Just Sold: End Unit, Garage Townhouse in Braemar on Pale Rose Loop
Starting 2023, the fear was that the pause that was felt at the end of 2022 in buyer behavior would be front and center. Well, when it comes to Braemar townhouses, that is not the case. January 13th was when 10158 Pale Rose Loop hit the market, priced at $458,000. Showing requests were immediate. And the open house held two days after the home hit the market was like Grand Central Station. Buyers were out and about. Several expressed interest in moving forward with an offer. What wasn’t to like? The major components had been replaced (roof, furnace, a/c, water heater) and there were updates to the kitchen and owner’s bathroom.
After five days on the market, two of the four buyers that had been interested in stepping up to make a bid had done so. The remaining two were not feeling so inclined. Considering the sellers would have been happy with one offer that met their needs, they were thrilled to have two to chose from that each hit their goals. On day six, the sellers chose one and went under contract.
The winning bid was one from owner occupants. The sellers felt strongly they did not want to sell to an investor. So all things being mostly equal on paper, they went with the owner occupant offer.
Appraisal presented a speed bump, however. The owner occupant offer had written above list price in order to net the sellers slightly more than list price after taking into account the seller subsidy they had requested. Well, the appraiser didn’t see the value at the agreed upon sales price. (Appraisers are tightening their belts and the result is more low appraisals.) Still, this end unit townhouse in Braemar did appraise for more than list. It was disappointing when the sellers were faced with lowering their sales price while the buyers could not give up any of their requested seller subsidy. What had been net gain over list price at offer acceptance was going to be a net loss from list price to continue with the owner occupants.
The dedicated listing agent I am, I rounded on the second offer. The investor buyer was still interested and would net the sellers a full list price sale, assuming that appraisal came in at list price. It would mean more time until closing and carrying the vacant home for one more month. The sellers didn’t have the stomach for bailing on the first buyers for a little more money. They stuck with the first offer they chose and today, made those owner occupants very happy when this townhouse sold for $360,000.
If you were worried about the real estate market for early 2023 in Braemar…if you have a townhouse to sell, the market will devour it. Get in touch with me to find out what your townhouse may be worth in a sale in the near future. With my many years experience and professional marketing, I will get you the top of market. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate