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

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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

 

 

Braemar Patio Quarterly: January-March 2018 (1st Quarter)

Braemar Patio Quarterly: January-March 2018 (1st Quarter)

It is time for another Braemar Patio Quarterly, which I know is going to make one of my family members very happy.  She happens to own a Braemar Patio home and has been waiting for the latest scoop,  With any luck, she is not the only one who will find this market breakdown of the first quarter sales of Braemar Patio homes useful.

If you don’t know what a Braemar Patio home is, they are often referred to as the quads in our community.  Each unit is two levels and is attached on the back and side to its neighbor.

There were two Braemar Patio homes that sold in the first three months of 2018.  The details of those sales are below:

Maybe you will notice the change added to the details of each Patio home sale.  One of the things that makes some patio homes different from others is the fact that one floor plan in particular offers a main level bedroom.  You will see that both Patio homes sold in the first quarter have those floor plans as they are marked affirmatively for having a “Main Level BR.”  Final sold prices were $325,000 and $340,000.

When we take these sales and add them in with the Braemar Patio homes sold in the second, third and fourth quarters of 2017 we get an entire year’s supply of data.  When we parse that data out into six month and twelve month markers, here is what we find:

The six month average and median sold prices are ever so slightly higher than the twelve month average and median sold prices.  Any movement forward in the short-term is a good thing.  Meanwhile, the seller subsidy (closing cost help to buyers) is heading down.  Marketing time has stayed about the same.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in about a week.  You could also expect to pay about $3,000 in closing cost help, but you may get a motivated enough buyer to not have to pay any.

The next Braemar Patio Quarterly will be out in July.  Until then, when you want to know how the most recent sales are affecting your Braemar home’s value, 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 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 Patio Quarterly: July-September 2017 (Third Quarter)

Braemar Patio Quarterly: July-September 2017 (Third Quarter)

If you own a Braemar Patio home, perhaps you have been wondering where the third quarter report for homes like yours has been.  I am sorry for the delay.  The fall market in Braemar picked up and my market reports got lost in the shuffle.  However, this long holiday weekend is a great time to get you up to date on what’s been happening with Braemar Patio homes.

For starters, a Braemar Patio home is also know as a quad.  They are the two level homes, attached on two sides and one corner. All of them have a one car garage.  Above is an example of a Braemar Patio home.

During the months that make up the third quarter of 2017, there were no sales of Braemar Patio homes.  Makes giving you new information impossible.  However, we can look back at what our rolling six and twelve month data points tell us now that the third quarter of 2016 has dropped off.

The six month average and median value at $320,000 is definitely higher than the twelve month values.  Seller subsidy average and median is nearly the same in all data points at $5,000, or close to that.  And days on market are low.  Even the highest days on market represented here is eleven days.  That’s the twelve month average marketing time.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect that it would be under contract in under a week, possibly as long as two weeks.  You could also expect to shell out about $5,000 in seller subsidy (closing cost assistance to your buyer.)

The next Braemar Patio Quarterly will be out in the new year.  Until then, when you are ready to sell your Braemar Patio home, give this neighborhood expert 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 Patio Home Quarterly:  April-June 2017 (2nd Quarter)

Braemar Patio Home Quarterly:  April-June 2017 (2nd Quarter)

The three words dreaded in Bristow, VA during the summer months are hazy, hot and humid.  That’s our triple threat, making you want to explore indoor activities like cooking, watching TV, or surfing the Internet.  Today we are experiencing just the double threat of hot and humid.  That darn sunshine, combined with blue skies and white puffy clouds makes you want to wander outside and then BLAM!  You wonder why the heck you stepped outside to begin with.  It’s like a sauna.

As a result, I’m partaking of the indoor activity of putting Braemar market report together today.  Right now, we are going to look back to the second quarter and see what happened to Braemar Patio home values.  Braemar Patio Homes are known to some as quads.  Each is attached at the side, back and corner to another Patio Home.  They have two levels, offering large bedrooms and a modest side yard.

There was only one sale of a Braemar Patio home in the second quarter of 2017.  Details are below:

Taking that one sale and throwing it in to our rolling six and twelve month data points here is what we find.  

The more recent numbers (six month values) compared to the longer term numbers (twelve month values,) show that there is some conflicting information on whether sold prices are heading up or down.  The average sold price fell from the long term to short term.  However, the median sold price rose from the long term to the short term.  Only time will tell where we find a definite trend.  Two things that are consistent are that seller subsidy and marketing time are both shorter in both data points in the short term compared to the long term.

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 weeks.  You could also expect to pay $2,000 or a little more in closing cost help to the buyer.

The next Braemar Patio Home Quarterly will be out in October and will focus on what happened in the third quarter, and what that is doing to values.  If you want to know how this most recent sale affects your own Braemar Patio home’s value, call me at 703-402-0037.  Helping my Braemar neighbors is one of the things I love most about my job.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland

 Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com 

Braemar Patio Home Quarterly: January-March 2017 (1st Quarter)

Braemar Patio Home Quarterly:  January-March 2017 (1st Quarter)

Another rainy day in Braemar.   That means no walk for me today, but I must hand it to the gal I saw braving this afternoon’s heavier downpour, jogging along Tartan Hills Parkway.  That is dedication.  While I may not have that dedication to exercise, I definitely have it when it comes to keeping Braemar property owners apprised of their home values.  This particular first quarter report focuses on values of Braemar Patio homes.  Braemar Patio Homes are known to some as quads.  Each is attached at the side, back and corner to another Patio Home.  They have two levels, offering large bedrooms and a modest side yard.

There was one Braemar Patio home that sold in the first quarter.  It was located at 12873 Rannoch Forest Circle and was a four bedroom model, one being a main level bedroom.  It listed for $274,900 and sold for $262,900.  It was noted as needing extensive work, but only took  four days to go under contract.  Clearly, a home in need of extensive work is not going to be typical of most Braemar Patio home prices.  So let’s just take a look at how our six month and twelve month values compare.

The six month average and median sold price values are the same because there were only two sales from October 2016-March 2017.  That includes the distressed property that sold in the first quarter.  So the $281,450 value in those fields is expected to be low.  Therefore, if I were sitting down with a Braemar Patio home owner and trying to figure out value of a move-in ready home I would probably rely more heavily on the twelve month values.  The average sold price over twelve months was $297,878 and the median sold price in the same time period was $302,000.

The best news is that by next report, we should have a higher sale to throw in to offset that distressed property.  There is currently a Braemar Patio home that was listed for $319,900 when it went under contract, and is due to settle May 8th.

If you placed your Braemar Patio home on the market, priced to current conditions, you would probably be looking at being on the market for about two weeks before going under contract.    You could also expect to give an average of about $4,000-$5,000 in closing cost help.

The next Braemar Patio Home Quarterly will be out in July.  Until then, when you are ready to sell your Braemar home, call me and put my twelve years of neighborhood expertise to work for you.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland

 Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com