Just Sold: Four Bedroom Patio Home in Braemar for $355,000

Just Sold: Four Bedroom Patio Home in Braemar for $355,000

On June 12th (2018,) I was thrilled to list 9826 Earls Ferry Circle for sale at the price of $349,000.  It was a high demand home, having three large bedrooms and two bathrooms on the upper level and a fourth bedroom with adjoining full bathroom on the main level.  Main level bedrooms are hard to find.

Looking at the comparable sales, the most encouraging thing was a much more upgraded home of the same style at 9863 Earls Ferry Circle listed for $364,990 had gone under contract in only four days. With that quick marketing time, it was safe to assume it had a full price offer.  I had listed that very home at 9863 Earls Ferry for sale years before and it had been gorgeous then.  Unlike 9826 Earls Ferry, the home had been renovated to include hardwood floors on the entire upper level, the kitchen was decked out with granite counters, a tile back splash and a ceramic tile floor, the bathrooms had upgraded vanities, and it also had a new roof and newer A/C.  The difference between that home and my new listing at 9826 Earls Ferry seemed to be about $15,000 in upgrades.  So we chose the price of $349,000.  We had no kitchen upgrades outside of a new refrigerator, no upgrades to the bathrooms, no new roof, no hardwood floors in the bedrooms and no new A/C.  Seemed a very reasonable take on the competition and how we stacked up.

Within a day of being on the market, we had a full price offer, but the buyer wanted a lot of closing cost help.  So the seller waited  a few days to collect offers, and sure enough, got an offer at $360,000 in which the buyer had rolled their requested closing costs of over $10,000 into the increased sales price.  As I do with all my listings, I met the appraiser at the property with comps in hand.  All I needed was to show the home’s worth at a net sales price of $349K.  Most appraisers do take closing cost assistance into consideration.  The owners were also going to install new carpeting when their tenant vacated, as part of the contract with the buyer.  However, the appraiser wouldn’t take that upgrade into consideration.  The appraised value came in at $355,000.

Thankfully, the buyers and sellers were able to adjust other terms in the contract to keep the deal alive.  Nixing the new carpet from the contract saved the seller.  And the buyer lowered his closing cost help request to $8,500.  I was so bummed the appraisal hadn’t come in, but when I spoke with the listing agent of 9863 Earls Ferry, they expressed they had also had appraisal issues.   I couldn’t understand how, but that impacted us as well.

Despite our low appraised value of $355,000, which became our sales price, we still sold for more than the much better competition of 9863 Earls Ferry which sold for $350,000.  The net sales price difference was only $3,500 less, but I guarantee the updates in the competition were worth WAY more than that.  My sellers did very well as it turned out.  That’s the difference a local agent can make.

When you are ready to sell your Braemar home, give me a call at 703-402-0037.  I will never undersell your home.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

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Braemar Property Value Report: May-June 2018 (Arista Series)

Braemar Property Value Report: May-June 2018 (Arista Series)

Braemar Property Value Report:  May-June 2018 (Arista Series)

In my comings and goings out of the Tartan Hills Village section of Braemar, I have been noticing a lot of Canterbury style homes on the market.  While the activity happening right now won’t show up in this edition of the Braemar Property Value Report, the Arista Series home sales that happened between May and June will be covered here. If you don’t know what an Arista Series home is, it is the larger single family homes in Braemar, built by Brookfield Homes, and include the Allister, Buckingham and Canterbury floor plans.  These homes are found in New Castle Village, Highland Village and the Tartan Hills area of Braemar.

There were two Canterbury models that sold during May and June.  The details of those sales are listed below:

When we take these two sales and combine them with our rolling twelve months of Arista Series home sales and update our six and twelve month data points, here is what we see:

The first thing you may notice is that both sales that happened in our current reporting period have higher sold prices than the six month average and median sold prices.  That’s great.  And that is probably what is pulling the six month average and median sold prices up over the twelve month average and median sold prices.  Higher sold prices in the short term (six month range) compared to the long term (twelve month range) means increasing home values.

When it comes to seller subsidy, the six month average and median are a little lower than there twelve month average and median values.  This is also a good trend.  It means Braemar Arista Series sellers are giving less in closing cost assistance to buyers. Unfortunately, the marketing time seen in the six month average and median values is higher than the twelve month marketing values.  While home values are increasing, it may be taking longer to get under contract.

If you placed your Braemar Arista Series home on the market, priced to current conditions, you could expect it to be under contract in about three months.  However, if the current trends I am seeing with Canterburys on the market, sporting under contract riders on the sign posts in a matter of a one a week or two is any indication, this number may be higher than what we are currently experiencing in our summer market.  This report also indicates you could expect to pay about 1.5% of the sales price in closing cost help.

The next Braemar Property Value Report will be in September.  Until then, if you want to know how the current market is affecting your specific home’s value, give me a call at 703-402-0037.   Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

Braemar Reflection Quarterly: April-June 2018 (2nd Quarter)

Braemar Reflection Quarterly: April-June 2018 (2nd Quarter)

From the looks of the forecast for today, it seems as though we are going to have a really gorgeous summer day.  Not too hot and not too humid.  Hope you get out to enjoy something fun.  Maybe some time at one of our two community pools in Braemar.  Or a game of tennis at the under-utilized tennis courts.  For me, the outdoor fun can start after I type up this latest edition of the Braemar Reflection Quarterly.  It focuses on sales of the semi-attached single family homes on Tarvie Circle.

In the second quarter of 2018, there was only one Reflection home that sold.  Details are below:

When we take this one sale and add It to our rolling twelve months of Reflection home sales, here’s what we get:

There is a lot of good news when we look at the six month data points and compare then with our twelve month data points.  For starters, the six month average and median sold prices are higher then the twelve month average and median sold prices.  The seller subsidy (closing cost help to buyers) is lower in the six month average and median values compared to the twelve month average and median seller subsidy.  Finally, the marketing time (days on market) is one week in the six month average and median data points, which is slightly improved from the twelve month median, but drastically improved from the twelve month average.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could reasonably expect it to be under contract in about a week.  you could also expect to give about 1% of the sales price in closing cost help to your buyer.

The next Braemar Reflection Quarterly will be out in October.  Until then, if you want to know how the current market conditions are affecting your home’s value, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Piggyback Quarterly: April-June 2018 (2nd Quarter)

Braemar Piggyback Quarterly: April-June 2018 (2nd Quarter)

Don’t you wish winter went by as fast as summer does?  We are about halfway through the summer, yet it feels like it just started.  Time flies when you are having fun.

Since we are past the end of June, it is time for another Braemar Piggyback Quarterly.  This report focuses on sales of piggback townhouses in our neighborhood.  These townhouses are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses, but also have larger bedrooms than a traditional townhouse.  They also have two car garages.

During the second quarter, there were two Braemar Piggyback townhouses that sold.  Details of those sales are below:

When we take these sales and combine them with our rolling twelve month’s worth of Piggyback townhouse sales, here’s what we find when we update our six and twelve month values:

The six month average and median sold prices have slipped below the twelve month average and median sold prices.  That’s not great, but considering one of the two sales listed above is above both of the six month values, I’m not about to panic.  Seller subsidy (closing cost assistance from seller to buyer) is the same in the six and twelve month median, but the six month average seller subsidy is a little lower than the twelve month average.  That means buyers are willing to go without all of their closing costs being paid by the seller, just to get an offer accepted in this seller’s market.  Marketing time is about the same when looking at the six month values compared to the twelve month values.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in about three weeks.  You may also have to pay about 1/2% of the sales price in closing cost assistance to the buyer.

The next Braemar Piggyback Quarterly will be out in October.  Until then, when you want to know how the current market is affecting your home’s value, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

Braemar Patio Quarterly: April-June 2018 (2nd Quarter)

Braemar Patio Quarterly: April-June 2018 (2nd Quarter)

Welcome to another Braemar Patio Quarterly.  This one details the sold patio homes in Braemar during the second quarter of the year.  Without further delay, let’s get right to it.

There were two Braemar Patio homes that sold in the second quarter.  Their final sold prices ranged from $344,900 to $355,000.  Details of the sales are listed below.

When we take these two sales and add them to our rolling year’s worth of Braemar Patio home sales, here is what we find:

When we take a look at how these most recent sales of Braemar Patio homes change our six month average and median sold price, compared to the twelve month average and median sold prices, we find that in the more recent six month values, Braemar Patio homes are slightly higher in value than the twelve month values.  The time it takes to sell a Braemar Patio home hasn’t changed much, but the six month average seller subsidy (closing cost assistance to buyers) is about $1,300 lower than it was in the twelve month average seller subsidy.  This is all good news for Braemar Patio home owners.

If you placed your Braemar Patio home on the market, priced to current market conditions, you could expect it to be under contract in less than a week.  You might also set your expectations that a buyer may expect a little less than 1% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in October and will include my most recent Braemar Patio home sale at 9826 Earls Ferry Circle.  It’s still a tad early to tell you what our final sold price will be since we don’t close until July 18th.  Until then, if you want to know how these most recent sales are affecting your Braemar Patio home’s value, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Another Braemar Single Family Home Goes Under Contract

Another Braemar Single Family Home Goes Under Contract

On May 5th, I had the pleasure of listing 12146 Millbill Court in Braemar.  Pride of ownership was so obvious in this cul-de-sac charmer.  All the windows, sliding doors, hardwood floors, carpet, roof, gutters, deck and appliances had been replaced withing the last four years.  In that same time frame, the owners had updated the lighting and fixtures in the bathrooms, and added granite counters there and in the kitchen.

Initially, the home was priced at $508,000.  After three weeks on the market, the sellers received their first offer, but what the buyers wanted and the seller would accept were not intersecting at all.  After that, the sellers and I knew that a price improvement to $499,900 was in order.  A month after their first offer, another offer came in.  Again, no intersection between buyers and sellers, so there was no deal.

There were a handful of false starts with other buyers who expressed interest and then disappeared. Not every home goes under contract in less than five days, nor should it.  In this case, it took sixty-six days for the sellers to encounter a buyer that was willing to terms acceptable to them.  It took time and determination from this Listing Agent and the Sellers to prove to the market why this home was worth more than a lot of buyers thought.

This lovely home will close on August 31st, at which time the final sold price will be revealed.  Until then, if you want to know what your Braemar home is worth in the current market, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

Braemar Condo Quarterly: April-June 2018 (2nd Quarter)

Braemar Condo Quarterly: April-June 2018 (2nd Quarter)

Pardon me for not getting on this earlier, but the 4th of July holiday being in the middle of the week made things a little crazy.  Typically, there isn’t a lot happening in the month of July in our local real estate market.  However, this month started out with a flash of activity.  It has left this Top Braemar Real Estate Agent feeling a bit confused as to what day it is.  Never a good feeling when it seems you have two Mondays in one week.

Enough of that!  Let’s get  to this edition of the Braemar Condo Quarterly, which covers condos in Braemar sold between April and June.  There were two Braemar condos that sold in the second quarter.  The details of those sales are below:

When we take these sales and combine them with our rolling twelve month collection of Braemar condo sales, here’s what we see in our six and twelve month data points:

While there is not much notable difference between the six month to twelve month sold prices and marketing time, there is a nice drop in seller subsidy from the twelve month average and median values to the six month average and median values.  That means more sales are happening in the short term with buyers requesting, or accepting, less money in closing cost assistance from sellers.  Good news for sellers!  Of course, that seller subsidy shrinking is typical in a seller’s market.  And judging from the days on market numbers being less than a week across the six and twelve month data points, we are most certainly in a seller’s market when it comes to Braemar condos.

What’s better to see is that the two most recent sales have sold prices above the six month median and average values.  If that continues in the third quarter we will see an increase reflected in the six month average and median sold prices compared to the twelve month average and median values.  That would mean Braemar condo prices are increasing.  As it stands, this report still shows longer term stable value.

If you placed your Braemar condo on the market, priced to current conditions, this report sets the expectation that your condo would be under contract in less than a week.  You could also reasonably expect that you would pay no more than one percent of the sales price in closing cost assistance to the buyer.

The next Braemar Condo Quarterly will be out in October.  Until then, if you want to know what your Braemar condo may pull in market value, give me a call.  Since 2005, No One Knows Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com