Another Braemar Single Family Home Sold Above List Price!

Another Braemar Single Family Home Sold Above List Price!

You never know where your next listing will come from, but as a Top Braemar Listing Agent I am never surprised when I get to interview for a listing owned by friends or neighbors of former clients.  That was the case with 12157 Millbill Court.  My foot got in the door thanks to the sellers of 12146 Millbill who I had helped sell in 2019.  What got me the job was my in depth knowledge of the neighborhood, recent experience selling a home on a similar lot at 12181 Cheshire and most importantly, my approach to looking at the numbers.  Apparently, out of three agents that were interviewed, I was the only one that gave the sellers a ball park of where their home would sell.

The home at 12157 Millbill, as you can tell by looking at the virtual tour by clicking the link above, was very nicely updated and sure to please a buyer.  Even though it was a drizzly, cloudy day when the photographer came out to the property, the home still showed beautifully.  It wasn’t a surprise when it got an offer the first day on the market.  A few days later and it had a total of three offers.

The owners had been following the estimated value of their home by frequenting sites like Zillow, Redfin and Realtor.com.  When we first met, they were convinced they would be overpriced to list higher than $525,000.  Those sites are so often so far off the mark it is silly.  In this case, they were low.  I was only able to get the sellers up to $537,500 when we did the listing paperwork.  Thankfully, right before we hit the market as a coming soon property, they saw what I had been seeing and decided my $549,000 suggest list price was not off base.

After those three offers, the sellers chose one of two nearly identical offers.  They chose a no down payment buyer with a stronger motivation to buy.  Someone relocating for a job.  It ended up being the absolute best choice.  Buyers were dropping out of deals once the pandemic really hit the U.S. and impacted the stock market.  My sellers’ deal, meanwhile, was solid.

Today, April 30th (2020,) 12157 Millbill went to settlement for $556,000.  Because of the competitive situation and well qualified buyers, they did not have to give a dime of closing cost help.

Despite the precautions in our market to stay at home due to COVID, many buyers are still looking for homes.  Interest rates are low and people need places to live, particularly the multitude of buyers who relocate to our area for work.  If you want to know how to safely sell your home while still maximizing profit, l can get you great results.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

Braemar Reflection Quarterly: January-March 2020 (1st Quarter)

Braemar Reflection Quarterly: January-March 2020 (1st Quarter)

Reflection Series Home

Happy Friday!  It may not be the sunniest day, but the temps are great, the sun is in and out of the clouds and it isn’t raining.  Sure is nicer than yesterday.  In fact, when I am done writing this Braemar Reflection Quarterly report, I may just go for a stroll.  That’s the one good thing I see that our shelter-in-place directive has produced…a lot more people taking walks in the neighborhood.

This Braemar Reflection Quarterly covers the sales activity of Reflection homes in Braemar, which are the semi-detached homes located off of Tarvie Circle, for the first quarter of the year.  Let’s dive right in.

There was only one Reflection home that sold during the first quarter.  Details of that sale are listed below:

Taking that one sale and adding it to the previous three quarters of Braemar Reflection home sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, there is an increase in the six month average sold price over the twelve month average sold price.  Meanwhile, the six month and twelve month median sold prices are the same.  To me, this indicates stable values for Braemar Reflection homes.

The seller subsidy column shows decreases in both six month values compared to their respective twelve month values.  This means buyers have been having to forego large, or closing cost requests altogether in our competitive market.

Finally, the days on market column shows a slight increase in the six month average marketing time compared to the twelve month average marketing time.  Meanwhile, the six and twelve month median marketing times are exactly the same.  More stability.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in one to three weeks.  You could also expect to pay a very minimal amount in closing cost help to your buyer.

Will the measures our state government has taken to slow the spread of COVID affect our Braemar real estate market?  By the time the second quarter reports are out in July, we’ll have an idea if there is an effect.  Until then, if you find yourself in a position to sell your Braemar home, give me call for a free, professional market analysis.  I can help you sell your home safely and for maximum profit.  Hiring the right listing agent has never been more important.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

Braemar Piggyback Quarterly: January-March 2020 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2020 (1st Quarter)

Being well into April, it is time to take a look back at the first quarter of the year and see what happened in the Braemar real estate market with respect to Piggyback townhouses.  If you are not familiar with what a Braemar Piggyback townhouse is, they are three level townhouses, completely above grade, with attached two car garages.  The townhouses themselves are attached not just on the sides like traditional townhouses, but also along their back wall to another row of townhouses.  What they lack in not having a back yard, they make up for the large bedroom sizes.

There were two Braemar Piggyback townhouses that sold during the first quarter.  Details of those sales are listed below:

Taking these two sales and combining them with the previous three quarters to make an entire year’s worth of sales, we get the following updated six and twelve month data points.

Starting with the sold column, we see conflicting trends.  The six month average sold price is a tad higher than the twelve month average sold price.  That would indicate values pushing up in value.  The six month median sold price, however, has fallen below the twelve month median sold price.  This would indicate values falling a bit.  Taking a quick peek at the two sales from the first quarter, we have one above the six month data points and one well below.  That doesn’t help clear this up.  Since neither the change up or down is a big one, it is best to proclaim Piggyback townhouse values stable.

Next we move to seller subsidy, also known as closing cost help to buyer.  There is a clear trend here.  Both the six month average and six month median sold seller subsidy values are higher than their twelve month respective values.  This means buyers have been asking for, and receiving, higher amounts of closing cost assistance in the more recent past.

Finally, days on market reveals a definite trend as well.  Both the six month average and six month median marketing times are longer than the twelve month average and twelve month median marketing times.  This means it has been taking longer to sell Braemar Piggyback townhouses.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in two to four weeks.  You could also to pay out about 2% of the sales price in seller subsidy.

We have yet to see how the measures to curb the spread of COVID will impact our Braemar real estate market.  By the next Braemar Piggyback Quarterly, which will be out in July, we will see what effect, if any our current situation is having on values.  Until then, if you want to know how to safely sell your Braemar home, while maximizing profit, hiring the right real estate agent has never been more important.  Give me a call and let’s talk.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Braemar Patio Quarterly: January-March 2020 (1st Quarter)

Braemar Patio Quarterly: January-March 2020 (1st Quarter)

Another week of our shelter-in-place is underway.  What a great time for this Top Braemar Real Estate Agent to get together yet another Braemar market report.  Today’s report is the Braemar Patio Quarterly.  This report focuses on sales of the two level, quad style townhouses in our neighborhood.

The first quarter didn’t have a lot of activity, despite intense buyer demand.  There was only one Braemar Patio home that sold and the details of that sale are listed below:

Why only one Patio home sale?  Well, no other Patio homes were on the market and as of the date of this report, none are.  And the story of this sale started back on July 12, 2019.  I remember competing against this listing when I listed and sold 12849 Rannoch Forest in late summer last year.  My listing was priced only $5,000 lower, and sold in two weeks.  There were other sales reported here that were also competing against this particular Patio home.  This one has been lingering on the market, with a brief time off the market, for 171 days.  The marketing time on this one should never have been this long, and it will skew the marketing times in our report. Your choice of listing agents makes a HUGE difference in your outcome when selling.

Taking this sale and combining it with the prior three quarters of Patio homes, our six and twelve month data points are updated as follows:

Starting with the sold price column, both the six month average and six month median sold prices are below their twelve month respective values.  However, looking to the sale that happened in the first quarter being substantially higher than any of the average and median values, this “drop” in value may be misleading.  Patio homes in Braemar are still in high demand.

The seller subsidy column shows that the six month average and median seller subsidy values are both lower than their twelve month average and median values.  This would indicate seller subsidy (closing cost assistance that sellers give to buyers) is going down.  Again, our most recent sale shows contradictory information.  One thing we do see is that when prices go up, seller subsidy tends to increase as well.

Finally, we get to the days on market column.  The six month average and median, not surprisingly, are higher than their twelve month respective values.  Will the pandemic and shelter-in-place affect marketing time?  We’ll have to wait and see.

If you placed your Braemar Patio home on the market priced to current conditions, it would be reasonable to expect your home to be under contract in less than three weeks.  You could also expect to give an average of about 1.5% of the sales price in seller subsidy.

The next Braemar Patio Quarterly will be out in July.  By then, we’ll have a good look at what the pandemic has meant to our Braemar real estate market.  Until then, if you have a need or want to sell, there are still plenty of buyers out there looking for homes in our area despite our current public health crisis.  Give me a call if you need to discuss safely selling your home while still maximizing profit and minimizing marketing time.  Since 2005, No One Knows Braemar Better! 

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

Braemar Condo Quarterly: January-March 2020 (1st Quarter)

Braemar Condo Quarterly: January-March 2020 (1st Quarter)

Hope all of you have been weathering the shelter-in-place with calm and confidence.  It’s crazy how quickly our societal norms changed when the threat of the pandemic arrived.  Of course, it will take some time to see how the surroundings shut downs are going to affect our real estate market.  These market reports that I do are based on looking backward.  Today’s report, The Braemar Condo Quarterly, covers the first quarter of condo sales in our neighborhood.

There was only one Braemar condo that sold during the first quarter.  Here are the details of that sale:

One sale alone isn’t enough to interpret anything.  That is why it is combined with the previous three quarters of Braemar condo sales, going back to the second quarter of 2019, and pulling six and twelve month data points,which are reflected below.

Looking first at the sold price column, we see that the six month average sold price is slightly higher than the twelve month average sold price.  However, the six month median sold price is slightly below the twelve month median.  With the current sale at $312,000, above all of those values, it is safe to say that our Braemar condo values are remaining stable.  They may even continue to increase, as they have been doing.

The seller subsidy column tells us how much closing cost assistance sellers are giving to buyers.  Mind you, these are usually never offerings at the outset, but part of offer negotiation.  The six month average and six month median seller subsidy figures are both higher than their respective twelve month values.  This means that buyers have been requesting, and receiving, more closing cost help in the more recent sales.   Just looking to the one that closed in February above and we see even THAT seller subsidy figure is higher than our six month values.  Increased closing cost help is often a side effect of rising sales prices.  Buyers need more money for down payment and reserves, and thus, need seller subsidy to make the deals work.

Finally, we get to the days on market column, which I refer to as marketing time.  Both the six month average and median marketing times are higher than their twelve month counterparts.  Don’t be disheartened.  Take a look at our most recent sale, which was under contract in three days.  We’ve still been seeing Braemar properties selling quickly when priced correctly and marketed professionally.

If you placed your Braemar condo on the market, priced to current conditions, you could expect that it may take as long as one month to go under contract, but more likely much less time than that.  You could also expect to give about 2% of the sales prices in closing cost help.

The next Braemar Condo Quarterly will be out in July.  By then, we will see whatever impact, if any, the pandemic related shelter-in-place and shut downs, have had on our market.  For now, you can still list your home, or buy one.  We are working within CDC guidelines, which has changed how many people can be at a showing, procedures for showing homes, etc.

Until July, if you are in a position where you find the sale of your Braemar condo necessary, never fear.  I can get this done for you safely and professionally while achieving maximum market value for you.  Give me a call and let’s talk.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com