Another Three Bedroom Braemar Townhouse SOLD!
On March 31st (2016,) in the late hours of the evening, I uploaded my latest listing into our multiple listing service. With practically no townhouses on the market in the Bristow area, let alone in Braemar specifically, I knew this three bedroom townhouse at 12164 Drum Salute Way was not going to last.
When the Seller and I had meet to go over comparable sales and pick a list price, the low inventory played a key factor. If there is ever a time when you can push the envelope and get a higher value for your home, it is when there is no competition. The recent sales showed that like homes had sold for around $325,000. The Zestimate on Zillow showed a price of $308,757.
My Seller had replaced virtually everything inside in the townhouse in recent renovations, down to the toilets. She had a wooded lot, fenced yard, stamped concrete patio, wood deck with retractable awning. She had even painstakingly planted mini-shrubs called mondo grass so she would never have to mow. Taking the top of the line condition and the lack of competition into account, we landed on a list price of $335,000.
Within two days we had an offer and threats of more. While I work at the discretion of my clients, I never advise a Seller to wait and collect offers. You may lose the early offers you got due to frustration in the lack of response. And, let’s face it, you can only sell to one person anyway. Don’t like the offer you got? Counter it.
My Seller didn’t have to counter. She had an offer for $345,000 with a request for $10,000 in closing cost help. She was happy to sign it with only one request, a settlement date in early June vs. mid-May. The Buyers agreed and just like that, this Braemar townhouse was under contract.
We were all a bit nervous about the appraisal. Remember when I said comparable sales showed like townhouses sold for $325,000? That matters to appraisers. I pulled comps, talked about the market conditions and gave the long list of updates/upgrades to the appraiser. A week later, I had to call the Seller and tell her the appraisal had come in lower than our sales price, at $340,000. Because we had the ultimate expectation of $325,000, we both saw it the same way, we were still ahead.
On June 9th, this three bedroom townhouse in Braemar closed for $340,000. The Buyer still got their closing help and the Seller was able to set the highest sales price in the neighborhood for a townhouse since the fall of 2007, keeping values in our neighborhood rising.
When you are ready to sell your Braemar home, make the most of your only opportunity to get the maximum equity and give me a call. No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA