Braemar Townhouse SOLD $31,000 Over List Price!!

12858 Wishing Well Way Sold for $425,000 on April 5, 2021

Braemar Townhouse SOLD $31,000 Over List Price!!

On February 26th (2021,) I had the pleasure of bringing 12858 Wishing Well Way to the market, listed for $394,000. Having been helping a couple make offers on Braemar townhouses, I knew the market was out of control with buyer demand. And I had already run comps on this townhouse when my buyers wanted to make an offer on 10123 Pale Rose Loop. That was listed for $380,000. That was an absurdly low list price and I knew it. And sure enough, the agent there said they received two dozen offers and my buyers’ offer at $390K with free rent back was the weakest offer.

By the time we listed 12858 Wishing Well, 10123 Pale Rose had sold for $422,500. Pale Rose had been a home with a lot of interior updates, the most grand being the kitchen. It was an interior unit with a deck and gorgeous main level hardwood floors. It also had updated bathrooms. My listing on Wishing Well was end unit with a new HVAC and updated laminate wood flooring on the main level and upper level hallway, with hardwood on the upper level staircase as a transition. It had no deck, original kitchen and bathrooms. I prepped my seller for an appraised value of $405,000 to $410,000 if we were lucky.

After four days on the market we had eleven offers. Turns out we didn’t need two dozen to hit really high offers. One bid $450,000, but didn’t waive appraisal. That meant it would sell for appraised value. One offered cash at $420,000, but had an outdated, illegible proof of funds and wanted inspection contingencies. My seller made it clear she didn’t want to go through inspections and haggle with repairs. And with a sunken driveway (actually, an elevated sidewalk due to tree roots pushing up the concrete) we eliminated every FHA and VA loan so that wouldn’t get flagged as a safety concern on appraisal. That left one stand out offer– $425,000 with no inspections, conventional loan with financing and appraisal contingencies, but with a $30,000 low appraisal guarantee. That meant if the townhouse only appraised for the list price, it would still sell for $424,000. It was as close to guaranteed money as you could get.

Even though the buyers had expressed their need of an appraisal, but had pre-negotiated the outcome of a low value, nothing was required of me. That doesn’t mean I didn’t still get the appraiser a package of comparable sales, the offers we had received and list of updates. (HVAC and flooring are definitely worth something.) The goal was to keep the buyer’s additional down payment to a minimum. Real estate transactions are best when both parties have a win. My seller was winning with the sales price. Time to help them out. Sure enough, I got it to appraise at the sales price.

Today, April 5th, this one at 12858 Wishing Well closed at $425,000. Higher than a mega new kitchen, updated bathrooms and deck on 10123 Pale Rose Loop. Woo-hoo!

Any agent can get you multiple offers on your home in a seller’s market. I will get you every penny the market will allow. Two times more offers doesn’t always mean more money. Who you hire matters. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Report: January-February 2021

Braemar Townhouse Report: January-February 2021

What a goregous day to bring you the final in the Braemar market report series. Spring is officially here. Of course, buyers in the Bristow market were already out in full force coming off the holiday season. The intense buyer demand our Braemar real estate market, and the surrounding areas, have been experiencing is getting more frenzied each week.

In this edition of the Braemar Townhouse Report, we’ll look back at the traditional townhouses that sold in January and February. Traditional townhouses, for the purposes of this report, count as three level townhouses with a back yard.

During the first two months of the year, there were ten Braemar townhouses that sold. The details of those sales are listed below:

The sold price of $335,000 is our floor, while $422,500 is our ceiling. There’s a wide range in between. Sold prices starting with four are becoming more common even as I type this report. Taking all ten of these sales and combining them with the entire past twelve months of Braemar townhouse sales, the six and twelve month value points in this report are updated as seen below:

Starting in the sold price column, we see healthy increases in both six month average and median sold prices compared to their respective twelve month values. Braemar townhouses are continuing to increase in value, as expected in a seller’s market where supply of homes can’t keep up with buyer demand.

The seller subsidy column shows us how much closing cost help buyers were able to negotiate from their Braemar townhouse sellers. To start, it is important to note that only Braemar townhouse seller in the ten sales listed above gave any closing help at all. The amount given was higher than the six and twelve month averages. Being that the six month average seller subsidy is less than the twelve month, it shows buyers have been having to reduce or forego closing cost help requests just to get under contract. The six month median and twelve median seller subsidy both being at zero tells us that in both time frames, more than half the sellers got nothing in closing cost help.

The last column is where we dig into days on market, or marketing time as I like to call it. A quick scan of the Braemar townhouse sales for January and February above show single digits down the line. The six month average marketing time is one day quicker than the twelve month average. Meanwhile, the six month and twelve month median marketing times are the same at four days. This means more than half the sellers in both time frames sold in four days or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to find yourself in a multiple offer situation where buyers are offering over list and not asking for closing cost help. Some buyers are even able to waive every typical contingency.

The next Braemar Townhouse Report will out in May and will cover what’s happening right now in March and April. There’s no slowing of buyer demand on the horizon which makes this a great time for Braemar townhouse sellers to cash out. Question becomes, where will you live? I’m happy to give a no obligation consultation about what a sale of your Braemar townhouse would mean in the current market. Even in a seller’s market, where every home will sell, sellers can still leave money on the table. Hiring the best agent for the job is so important. Since 2005, No One Knows Braemar Better!.

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Under Contract in Four Days

12858 Wishing Well Way Listed for $394,000 on February 26, 2021

Braemar Townhouse Under Contract in Four Days

On February 26th (2021) this Braemar townhouse located at 12858 Wishing Well Way listed for $394,000. Having been listing as a Coming Soon listing for nearly a week prior, I knew there was strong interest. Our showing appointments filled up rather quickly. Add professional photos on listing day and the demand went through the roof.

As a Top Braemar Real Estate Agent, I have been keeping a close eye on what is happening in the market. In representing buyers that made an offer on a Braemar garage townhouse last month, I know just how insane the buyer demand is right now. Even a reasonable list price will get bid out of control. Low list prices are completely unnecessary.

The final tally of showings at 12858 Wishing Well after four days on the market was sixty-five. The final number of offers was eleven. Out of those offers, only a few that reached for the top shelf prices could back it up without appraisal contingencies or with low appraisal guarantees. And once offers dropping contingencies like appraisal and home inspection were pulled aside, the pool of buyers that interested the seller shrunk to four.

Your Braemar townhouse may never be worth more than it will be this year. If you have wondered what selling your Braemar townhouse may mean to your bottom line, and what your prospects for future housing would be, I would be happy to provide a no obligation consultation. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Report: November-December 2020

Braemar Townhouse Report: November-December 2020

Hard to believe we are almost one month into 2021. Time flies. Of course, with 2020 closed out, it is time to look back at the Braemar townhouse market and see how things ended last year with respect to property values and other real estate market indicators. Let’s get right to it.

During the months of November and December there were nine Braemar townhouses that sold. The details of those sales are listed below.

Combining these most recent sales with the entire year’s worth of Braemar townhouse sales, our six and twelve month data points are updated as seen below.

Looking at both six month sold prices compared to their respective twelve month sold price, we see both six month values being higher than the twelve month values. This means Braemar townhouses are continuing to increase in value in this seller’s market.

Seller subsidy is where we get to see how much closing cost assistance Braemar townhouse buyers negotiated from their sellers. The six month average seller subsidy is a little below the twelve month average seller subsidy. More importantly, both the six month and twelve month median values are at zero. This means in both time frames that more than half of Braemar townhouse sellers gave no closing cost help at all. Buyers in this competitive marketplace are having to cover as much of their closing costs as they can to have a chance to win in a multiple offer situation.

Days on market actually increased in the six month average compared to the twelve month average, but only by two days. Looking at the most recent solds there were a couple of oddballs, one that took longer than two weeks and one that took a month and a half to get under contract. That’s not typical for a seller’s market. Thankfully, the six month median and twelve month median show us that in both time frames, more than half of Braemar sellers were under contract in four days or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect that while you may see offers with requests for seller subsidy, the market may continue to be so competitive you have to give none.

The next Braemar Townhouse Report will be out in March. Until then, if you would like to sell your Braemar townhouse while values are peaking this year, let’s talk about how to get the absolute maximum for your home. Even in a seller’s market, the listing agent you hire matters to your bottom line in how they advise you, market your home and negotiate for you. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Report: September-October 2020

Braemar Townhouse Report: September-October 2020

Bringing up the rear of November’s Braemar markert reports is this edition of the Braemar Townhouse Report. In this report the focus is on the sale of traditional three level townhouses in Braemar with a back yard, and attached side to side only.

In the months of September and October (2020) there were eight Braemar townhoues that sold. Final sold prices ranged from $315,000 to $395,000. The details of those eight sales are listed below:

Taking all eight of these sales and combining them with the entire past twelve months of Braemar townhouse sales, the six and twelve month data points are updated as seen below:

Starting with the sold price column, we find that both the six month average and six month median sold prices are higher than their respective twelve month values. This means that Braemar townhouses are still gaining value. No surprise in the current market where inventory is scare and buyer demand is intense.

In the seller subsidy column we get to learn the amount of closing cost help that sellers gave to their buyers. The six month average seller subsidy is less than the twelve month average seller subsidy. This is good. What is better is that the six month median and twelve month median seller subsidy values are in agreement at zero. This means that more than half the sellers in these time period gave absolutely no closing cost help. And if you look at the sales from September and October above, more than half of those sellers gave nothing.

The days on market columns shows the six month average and twelve month average marketing times aligned at seven days. Meanwhile the six month median marketing time was one day longer the twelve month median marketing time. It is not taking long for Braemar townhouses to get under contract.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect that you would not have to give any seller subsidy.

The next Braemar Townhouse Report will be out in January. Until then, I wish you all the best this holiday season. And if the need arises for you to sell your townhouse between now and then, don’t hesitate to get in touch. Our year end Braemar real estate market is a powerful one…one without a lot of competition and with the most serious buyers. I would be happy to show you what a year end sale could mean for you. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037
ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Report: July-August 2020

Braemar Townhouse Report: July-August 2020

It it time for another Braemar Townhouse Report, featuring sales of traditional three level townhouses with back yards in our neighborhood.  This particular report looks back to the months of July & August.  During that time, there were nine Braemar townhouses that sold.  Their final sold prices ranged from $330,000 to $385,000.  Details of each sale are listed below:

Taking these nine sales and combining them with the past entire twelve months of Braemar townhouse sales, the updated six and twelve month value points are updated as pictured below:

Starting with the sold price column, both the six month average and six month median sold prices are above their respective twelve month values.  This means Braemar townhouse values are continuing to rise.  No surprise in this intense seller’s market.

The seller subsidy column is where we find out how much closing cost help Braemar townhouse sellers are giving in their transactions.  For starters, it is great to see that the six month average seller subsidy is less than the twelve month average seller subsidy.  Sellers have been giving less closing cost help on average in the most recent sales.  Even better, the six month median seller is at zero, compared to the $2,500 value found in the twelve month median.  In the most recent sales, more than than half of Braemar sellers have given no closing cost help.

Finally we get to the days on market column.  Here we see slightly faster marketing times in the six month values compared to the already fast twelve month values.  Again, no surprise when you see the intense demand and lack of inventory in our market.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract in a week or less.  If you had to give closing cost help, you could reasonably expect it would be a modest amount.  Better yet, you may have to give none.

The next Bramear Townhouse Report will be out in November.  Until then, if you find yourself needing to move up into a larger home, or relocate, know that our year end market is going to be extremely busy this year.  Better yet, we will have very little competition.  Give me a call to investigate what a year end sale would mean for you.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

Braemar Townhouse Report: May-June 2020

Braemar Townhouse Report: May-June 2020

Bringing up the rear in the most recent batch of Braemar real estate market reports is the Braemar Townhouse Report.  This particular report covers the most recent sales of traditional three level Braemar townhouses with back yards in the months of May and June.

Between May 1st and June 30th, there were eight Braemar townhouses that sold.  Their final sold prices ranged from $300,000 to $374,000.  The details of each one are listed below.

Taking the most recent sales above and combining them and with the entire past twelve months of Braemar townhouse sales, our six and twelve month data points are updated as seen below.

Starting with everyone’s favorite first stop, the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month sold prices.  This means Braemar townhouses have continued to gain value.

The seller subsidy column is where we get to see, on average, how much closing cost assistance Braemar townhouse sellers have been giving to buyers.  It is no surprise to see both the six month seller subsidy value points lower than their twelve month counterparts.  In the current market, with such high demand and limited inventory, it is no surprise that closing cost requests by buyers are shrinking as they compete to have their offers accepted.

Finally, days on market reveals another trend consistent with a strong seller’s market.  Both the six month average and median marketing times are shorter than their twelve month counterparts.  Braemar townhouses are flying off the shelves.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also reasonably expect to pay 1% of the sales price or less in seller subsidy.

The next Braemar Townhouse Report will be out in September.  Until then, if you want to take advantage of the record setting sales prices in our neighborhood, give me a call.  My expertise is getting Braemar sellers top dollar for their home, no matter the market.  Sadly, even in a seller’s market, poor preparation and poor marketing can have sellers leaving money on the table.   That won’t happen with me.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

Yet Another Braemar Townhouse SOLD

Yet Another Braemar Townhouse SOLD

Earlier this year, I sold 9619 Innerwick Place in Braemar.  It was a nice surprise when the neighbor at 9617 Innerwick Place called me to list her townhouse shortly before her end unit neighbor closed.  While I took the listing in early February, it didn’t hit the market until May.  The seller took the listing preparation notes that I had given her and got to work to get the maximum dollar amount for her home.  A quick discussion about selling “as-is” made her realize the work to ready the home was worth the money she would make.

On May 13th, this interior unit townhouse hit the market priced at $375,000.  It only took three days before multiple offers were there for the seller to review.  The one that she ratified went to settlement on June 29th.  It was a full price sale at $375,000 and the seller didn’t have to give any closing cost help.

Right now, despite the pandemic, the Bristow real estate market is hot.  Sellers are in control as there is more buyer demand than there are homes to sell them, particularly in properties that attract first time buyers.  If you have a Braemar townhouse you want to sell, give me a call to find out how I can get you top dollar while marketing your home with safety as a top priority.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

Braemar Piggyback Quarterly: January-March 2020 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2020 (1st Quarter)

Being well into April, it is time to take a look back at the first quarter of the year and see what happened in the Braemar real estate market with respect to Piggyback townhouses.  If you are not familiar with what a Braemar Piggyback townhouse is, they are three level townhouses, completely above grade, with attached two car garages.  The townhouses themselves are attached not just on the sides like traditional townhouses, but also along their back wall to another row of townhouses.  What they lack in not having a back yard, they make up for the large bedroom sizes.

There were two Braemar Piggyback townhouses that sold during the first quarter.  Details of those sales are listed below:

Taking these two sales and combining them with the previous three quarters to make an entire year’s worth of sales, we get the following updated six and twelve month data points.

Starting with the sold column, we see conflicting trends.  The six month average sold price is a tad higher than the twelve month average sold price.  That would indicate values pushing up in value.  The six month median sold price, however, has fallen below the twelve month median sold price.  This would indicate values falling a bit.  Taking a quick peek at the two sales from the first quarter, we have one above the six month data points and one well below.  That doesn’t help clear this up.  Since neither the change up or down is a big one, it is best to proclaim Piggyback townhouse values stable.

Next we move to seller subsidy, also known as closing cost help to buyer.  There is a clear trend here.  Both the six month average and six month median sold seller subsidy values are higher than their twelve month respective values.  This means buyers have been asking for, and receiving, higher amounts of closing cost assistance in the more recent past.

Finally, days on market reveals a definite trend as well.  Both the six month average and six month median marketing times are longer than the twelve month average and twelve month median marketing times.  This means it has been taking longer to sell Braemar Piggyback townhouses.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in two to four weeks.  You could also to pay out about 2% of the sales price in seller subsidy.

We have yet to see how the measures to curb the spread of COVID will impact our Braemar real estate market.  By the next Braemar Piggyback Quarterly, which will be out in July, we will see what effect, if any our current situation is having on values.  Until then, if you want to know how to safely sell your Braemar home, while maximizing profit, hiring the right real estate agent has never been more important.  Give me a call and let’s talk.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Braemar Townhouse Report: November-December 2019

Braemar Townhouse Report: November-December 2019

Bringing up the rear in latest editions of Braemar market reports is this Braemar Townhouse Report.  This particular report looks back to sales of traditional townhouses in Braemar during the months of November and December 2019.  Let’s get right to it.

There were six Braemar townhouses that sold during the last two months of 2019.  Their sold prices ranged from $315,000 to $385,000.  The details of each sale are listed below.

Combining all six of these sales with the entire year’s worth of Braemar townhouse sales from 2019, our six and twelve month data points are updated as follows:

Looking first at the sold price column, we see that the six month average is only fifteen dollars less than the twelve month average.  That would indicate stability in Braemar townhouse prices.  However, looking at the six month median sold price being three thousand higher than the twelve month median, we are left with information that Braemar townhouses are continuing to push up in value.  Having recently listed a Braemar townhouse, I can tell you that demand is there to keep prices going up.  We’ll see what our next report shows us.

Next up is the seller subsidy column.  Seller subsidy is also known as closing cost help to buyers.  Both the six month average and six month median seller subsidy values are above their respective twelve month values.  This means, in the more recent sales, Braemar townhouse buyers are asking for, and receiving, increasing amounts of closing cost help.

The last column is days on market, or as I like to call it, marketing time.  Here we see that marketing time has ticked up in the six month values compared to their twelve month counterparts.  I call tell you from recent listing experience, Braemar townhouses are in high demand.  I expect to see this number fall in our next report or two.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in no more than two to three weeks.  You could also expect to pay about 1.5% of the sales price in closing cost help.

The next Braemar Townhouse Report will be out in March.  Until then, if you have been waiting for the spring 2020 market to list, spring has already sprung.  Demand is there, but your competitors are not.  Now is the time to get going.  Give me a call and let’s talk price, timing and marketing to get you the absolute most the market will bear.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com