Another Braemar Patio Home Sold by Chris Ann Cleland

Another Braemar Patio Home Sold by Chris Ann Cleland

In early July, I met with the owner of 12849 Rannoch Forest about placing his Braemar patio home on the market.  Initially, the comparable sales were pointing to a list price of $350,000.  However, after seeing a patio home hit the market on July 12th for $364,999 with one less bedroom and full bathroom, my seller and I re-evaluated his list price prior to hitting the market on July 20th.  We decided that, while the finishes in the competitor for $364,999 were a little higher end, having the fourth bedroom and third full bathroom on the main level, it would be fair to price at $360,000.

Needless to say, on July 31st, after having many interested buyers through, one finally put pen to paper and wrote an offer.  A full price offer with closing cost help, but closing cost help was par for the course, according to the comps.

After an uneventful home inspection and appraisal, the home was on the rails to settle on September 13th.  It closed today for $360,000.  Meanwhile, our competitor at $364,999 is STILL on the market, but under a new MLS number and with an INCREASED list price of $369,900.  My listing took 11 days to go under contract.  The competitor is logging 59 days of marketing time as of today.  What kind of results do you want when it’s time to sell?

When you are ready to sell your Braemar Patio home, or any Braemar home, give me a call.  I won’t let you leave a penny on the table and won’t let you overprice your home so you linger in a seller’s market.  I’ll bring all of my marketing skills and contract negotiation skills to get your deal done and for top dollar.  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

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This Braemar Patio Home Went Under Contract in Fourteen Days

This Braemar Patio Home Went Under Contract in Fourteen Days

On July 20th (2019) I had the pleasure of introducing 12849 Rannoch Forest Circle to the marketplace of Bristow, more specifically, Braemar buyers.  Priced at $360,000, this patio home with a main level bedroom and attached full bathroom, along with three enormous bedrooms and two bathrooms on the upper level (one each compromising the master suite,) I knew this home would draw some interested buyers.

Sure enough, during an open house on July 21st, two interested buyers were smitten.  One, unfortunately, had a lease to fulfill until October.  The other was raring to go, but never submitted an offer.  Rather, they filmed their way through the open house, pulling in family members for their opinion, then had their agent contact me.  The agent was “sending me an offer,” but wanted to make sure her folks could get everything they wanted.  Well, that offer didn’t materialize because the term of pre-settlement occupancy (meaning the buyer would MOVE IN prior to closing) on AUGUST 1st, was a non-starter.  It was mind boggling how these buyers had put themselves in a position to be homeless on August 1st and expected the real estate market to accommodate them.  That’s the crazy stuff you find in the real estate market from time to time.  Unreasonable expectations with a pushy and over confident delivery.

My seller and I discussed why pre-settlement occupancy was a horrible idea. Putting a buyer in a home while there are still contingencies that need to be removed, like home inspection, appraisal and finance, is a can of worms.  Those take weeks to get past.  If the deal tanks, you have to evict them.  Makes your stomach sick to think about, doesn’t it?

Instead, my buyer listened to my well grizzled real estate advice and waited for a buyer that wasn’t expecting the sun, moon and stars delivered at their feet.  He is sure glad he did.  On July 31st, buyers saw the home that loved it.  The next day, we had an offer.  On August 2nd, buyer and seller had agreed to all the terms in writing.

A truly motivated buyer is not one that makes demands of the world around them, but one that puts their money into a transaction and their intentions in writing.  They don’t try to push, push, push to get their way before writing anything down and committing to it.  They ACT!

When the time comes to sell your Braemar home, having an agent on your side that understands the dangers that lurk in situations that appear to be motivated buyers on the surface, is critical.  My specialty is getting top dollar, in short marketing time frames, for Braemar homes.  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 2019 (1st Quarter)

Braemar Patio Quarterly: January-March 2019 (1st Quarter)

Patio Home in Braemar

It’s hard for me to believe that today is the last day of April.  Time is flying by, but that’s how it feels when you are a Top Braemar Listing Agent in early spring.  There is so much activity that life is a blur.

Right now, it is time for another Braemar Patio Quarterly.  This report focuses on sales of the two level, quad style townhouses in our neighborhood.

During the first quarter of 2019, there was only one Braemar Patio home that sold.  Details of that sale are below:

Even with only one sale happening in the first quarter, the six and twelve month data points get updated.  When they do, here’s what we have:

Unfortunately, the six month average and median sold prices are both below their twelve month counterparts.  That indicates that Braemar Patio home values are softening in the short term.  Hard to believe with buyer demand being so high.  Hopefully the second quarter shows a strengthening of Braemar Patio homes.

When it comes to seller subsidy, otherwise known as closing cost help to buyers, the more recent trend is also not favorable to sellers.  Both the six month average and median seller subsidy values are above the twelve month average and median seller subsidy.  This means in the most recent sales, Braemar Patio home sellers are giving more closing cost help.

Finally, days on market shows the latest unfavorable trend to sellers.  Both six month values are above the twelve month values.  That indicates it is taking longer to sell Braemar Patio homes.  I have been qualifying that our new MLS counted days on market differently.  However, it seems after a lot of feedback from the agent community, they have gone back to counting days on market the way we have always done it.  That mean these days on market numbers are an apples to apples comparison.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in no more than two months.   (I suspect the high demand we are experiencing will turn that into a much lower number.)  You could also expect to give about 1% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in July.  Until then, when you want to know what your specific market value is looking like, give me a call.  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: October-December 2018 (4th Quarter)

Braemar Patio Quarterly: October-December 2018 (4th Quarter)

With the New Year in full swing, we have the opportunity to look back at the fourth quarter sales activity for a variety of Braemar homes and get a sense of what is happening with Braemar property values.  This particular report focuses on Braemar Patio homes, which are also known as quads.  They are the two story, one car garage home attached on two sides and a corner.

There were three Braemar Patio homes that sold in the fourth quarter of 2018.  Their final sold prices ranged from $330,000 to $344,000.  The details of those sales can be found below.

Taking these three sales for the fourth quarter, and combining them with the Braemar Patio home sales from the previous three quarters, gives us a year’s worth of data.  As is the custom when I prepare these reports, key values are pulled out in six and twelve month increments.  The short term (six month) values give us a sense, when compared to the longer term (twelve month) values, whether values are increasing, decreasing or remaining stable.  Here’s the break out for the last six and twelve months for Braemar Patio homes:

The six month average and median sold price are both above their twelve month counterparts.  That means Braemar Patio homes are still inching up in value!

When it comes to seller subsidy (closing cost assistance to buyer) the numbers in the six month average is nearly identical to the twelve month average.  And the median numbers in both six and twelve month are zero.  The news here is that buyers are not asking for any more closing cost than they have been the last year.

Finally we come to days on market (DOM.)  This is a category that is going to unreliable for a time because of the switch to the Bright MLS our area underwent in November.  You can click this link for specifics on the MLS change, but DOM is measured differently in Bright, so until we have a full year’s values, the numbers for marketing time are likely going to show higher in the short term.  In this report, the change in the six month values compared to the twelve month values is not so drastic, but still shows a slight increase in marketing time.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract and heading to closing in a little over a month or near a month and a half.  You could also expect that you may have to give less than 1% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in April.  If you would like to sign up for the online copy of the report, send me an email at ChrisAnn@LNF.com.  You can also reach me there, or by phone at 703-402-0037 for a free market analysis of your home’s value when the time is drawing near to sell.  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 Patio Quarterly: July-September 2018 (3rd Quarter)

Braemar Patio Quarterly: July-September 2018 (3rd Quarter)

It is time for the third quarter installment of the Braemar Patio Quarterly.  Not familiar with Braemar Patio homes?  They are two level quads, attached on the side back and corner.  These are among the only attached homes in Braemar where you can find main level bedrooms and full bathrooms, though not in every Patio home.

There were three Braemar Patio homes that sold in the third quarter.  The details of those sales are listed below.  If you are wondering why one of the sales is highlighted in magenta, that is because that was my listing.  I think it’s important to point out that the home was the least updated of the three sales, and yet is the middle sales price.  I take my job of getting the highest possible price for my Braemar sellers very seriously.

When we take these three most recent sales and combine them with the sales from the previous three quarters, we have an opportunity to look at trends.  The shorter term values in the six month average and median compared to the longer terms values in the twelve month average and median give us an idea what is happening in our market.   Let’s take a look.

Right off the bat we see that six month average and median sold prices are higher than the twelve month average and median sold prices.  That means Braemar Patio homes are still pushing up in value.  Of course, hiring the right agent to not only market your home to get the most traffic, and then make sure it appraises, is critical.  From what I understand, a low appraisal on 9863 Earls Ferry is what made that sale so low.  Not the fact that a buyer wasn’t willing to pay closer to list price.  It was a gorgeous home with loads of updates.

Seller subsidy (closing cost assistance to buyers) is dwindling down in the six month average compared to the twelve month average.  Both the six and twelve month median show no seller subsidy.  If you are lucky, there are buyers in the market that do not need closing cost help.  And if they do, you can usually roll all of it, or some of it, into a higher sales price, just like my sellers did on 9826 Earls Ferry.  They had worked out a deal with all of the closing costs rolled up into the price of the home, netting them a little above the list price.  However, that low appraisal on 9863 Earls Ferry really impacted my sellers too.  They were fortunate to appraise where it did and not any lower.  Every sale that happens in our market affects values.

Days on market, or marketing time as I tend to refer to it, is clearly not changing much.  The six month average marketing time went down one day compared to the twelve month average marketing time.  Braemar Patio homes tend to sell very quickly when they hit the market, particularly if they have the main level bedroom.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect your home to be under contract in less than a week.  You could also expect to pay minimal seller subsidy.

The next Braemar Patio Quarterly will be out in January.  Until then, if the fall market is something you want to investigate, give me a call.  There’s no place like home for the holidays and buyers know it.  The year end market should never be counted out.  Give me a call at 703-402-0037 for a free market analysis and I’ll tell you all I have learned working in the Braemar real estate 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

 

 

 

Just Sold: Four Bedroom Patio Home in Braemar for $355,000

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 better 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!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Patio Quarterly: April-June 2018 (2nd Quarter)

Braemar Patio Quarterly: April-June 2018 (2nd Quarter)

Welcome to another Braemar Patio Quarterly.  This one details the sold patio homes in Braemar during the second quarter of the year.  Without further delay, let’s get right to it.

There were two Braemar Patio homes that sold in the second quarter.  Their final sold prices ranged from $344,900 to $355,000.  Details of the sales are listed below.

When we take these two sales and add them to our rolling year’s worth of Braemar Patio home sales, here is what we find:

When we take a look at how these most recent sales of Braemar Patio homes change our six month average and median sold price, compared to the twelve month average and median sold prices, we find that in the more recent six month values, Braemar Patio homes are slightly higher in value than the twelve month values.  The time it takes to sell a Braemar Patio home hasn’t changed much, but the six month average seller subsidy (closing cost assistance to buyers) is about $1,300 lower than it was in the twelve month average seller subsidy.  This is all good news for Braemar Patio home owners.

If you placed your Braemar Patio home on the market, priced to current market conditions, you could expect it to be under contract in less than a week.  You might also set your expectations that a buyer may expect a little less than 1% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in October and will include my most recent Braemar Patio home sale at 9826 Earls Ferry Circle.  It’s still a tad early to tell you what our final sold price will be since we don’t close until July 18th.  Until then, if you want to know how these most recent sales are affecting your Braemar Patio home’s value, give me a call at 703-402-0037.  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