have a living room but a large family room which has an open floor plan.
It has an attached 2 car garage and paved 6 car off street parking, and central heat and central air cooling. It was listed for $1,889,000 and is currently under agreement.

Relevance: Relevant but less. Given the larger size of your home, larger lot, cul de sac location, 3 car garage, curb appeal versus the new construction aspect which buyers love, I believe this is relevant to your home but yours should sell for a little more. This one closes in 1 week so we will know its final sales price then.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This is an older sale occurring back in Aug 2016. This colonial style home was built in 2002.  It is smaller than your home with 4,500 sq ft of approx living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 sq ft of 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, both having 5 bathrooms. It sits on a smaller size 0.34 acre lot whereas your home sits on a 0.58 acre lot.
The home has a stunning large foyer entry. The living room is on the left from the foyer through double french doors and it has a fireplace, picture windows, and hardwood floors. The formal dining room is on the right from the foyer through double french doors and it has wainscoting, crown molding, picture windows, and hardwood floors. The family room has an open floor plan with the informal dining area and the kitchen. It has a fireplace with white mantel, and windows and seats on either sides of the fireplace, hardwood floor, and exterior access to the deck through double french doors. The informal dining area has bay window/s and access to the sunroom through another french door. The sunroom also has exterior access to the deck through double glass doors. The kitchen has a breakfast bar island with a cooktop, granite countertops, glass tile backsplash, custom cabinets with wine rack and some with glass doors, stainless steel appliances, and hardwood floors. The kitchen is large and stunning. The library is also on this level. There are 3 family bedrooms and the master suite on the upper level. The master bedroom has cathedral ceiling, walk in closet, hardwood floors, and an attached bathroom. The master bathroom has double vanity sink, a shower stall, a jacuzzi, and ceramic tile floors. The 3 other family bedrooms have attached bathrooms to them. Another bedroom with an attached bathroom is in the full walkout finished lower level. This level also includes the mudroom and a bonus room.
This home is located in the Bird Hill neighborhood. It has an attached 3 car garage and 3 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,759,900 but the price was dropped a couple of times, to $1,695,000 and to $1,639,900, before it went under agreement and was finally sold for $1,600,000.

Relevance: Less. Given the smaller size of the home, smaller lot size, older sale I believe your home will sell for more than this home.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This home is an older sale occuring in Oct 2016. This colonial style home was built in 2010.  It is smaller than your home with 5,250 sq ft of approx living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has less bathrooms as your home, having 4.5 bathrooms. It sits on a larger size 1.38 acre lot whereas your home sits on a 0.58 acre lot.
As one enters the foyer from the porch, the living room is on the left and it has an open floor plan with the formal dining room. The living room has picture windows, crown molding, and hardwood floors. The formal dining room also has picture windows, crown molding, and hardwood floors and has wainscoting. The family room has a fireplace with brick facing and white mantel, cathedral ceiling with skylights, picture windows, hardwood floors, and has an open floor plan with the kitchen and the informal dining area. The kitchen has a 2-tier breakfast bar island, granite countertops, ceramic tile backsplash, cherry cabinets, beverage chiller, high end stainless steel appliances, an office nook, a pantry, hardwood floors, and exterior access to the deck through sliders. This level also has a mudroom and a study, and a half bathroom with granite countertop. The 4 family bedrooms and the master suite are on the upper level. The master bedroom has has walk in closet, an attached bathroom, and hardwood floors. The master bathroom has double vanity sink, granite countertop, a shower stall with frameless glass door, a jacuzzi, and marble floors. The family bedrooms have hardwood floors. The finished lower level includes a playroom and home office. They have wall to wall carpeting and a full bathroom on this level. The home was built in 2010, yours in 1977.
This home has an attached 3 car garage and paved  10 car off street parking, and forced air heat and central air cooling. It was listed for $1,679,000 and was sold for $1,680,000.

Relevance: Less. Given the smaller size of the home, larger lot, but inferior location adjacent to Shire parking lot, older sale, I believe your home will sell for more than this home.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This colonial style home is an older sale occurring in Nov 2016 and was new construction.  It is larger than your home with 6,200 sq ft of approx living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has a half bathroom less than your home, having 4.5 bathrooms. It sits on a larger size 0.87 acre lot whereas your home sits on a 0.58 acre lot.
As you enter the foyer from the farmers porch, the living room is on the right and it has an open floor plan with the formal dining room. The living room has coffered ceiling, wainscoting, and hardwood floors. It leads to the formal dining room through a half height accent wall with pillars. The formal dining room also has coffered ceiling, wainscoting, and hardwood floors. The family room also has coffered ceiling, a fireplace with granite facing and white mantel and has custom built ins on either sides, triple windows, and hardwood floors. It has an open floor plan with the informal dining area and the kitchen. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, clean white cabinets, high end stainless steel appliances, beverage bar nook with wine chiller, hardwood floors, and exterior access to the deck. This level also includes an office with crown molding and hardwood floors and a mudroom complete with bead board, seats, hooks, and cubbies. The upper levels including the 3rd level has the family bedrooms and the master suite. The master bedroom has a fireplace, walk in closet, an attached bathroom, custom built ins, and hardwood floors. The attached master bathroom has double vanity sink, a separately enclosed toilet, shower stall with frameless glass door, jacuzzi, and granite countertop. Two of the family bedrooms on the 2nd level share a jack and jill bathroom and walk in closet. The family bathroom has double vanity sink and granite countertop. The 3rd floor has a bed room and a gameroom and have hardwood floors and has a full bathroom.
This home has an attached 2 car garage and paved  6 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,879,000 but price was dropped several times to $1,748,000, before it went under agreement and finally was sold for $1,749,000.

Relevance: Relevant, but less. Given the larger size, new construction, larger lot, half bathroom less, inferior location, older sale I believe that if you translate each of these components to your home then it is relevant, but yours should sell for more.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This colonial style home was a new build in 2016.  It is smaller than your home with 5,750 sq ft but this is all above ground living area. Your home has 6,001 sq ft of living area which includes 1,534 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, both having 5 bathrooms. It sits on a smaller size 0.43 acre lot on the corner of a busier street, whereas your home sits on a 0.58 acre lot.
As you enter the foyer from the portico, the living room is on the right and it has an open floor plan with the formal dining room. The living room has coffered ceiling,triple windows, and hardwood floors. It leads to the formal dining room through a half height accented wall with pillars. The formal dining room also has coffered ceiling, wainscoting, and hardwood floors. The family room had an odd ceiling detail which buyers commented negatively about, a fireplace with granite facing and white mantel and has custom built ins on either sides, picture windows, and hardwood floors. It has an open floor plan with the informal dining area and the kitchen. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinetry, high end stainless steel appliances, beverage bar nook with wine chiller, hardwood floors, and exterior access to the deck. This level also includes an office with an attached bathroom and hardwood floors. The upper level including the 3rd level has the family bedrooms and the master suite. The master bedroom has a cathedral ceiling, walk in closet, an attached bathroom, custom built ins, and hardwood floors. The attached master bathroom has double vanity sink, a separately enclosed toilet, shower stall with frameless glass door, whirlpool tub, and granite countertop. The family bathroom has double vanity sink and granite countertop. The 3rd floor has a bedroom which has an attached full bathroom and a great room and have hardwood floors.
This home has an attached 3 car garage and paved 4 car off street parking, and central heat and central air cooling. It was initially listed $1,874,999 and dropped its price several times to $1,824,799 before it finally sold for $1,750,000. It was on the market for 192 days before finally selling.

Relevance: Relevant, but less. Given the larger above ground living area, smaller lot, inferior location, new construction I believe it is relevant to your home but your home should sell for more.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This is an older sale occurring in Dec 2016 and is a colonial style home that is new construction.  It is smaller than your home with 4,850 sq ft of all above ground living area. Your home has 6,001 sq ft of living area which includes 1,534 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, both having 5 bathrooms. It sits on a smaller size 0.44 acre lot in a desirable area whereas your home sits on a 0.58 acre lot in a desirable cul de sac.
The curb appeal of this home is lovely. Entry is through a portico off the farmers porch, the living room is on the left and it has an open floor plan with the formal dining room. The living room has coffered ceiling, wainscoting, picture windows, and hardwood floors. It leads to the formal dining room through a half height accent wall with columns. The formal dining room also has coffered ceiling, wainscoting, and hardwood floors. The family room also has coffered ceiling, a fireplace with custom built ins on either sides, picture windows, and hardwood floors. It has an open floor plan with the informal dining area and the kitchen. The kitchen is stunning. It has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinetry with built in china cabinets, high end stainless steel appliances, beverage bar nook with wine rack, hardwood floors, and exterior access to the deck. This level also includes an office with wainscoting, french doors, and hardwood floors. The upper level has the family bedrooms and the master suite. The master bedroom is huge and has a fireplace, walk in closet, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom has double vanity sink, a separately enclosed toilet, shower stall with frameless glass door, whirlpool tub, and granite countertop. The family bathroom has double vanity sink and granite countertop. The 3rd floor is a media room and has a full bathroom and hardwood floors.
This home has an attached 2 car garage and paved  4 car off street parking, and central heat and central air cooling. It was listed for $1,780,000 and sold for $1,752,500.

Relevance: Relevant, but less. Given the smaller size, similar configuration, similar location aspects, older sale, new construction I believe this home is relevant to your home but your home should sell for a little more.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This is an older sale. This colonial style home has stunning curb appeal and was built in 2008.  It is larger than your home with 6,320 sq ft of approx. living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 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 5 full bathrooms and 2 half bathrooms. It sits on a larger size 0.74 acre lot in a desirable area on a cul de sac walking distance to the town center, whereas your home sits on a 0.58 acre lot on a cul de sac walking distance to the town center.
As you enter the foyer from the portico, the living room is on the left and it has a fireplace with with granite facing, white mantel, and millwork that extends to the coffered ceiling. It also has picture windows, wainscoting, and hardwood floors. The formal dining room is on the right from the foyer and it also has coffered ceiling, crown molding, china cabinet, wainscoting, picture window/s, and hardwood floors. The family room has an open floor plan with the informal dining area and the kitchen. The family room has a fireplace with a rock facade to the cathedral ceiling, picture windows to the ceiling on both sides of the fireplace, lots of custom built ins, and hardwood floors. It is separated from the informal dining area with half height cabinetry. The kitchen has a breakfast bar island, china cabinets, stylish white cabinetry, granite countertops, ceramic tile backsplash, picture windows, pantry, high end stainless steel appliances with second dishwasher and wine chiller, pot filler faucet, hardwood floors, and exterior access to the deck. This level also includes an office with lots of custom built ins, french doors, and hardwood floors. The upper level has the family bedrooms and the master suite. The master bedroom has custom built ins, dressing room, walk in closet, an attached bathroom, crown molding, bay window with seats, and hardwood floors. The attached master bathroom has his and her vanity sink, a separately enclosed toilet, shower stall with frameless glass door, a jacuzzi, and granite countertop. The family bedrooms have hardwood floors and the family bathroom has double vanity sink and granite countertop and is also attached to one of the bedrooms. A jack and jill bathroom is also on this level and has double vanity sink and is being shared by 2 bedrooms. Another bedroom is on the third floor and it has wall to wall carpeting, vaulted ceiling, an attached bathroom, and walk in closet. The finished lower level has a fireplace and wall to wall carpeting, and serves as a gameroom and an exercise room.
This home is located in the Merriam Hill neighborhood. It has an attached 3 car garage and paved  8 car off street parking, and hydro air heat and central air cooling. It was initially listed for $2,280,000 but dropped its price several times to $1,899,000 before it went under agreement and finally sold for $1,800,000 after a total of 161 days on the market.

Relevance: Relevant, but higher. Given the larger size, larger lot, superior condition, superior location versus it being an older sale I believe it is relevant to your home but yours will not sell for as much as this home.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This is an older sale of a colonial style home built in 2016.  It has a similar size as your home with 6,031 sq ft of approx. living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 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 bathroom than your home, having 6 full bathrooms. It sits on a smaller size 0.34 acre lot whereas your home sits on a 0.58 acre lot.
As you enter the foyer from the porch, the living room is on the left and it has an open floor plan with the formal dining room. The living room has wainscoting, crown molding, and hardwood floors. It leads to the formal dining room through a half height accented wall with columns. The formal dining room has ceiling detail work, wainscoting, picture windows, and hardwood floors. The family room also has cathedral ceiling, a fireplace with granite facing and white mantel and has custom built ins on either sides, picture windows, and hardwood floors. It has an open floor plan with the informal dining area and the kitchen. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, white cabinetry with built in china cabinets, high end stainless steel appliances, wet bar with wine chiller, pantry,  crown molding, hardwood floors, and exterior access to the deck. This level also includes an office with lots of custom built ins, french doors, picture windows, crown molding, and hardwood floors. The upper level has the family bedrooms and the master suite. The master bedroom is huge and has a fireplace, vaulted ceiling, custom built ins, a sitting room, walk in closet, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom is huge and has double vanity sink, marble countertop and floors, a separately enclosed toilet, shower stall with frameless glass door, sauna, and whirlpool tub.  A jack and jill bathroom with double vanity sink and granite countertop  is shared by 2 family bedrooms. Another bedroom has an attached bathroom and hardwood floors.  The 3rd floor is a bedroom and has an attached full bathroom and has wall to wall carpeting. The finished lower level has wall to wall carpeting which serves as a home gym, and recreation room and has an attached bathroom, wet bar with granite countertop and beverage chiller.
This home is located in the Pine Meadow Golf Course neighborhood. It has an attached 3 car garage and paved  6 car off street parking, and forced air heat and central air cooling. It was listed for $1,948,000 and sold for $1,880,000 after 109 days on the market.

Relevance: Relevant, but higher. Given the similar size, but new construction, older sale, extra bathroom, I believe this home is relevant to your home but it will sell for more than yours.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This colonial style home was newly built in 2017.  It has a similar size as your home with 6,000 sq ft of approx. living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 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 bathroom than your home, having 6 full bathrooms. It sits on a smaller size 0.42 acre lot whereas your home sits on a 0.58 acre lot.
As you enter the foyer from the porch, the living room is on the left and it has an open floor plan with the formal dining room. The living room has wainscoting, coffered ceiling, and hardwood floors. It leads to the formal dining room through a half height wall. The formal dining room has coffered ceiling, wainscoting, picture windows, and hardwood floors. The family room has a fireplace with granite facing and white mantel and has custom built ins on either sides, picture windows, crown molding, and hardwood floors. It has an open floor plan with the informal dining area and the kitchen. The kitchen has a breakfast bar island with second prep sink, granite countertops, ceramic tile backsplash, white cabinets with built in china cabinets, high end stainless steel appliances, an office nook, pantry,  crown molding, ceiling detail over the island, hardwood floors, and exterior access to the deck through sliders. This level also includes an office accessible through french doors from the foyer and has bay windows, coffered ceiling, wainscoting, crown molding, and hardwood floors. The upper level has the family bedrooms and the master suite. The master bedroom has a sitting room, walk in closet, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom has double vanity sink, granite countertop, a separately enclosed toilet, shower stall with frameless glass door, and whirlpool tub.  A jack and jill bathroom with double vanity sink and granite countertop  is shared by 2 family bedrooms which also have walk in closets. Another bedroom has an attached bathroom and hardwood floors.  The 3rd floor has a bedroom which has an attached full bathroom and has wall to wall carpeting. The finished lower level has wall to wall carpeting which serves as recreation room and has an attached bathroom and wet bar with granite countertop.
This home has an attached 2 car garage and  4 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,949,000 but price was dropped to $1,919,000 before it went under agreement and sold for $1,900,000.

Relevance: Relevant, but higher. Given the similar size, new construction, extra bathroom I believe this home is relevant to yours but it will sell for more than your home.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This contemporary style home was built in 2012.  It is larger than your home with 6,234 sq ft of approx. living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has a half  bathroom more than your home, having 5 full and 1 half bathrooms. It sits on a smaller size 0.48 acre lot whereas your home sits on a 0.58 acre lot.
From the foyer, the living room is on the right and it has a fireplace with granite facing and white mantel, crown molding, double windows, wainscoting, and hardwood floors. The family room has custom built ins, crown molding, and hardwood floors, and it has an open floor plan with the kitchen and an exterior access to the deck. The kitchen and the informal dining area have a unique arrangement. The kitchen has a beamed cathedral ceiling with skylights, custom built ins, pantry, breakfast bar island, granite countertops, high end stainless steel appliances, picture windows and transom, and adjacent to the informal dining area are stairs down to the lower level. It has exterior access to the patio that leads to an inground pool in the backyard. The formal dining room has crown molding, triple windows, wainscoting, and hardwood floors. This level has an office/library which is accessible through french doors and it has custom built ins, crown molding, picture windows, and hardwood floors. This home has 2 master bedrooms and one of them is on the main level. The master bedroom on this level has an attached bathroom, walk in closet, crown molding, and hardwood floors. The attached master bathroom has double vanity sink, with granite countertops, a cathedral ceiling, picture windows, a shower stall with frameless glass door, and jacuzzi. The upper level has the family bedrooms and the 2nd master suite. The master bedroom on  this level has a sitting room, walk in closets, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom has double vanity sink, granite countertop, shower stall with frameless glass door, and jacuzzi. There are 2 family bedrooms with attached bathroom and walk in closet. The finished lower level includes a recreation room, the mud room, a media room which has a fireplace, a kitchenette, and a full bathroom with sauna. This home has handicap access including an elevator.
This home has an attached 2 car garage and  4 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,998,000 but dropped its price a couple of times to $1,948,000, before it went under agreement and finally sold for $1,925,000.

Relevance:  Higher.  Given the larger size, extra bathroom, 2012 construction I believe it will sell for more than your home.

Your details: Living area 6001 sq ft | 5 beds | 5 baths | Lot size 0.58 acres | Built 1977 | 3 car garage

This cape style home was built in 2000.  It is larger than your home with 7,162 sq ft of approx. living area including a finished lower level. Your home has 6,001 sq ft of living area which includes 1,534 sq ft of partially finished lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 4 full and 2 half bathrooms. It sits on a larger size 0.72 acre lot whereas your home sits on a 0.58 acre lot
The living room is on the left from the foyer and it has picture windows and hardwood floors. The formal dining room has a coffered ceiling, picture windows, wainscoting, and hardwood floors. The family room has an open floor plan with the sitting room, the informal dining area, and the kitchen. The family room has a fireplace on arranged stones to the coffered ceiling, and has custom built ins and transom windows on either sides of the fireplace. It has lots of custom built ins and has an exterior access to the deck through double french doors with transom windows, and hardwood floors. The sitting area also has a fireplace with white mantel, and it is accessible from the family room through a cased opening. The kitchen is stunning and has a breakfast bar island with second prep sink, granite countertops, ceramic tile backsplash,  white cabinets with built in china cabinets, high end stainless steel appliances, an office nook, pantry,  crown molding, and hardwood floors. This level also includes an office adjacent to the master suite. The master bedroom has custom built ins, walk in closet, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom has granite countertops, a separately enclosed toilet, shower stall with frameless glass door, and jacuzzi.  The upper level includes 4 family bedrooms and an office/bedroom and attached bathroom. There are 2 bedrooms that share a jack and jill bathroom with separately enclosed toilet and granite countertop. Adjacent bedrooms share a family bathroom. The finished lower level has a fireplace and wall to wall carpeting and it serves as recreation room and has an attached bathroom with sauna. The backyard is stunning with a patio, firepit and huge deck.
This home has an attached 2 car garage and paved 6 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,939,000 and sold for the same price after 20 days on the market.

Relevance: Higher. Given the larger size of the home, larger lot size, newer construction I beleive this home will sell for more than your home.

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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $1,780,000-$1,820,000.  

Given the current market dynamics in Lexington, I would suggest listing your home in this price range to attract more interest.  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. 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.  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 they will offer market value for your home. The challenge with overpricing is that the buyers are very educated – they go week after week to see homes in their price range so they KNOW what the prices are and what ‘feels’ right. 

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

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

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

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

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

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

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

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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.

Marketing to sell your home

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 Because your home is a Luxury home, we offer additional marketing on top of the standard marketing seen above.

Marketing our Luxury homes

Additional marketing occurs when the home is a Collections listing.   RE/MAX Collecti...

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Who We Are | MA Properties Online | RE/MAX Leading Edge

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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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