Braemar Condo Quarterly: April-June 2017 (2nd Quarter)
We are well into summer in Braemar and I am sure that folks in the condos are happy with their proximity to the Iona Sound community pool. Of course, that is likely with the exception of swim meet mornings when parking around that pool reminds you of a big box store on Black Friday. There are pluses and minuses to everything in life, promixity to the community pool used by the Braemar Blasters for their swim meets included.
Being well into summer means that I can share the second quarter Braemar Condo Quarterly data with you now. Let’s get right to it. There were three sales of Braemar condos between the beginning of April and end of June. The sales are listed in detail below, and, oddly, it seems having a garage is not indicative of getting a higher price.
Homes that are move in ready garnered the highest prices, which were $254,000 and $255,000. Move in ready is doing the things sellers often want to put on buyers to do. Carpet. Paint. You know the drill. Rule of thumb is if it’s a pain in the butt for you to do it, buyers will likely punish you financially beyond the cost of the actual improvements because it is no less a pain in the butt. And many buyers will shop until they find the seller that delivers a move in ready home they want.
It was never more evident that the sale at 12193 Caithness that listed for $255,000 and offered carpet and paint after the tenant moved out. Well, first impressions don’t take the promise of carpet and paint in mind. While that list price was right on target for other sales happening and their planned improvements, the first impression brought in a final sales price of $240,000. It is worth it to carpet and paint before listing. It helps you appeal to the broadest range of buyers when you neutralize your color palettes and give them that fresh new carpet smell when they walk in.
When we take a six month snapshot and a twelve month snapshot of values, what do we find? The six month average and median sold prices are higher than the twelve month average and median sold prices. Values appear to be inching up. Seller subsidy, on average, is higher than it had been twelve months ago. And median days on the market are higher than they were twelve months ago.
If you placed your Braemar condo on the market, priced to current market conditions, you could reasonably expect to be under contract in about three weeks. You could also expect a buyer to ask for about $5,000 in closing cost help.
The next Braemar Condo Quarterly will be out in October and will update you on any changes the third quarter brings. Until then, if you want to know how these sales and the current market conditions are affecting your Braemar condo’s value, give me a call. My greatest satisfaction in my work is helping my Braemar neighbors. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA