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 Piggyback Quarterly: April-June 2018 (2nd Quarter)

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

Don’t you wish winter went by as fast as summer does?  We are about halfway through the summer, yet it feels like it just started.  Time flies when you are having fun.

Since we are past the end of June, it is time for another Braemar Piggyback Quarterly.  This report focuses on sales of piggback townhouses in our neighborhood.  These townhouses are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses, but also have larger bedrooms than a traditional townhouse.  They also have two car garages.

During the second quarter, there were two Braemar Piggyback townhouses that sold.  Details of those sales are below:

When we take these sales and combine them with our rolling twelve month’s worth of Piggyback townhouse sales, here’s what we find when we update our six and twelve month values:

The six month average and median sold prices have slipped below the twelve month average and median sold prices.  That’s not great, but considering one of the two sales listed above is above both of the six month values, I’m not about to panic.  Seller subsidy (closing cost assistance from seller to buyer) is the same in the six and twelve month median, but the six month average seller subsidy is a little lower than the twelve month average.  That means buyers are willing to go without all of their closing costs being paid by the seller, just to get an offer accepted in this seller’s market.  Marketing time is about the same when looking at the six month values compared to the twelve month values.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in about three weeks.  You may also have to pay about 1/2% of the sales price in closing cost assistance to the buyer.

The next Braemar Piggyback Quarterly will be out in October.  Until then, when you want to know how the current market is affecting your 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 Piggyback Quarterly: January-March 2018 (1st Quarter)

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

It is time for another Braemar Piggyback Quarterly market report.  In this report, we’ll look back at what happened in the first quarter of 2018 with regard to Braemar Piggyback townhouses.  We’ll also see how values are doing in the last six months and the last year.

If you aren’t familiar with what exactly a Braemar Piggyback townhouse is, allow me to explain.   These townhouses are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses, but also have larger bedrooms than a traditional townhouse.  They also have two car garages.

Unfortunately, there were no Piggyback townhouses in Braemar that sold in the first three months of the year.  However, that doesn’t mean we don’t updated data points to investigate. When we drop the first quarter of 2017 from our collection of Braemar Piggyback sales, our six and twelve month average and median values freshen up to look like this:

Generally, I don’t like seeing six month average and median values falling below the twelve month average and median values.  It is an indication that values could be falling.  However, since there weren’t any new sales to throw into this mix from the first quarter of 2018, we’ll have to wait and see what the second quarter brings us.  After all, the majority of Braemar real estate is on the rise, given the lack of inventory and continued, strong buyer demand.

If you did place your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about three weeks time.  You could also expect to pay $4,000 to $5,000 in seller subsidy (closing cost assistance.)

The next Braemar Piggyback Quarterly will be out in July and will cover activity from the second quarter.  Until then, if you want to get a more specific idea of 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 Townhouse Report: November-December 2017

Braemar Townhouse Report: November-December 2017

Probably the most concerning thing to a Braemar townhouse owner is trying to figure out who is the top Braemar real estate agent when it is time to sell.  A great place to start is finding one that knows the market, beyond cutting and pasting a market report that is so generic it applies as much to Sheffield Manor or Victory Lakes as much as it does to Braemar.  That’s certainly not my style.  Every two months, I’m here compiling the data for my Braemar Townhouse Report myself.  This particular report looks back to the sales activity to November and December.

For the purposes of this report, Braemar townhouses are not condos, patio homes or piggyback townhouses.  That means they are fee simple ownership, three level attached homes with back yards.  In other words, a traditional townhouse.

There were seven Braemar townhouses that sold in the last two months of 2017.  Their sold prices ranged from $277,128 to $354,900.  The details of each sale are listed below:

When we take these most recent Braemar townhouse sales and place them with our rolling six and twelve months values, what we find is the average sold price in the last six months is a little higher than that in the last twelve months.  However, the median sold price in the last six months is a little lower than that in the last twelve months.  A little high in one and a little low in the other is good indicator of stability in value.

Seller subsidy (closing cost assistance) is up in both the six month values compared to the twelve month values.  And marketing time (DOM) is up a bit in both the shorter term values compared to the longer term values.

If you were to place your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a little over a week or two.  You could also expect to pay about 1.5% of the sales price in closing cost help to the buyer.

The next Braemar Townhouse Report will be out in March.  Until, feel free to call this top Braemar Real Estate Agent when you are ready 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 Townhouse Report: September-October 2017

Braemar Townhouse Report: September-October 2017

Can you believe tomorrow is the first day of December?  The more holiday decorations I see going up around me, the more I realize I am not ready for the season.  The year end real estate market in Braemar has been hopping.  That’s been keeping me occupied and probably will be until next July.  I just have that feeling.

This is the latest edition of the Braemar Townhouse Report, detailing sales of traditional townhouses in Braemar for the months of September and October.  Did you know there were twelve townhouses that sold during those two months?  The details of the sales are listed below:

When we take these sales and throw them into our rolling six and twelve month values, here is what we find:

The short term sold prices (six month) compared to the long term sold price (twelve month) show that Braemar townhouse values are continuing to push up in value.  Seller subsidy (closing cost help to buyers) is down slightly, but it is really more stable than anything when you see the short term compared to the long term.  And the marketing time could not be more stable.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in one to two weeks.  You could also expect to pay an average of $3,700 in closing cost help.

The next Braemar Townhouse Report will be out in the New Year.  Can’t wait that long to find out what the value of your Braemar townhouse may be worth?  Give me a call.  I’m working through the holidays…always.  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 Piggyback Quarterly: July-September 2017 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2017 (3rd Quarter)

If I were to guess what a lot of Braemar home owners were doing this weekend, I would guess shopping.  The Black Friday weekend ushers in the shopping frenzy to Christmas.  While you may be focused on the fourth quarter activities, this Braemar Piggyback Quarterly report is going to take you back to the third quarter.

Before we begin, let me tell you what defines a Braemar Piggyback townhouse.  These are the townhouses with two car garages, attached at the sides and back.  They have no back yard, like traditional townhouses.

There were three Braemar Piggyback townhouses that sold between the beginning of July and end of September.  Those sales are detailed below.

When we take these sales and freshen up our rolling six and twelve month data points, we find that everything from sold prices, seller subsidy and marketing time are remaining stable.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in a little more than a month.  You also may not have to pay a dime in closing cost help to your buyer.

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

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

Do you look forward to Friday?  If you have a Monday through Friday job, I bet you do.  Of course the kids enjoying their summer vacation (likely at the Braemar pools) are probably starting to lose track of what day of the week it is.  From the eyes of this Braemar Real Estate Agent, Fridays are not a day that is distinguishable from most.  Weekends are some of the busiest times a real estate agent encounters.  Of course this Friday, I’m plugging away at my Braemar market reports.  This one is the Braemar Piggyback Quarterly.

Before we get started, let’s clear up what we are talking about when we say piggyback.   Braemar Piggyback Townhouses are attached side-to-side and back-to-back.  While they do not offer back yards, they offer large bedrooms and a two car garage.  

Unfortunately, there were no sales of Braemar Piggyback townhouses in the second quarter.  That, however, does not mean I am not going to be able to give some updated value information.  This is the exact reason I started adding rolling six month and twelve month values.  So let’s see what the updated six month and twelve month values tell us.

The six month average and median sold prices (being the same value) are above the twelve month average and median sold prices.  That’s good news.  You want to see those shorter term numbers above the longer term numbers.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about a month, maybe longer.  Right now there are two Braemar Piggyback townhouses for sale that have been on the market from  35 to 41 days.  There is yet another that went under contract in 35 days.  You may also be lucky enough to pay no closing cost help to the buyer.

The next Braemar Piggyback Quarterly will be out in October. Until then, if you want to know how pending sales or current market conditions are affecting your specific home’s value, call me at 703-402-0037.  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