Another Braemar Carriage Home Under Contract
Something I’ve been doing since 2005 is reporting on Braemar Carriage home values. When I list Braemar Carriage homes, I tend to nail the list prices. The story of this Braemar Carriage home at 13802 Tartan Hill Parkway may be a harbinger of things to come, or the effects of the hiring practices of home owners in our market. Let me explain.
In a Bristow market begging for inventory, I listed this Parkdale model on February 21st. I ran comps for these sellers the same way I’ve run comps for sellers in our neighborhood for years. We came to a pretty high list price, contingent on some improvements that needed to be done prior to list. Not every home owner has the time or capital to do all the improvements to get the top of the market. The owners did what they could, but we had to re-evaluate list price. The home needed carpet. The owners added granite counters, a deck and had the roof replaced, but the basement was unfinished. Still no Carriage homes on the market. Shoot, hardly anything on the market. Those are conditions to push a tad higher. So we adjusted our price to $439,000 as our opening list price. Lower than comps showed, but high based on the condition in which we would be listing.
The market was not having it. Other houses popped up, pristine and ready to go and left the market quickly. Sadly, some of those homes were priced lower than my comps would indicate a Braemar Carriage should sell. And those were the listings that drove my sellers to two price reductions, leading them to a list price of $419,000.
In addition to agents being hired to list property in our neighborhood that some of them may feel is the boonies compared to their normal market area frame of reference and under pricing listings, buyers are not willing to settle for less than move-in ready. If they have to carpet, it’s a deal breaker unless you slash your price. One buyer interested in this home felt it was worth $400,000 because it didn’t offer the latest and greatest HGTV finishes. The space of the home meant little to those particular buyers. That’s the mindset of today’s buyer.
Hopefully, this house taking thirty-six days to go under contract is not a harbinger of a past peak market that is heading down. Market reports have indicated that values may be slipping slightly in our neighborhood, at best holding steady. Here’s what I can tell you as a Braemar home owner.
If you have thought you would like to sell while the market is hot and equity is high, now may be your exit. That’s what the owners at 13802 Tartan Hills wanted. We only know we have reached peak when values start to soften. That may be happening. Interest rates are on the rise, and that affects prices. Of course, maybe it just agents unfamiliar with our market under pricing homes. Maybe those agents are pulling comps from neighborhoods in proximity but going to different schools, like Sheffield Manor. Even if it is the later, it is affecting all home values. When you want to sell your Braemar home, hire someone who knows the neighborhood and why it is demand. Doing otherwise could have you leaving money on the table.
Details such as final sold price on this home will be out when it closes in late April. Until then, demand is still high. If you are ready to sell, give me a call. I will NOT under price your home. I will fight for every dime of value. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®