The First Braemar Home Sold in 2018

The First Braemar Home Sold in 2018

When I met with the sellers of 10119 Orland Stone Drive on October 11, 2017 there was a lot of trepidation on the part of the sellers.  They wanted their home sold early in January, or in late December.  After going over recent sales of other Braemar Courtyard homes, we discussed pricing.  What market comps showed, and what the sellers wanted, were slightly different.  I expressed that if we went with the price the sellers wanted, $417,000, we would have to get the home in tip top shape.  That meant new carpet, painting the entire home and getting it staged.  Their budget didn’t allow for all of those items.  We brought in a stager, consulted over budget and the owners bought all new carpet, had the master bedroom painted and the home staged.

Listing a home is not as easy as getting a signed agreement, snapping some photos and slapping it online.  The sellers were so worried that they were losing valuable marketing time during the prep. Each day that ticked by on the calendar made them more and more nervous.  And when we finally ready to get photos done, a perpetual rain storm parked itself over Bristow.  The photo shoot was rescheduled once or twice, but the rain continued.  Photos were taken on a cloudy, drizzly day, but it turns out that cloudy days are best for exterior shots of the Courtyard homes.  Sunshine cast some pretty awkward shadows with those homes being laid out so close to one another.

This Ballston model, with new HVAC and three finished levels hit the market on November 9th, priced at $417,000.  We had a lot more showings than I anticipated, which was encouraging to the sellers. However, it was when another Ballston model, with a walk out basement that ours didn’t have, went under contract while listed at $417,000, I knew it was time to look again at the comps with the sellers.  You simply can’t sell for more when you have less, and their finished basement didn’t have any exit.  So the sellers lowered their price to $409,850 on December 1st. Eight days later, the sellers were under contract and slated to schedule in early January.

Oddly enough, there was a second buyer that showed up at an opportune time for my sellers.  Apparently, the original buyers were going to take every day of their twelve day inspection contingency to get to my sellers with repair requests.  While it might be considered rude to do so, it was within the contractual rights of the buyers.  Meanwhile, the Christmas holiday was looming closer.  The sellers felt they were being set up to give more than they had already agreed in closing cost help.  Who could possibly get quotes within 3 days of getting home inspection requests mere days before the Christmas holiday?

Back to the other interested buyer.  I gave the go ahead for that buyer’s agent to show him the home.  That buyer submitted a written offer, slightly better than the one in hand, and gave the sellers something they were pleased to have–LEVERAGE.  They didn’t have to make one home inspection concession.  If the current buyers didn’t like it, their only recourse was to walk away.  My sellers were protected with another offer they could immediately go to.  It netted them slightly more money, which would cover the cost of settling later in January.

The first buyers in remained in the deal and the transaction closed on January 5th at $415,000.  The sales price was negotiated up to help cover the closing cost credit of $8,200 that the buyers requested from the sellers.  It settled in the sellers’ desired time frame, making them believers in the power of the year end Bristow real estate market that I had been preaching from the beginning.

When you are ready to sell your Braemar home, any time of the year can work.  If you want an agent that works tirelessly to give you the upper hand in negotiations, give me a call.  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 Reflection Quarterly: October-December 2017 (4th Quarter)

Braemar Reflection Quarterly: October-December 2017 (4th Quarter)

After a long day out of the house in this bone chilling wind, I decided to make myself a cup of hot chocolate (complete with marshmallows) before typing up today’s Braemar real estate market report. This report focuses on sales activity of the Reflection Series homes in Braemar in the fourth quarter of 2017.  Before we get to it, let’s first define a Reflection Series home in Braemar.  These are the homes located off of Tarvie Circle that are semi-detached homes. They attach to one other home only at the rear entry garage.

In the fourth quarter, there was only one sale of a Braemar Reflection home.  Here are the details:

Because the Reflection homes make up such a small number of the overall Braemar real estate market, it is no surprise that only one sale was registered in the fourth quarter.  Nor is it jaw dropping that only two Reflection homes sold in Braemar during all of 2017.  So our six month rolling average and median values are only including the sale above.  The twelve month rolling average and median values include both.

Being that only two sales are present in the entire year, when I look at these stats, I also take in mind what I see with the overall Braemar single family home real estate market.  Home values are steady.  Buyer demand is healthy.

If you placed your Braemar Reflection home on the market, priced to current conditions, this report indicates it may take nearly four month for you to sell your home.  If that’s the case, you might have called the wrong real estate agent.  These homes should be going under contract, when priced and marked properly, within a month or less.  You could also expect to pay about 2% of the sales price in closing cost help to your buyer.

The next Braemar Reflection Quarterly will be out in April.  Until then, stay warm and treat yourself to your favorite warm drink.  And when the time comes to find out what the market will bear if you sold, give me a call.  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: October-December 2017 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2017 (4th Quarter)

The New Year is off to a great start.  Better still, the end of 2017 was nothing to sneeze at when it comes to the Braemar real estate market.  Right now, it is time for another Braemar Piggyback Quarterly.  To begin, let’s define a Braemar Piggyback home.  These townhouses are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses.  They also have two car garages.

There were three Braemar Piggyback townhouses that sold in the fourth quarter of 2017.  The sales are detailed below:

When you take these sales from the fourth quarter and throw them into our rolling six and twelve month values, we find that values are fairly steady.  The six month average sold price is higher than the twelve month average, but the twelve month median is a tad lower than the twelve month median.  This is stability.  It is also seen in the seller subsidy and DOM (days on market.)

If you were to put your Braemar Piggyback townhouse on the market, you could expect it to be under contract in about a month.  You could also expect to give about $2,000 in closing cost help to your buyer, maybe a bit more.

The next Braemar Piggyback Quarterly will be out in April.  Until then, give me a call if you want to know the value of your own Braemar Piggyback townhouse.  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

Braemar Patio Quarterly: October-December 2017 (4th Quarter)

Braemar Patio Quarterly: October-December 2017 (4th Quarter)

Two days into the New Year and it is time for another Braemar market report.  This particular report, the Braemar Patio Quarterly, is focusing on the sales of Braemar Patio homes between the months of October and December.

Unlike our third quarter report when there were no sales, there was at least one to report in the fourth quarter.  The details of that sale are below:

When we take this sale and put it with the rolling six and twelve month values, we find that the six month values are only from this particular sale above.  The twelve month values are made of this reported sale and two others.  I would say that values are more than likely holding steady.  This most recent sale was right in the middle of the two other sales of Braemar Patio homes in the last year.

If you placed your Braemar Patio home on the market, you could reasonably expect it to be under contract in one to three weeks.  You could also expect to pay out 1.5% to 3% of the sales price in seller subsidy (closing cost help to buyer.)

The next Braemar Patio Quarterly report will be out in April.  Until then, give me a call if you have been thinking of selling your Braemar Patio home.  Our market is definitely short of inventory right now and there’s no need to wait until spring to land a buyer.

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: October-December 2017 (4th Quarter)

Braemar Condo Quarterly: October-December 2017 (4th Quarter)

This New Year’s Day I decided to hit the ground running.  Taking the Christmas tree down, and all the holiday decorations, can wait until later.  Right now, it’s time for another Braemar Condo Quarterly report.  This one will look back to the sales that happened in the fourth quarter of 2017.

As it turns out, there were three Braemar condo sales in the fourth quarter.  They are detailed below.

If you’ve been following this report in the recent years, you know that Braemar condo sales don’t go much above $260,000.  In fact, the average and median values have been lingering around $250,000 for literally years.  It was great to see a two bedroom Braemar condo pull a $276,000 sold price.  Even the other sales are a minimum of $260,00, which furthers my belief that off season selling is the way to go.  We are blessed with year round demand  in our area.  Competing with everyone that wants to sell in the spring seems to bring prices down.  The fall sold price are looking way better than what we saw earlier in the year.

Braemar Condo Quarterly (4th Quarter 2017)

When you look at the six month average and median sold prices, you can see that fall flurry of sales has brought a refreshingly higher round of sold prices, compared to the twelve month median and average sold prices.  The seller subsidy (closing cost assistance to buyers,) ticked up in the shorter term values.  The shorter term reveals that Braemar condo market times are under a week, both median and average values.

If you placed your Braemar condo on the market, you could expect it to be under contract in a week.  You could also expect to pay about 2.5% of the sales price in closing cost help to the buyer.

If you’ve been thinking that 2018 may be the time to sell your Braemar condo, call me soon.  Despite the frigid temperatures, Braemar buyers are out shopping now.  If you wait until spring, you are quite likely to find yourself at a disadvantage, competing with more Braemar condos on the market.

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