Just Sold in Dunbarton: The Last Vacant, Buildable Lot
Being the Active Adult enclave of the larger community of Braemar, Dunbarton was built out by Brookfield between the years, 2001 to 2008. Imagine the community’s surprise when a vacant, buildable lot was listed by Brookfield Homes in Dunbarton on March 11, 2023. No one was more surprised than the neighbors to the west of that lot who had purchased in late 2002 and were delighted to have secured a home next to what Brookfield told them was common area.
The vacant lot was listed for $90,000 and had immediate interest from folks who were anxious to back to Broad Run and live in an established Active Adult community. It is a lovely, wooded location.
Thankfully, my former clients who own the home in the adjoining lot, were able to connect with me and make a fast offer in hopes of preserving their wooded view to the east. Not only had they worked with me before, but the chose to work with me again on this deal thanks to my years of HOA experience as a board member in one of Braemar’s subassociations. The HOA aspect of the lot was perplexing. Sure, it would have access to the amenities of Dunbarton and like the other lot owners, would need to follow the convenants, restrictions and rules. But would the builder, Brookfield Homes, have to pay HOA dues on the lot. Calls to the HOA indicated there had been no dues paid on the lot since its existence.
My buyer clients made the winning bid out of four offers. It was time to make sure title work was done on time, a survey was completed and that an HOA financial statement was in hand for what Brookfield owed and what was expected of the new owner. All of that was accomplished with expert advice from attorneys and title partners along the way. Special thanks to RGS Title who started the title search the day I called to ask how quickly they could close the potential deal when my buyers and I were crafting their offer.
My buyers closed on that lot, preserving their wooded view on March 29th. Final sold price was $115,000. All the questions that had been lurking in the minds of my buyers were answered along the way. My Braemar and Dunbarton buyer and seller clients benefit from my over eighteen years of neighborhood sales experience in addition to my over sixteen years of HOA board member experience. There is a reason I say, “No One Knows Braemar Better.” My knowledge of Braemar is unparalleled. Let me know how I can help you buy or sell in Braemar or Dunbarton.
On this windy March afternoon in Braemar, I am finding it quite cozy to sit in my home office and prepare this Braemar Townhouse Report. As usual, it is the one that brings up the rear in my series of Braemar market reports. This particular edition focuses on the sales of Braemar townhouses in January and February and looks back at the updated six and twelve month market markers tracked in this report.
During the first two months of the year, there were six Braemar townhouses that sold. Details of those sales are listed below.
I was very happy to be the listing agent of 10158 Pale Rose Loop that you see in pink text. While it was an end unit, it did happen to be on the smaller side of what was available at the time. Getting them multiple offers and selling so quickly when we had just come off a slower paced year end, was a great result. They would have sold for more had the appraiser agreed with the original contracted sales price. Appraisers definitely hold the purse strings if you don’t have buyers who are willing to waive appraisal.
Of the six sales, only two sold above list price. Both gave seller subsidy (closing cost assistance to the buyer) and were both under contract in about a week. Three townhouses sold at (or just a hair under) list price. Only one sold below list price and it is no surprise that it was the sale that took the longest to happen. It is also the only townhouse sale to give no seller subsidy.
Combining all these sales with the Braemar townhouse sales going back to March 2022, the six and twelve month data points in this report are updated as seen below.
For the second report in a row, both six month sold price values are down compared to their corresponding twelve month sold price values. However, the gap is smaller when you compare to last report. Our Braemar townhouse market definitely softened up a bit in the latter half of the 2022, but all indications are that it is recovering from that momentary change in buyer behavior. Between having the listing on Pale Rose receiving multiple offers and helping buyers in the market in February in crazy multiple offer scenarios, I can assure you that buyer behavior is back to what we saw in 2020 and 2021. Buyers are making fast decisions and throwing everything they have at an offer to win. This means waiving contingencies and going above list price.
Seller subsidy shows higher amounts in both six month values when compared to their respective twelve month values. These numbers have gotten higher since last report, which really isn’t unexpected. With the steep increase in mortgage interest rates, and no noticeable decline in sales prices, buyers were having major affordability problems. Those hit worst have been first time buyers with no existing equity to roll into their next home. Buyers who have saved up their resources are the ones able to waive seller subsidy requests and compete in the conditions we are seeing right now.
Marketing time is still longer in both the six month values compared to their twelve month counterparts. In fact, these marketing time values are nearly identical to what we saw last report. I suspect this will be changing in future reports based on current market activity with homes going under contract so quickly.
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 so. Don’t be surprised by seller subsidy requests. The best way to avoid them and get the most seller favored terms is to lift buyer enthusiasm. Getting buyers excited about your home by pricing right, preparing your home for market to show as move-in ready as possible and having it professionally marketed have always netted the best results. Relying on market conditions alone is not a recipe for hitting top of the market.
The next Braemar Townhouse Report will be out in May. Between now and then, or anytime you want to know your townhouse’s value in our current market, get in touch with me for a personalized consultation. It is never too early to get direction on what projects should be done for the optimal market reaction when you sell. Helping my Braemar sellers reach the top of the market is my mission. Since 2005, No One Knows Braemar Better!
Braemar Property Value Report: January-February 2023 (Ryan Homes)
It is a quiet and dreary Sunday in Braemar, except for the excitement of a fleeting snowstorm. What a perfect way to experience snow. It fell rather heavily for about an hour, but never accumulated. Sitting in my home office sipping hot tea, it was a scene that soothed my soul. After a very busy Saturday showing property from Winchester to Stafford to different buyer-clients, bringing you another Braemar Property Value Report feels down right relaxing.
This particular report focuses on houses built by Ryan Homes in our neighborhood. This reporting period covers the first two months of the year in terms of resales and takes a look at updated six and twelve market markers to see where our market is trending. I’m here to tell you, the trends I have been seeing in most of the Braemar Property Value Reports I type are not ones that will be reflected in future reports, but we’ll get to that later.
During the months of January and February, there was only one Ryan home that sold in our neighborhood. Details of that sale are listed below.
It is rather discouraging, after the barnstorming buyer demand our market has experienced to see a single family home in Braemar sell for forty thousand below list and take thirty-seven days to go under contract. The positive in this sale, going by what we see in these stats, is that the seller gave no seller subsidy (closing cost help to buyer.) When you take a look at the listing photos, it is an appealing, albeit basic home lacking in professional grade marketing. Professional marketing is one of the key ingredients to lifting buyer enthusiasm. When buyers are excited about a home, they are more likely to act quickly and decisively. And sellers are certainly more likely to get a reasonable list price in an offer, if not more, when buyers are excited about the property.
Combining this sale with the Ryan home sales in Braemar dating back to March 2022, the six and tweleve month data points tracked in this report are updated as seen below.
The sold price column shows a trend I have seen in nearly all the Braemar Property Value Reports from this reporting period. Both six month sold prices have fallen below their twelve month sold prices. It is not by a lot and given the extreme amount of buyer demand we are experiencing since February, it is unlikely this trend will continue downward. Buyers have gotten used to the higher mortgage interest rates and are back in the market acting much more quickly and decisively. Multiple offers are being seen again, as well as the waiver of contingencies. Both of these things had fallen off in the vast majority of sales as of mid summer 2022.
Seller subsidy shows only values in the average data points. And it is no surprise to the see the six month value being higher than the twelve month value. What is nice to see is that both six and twelve month median seller subsidy numbers are zero. This means more than half of the Ryan home sellers in both time periods gave no closing cost help.
Days on market shows a slight increase in marketing time in both six month values compared to their corresponding twelve month values. Given the pause of the overwhelming buyer demand in the latter part of 2022 and even in January this year, this is not unexpected. I suspect six month marketing times will be coming down in future reports given current market conditions.
If you placed your Ryan home on the market, prriced to current conditions in Braemar, you could certainly expect to be under contract in a week. You should also not be alarmed at closing cost requests. However, as mentioned earlier in this report, the way to get the best outcome when you list for sale is to make sure you are properly priced, the home is well prepared and that it is professionally marketed. Market conditions alone are no guarantee of the best outcome.
The next Braemar Property Value Report will be out in May. If you would like to know what your specific home is worth at any time, don’t hesitate to reach out. It is my pleasure to walk through the ins and outs of our Braemar market and get you the most it will bear when you sell. Since 2005, No One Knows Braemar Better!
Braemar Property Value Reports: January-February 2023 (NV Homes)
Before we slide into the weekend, I thought I would share another Braemar Property Value Report. This particular installment focuses on houses built by NV Homes in our neighborhood and where we stand with the the first two months of the year behind us.
During the months of January and February, there was only one NV home that sold. Details of that sale are listed below.
Things that are great to see about this sale are that it sold just above its list price, gave no seller subsidy (closing cost help to buyer) and was under contract in only two days. While we may have ended 2022 with buyers in a less active state than we had seen in the previous years and even the beginning of last year, 2023 has definitely started with more buyer activity. It seems buyers have absorbed the higher mortgage interest rates as the new normal and going about business as usual.
When taking the sale from this reporting period and combining it with all the Braemar NV home sales dating back to March 2022, the six and twelve month data points tracked in this report are updated as seen below.
Starting with the sold price column, the first thing I notice is that both six month values are significantly below their corresponding twelve month values. Last report, the six month median had fallen below the twelve month median, but the six month average was still a tad above the twelve month average. If buyer behavior had not turned around this year and brought us back to quick, decisive action and well prepared homes getting multiple offers, I would be concerned that we were at the beginning of a down turn. I suspect we will see this gap between six and twelve month sold price groupings narrow come next report.
Seller subsidy is still up in both six month values compared to their respective twelve month values. This is not surprising since mortgage interest rates have made home affordability tougher on buyers. Seller subsidy requests are much more common now. However, the extreme buyer demand coupled with lack of inventory may turn this trend around this year as well.
Days on market in the six month values is higher than the corresponding twelve month values. Again, not a real big shock. Buyer behavior, as discussed earlier in this report, changed once we got into summer last year and continued to be more deliberate and slower for the rest of 2022. This may be a trend we see reverse this year as well based on current buyer behavior.
If you placed your Braemar NV home on the market, priced to current conditions, you could expect it would be under contract in about two weeks. You should also not be surprised by seller subsidy requests. Of course, putting yourself in the absolute best position in any market starts with getting buyers excited about your home. Pricing properly, doing listing preparation so your home shows well and is in move-in ready condition, and hiring an agent that will market your listing professionally are all within your control. Market conditions in a seller’s favor should not be relied upon as the sole factor to a great outcome.
The next Braemar Property Value Report will be out in May. Until then, or at any time, when you want to know your specific home is worth in the current market, reach out to me for a no obligation consultation. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!
Braemar Property Value Report: January-February 2023 (Heritage Series)
The odd numbered months are always the busiest for this Braemar Real Estate Agent. Those are the months I compile the majority of my Braemar market reports. Today, the focus is on the Heritage Series homes in our neighborhood. Heritage homesare the mid-sized single family homes, built by Brookfield Homes in our neighborhood. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar insize.
During the reporting period of January and February 2023, there were no Heritage home sales to report. This is only the third time this has happened since I started authoring these reports in 2005. The first time was January and February 2008. The second time was November and December 2010. Every other reporting period has had at least one sale to report. There is usually always something going on in our market. Thankfully, we are not a spring-only market.
Despite the lack of recent sales, the opportunity to look at trends still exists as the months of January and February 2022 drop off the year’s worth of sales I track and updated average and median values are run.
Starting with the sold price column, both six month values are below their corresponding twelve month values. This was the case last report as well. If you click that link and look at the report for November and December, you will see the gap between the six and twelve month value sets was much larger. The good news this report, even with no sales to report, is that the gap is narrowing between the six and twelve month sold prices.
Seller subsidy (closing cost help to buyers) also shows both six month values higher than their respective twelve month values. These numbers are also larger than they were last report. Not surprising at all given that we are looking back in time. Two thirds of the way through 2022 is when mortgage interest rates more than doubled from where they had started that year. With values steady, this impacted affordability for buyers. Many had to ask for seller subsidy to assist with rate buy downs to keep shopping in the same price points. Believe it or not, mortgage interest rates have a much larger affect on affordability than prices. The good news is that interest rates did back down from their high of 2022 and buyers have settled into the new normal of rates in the sixes and sevens.
Days on market shows that it took longer to go under contract in both six month values compared to their twelve month counterparts. When mortgage interest rates rose, buyer behavior changed. Gone was the frenzy to get under contract and offer way above list. Buyers were in the mode to deliberate and go in with a well thought out offer. This appears to be changing.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be surprised by seller subsidy requests, but they are avoidable. All the best offer terms come to sellers who have priced right, prepared their homes for market and hired an agent that professionally marketed the home. When buyers are excited about a property, no matter the price range, they compete. Market conditions alone (lots of buyers and not enough homes) are not something to be relied on solely for best results.
The next Braemar Property Value Report will be out in May. At any time, when you want to know what your Braemar home is worth in the current market, please don’t hesitate to get in touch and schedule a free consultation. Getting Braemar sellers the top of the market is my mission and it always starts with a friendly conversation. Since 2005, No One Knows Braemar Better!
Braemar Property Value Report: January-February 2023 (Courtyard Series)
On this gorgeous spring day, this dedicated Braemar Real Estate Agent is bringing you another Braemar Property Value Report. This report is for Courtyard home owners in our our neighborhood. Braemar Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedroom sizes.
During the first two months of 2023, there was only one Braemar Courtyard home that sold. Details of that sale are listed below.
The unfortunate things about this sale are that is sold below its list price and that it involved a significant amount of seller subsidy (closing cost help to the buyer.) The good thing to see is that this home was under contract in only six days.
Combining this sale and the eight other Courtyard home sales in Braemar dating back to March 2022, the six and twelve month data points tracked in this report are updated as reflected below.
Starting with the sold price column, we see that both six month sold prices are below their respective twelve month sold prices. This is the second report in which we have seen this, as it was present last report as well.
Seller subsidy has shot up in both six month values compared to their corresponding twelve month values. Not at all surprising given that mortgage interest rates rising so steeply last summer did cause an immediate affordability problem for buyers.
Marketing time has lengthened only slightly when comparing the six month numbers to their twelve month counterparts. Again, not surprising to have added time in the last six months of marketing time given the change in buyer behavior brought on by those increased mortgage interest rates.
None of these things are alarming given the changing market landscape that mortgage interest rates caused. As mentioned above, when interest rates more than doubled last year, buyers were taking longer to consider their options because prices were not falling. Buyers began asking for seller subsidy and stopped waiving contingencies. However, in February this year there has been a return of frenzied buyer behavior like we saw in 2020 and 2021. Mortgage rates fell a bit from their high last year and buyers have adapted to this increase as the new normal. Once again we are dealing with extremely limited inventory that cannot meet buyer demand. Buyers are back to waiving contingencies, going above list price and not requesting seller subsidy. This is not across all properties! Those that are priced properly, well prepared and professionally marketed are the ones creating the buyer enthusiasm resulting in multiple offers.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in a week, maybe two. You still should not be surprised at seller subsidy requests. As mentioned above, you can create the best outcome by getting buyers excited about your home. Market conditions alone do not guarantee results.
The next Braemar Property Value Report will be out in May. If at any time you want to know what your specific Braemar home is worth in the current market, do not hesitate to reach out for your free consultation. Helping my Braemar sellers get the top of the market is my mission. Since 2005, No One Knows Braemar Better!
Braemar Property Value Report: January-February 2023 (Carriage Series)
Spring may not be officially here, but the change of season is in the air. Trees were budding and flowers were blooming even in late February. Has the spring real estate market started? You bet it has. Since becoming a real estate agent in 2005, I can tell you that January is the month that buyers kick into action. As of right now (early March,) they are competing hard for the homes available to buy.
In this edition of the Braemar Property Value Report, the focus is on what has happened in the first two months of the year, where our six month data points are compared with our twelve month data points and what is projected in the world of Carriage homes. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
All of these sales were of three upper level bedroom Carriage homes: Maplewood and Norwood floor plans. These are the two smaller of the four available Carriage homes in our neighborhood. Each sold at or above their list price. That was not the case in September and October as sellers were coming to grips with the fact that buyer behavior had changed as a result of the steep increases to mortgage interest rates. They each gave something in seller subsidy (closing cost help to buyers,) though only one gave what was probably close to all of the closing costs of that buyer at $12,800. Finally, two were under contract in a week or less, and one took about one month to find its buyer.
Taking all three of these sales and combining them with the entire past twelve months of Braemar Carriage home sales, the data points tracked in this report are updated as follows:
Starting with the sold price column it is disconcerting to see that both six month sold prices have fallen below their respective twelve month sold prices. This happened last report as well, but as there were no sales to report in November and December, it wasn’t as alarming. Being engaged full-time in our real estate market, I know first hand that values haven’t dropped as much as they are no longer accelarating wildly upward. Looking into the last six months of sales, two-thirds of them are the smaller three bedroom floor plans. The last twelve months of sales are as close as you can get to a fifty-fifty split with an odd number with three bedroom models having the one house advantage. My gut is telling me that this drop of six month sold prices below the twelve month prices is really just a reflection of smaller homes dominating the Braemar Carriage home market in the last six months.
Seller subsidy, in both six month values compared to their corresponding twelve month values, has gone up. This is not surprising. The rise of mortgage interest rates was steep and did fall back into the sixes and sevens after hitting the eights last year. Buyers have settled with this being the new normal, but it doesn’t make houses any more affordable as values really haven’t dropped noticeably. Closing cost help requests are much more common. However, as we hit mid-February, buyer behavior started to repeat what we saw in 2020 and 2021. I have personally represented a seller who received multiple offers in January, and represented buyers who competed in multiple offer situations in February. The difference a month makes is huge. Some buyers are back to waiving contingencies, offering above list and not requesting seller subsidy.
Marketing time in both six month values has increased when compared to their respective twelve month values. Again, not surprising given the buyer behavior change that came over the market in mid to late summer last year. I think we will see marketing times speed up again as buyers compete over limited inventory.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be shocked at seller subsidy requests. Avoiding the pay out of closing costs to buyers and getting top dollar in this seller’s market is not a secret formula. Pricing right, having properly prepared your home for market and hiring an agent that professionally markets is what drives up buyer enthusiasm. Buyers may need a home, but if they aren’t excited about yours, the time it takes to sell and terms you eventually see in offers are not going to be as seller favored as they could be.
The next Braemar Property Value Report will be out in May. Until then, if you felt remorse at having missed the sale of your home in 2020 or 2021, early 2023 presents a great opporunity. Find out what your specific home is worth in the current market. Get in touch for your complementary consultation. It is one of my greatest pleasures to help my Braemar neighbors hit the top of the market when they sell. Since 2005, No One Knows Braemar Better!
Braemar Property Value Report: January-February 2023 (Arista Series)
There is no doubt that spring is here. Flowers are blooming, trees are budding and as far as the real estate market is concerned, buyers are out in full force. Let’s dive into this Braemar Property Value Report, focused on Arista homes in our neighborhood, and see how 2023 got started. For the sake of clarification, Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is the most common in Braemar.
There was one Canterbury sold during the last two months. Details of that sale are listed below.
This sale tells the tale of what was happening in late summer to the end of last year. This home was originally listed in August 2022. After two price decreases from $860,000, it landed at $825,000. That listing was pulled in November and relisted with a different MLS number in late November. It went under contract twice in December, the last of which went to closing last month. Sellers at that time were having a hard time digesting the buyer behavior change and the fact that the steep increase in mortgage interest rates made listing higher than the last sale in the neighborhood not a great idea.
Taking this one sale and combining it with the entire past twelve months of Arista home sales, the six and twelve month data points tracked in this report are updated as seen below.
Starting with the sold price column, it is good news that both six month sold prices above their corresponding twelve month sold prices. This indicates, despite the latter half of 2022 being a more stable seller’s market, that Arista home prices have been steadily increasing. It isn’t by leaps and bounds as we saw in 2020 and 2021, but any upward growth is positive.
Seller subsidy (closing cost help to buyers from sellers) has actually come down in the six month average compared to the twelve month average. That, I must say, was unexpected. It seems buyers have settled into the six to seven percent mortgage interest rates as being the new normal. What is more important is that with both median values being zero, more than half of Arista home sellers in Braemar gave no closing cost help in the last six months and the last twelve months.
Days on market is really the only place we see a significant change not in favor of sellers. The six month average marketing time is more than double the twelve month average marketing time. When talking averages, a high days on market sale like the one detailed in this report will skew data. Looking at median values, the six month median is still longer than the twelve month median. Buyers in the last six months have been acting much more deliberately.
Based on the findings in this report, if you placed your Braemar Arista home on the market, priced to current conditions, you could expect it be under contract in about two weeks. The pace is picking up though. Buyer activity is starting to rival what we saw in 2021 and once again, our market doesn’t have enough inventory to meet demand. Still, it would not be startling to see offers with seller subsidy requests. Sellers can decrease the odds of those requests and increase the odds of top dollar by pricing right, doing the proper preparation and hiring an agent that professionally markets their home. Those are the things that increase buyer enthusiasm.
The next Braemar Property Value Report will be out in May. In the meantime, if you want to know what your house would be worth in the current market, or what projects you might need to take on prior to listing for best results, get in touch for your no obligation consultation. Since 2005, No One Knows Braemar Better!
Just Sold: End Unit, Garage Townhouse in Braemar on Pale Rose Loop
Starting 2023, the fear was that the pause that was felt at the end of 2022 in buyer behavior would be front and center. Well, when it comes to Braemar townhouses, that is not the case. January 13th was when 10158 Pale Rose Loop hit the market, priced at $458,000. Showing requests were immediate. And the open house held two days after the home hit the market was like Grand Central Station. Buyers were out and about. Several expressed interest in moving forward with an offer. What wasn’t to like? The major components had been replaced (roof, furnace, a/c, water heater) and there were updates to the kitchen and owner’s bathroom.
After five days on the market, two of the four buyers that had been interested in stepping up to make a bid had done so. The remaining two were not feeling so inclined. Considering the sellers would have been happy with one offer that met their needs, they were thrilled to have two to chose from that each hit their goals. On day six, the sellers chose one and went under contract.
The winning bid was one from owner occupants. The sellers felt strongly they did not want to sell to an investor. So all things being mostly equal on paper, they went with the owner occupant offer.
Appraisal presented a speed bump, however. The owner occupant offer had written above list price in order to net the sellers slightly more than list price after taking into account the seller subsidy they had requested. Well, the appraiser didn’t see the value at the agreed upon sales price. (Appraisers are tightening their belts and the result is more low appraisals.) Still, this end unit townhouse in Braemar did appraise for more than list. It was disappointing when the sellers were faced with lowering their sales price while the buyers could not give up any of their requested seller subsidy. What had been net gain over list price at offer acceptance was going to be a net loss from list price to continue with the owner occupants.
The dedicated listing agent I am, I rounded on the second offer. The investor buyer was still interested and would net the sellers a full list price sale, assuming that appraisal came in at list price. It would mean more time until closing and carrying the vacant home for one more month. The sellers didn’t have the stomach for bailing on the first buyers for a little more money. They stuck with the first offer they chose and today, made those owner occupants very happy when this townhouse sold for $360,000.
If you were worried about the real estate market for early 2023 in Braemar…if you have a townhouse to sell, the market will devour it. Get in touch with me to find out what your townhouse may be worth in a sale in the near future. With my many years experience and professional marketing, I will get you the top of market. Since 2005, No One Knows Braemar Better!
January is going by in a flash. It is the month every market report I put together is due. That’s an internal deadline I set for myself. These reports are something I do because I want to do them. It keeps me on top of our Braemar real estate market and how we are comparing to nationwide trends. I am a real estate nerd.
Today’s report rounds out the end of 2022 as it pertains to Braemar townhouses. A townhouse, defined for the purposes of this report, are three level homes, attached only side to side and have fenceable back yard. These types of homes are what are typically known as townhouses vs. being a piggyback style or patio home. And certainly, Braemar townhouses are separate and apart from Braemar condos which are townhouses with condo ownership.
In this most recent edition of the Braemar Townhouse Report, there were four townhouses that sold. The details of those sales are listed below.
Most of the townhouses sold were garage units. Only one was an exterior unit. There is no consistency between original list price and sold price. As far as I’m concerned, the sale on Maitland may as well have been list price, as it was only one hundred dollars higher. More significant was the sale on Drum Salute being seven-thousand dollars higher. That’s selling above list price. Walloweer sold ten thousand below list and gave five thousand in seller subsidy (closing cost help to the buyer.) That makes their sale fifteen thousand less than their list price. And finally, Wishing Well that sold thirty-five thousand below its original list price and was on the market for one-hundred and twenty-three days! I did have the opportunity to tour this home. To say it was in shabby condition was an understatement. The owner wanted move-in market value and priced accordingly. However, the home needed paint, carpet, and some windows to name a few things. That is a perfect demonstration of what relying on the market alone without any listing preparation will get you.
Taking the entire group of Braemar townhouse sales from 2022 and extracting the six and twelve month market markers followed in this report, a slight shift is evident.
For the first time in a long time, both six month sold prices have fallen below their respective twelve month sold prices. Not to panic. What I know of our market is that there are more buyers looking for homes than there are homes for sale. That is the definition of a seller’s market. I saw it when I placed 10158 Pale Rose Loop on the market. It got a ton of activity and multiple offers in six days! Buyers are not as frenzied as they were, but they are motivated to make a deal when they see a well prepared, properly priced and professionally marketed listing. I believe we are likely to see these six month values trend up in coming reports. Buyers have settled in to these mortgage rates and are ready to buy.
Seller subsidy is definitely becoming a more commonplace request from buyers since the rise of mortgage interest rates. The six month average seller subsidy shows that being nearly double the twelve month average. Better news is that with both six and twelve month median seller subsidy values being at zero, more than half of sellers in both time frames gave none. There is always a chance to market your home to lift buyer enthusiam to get you offers without seller subsidy.
Days on market are increasing. Both six month values are longer than their corresponding twelve month values. The most recent sales are even very quick, with the exception of the one-hundred twenty-three day sale. The current market is one where Braeamr townhouses are still selling quickly.
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 two. You should also not be surprised by buyers requesting seller subsidy.
The next Braemar Townnouse Report will be out in March. Between now and then, if you want to know what a sale in early 2023 would mean for you, let’s talk. Get in touch and set up your complementary consultation. The national news has everyone believing a crash is coming. Our local market is not seeing it. Let me put my eighteen years experience and well honed skills to work for you, getting you the top of the market. Since 2005, No One Knows Braemar Better!