Braemar Property Value Report: November-December 2017 (Arista Series)

Braemar Property Value Report: November-December 2017 (Arista Series)

We made it past the holidays in Braemar.  Perhaps the most inconvenient part of the 2017 Christmas and New Year’s Day holidays were that they both occurred on our regularly scheduled recycling pick up day.  While our disposal companies all schedule alternate days to pick up the recycle, word getting out about it was not great.

Now that we are past the end of 2017, I can fill you in on what’s been happening with values in the Arista Series homes during this Braemar Property Value Report.  Arista Series homes are the large, single family homes built by Brookfield Homes.  Floor plans include the Allister, Buckingham and Canterbury.

There was one sale of an Arista home in Braemar during the months of November and December.  Details are as follows:

When we take this sale and put it in with our rolling six and twelve month values, what we find is that shorter term sold values (six month) are lower than the longer term sold values (twelve month.)  This could indicate that values for these larger homes are slipping, but it will certainly take more activity in the market to truly make that determination.  Meanwhile, seller subsidy and marketing time (DOM) are also heading in the wrong direction in the short term.  More recent Arista home sales are taking longer and sellers are giving more closing cost help.

If you placed your Allister, Buckingham or Canterbury on the market, priced to current conditions, it may take more than a month and a half to go under contract.  You could also expect to pay an average of over 2% of the sales price in closing cost help to your buyer.

The next Braemar Property Value Report will be out in March.  Until then, know that our Braemar real estate market is hungry for homes.  If you have been wondering what your home may be worth, let’s set up a time to meet.  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

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

 

 

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

Six Bedroom Braemar Home SOLD, Just in Time for the Holidays

Six Bedroom Braemar Home SOLD, Just in Time for the Holidays

On October 18th, I had the pleasure of listing 12278 Scotts Mill Drive.  Being a six bedroom Zurich model with a covered front porch, fully finished walk out basement on a wooded cul-de-sac lot I knew this would be a home in demand.  When we ran the comparable sales, and determined there wouldn’t be much competition, the seller committed to pre-list preparation to list at $485,000.  We were reaching slightly beyond the top of the market and only market response would tell if the seller would be rewarded.

After nearly two weeks on the market, and about two dozen showings, the market response was the home was priced too high.  So an adjustment to $475,000 was in order.  Within a week of that price change, the seller had two offers.  Negotiations weren’t easy as pie, but the seller got what he wanted (a full price offer) and so did the buyer that seemed to want the house the most ($10,000 in closing cost help.)

After an uneventful appraisal, where I was there at the home to meet the appraiser with the second offer, property survey, floor plan and list of updates to the home, the sales price was confirmed at $475,000.  Yippee!  And there was worry that the house across the street at a recent sales price of $460,000 would skew this appraisal.  I actually used it as a comparable for the appraiser, if you can believe that.  If only sellers in Braemar realized how important was when they hired their listing agents.

This home went to settlement on December 8th at $475,000.   The seller was very happy with his choice of listing agents.  If you asked him what he thought of my performance, I am sure the words “strong negotiator” would be in the mix.

Selling Braemar homes all year round is what I do.  It is my specialty.  And this sale, as well as others happening now, prove the last quarter of the year is a great time to sell.

When you are ready to sell, give me a call and I’ll show you what my market knowledge can mean to your bottom line.  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

 

 

Another Braemar Home Goes Under Contract During the Holidays

Another Braemar Home Goes Under Contract During the Holidays

If an agent ever tries to talk you out of listing your Braemar home during October, November or December because “no one is looking for homes at the end of the year,” put a plug in that conversation and call me.  Do you know what is absolutely GREAT about listing during the end of the year?  Let me tell you.

Buyers are still looking for homes.  Even today, during our first snow storm of the season in Bristow, buyers are out viewing homes.  And these aren’t looky-loos.  These are serious buyers.  There are fewer homes for them to choose from, making it more likely for you to get a better deal selling this time of year.  There is also a definite “Home For The Holidays” thing that happens.  It’s not just on the Hallmark channel.  Nope.  “Home For The Holidays” is a real deal.  It’s powerful and it motivates buyers.

The last of my active Braemar inventory went under contract today, December 9th (2017.)  The home is located at 10119 Orland Stone Drive.  It was originally priced at $417,000, but the sellers recently improved their price to $409,850 when a competitor went under contract before them. The market had seen both homes and chosen the other.  They could wait, but feedback was the home was priced too high.  The other home had things that this one didn’t.  That wasn’t going to change.  The sellers understood and got real on price.  When they did, they got more showings and went under contract just eight days after.

This Ballston model Braemar Courtyard home is scheduled to go under contract on January 5th.  The final terms will be revealed when all the ink is dry on the deal.  Until then, when you are ready to sell your Braemar, no matter the season, 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

 

Price Improved to $409,850 on this Braemar Courtyard Home

Price Improved to $409,850 on this Braemar Courtyard Home

The sellers of 10119 Orland Stone Drive, a three bedroom Ballston model with a finished basement, are serious about going under contract before the holidays.  They are expressing their seriousness tonight by improving their list price from $417,000 to $409,850.  That makes them the lowest priced Courtyard home on the market.  In my opinion, they also offer the most home.

The three finished levels have brand new carpeting.  

The HVAC was replaced within the last two years.

The kitchen is light and bright with a bay window, granite counters and loads of cabinet space.

Bedrooms on the upper level are HUGE.  This is also where the laundry room is located.

Main level floor plan allows for a living room to be used as a main level bedroom.

Finished basement has a large recreation area and a full bathroom.  

Take a look at the virtual tour and see what you think.  If you want to see it yourself, 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 Townhouse Report: September-October 2017

Braemar Townhouse Report: September-October 2017

Can you believe tomorrow is the first day of December?  The more holiday decorations I see going up around me, the more I realize I am not ready for the season.  The year end real estate market in Braemar has been hopping.  That’s been keeping me occupied and probably will be until next July.  I just have that feeling.

This is the latest edition of the Braemar Townhouse Report, detailing sales of traditional townhouses in Braemar for the months of September and October.  Did you know there were twelve townhouses that sold during those two months?  The details of the sales are listed below:

When we take these sales and throw them into our rolling six and twelve month values, here is what we find:

The short term sold prices (six month) compared to the long term sold price (twelve month) show that Braemar townhouse values are continuing to push up in value.  Seller subsidy (closing cost help to buyers) is down slightly, but it is really more stable than anything when you see the short term compared to the long term.  And the marketing time could not be more stable.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in one to two weeks.  You could also expect to pay an average of $3,700 in closing cost help.

The next Braemar Townhouse Report will be out in the New Year.  Can’t wait that long to find out what the value of your Braemar townhouse may be worth?  Give me a call.  I’m working through the holidays…always.  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