With the first quarter of 2011 behind us, it's time to take a look at the first three months' resale activity for condos in Braemar. This will give us a great idea as to the average market value for Braemar condos and other market factors at work in our local real estate market.
There were only two resales of Braemar condos during the first quarter. This is two fewer than the fourth quarter of 2010. However, with both of the condos having sold for $205,000, our average market value is up over 3% in one quarter. The two sales were comprised of one Short Sale and one regular sale. Condos currently under contract, or on the market, include two Short Sales and one Foreclosure.
If you placed your Braemar condo on the market today, and priced it to current market conditions, this report indicates that you could expect to be under contract in about five weeks. You could also expect a Buyer to ask for 3% of the sales price in closing cost assistance.
The next Braemar Condo Quarterly will be out in June. Until then, if you are thinking of selling your Braemar condo, give me a call. As a full-time Bristow real estate agent since 2005, and a Short Sale Specialist since 2007, I can help you no matter your current situation. Remember, no one knows Braemar better!
Chris Ann Cleland, Associate Broker, Licensed in Virginia, Long & Foster REALTORS®