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 improved 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!
Associate Broker-Licensed in VA
Long & Foster REALTORS®