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

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

While bitter cold days are ones I typically like to spend devoted to doing things at my home office, like this Braemar market report, that wasn’t all I was destined to do today.  This devoted Braemar Real Estate Agent was out and about showing property, writing an offer, keeping a deal together for the sale of my own mother’s home and teaching a class to new agents.  Even with all that, I didn’t want to get too behind on my Braemar market updates.  So last task of my day is this report.

This particular Braemar Property Value Report focuses on sales of Courtyard homes.  If you don’t know, Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Clarendon and Ballston.

There were two Braemar Courtyard homes that sold during the last two months of 2017.  The details of those sales are as follows:

When we take these two sales and put them in with our rolling six and twelve month Courtyard home sale pool, we find some mixed news.  On the one hand, six month median and average sold prices are higher than the twelve month median and average sold prices.  All alone, this would indicate rising prices for sellers.  But we must also look at what’s happened in seller subsidy (closing cost help to buyers.)

The six month average and median seller subsidy is substantially higher than the twelve month average and median seller subsidy.  This means that NET sold prices are likely to be much the same, or maybe a tad lower.  After all, it is what a seller walks away with that matters most.  If a seller gets $419,000, but has to pay $12,000 in closing help, they only walked away with $407,000.

Marketing time (DOM) has also gone up a bit in the short term values compared to the longer term.  That means it is taking a little longer for Braemar Courtyard homes to sell.  Not all that surprising at the end of the year to see this trend up.

If placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about a month.  You could also expect to pay 2% to nearly 2.5% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in March and will focus on sales from January and February.  I know we’ll already have one sale in there, because I sold it on January 5th.  Until then, they when you are ready to sell your Braemar Courtyard home, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®




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®