Braemar Single Family Home Sold Above List Price
In the early days of the COVID quarantine, I met with the sellers of 9658 Granary Place. They had purchased another home and were in a position to sell, regardless of the pandemic. We looked at numbers and came to a number for a list price that was optimistic, but took into account the unfinished basement. That list price was $485,000.
The sellers signed up with me the same day as our meeting. That was April 2, 2020. The home was vacant, lightly staged and professionally photographed by May 26th, when the listing became active on the market. This was the first mid-sized single family home I had put on the market since the pandemic had hit our area. I had been a bit nervous as to what kind of response it would get. Larger homes were still taking a bit longer to sell. Not this one. The market response was overwhelming. It felt like I had started a feeding frenzy in shark infested waters.
Within the span of three days, we had received five offers, and there were still interested buyers ready to throw their offers on the pile. What they didn’t know, but I did, was the pile was amounting to a steep number thanks to the escalation clauses. When we hit a pie in the sky number, the listing was pulled temporarily off the market to put a halt to the madness. The sellers had decided they had enough offers to make a decision.
When the pie in the sky offer ($525,000) withdrew after cold feet and a good talking to from their dad who was providing the down payment, it was really down to two offers. One that escalated to $503,500 and another that escalated to $502,000. Neither had asked for closing cost help. Numbers alone would have you pick the first one. But what you need to know is the $502,000 did two smart things. 1) They had a home inspection with the right to void in a very quick time frame. 2) They offered a low appraisal guarantee of $7,000. If the home didn’t appraise for $502,000, they would make up to $7K of difference. That extra $1,500 sounded good, but didn’t come with any kind of assurance the buyers there would put money out of their own pocket if the home didn’t appraise at sales price.
The $502,000 offer was chosen and it was the smoothest rode to settlement I’ve had in Braemar yet this year. No issues with termites, inspection, HOA or appraisal. Today, 9658 Granary Court sold for $502,000, which was $17,000 above its list price.
To say there is limited inventory in our market is an understatement. We may be living through unprecedented and scary times, but this is a seller’s market. If you want top dollar for your Braemar home, call me and we can discuss marketing it safely while achieving that max profit for you. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate