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: 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 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 

Just Sold: Four Bedroom Braemar Patio Home for $315,000

Just Sold:  Four Bedroom Braemar Patio Home for $315,000

When I was contacted by buyers on June 15th looking for a three bedroom Braemar home, I had no idea how quickly they intended to act.  We started our home search the very next day.  It was that day when they quickly narrowed their interest for Braemar Patio homes.

9826 Earls Ferry Circle sold on July 13th (2016) for $315,000.An offer was made on the only Braemar Patio home available at the time, a three bedroom model located on Correen Hills.  Unfortunately, the Listing Agent sent a counter, but didn’t follow it up with a call.  Otherwise, I may have been able to tell them we didn’t get the counter offer and perhaps come to terms.  Communication is key in this business.

Instead, we voided that offer after finding this four bedroom beauty at 9826 Earls Ferry Circle.  Our offer was reviewed and accepted within twelve hours.  A smooth transaction ensued.

The buyers got more than enough home for the final price of $315,000 on July 13th.  Less than one month from initial contact with me to close.

When you are ready to buy or sell in Braemar, give me a call.  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.comwww.UncompromisingValues.com

Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information System.)