8 Conestoga Rd, Lexington

Market Analysis for:

Stephan and Cecile Greppi

I've done a market analysis on your home at 8 Conestoga 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 is a center entrance Colonial built in 1969 and set on a large lot of 0.57 acres nestled within a quiet cul de sac with a close proximity to the historic Minuteman National Park and with easy access to Route 95. The home offers 5 bedrooms and 4.5 bathrooms with a total living area of 3,371 square feet when you consider approximately 1,542 sq ft (second level) + 1,160 sq ft  (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished  basement).

This market analysis assumes that the interior will be completely painted including the trim, cabinets, and walls as discussed during my visit.

The front door, accented by lovely sidelites, opens to the front foyer and hallway with hardwood flooring. The foyer offers access to both the dining room on the right and the living room on the left. Stairs from the front hall lead to the second level. Follow the hallway straight ahead to find the half bathroom and access to the kitchen. The front to back living room is spacious with hardwood floors and a wood-burning fireplace. The formal dining room has chair rail and hardwood floors. A cased opening leads from the dining room into the kitchen.

The kitchen is spacious and efficient with ceramic floor tiles and plenty of room for an informal dining area. The cabinetry will be painted for a modern feel.  The appliances are mostly black with a white refrigerator. A window over the sink looks out to the adjoining family room. A French door from the kitchen leads to the home’s side entryway and mudroom area with ceramic floor tiles, which offers a closet, access to the huge 2-car garage, and the side entrance with direct access to the driveway. The first level family room is also accessed from this hallway. Natural light streams into the family room through the walls of large windows. The family room offers a cathedral ceiling, recessed lighting, and hardwood floors. A portion of the ceiling is accented by beautiful cherry wood. A fireplace in this room is no longer operational and will be removed. The large windows of the family room offer delightful views of the huge, private backyard and a sliding glass door creates a great connection to the outdoors. Stairs from this room offer access to another family room over the garage.  The half bathroom on the first level is freshly done with a modern feel. It has hardwood flooring and a pedestal sink.  

The second level offers the master suite, four more family bedrooms, two full family bathrooms, and another family room over the garage. The master bedroom features hardwood floors and a double closet. The walls and trim in this room will be painted. The master bathroom offers a corner shower stall, tile floor, and pedestal sink. The trim in this bathroom is to be painted as well. The family bedrooms are all generously sized, except for one which is a little smaller, with hardwood floors. Bedrooms will be painted. One of the bedrooms has a single French door to a small attached room which would work well as a sitting area or a fun play space for a child. Double French doors from this same bedroom offer additional access to the family room over the garage. A family bathroom at the top of the stairs on the second level features a tiled tub/shower. The tiles and vanity cabinet are to be painted.

The basement stairs lead to a semi-finished room that we could stage as an additional play room with panels of wood veneer which will be painted.  As you circle through the utility area you have a full bathroom which leads to a small room which has another exit to the stairs to upstairs. The home has an oil fueled boiler for the hot water baseboards.

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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 $393 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 $426.

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 $387 but it increases to $405 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 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This is our listing. This contemporary cape style home was built in 1972.  It is larger than your home when considering the above ground living area with 3,298 sq ft of approx living area including a finished room in the lower level. Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement).  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has less bathrooms than your home, having 3 full bathrooms, yours has 4.5 bathrooms. It sits on a smaller size 0.33 acre lot in a cul de sac whereas your home sits on a 0.57 acre lot also in a cul de sac.
The home has lovely curb appeal and 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 on bricks 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 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. The 2 additional family bedrooms and the master suite are on the second floor. The master bedroom has a fireplace with bricks to the cathedral ceiling which has skylight, an attached newly renovated 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 accent 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 4 car off street parking. It has forced air heating, and central air cooling, and has solar panels. It was listed for $1,029,000 and is currently under agreement and after 10 competing offers will sell for $1,130,000.

Relevance: Relevant, but less. Given the similar size with this home having more above ground living area, your superior curb appeal, your extra bathrooms I believe that this home is relevant to your home but yours should sell for more.

Your details: Living area 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This contemporary ranch style home was built in 1956. It is a a similar size to your home at 3,516 sq  ft of approx. living area which includes a finished lower level.  Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement). This home has 1 less bedrooms than your home, having 4 bedrooms. It has 2 less bathrooms than your home, having 2 full and 1 half bathrooms. It sits on a similar size 0.59 acre lot whereas your home sits on a 0.57 acre lot.
The home looks like a ranch style home from the front of the home, but the land slopes back and most of the living area is above ground. The living room has a fireplace and a large bay window, crown molding, and hardwood floors. It is connected to the informal dining area of the eat in kitchen through a french door. The kitchen has a breakfast bar peninsula, custom built cabinets, stainless steel appliances, bay window, ceramic tile backsplash, cork flooring, wet bar, and wine chiller. The kitchen is connected to a grand formal dining room passing through the informal dining area which has a cathedral ceiling and picture windows. The formal dining room has a cathedral ceiling, walls of glass, hardwood floors, and has an exterior access to the deck through folding glass doors that leads to the deck overlooking the backyard. The master suite is also on this level and it has an attached bathroom, dressing room, crown molding, and hardwood floors. The master bathroom has custom cabinets, granite countertop, shower stall, and jacuzzi. Another bedroom with lots of built ins is adjacent to the master bedroom. The family room is on the lower level and it has a fireplace, custom built ins, ceramic tile floors, and exterior access to the backyard through sliders. On this level are 2 bedrooms with walk in bay windows, an adjacent office, a study/nook, a potting shed with exterior access, and a library with lots of custom built ins and exterior access to the patio under the deck.
This home has an attached 2 car garage and 4 car off street parking. It has hot water baseboard heating, and central air and wall AC cooling, and has solar panels. It was listed for $1,049,000 and sold for $1,100,000.

Relevance: Relevant, but less. Given the similar size, poor curb appeal, inferior location I believe this home is relevant to your home but yours should sell for more.

Your details: Living area 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This split entry style home was built in 1980.  It is larger than your home with 3,500 sq  ft of all above ground living area.   Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement).  This home has the same number of bedrooms as your home does, having 5 bedrooms. It has less bathrooms than your home does, having 3 full bathrooms.  It sits on a smaller size 0.46 acre lot, whereas your home sits on a 0.57 acre lot.
As you enter the main level, the formal living room is on the left and the family room is in front. The family room has a full brick wall fireplace to the ceiling, a wet bar, and is open to the kitchen. It has access to the sunroom through a glass slider. The kitchen is totally renovated and has a breakfast bar peninsula, stainless steel appliances, granite countertops, ceramic tile backsplash, white cabinets. It is a galley style kitchen with an informal dining area, a built-in china cabinet with some glass panels, chair rails, and exterior access to a deck through a sliding glass door. The formal dining room has access to the same deck through glass sliders. The master suite is located on the main level 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, a utility room, a large storage room and another full bathroom. The entire home is sun-filled with huge windows. The main level of living features gleaming hardwood floors while the lower level has wall to wall carpeting.
This home has an attached 2 car garage and 6 car off street parking, oil  heat, and central air cooling. It was initially listed for $1,175,000 but price was dropped to $1,125,000 before it went under agreement and was sold for $1,125,000.

Relevance: Relevant but less.  Given the popularity of your style of home vs a split level, similar size, superior condition of the kitchen and bathrooms in this home, less bathrooms in this home I beleive it is relevant to your home but yours will sell for more.

Your details: Living area 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This colonial style home was built in 1984.  It is of similar size as your home at 3,392 sq  ft of approx. living area which includes a finished lower level. Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement). This home has 1 less  bedroom than your home does, having 4 bedrooms. It also has 2 less bathrooms than your home does, having 2.5 bathrooms. It sits on a larger 0.69 acre lot, whereas your home sits on a 0.57 acre lot.
This home’s living room has hardwood floors and is connected to the formal dining room through a cased opening. The formal dining room has picture windows, chair rails, and hardwood floors. The eat in kitchen is quite dated with oak cabinets, some stainless steel appliances, granite countertops, ceramic tile backsplash, a pantry, a breakfast bar island with a second cooktop, and ceramic tile floors. There is a desk with built in shelves above, drawers, and granite countertops in the informal dining area, and an exterior access to the deck through sliding glass doors overlooking the backyard. The family room has a fireplace with a brick façade to the ceiling, cathedral ceiling with skylights, bay windows, wall to wall carpet, and it also has an exterior access to the deck. This home also has a mudroom with a walk in closet connected to the family room and a walkout access to the front yard. The master suite on the second level is huge and has hardwood floors, a walk in closet, and an attached master bathroom. The master bathroom is lovely with a Jacuzzi shower combo unit, marble counters and ceramic tile floors. The 3 other family bedrooms are on the same level and one of them has a walk in closet. They all share a family bathroom which has been nicely renovated with granite counter vanity, ceramic floor tiles and with tub and shower. The lower level has been nicely finished and has wainscoting around the perimeter of the room. It includes an office, a mud room and a media room.
This home has an attached 2 car garage and 4 car off street parking, central heat, hot water baseboard  heat, and central air cooling.  The living areas all had wood trim which was typical of a home built in the '80's but significantly dates the home.  It was initially overpriced at $1,398,000 then dropped to $1,298,000 and then at a lower price of $1,185,000 but was sold for a lower price of $1,140,000.

Relevance: Relevant, but less. Given that this home is a similar style to your home, similar size, but has less bathrooms, and is dated with wood trim and oak kitchen cabinets, I believe this home is relevant to yours but yours will sell for more.

Your details: Living area 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This contemporary colonial style home was built in 1996.  It is of similar size as your home at 3,363 sq  ft of all above ground living area. Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement).  This home has the same number of  bedrooms as your home does, having 5 bedrooms. It has 1 less bathroom than your home, having 3 full and 1 half bathrooms. It sits on a smaller 0.35 acre lot on a cul de sac walking distance to the town center, whereas your home sits on a 0.57 acre lot.
The home has lovely curb appeal and as you reach 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 half height walls with 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 skylights, picture windows with transom, hardwood floors and exterior access to the deck through double glass doors. It has an open floor plan with the kitchen separated by breakfast peninsula bar. The kitchen also has a center bar island where the stove is situated, 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 has double sink vanity 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 has a double sink vanity and separately enclosed toilet. The 3rd level has a bedroom which has vaulted ceiling with skylights, a more renovated 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. It has hot water baseboard heating, and central air cooling. It was listed for $1,299,000 but was sold at a lower price of $1,222,000 after 47 days on the market.

Relevance: Relevant. Given that this home is a similar size but your home has some of that living area in the basement, 1 less bathroom, slightly superior location I believe that once all factors are considered, this home is relevant to your home.

Your details: Living area 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This colonial style home was built in 1984.  It is of similar size as your home at 3,427 sq  ft of approx. living area including a finished basement. Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement).   This home has 1 less bedroom than your home does, having 4 bedrooms. It also has 1.5 less bathrooms than your home, having 3 full bathrooms. It sits on a smaller size 0.32 acre lot steps to the town center, whereas your home sits on a 0.57 acre lot.
The living room has a fireplace with brick facing, crown molding, hardwood floors, and is partially open to the formal dining area through a cased opening. The dining room has a very large built in china cabinet, double windows, crown molding, hardwood floors, and access to the sunroom through a french door. The sunroom has walls of glass and cathedral ceiling. The family room has high cathedral ceiling with skylights, recessed built ins, hardwood floors, and exterior access on both sides through french doors. It is also connected to the sunroom through a sitting room which has triple windows and hardwood floors. The kitchen has granite countertops, ceramic tile backsplash, picture window, stainless steel appliances, and ceramic tile floors.  This level also includes a bedroom with an attached renovated bathroom. The second floor includes 2 family bedroom and the master suite. The master bedroom has a fireplace with brick facade, double windows, an attached office, and an attached renovated bathroom with marble counters and tiles. The finished lower level has a game room which has laminate floorings. The exterior has a private patio.
This home has an attached 2 car garage and paved 6 car off street parking. It has hot water baseboard and forced air heating and central air cooling.  It was listed for $1,198,000 and was sold at $1,331,000 after competing offers.

Relevance: Relevant, but higher.  Given this home's far superior location, similar living area, superior condition of kitchen and bathrooms, 1.5 less bathrooms, I believe it is relevant to your home but it will sell for more.

Your details: Living area 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This colonial style home was built in 1997.  It is larger than your home with 4,073 sq ft of approx living area which includes the finished basement and gazebo. Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement).  This home has 1 less bedroom than your home, having 4 bedrooms. It has 4 full bathrooms. It sits on a larger size 0.76 acre lot walking distance to the town center whereas your home sits on a 0.57 acre lot.
The curb appeal of this home is stunning. As you enter this home via the farmers porch, you have the living room on the left from the spacious foyer. This living room has 11’ ceilings, crown moldings, picture windows, chair rails, and hardwood floors. It has access to the gazebo through a French door. The formal dining room has open floor plan with the living room and also has an 11’ ceiling giving both rooms a grand feeling. The dining room has an accented ceiling, triple picture windows, and hardwood floors. The kitchen has a center breakfast bar island, granite countertops, ceramic tile backsplash, white custom built cabinets, and a breakfast area inset into a bay window area. It has an open floor plan with the family room which has a gas fireplace with built in shelves and cabinets on both sides, hardwood floors, and has exterior access to the deck through a French door with matching height windows along the wall which provide lots of natural light. Also on this level is an office with crown molding, bay window with seat, hardwood floors, and built in white cabinetry with desk and shelving.  A full bathroom is adjacent to the office/bedroom. The master suite and 3 more family bedrooms are on the second level. The master bedroom has an attached master bathroom, a walk in closet, picture windows, and wall to wall carpeting. The bathroom has double sink vanity, granite countertop and white cabinets, a shower stall, a separately enclosed toilet, a jacuzzi, picture windows, and ceramic tile floors. One of the family bedrooms has a cathedral ceiling, hardwood floors and picture windows. Another one has a bay window with wall to wall carpet. The finished lower level has another family room with wall to wall carpet and a full bathroom. This home has an attached 2 car garage and 6 car off street parking, has forced air  heat, and central air cooling. It was listed for $1,299,000 and we had 10 offers on the home and sold it for $1,400,000.

Relevance: Higher. Given the superior curb appeal, larger size, larger lot size I believe this home will sell for more than your home.

Your details: Living area 3371 sq ft | 5 beds | 4.5 baths | Lot size 0.57 acres | Built 1969 | 2 car garage

This colonial style home was built in 1951.  It is larger than your home with 4,672 sq ft of all above ground approx living area. Your home has 3,371 sq ft of living area which includes approximately 1,542 sq ft (second level) + 1,160 sq ft (first floor) + 57 sq ft (small room off bedroom) + 612 sq ft (finished basement). This home has the same number of bedrooms as your home, having 5 bedrooms. It has 4 full bathrooms. It sits on a smaller size 0.39 acre lot on a busier street, whereas your home sits on a 0.57 acre lot.
The main level includes the living room which has a fireplace with marble facade, picture windows, a cathedral ceiling, hardwood floors, and access to the mudroom. The formal dining room is on the right from the 2-story foyer and it also has a fireplace with marble facade, picture windows, and hardwood floors. The family room has cathedral ceiling with skylights, and a fireplace with marble facade. The kitchen is stunning and has stylish white cabinets to the ceiling and some with glass panels, a breakfast bar island, granite countertops, ceramic tile backsplash, a pantry, ceramic tile floors, and white appliances. It also has an informal dining area which has a cathedral ceiling with skylight and exterior access. A bedroom/office is also on this level and a family bathroom which has a vanity with granite countertop. The master suite is on the second floor. It has a fireplace with marble facade and mantel, a cathedral ceiling, walk in closet, hardwood floors, and an attached bathroom. The master bathroom is huge and stunning and has his and her vanity with sink and marble countertops, marble tile floors and half height walls, and a Jacuzzi and shower stall. On this level are 4 more family bedrooms and they share a family bathroom which has a vanity and a separate sink with granite countertops. The finished lower level includes an exercise room with ceramic floor tiles and a media room which has a fireplace in rock tiled wall to the ceiling.
This home has an attached 2 car garage and 8 car off street parking, has hot water baseboard  heat, and central air cooling. It was listed for $1,299,000 and was sold higher than the listing price with competition for $1,425,000.

Relevance: Higher. Given the larger size, superior condition of both kitchens and bathrooms vs its inferior location I believe 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 $1,240,000-$1,290,000.  It is a little difficult to be more accurate than this as there are no relevant homes between the home that is relevant at $1,222,000 and the home that is relevant, but higher at $1,331,000. When we get closer to bringing your home on the market I will update the market analysis and we should have more homes selling in this range that will assist.

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 than market value is our listing at 845 Emerson Gardents  which came on the market for $1,299,000 and sold for $1,400,000, the home at 171 Burlington St which came on the market for $1,299,000 and sold for  $1,425,000 and the home at 43 Fletcher Rd which came on the market for $1,198,000 and sold for $1,331,000. 

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.

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

Make your home stand out with MA Properties Online's Marketing Today's technology makes it...

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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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Testimonials | 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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