24 Parker St, Lexington

Market Analysis for:

Dominique & Mark Hurley

I've done a market analysis on your home at 24 Parker Street 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 located in a prime location in Lexington, walking distance to the town center, Lexington HS, the town playing fields, Hastings Park and many other primary locations. It was built in 1886 and is on 0.28 acres.  It has 4 bedrooms, and 3.5 bathrooms.  The actual living area of your home will need to be evaluated when we have a floor plan done for the home. Of the 3 sources we have for living area for a home, all 3 have a different value for your home.  The prior sale when you bought the home has the size of the home as 3239 sq ft. The Lexington assessor’s database has your home as 2533 sq ft.  The aggregator of public record information that MLS provide has your living area as 2613 sq ft.  It looks like the assessor’s database is only attributing 192 sq ft of the available 960 sq ft in the third floor.  Including the full sq footage of the third floor into the calculations gets us closer to the 3239 sq ft when you bought the home and this ‘feels’ much more accurate than the values reported in public record. We will review this measurement to get a more accurate assessment of the square footage once we have a floorplan created.

As you walk up to the front door you enter the farmers porch at the front of the home. A wonderful place to sit and watch the world go by on a hot summers day with a glass of lemonade. There are double entry doors with (etched?) glass panels at the front of the home, and as you enter you have a formal section of the home with stunning dark wood moldings, stairs up to the second floor on the left, a hallway leading into the dining room immediately in front, and the living room on the right.  The living room is a lovely room with a gas fireplace with an ornate mantel and fireplace surround, and a ceramic tile hearth. Double French doors lead from the living room to a family room with a bank of 3 high windows on one side and a built in bookcase. Open to the family room is another room with skylights, a pot belly stove sitting in a brick lined corner, French door with transom above and sidelites on both sides leading out to the deck, along with being open to the kitchen and a jack & jill stairs.  An Informal dining area is adjoining the kitchen, adjacent to a built in hutch, and lots of dark cabinetry, corian counters, and stainless steel appliances.  Discussion had centered around the painting of the cabinetry. I would recommend this to lighten up the kitchen so that the home has a formal darker portion of the home, and the informal, lighter section of the home. From the kitchen toward the back of the home you have a half bathroom with beadboard half walls, and a laundry/mudroom leading out to the back yard. Between the kitchen and the front hall is the dining room, which has a bay window. I would recommend this room be painted a lighter color as the trim is lighter and it would blend into the lighter portion of the home more readily.

Upstairs to the second floor you have a stained glass window in the stairwell. At the top of the stairs the master bedroom leads off to the right. The room is smaller and should be staged with a smaller bed. The master bathroom is newly renovated and is stunning. It has a new vanity with quartz counter, ceramic floor and wall tiles with a shower with a frameless shower door. The master has a small closet but a smaller bedroom off the hallway has been converted into a walk in closet. Another bedroom is off this landing. Walking into another landing through a cased opening you have a sitting room, with a full bathroom leading from it. The full bathroom has had renovations done to it recently and looks stunning. Another bedroom is at the back of the home and has cedar lined cathedral ceiling, and lots of windows and skylights. From this area is the jack and jill staircase, which leads into the kitchen area.

Upstairs to the third floor is a hallway leading to a large sitting area, with a comfy area under the eaves built in, a full bathroom with a tub/shower, bamboo floors, and a bedroom to the back of the area.

The basement is unfinished with an asbestos covered furnace (a ‘snowman’), 200 amp electrical service, ducted vacuum.

From the back door of the home you go outside under a covered area and the doorway entrance to the 2-car garage. The deck is off the back of the home and adjacent to the covered area from the back door. The driveway is huge and looks like it could park approx. 8 cars. At the back of the driveway is a fenced area, which has the newly renovated Gunite pool, paved pool surround and lots of plantings. Twilight photos of the exterior of the home and pool area would be valuable.

Public records have the home at 2533 square feet. The diagram below was sourced from public records and shows the square footage breakdown of your home. We are using 3239, which includes the total living space on the third level. We will review this measurement to get a more accurate assessment of the square footage once we have a floorplan created.

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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, and 66 homes in 2016.

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 $378 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 $411.

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 $382 but it increases to $390 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 $1.5M - $2M price range are just over 2 month’s supply showing a 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 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

Currently Under Agreement. This is a Colonial, built in 1915, with great curb appeal. It is smaller than your home with 3095 sq ft of living area, all above ground living space.  The home has a 2-car detached garage, vs. your 2-car attached, and oil fueled hot water baseboard heat. This home has 4 bedrooms, as does yours. This home has 2.5 bathrooms, one less full bathroom than your home. It sits on a similar sized 0.3 acre lot in the desirable Merriam Hill neighborhood, but does not offer the ideal walking distance to everything as does your home. Your lot size is 0.28 acres and steps from the town center and bike path. This home maintains much of its original charm with dark wood coffered ceilings, French doors, and a window seat, however it was a bit dated and “tired’ in appearance throughout. The home has nice hardwood floors. The formal living room features a wood-burning fireplace. The formal dining room has a large bay window and chair rail. The kitchen is dated with older cabinetry and white appliances. The main cooking/workspace of the kitchen is a bit small, but it does open up to a family room with exterior access to the backyard and patio via a glass slider. The master bedroom and two of the family bedrooms are on the 2nd level. The 4th family bedroom is on the home’s third level. All of the bedrooms are generously sized with hardwood floors. The master bedroom offers a walk in closet and dressing room. This home has a large backyard with lovely gardens and plantings. There was an accepted offer within 5 days.

Relevance: Less.
Given the smaller size of the home, 1 less bathroom, inferior condition I believe your home will sell for more than this home.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This is an older sale. This 1880 Village Colonial is smaller than yours at 3056 sq ft of living area. The home is located on your street and offers the same ideal proximity as your home within walking distance to everything. It has 4 bedrooms and 2.5 bathrooms, one less full bathroom than your home. It does not have a garage, only a barn for storage, and is on a smaller lot than yours at 0.17 acres. Your lot size is 0.28 acres with a 2 car attached garage, huge driveway and inground pool. The home was nicely renovated and offered lots of modern style and lovely hardwood floors throughout. The formal living room has a wood burning fireplace and a bay of large windows. The kitchen was stunning with stainless steel appliances, soapstone counters, and opens to an informal dining area. The family room is full of natural light with walls of windows and French doors leading outside to the fenced yard and patio. The master bedroom and 2 more family bedrooms are on the 2nd level and the carpeted 4th bedroom is on the 3rd level. The master bedroom has a cathedral ceiling and French doors out to a balcony. The master bathroom offers a tub and shower stall. Curb appeal was lovely with a farmer’s porch and professional landscaping. Laundry is in the unfinished basement. This home had an accepted offer in 18 days, selling below the asking price.

Relevance: Less.
Given the smaller size of the home, one less bathroom, no garage, smaller lot I believe your home will sell for more than this home.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This was our listing. This Villiage colonial is smaller than your home.  It has 2,800 sq ft of living area, including the finished basement,  whereas your home has 3239 sq ft of all above ground living area. This  home has the same number of bedrooms as your home, both having 4. Your  home has 1 more full bathroom as this home has 2.5 bathrooms, versus  yours with 3.5. It sits on a smaller sized 0.15 acre lot and yours on a  0.28 acre lot. Both homes offer close walking distance to the town  center and bike path. Your home was built in 1886 and this home in 1895.  Entry from the farmer’s porch is into a foyer. On the left from the  foyer is the formal dining room with crown molding and large windows.  The dining room flows into the living room, which has wainscoting, crown  molding, hardwood floors, and a bay window. The kitchen has a high  cathedral ceiling with skylights, large double height windows and  external access to the deck through a sliding glass door overlooking the  fenced yard. It also has stylish white cabinets some with glass doors,  quartz countertops, ceramic tile backsplash, stainless steel appliances,  a Viking double oven with a six-burner cooktop and grill, radiant heat  floor, breakfast room, and access to the family room on the lower level.  The breakfast area has a bay window. On the same level is an office/den  with lots of built-in shelving. On the second level are 3 family  bedrooms. Two of them have bay windows and all of them share a full  bathroom on the same level with custom-built cabinets, ceramic floor  tiles and a corner tub/shower. The master suite is on the 3rd level with a full bathroom with skylights, beamed cathedral ceiling,  hardwood floors, and a wood-burning fireplace. There is an additional  bonus room/nursery/office on this level. It has a detached 2-car garage,  vs. your 2-car attached garage. This home sold quickly with competition  well over asking price.

Relevance: Less.
Given the smaller size of this home, one less bathroom, smaller lot, inferior condition I believe your home will sell for more.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This colonial was built in 1808, vs. yours built in 1886, and is larger than your home with 3566 sq. ft. of all above ground living area. We have your home at 3239 sq. ft., also all above ground living space.  This home is located on a large lot of 0.69 acres along busy Mass Ave, but offers a great location within walking distance to the town center and easy access to the bike path. There is no garage, but the home offers a large driveway with parking for 6 cars. Your home has a 2-car attached garage and parking for about 8 cars. Your home sits on a lot of 0.28 acres with an ideal location steps to the town center. The home has updated systems, central air, and gas heat. This home offers 4 bedrooms, as does yours, and 4 full bathrooms, one more full bathroom than your home at 3.5 bathrooms. The home has been beautifully updated throughout for a modern feel while still maintaining its original charm. The home has lovely hardwood floors. There are 6 fireplaces in the home, one is in the formal living room in addition to crown molding and wainscoting. The family room also offers a fireplace. The formal dining room is elegant with a fireplace, coffered ceiling, and wainscoting. A screened porch at the side of the home offers a great connection to the outdoors. The kitchen is modern and stylish with custom cabinetry, an informal dining area, and a large bay window overlooking the backyard. The master bedroom and another family bedroom are on the 2nd level, the other 2 bedrooms on level 3. The master bedroom is spacious with a fireplace, walk in closet, and a full bathroom. Exterior access from the master bedroom leads out to another enclosed porch. The marble master bathroom has a Jacuzzi tub and a tiled shower stall. This home has an in-law apartment on the 2nd floor, which offers a kitchen and a 2nd bedroom suite. The bedroom leads into a study with an adjoining full bathroom with a shower stall, which further leads into the home’s 2nd kitchen. The other 2 family bedrooms are on the third level along with a full bathroom. The home offers beautifully maintained gardens and plantings throughout the large backyard along with a patio and a small structure used as a garden house/storage shed. This home had an accepted offer after 20 days and sold below asking price.

Relevance: Relevant, but less
Given the larger size, larger lot size, central air conditioning but lack of a garage and inferior location I believe this home is relevant to yours but yours will sell for more.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This Victorian home, built in 1880, is larger than your home at 3,507 sq. ft., all above ground living space. There is an additional 766 sq. ft. in the separate guest house building located on the property. We have your home at 3239 sq. ft., also all above ground living space. The home offers 5 bedrooms, one more than yours, and 4.5 bathrooms, one more full bathroom than your home. It sits on a larger 0.66 acre lot, vs yours on a 0.28 acre lot, Both homes offer close walking distance to the town center. The home does not offer garage parking, but has room for 3 cars in the driveway. There is a mix of hardwood flooring and wall to wall carpeting throughout the home. The formal living room has a wood burning fireplace with a white mantel and built in shelving. The formal dining room has hardwood floors, chair rail and crown molding. The kitchen has a center breakfast bar island, stainless steel appliances, dark wood cabinets and hardwood floors. A slider off the kitchen leads out to the deck overlooking the large, private backyard. The family room has a cathedral ceiling, wood stove, and a wall of windows for lots of natural light. A home office and a half bathroom complete the first level. The master suite and 2 more family bedrooms are on the second level. The master bedroom offers a full bathroom with a dual sink vanity, a walk in closet, dressing room, and wall to wall carpeting. One of the bedrooms has exterior access to a porch. The finished 3rd level offers 2 more bedrooms, a full bathroom with a shower stall, and a study with wall to wall carpeting. The separate carriage house was converted into a guest house/in law apartment offering a studio suite with skylights, a cathedral ceiling, kitchen area, and a full bathroom. This home came on the market at a much higher price for $1,650,000 and sat for almost 3 months. After a significant price drop to $1,499,000 the home had an accepted offer in 2 weeks. It sold below asking price. I believe it would have sold for more if it had come on the market initially at a more realistic price.

Relevance: Relevant.
Given the larger size of the home (4273 sq ft in total), larger lot size, 1 more bedroom, 1 more bathroom, larger master with a walkin closet versus the lack of a garage and a guest suite which most buyers think adds little value, I believe this home is relevant to yours. It would have sold at a higher price if it had been priced correctly to begin with.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This was our listing. It is an Italianate style home built in 1872. It is larger than your home at 3429 sq ft of living area, which is all above ground. Your home is 3239 sq ft., also all above ground living space. It is on a similar lot size of 0.23 acres, yours 0.28 acres, just a block from the library and opposite Belfry Hill park. It offers the same ideal proximity to the town center as your home. The home has the same number of bedrooms, 4, although the finished space on the third floor could have also been called a bedroom. It has 2.5 bathrooms, one less full bathroom than your home. It has a 2 car detached garage, vs. your 2-car attached. The sellers had done some extensive work to the home recently. The kitchen has new granite counters, new stainless steel appliances, new lighting, new granite on the master bath, painted inside and outside, floors refinished so the home sparkled. The home had a screened porch at the side of the home overlooking the fenced backyard and patio area. We had over 100 buyer groups come by during the Open Houses, and had 5 offers on the home. It was sold with no inspection and no mortgage contingency. A large part of why we got the price we did was because we priced it realistically and the buyers saw value. When they see value they will often make offers that have no inspection and no mortgage contingency because they ‘have to have’ the home. Even though the home appeared updated, there were some things that were still quite dated and in need of updating.

Relevance: Relevant, but less
Given the similar size versus the inferior condition of the home, and 1 less bathroom, I believe this home is relevant to yours but yours will sell for more.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This 1925 Colonial style home is slightly larger than your home with 3,395 sq ft of living area including 574 sq ft of finished space in the lower level. This home has the same number of bedrooms as your home, both having 4 bedrooms. This home offers 3.5 bathrooms, as does yours. It sits on the same sized lot as your home at 0.28 acres in a prime location steps to the town center. Your home offers the same ideal location within walking distance to everything. On the left of the foyer is the living room with a wood-burning fireplace with white mantel and brick facing, crown molding, and hardwood floors. To the right from the foyer is the formal dining room, which has crown molding, chair rail, hardwood floors. The dining room is connected to the kitchen through a butler’s pantry with glass-paneled cabinets. The kitchen has a breakfast bar island with a prep sink, granite countertops, ceramic tile backsplash, stylish white cabinets to the ceiling and some with glass doors, and high end overlay paneled appliances. The kitchen has an open floor plan to the family room and both have exterior access to the deck. On the same level, a mudroom has external access to the covered porch, and so does the living room. The family bedrooms are on the second level including the master suite with a walk in closet, tray ceiling, a recessed TV set into the tray ceiling, hardwood floors, and an attached master bathroom. The master bathroom has his/hers sinks, cathedral ceiling, a ceramic tile floor, and bead board on the walls. Another bedroom has an attached bathroom also. The finished lower level has wall to wall carpet which is used as a media room, a play room, and has been finished beautifully. This home has an attached 2-car garage as does your home. There were competing offers on the home and it sold for over the asking price.

Relevance: Relevant, but slightly higher
Given the larger size, but some of this in the lower level, similar configuration and lot size, but superior kitchen and master bedroom with walk in closet and dual sink vanity I believe it is relevant to your home but it may sell just a little higher.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This Multi-Level style home is larger than your home at 3,536 sq ft of living area including a finished lower level.  This home has the same number of bedrooms as your home, both having 4 bedrooms. It offers 3 bathrooms, one less half bathroom than your home. It sits on larger sized 0.42 acre lot vs your 0.28 acre lot. Your home was built in 1886 and this home in 1961. As you enter this home through double doors, you are in the foyer with skylights above and can either go up to the living room or down to the lower level. The living room has a fireplace with natural wood colored mantel and granite facing, a cathedral ceiling, picture windows, and hardwood floors. It has an open floor plan with the dining room, the kitchen, and the family room. The dining room has an accented ceiling. The kitchen has a breakfast bar peninsula, and a center island with cooktop, granite countertops, skylights, wood cabinets to the ceiling with glass paneled doors, and black appliances. The family bedrooms, including the master suite, are on this level. The master bedroom has an attached bathroom with a shower stall and is fresh and clean. Another bathroom is located at the end of the hallway, which has a double vanity sink and ceramic tile floors. The lower level has 1 more bedroom, a media room, and a recreation room. The recreation room has a wet bar with a prep sink, beverage fridge, white cabinets, and granite countertop. The media room has a fireplace with a painted brick wall. The lower level is a full walkout, has been beautifully finished and one end has floor to ceiling windows and access to the large backyard. This home has an attached 2-car garage as does yours. Located in the desirable Merriam Hill neighborhood. This home is included purely as a reference point with regard to the size and configuration of the home.

Relevance: Relevant, but higher
Given the larger size albeit some includes a beautifully finished walkout lower level, larger lot size, superior kitchen layout and lots of light I believe this home is relevant to yours but will more than likely sell a little above yours.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This Greek Revival style home is larger than your home with 3,952 sq ft of living area, which doesn’t include 328 sq ft of finished space in the lower level. This home has the same number of bedrooms as your home, both having 4 bedrooms. This home has 2.5 bathrooms, one less full bathroom than your home. It sits on larger size 0.41 acre lot vs your 0.28 acre lot. This home offers the same prime location as yours does steps from the town center, but is located along busy Mass Ave. Your home was built in 1886 and this home in 1849. The main entry is through the porch and into the foyer. There is also a side entry from a covered porch into the mudroom. From the foyer, you have the living room through a bi-fold French door. It has picture windows, wide baseboards with crown moldings, and hardwood floors. It is surrounded by an L-shaped porch, which is connected to a screened porch. The music room is directly connected to the living room and has exterior access to the screened porch through French doors on both sides. The music room has a wood burning fireplace with white mantel and brick facing, wide base boards with crown moldings, and hardwood floors. It has access to the den with recessed built ins, and hardwood floors. Also directly connected to the music room is the formal dining room which has a built in china cabinet, mantel wall shelve, picture windows, and hardwood floors. The kitchen has a walk in pantry, stylish cabinets some with glass doors, overlay paneled appliances, an informal dining area, and stone/ceramic floors, and a small desk near the picture windows. The family room has a wood burning fireplace, picture windows with stained glass, exterior access to the patio and built in book shelves. The family bedrooms and the master suite are on the second floor. The master bedroom has his/hers walk in closets, and an attached master bath. The master bathroom has a shower stall, ceramic tile floors, and a Jacuzzi tub. One of the bedrooms has an attached office, picture windows, and hardwood floors. Another bedroom has cathedral ceiling and wall to wall carpet. Another bedroom has cathedral ceiling, double windows, and hardwood floors. The lower level has as a recreation room with wall to wall carpet. Most of the bedrooms and all of the formal rooms have crown moldings. This home has an attached 2-car garage as does yours. The floor plan of the home is really disjointed and does not have a great flow, along with wallpaper in several rooms, it would have had some challenges with buyers from that perspective. It has a lovely backyard with lots of green grass and plantings. It was overpriced and sat on the market for 73 days before going under agreement for significantly less than the asking price. I believe if they had of priced more appropriately they could have sold for more money.

Relevance: Relevant, but slightly higher
Given the larger size of this home and larger lot, versus its inferior location, 1 less bathroom, poor layout, inferior condition I believe this home is relevant to yours but may sell for a smidge higher.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This home is a Colonial built in 1915. It is larger than your home with 3700 sq. ft. of above ground living space. Your home is 3239 sq. ft. of all above ground living space. This home has 5 bedrooms, which is 1 more bedroom than your home, and has 4.5 bathrooms vs. your 3.5 bathrooms. Four of the bathrooms are on the second floor bedroom level. It is on a larger lot of 0.39 acres, yours at 0.28 acres, in the desirable Munroe Hill area, but does not offer the same prime location as yours does steps from the town center. The home has French doors throughout with custom built ins surrounding the stone-faced fireplace in the family room. The dining room had coffered ceilings. There was a half wall separating the kitchen from the family room, and a custom built in office area spanned this area. The kitchen was large with an island, stainless steel appliances, wooden cabinetry. There was a separate office with custom built ins on the 1st floor, along with a smaller room they described as a games room. There was a large butlers pantry area, with a mudroom and adjacent laundry on the first floor. Upstairs the master was large with a dual sink master bathroom with a Jacuzzi and shower. 2 of the bedrooms also had en suite bathrooms, and 2 bedrooms shared one bathroom. Two of the bathrooms had been recently renovated, and the other two bathrooms were clean and fresh with some updates. The home was nicely landscaped with plantings, and a sport court was designed into the area. This home had an accepted offer after a month on the market and sold just below the asking price.

Relevance: Higher
Given the larger size, extra bedroom, extra bathroom, air conditioning, larger lot I believe this home will sell for more than your home.

Your details: Living area 3239 sq ft | 4 beds | 3.5 baths | Lot size 0.28 acres | Built 1886

This colonial revival style home is larger than your home at 4,304 sqft of living area, whereas your home has 3239 sq ft of all above ground living space. This home has 1 bedroom more than yours with 5 bedrooms, whereas your home has 4 bedrooms. This home has 3.5 bathrooms, as does yours. It sits on larger size lot of 0.69 acre vs your 0.28 acre lot. Your home was built in 1886 and this home in 1895. Entry to this home under the grand portico and through a vestibule to the foyer. From the foyer, you have the living room on the right and the formal dining room on the left and both having formal 8’ tall sliding doors. The living room has a fireplace with white mantel and granite facing, crown moldings, picture windows, and hardwood floors. The formal dining room has picture windows, crown moldings, and hard wood floors. The family room has crown moldings, a built in book shelf, wall to wall carpet, and lots of windows including a bay window. The kitchen is full of light with lots of windows, hardwood floors, a built in china cabinet, quartz countertops and backsplash, custom built white cabinetry extending to the ceiling, crown moldings, and stainless steel appliances. It has a breakfast bar peninsula located in between the kitchen and the informal dining area which has a high ceiling and huge windows on all walls, and lots of transom windows above, and has exterior access via a French door to the deck down to a patio in the backyard.  There is a huge mudroom along with a huge laundry with granite counters and a butler’s pantry. On the second floor are 3 family bedrooms and the master suite. The master bedroom has a huge bathroom, a fireplace, wall to wall carpet, and has a dressing room with lots of built in custom cabinetry. The master bathroom has shower stall with frameless glass enclosure and marble walls and floor, granite countertop, white cabinets, and ceramic floors. One of the family bedrooms has a coffered ceiling, and wall to wall carpet. Upstairs on the third floor there is another bedroom and a bonus room. Both rooms have high ceilings and bay windows with seats. There are lots of built ins in this home that provide lots of storage space. Also on this level is a stunning full bathroom. The lower level has an exercise/ recreation room. This home has a detached 2 car garage whereas your home has a 2 car attached garage. Located on a quiet side street in the Merriam Hill neighborhood. It had competing offers on it and sold for over the asking price.

Relevance: Higher
Given the larger size of the home, larger lot size, superior kitchen condition, superior master bedroom/bathroom layout I believe it will sell for more than your home.

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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $1,550,000-$1,600,000.  

Given the current market dynamics in Lexington, I would suggest listing your home at the lower end of this price range to attract more interest and potentially multiple offers.  If the market deems your home to be worth more than the list price, then the price will be pushed over the market value of your home, and sometimes well over when we get multiple offers. You can see many examples above that came on the market for a lot less, and competition pushed them up to the price they sold for. The challenge in estimating a price for a home is ‘would this home have sold for this price if they had priced it higher?’ or was competition the driving factor that got to this price.  Experience tells me that competition is why they sold for what they did, so we have to be careful with pricing. A couple of good examples of competition pushing a price higher than market value is our listing at 1 Oakland St which came on the market for $1,199,000 and sold for $1,350,000, and our listing at 20 Clarke St which came on the market for $1,249,000 and sold for $1,420,000, and the home at 46 Meriam Street which came on the market for $1,589,000 and sold for $1,600,000. 

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.  If you decided to sell your home, then 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 addtion 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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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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