Braemar Townhouse Report: March-April 2023

Posted on May 25, 2023 by cacleland

Braemar Townhouse Report: March-April 2023

Before we head into this long weekend, it is my pleasure to bring you the latest Braemar Townhouse Report. The properties included in this report are traditional townhouses which are not condo, have three levels and a fenceable back yard. The time frame examined for resale activity are the months of March and April 2023. Let’s dive right in.

During the current reporting period there were three Braemar townhouses that sold. Details of the Braemar townhouse sales in March and April are listed below.

While only one townhouse sold above its list price price, the other two did at least sell at their list price. Things have been improving in our Braemar market since the slowing of buyer activity we saw in the latter half of 2022. The biggest improvements seem to be to seller subsidy (most sellers gave none this go round as opposed to last report) and to marketing times since the sales happened almost immediately.

When taking these latest sales and combining them with the Braemar townhouse sales dating back to May 2022, the rolling twelve months of sales provides updated six and twelve month data points.

The sold price column has improved a lot since the first report where we saw six month values drift below their respective twelve month values in the September-0ctober 2022 report. The difference between the six month and twelve month values in each subset has been narrowing. This is an indication that values have been moving back up. Recent buyer activity at high demand, coupled with the severe lack of inventory we have been experiencing, makes for an extremely seller favored market.

Seller subsidy (closing cost help to buyers) was higher in both the six month average and six month median values last report. The fact that this is decreasing in recent sales is not surprising given the number of buyers competing over the few homes for sale. The twelve month average, however, did increase since last report. Not a big surprise there as the months when mortgage interest rate hikes gave buyers pause have been kicked into that time period as we move forward.

Days on market is another area where there has been noticeable improvement in both six month values compared to last report. Braemar townhouse sellers are not lingering on the market.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about a week or less. Seller subsidy requests are avoidable. Making sure your home is move-in ready, priced properly and professionally marketed is what creates buyer enthusiasm. When buyers are excited about a home they are more likely to act quickly for fear of missing out. You are also more likely to get multiple offers. Buyer enthusiasm is what creates the most seller favored offers.

This Memorial Day Weekend, we honor those military members who served our country and paid the ultimate price with their lives. Please take a moment to remember those sacrifices. All too often it gets lost in the celebration of a three day weekend and cookouts with family and friends. We are blessed to live in a country where there are pepole willing to defend our freedoms with their lives in our armed services.

The next Braemar Townhouse Report will be out in July. Between now and then, if a home sale looks like it is in your future, please do not hesitate to reach out to find out what your home is worth in the current market. It is a pleasure to discuss the ins and outs of the market with you. Getting my Braemar sellers the top of the market always begins with a simple conversation. 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

*Townhouse photo courtesy of Home Visit.

Braemar Property Value Report: March-April 2023 (Ryan Homes)

Posted on May 23, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Ryan Homes)

It is time for another Braemar Property Value Report, focusing on the sale of houses built by Ryan Homes in our neighborhood. This particular edition looks back at the resales from March and April. Let’s get right to it.

During our current reporting period, there were two Ryan homes that sold in Braemar. Having one sale with the severe inventory shortage we have been facing would have been cause for celebration. Having two sales feels like a miracle. The details of those sales are listed below.

What I love seeing is that both sales sold above ltheir list prices, gave no seller subsidy (closing cost help to buyer) and were under contract in only five days each. In our last report, the only sale of a Ryan home in the neighborhood took thirty-seven days to sell and sold below list price. That home backed to the power transmission lines on Ballagan Court. A location like that is always impacted by the factor of backing to power lines, no matter what type of market we are in.

Taking these two most recent Ryan home sales and combining them with all the Ryan home sales in Braemar dating back to May 2022, the six and twelve month data points followed in this report are updated as seen below.

You don’t know this yet, but based on every other report I have done in the March and April 2023 reporting time frame, this report is showing some good signs. For starters, both six month sold prices are above their respective twelve month values. Some reports are still showing twelve month sold prices above six month sold prices in their median and average subsets, which indicates softening values. While this was the case with Ryan homes last report, it is not the case now. Ryan home values are healthy!

Seller subsidy shows the identical amount in the twelve month average as we saw last report. The six month average has decreased since last report. Better news still is that both the six and twelve month median seller subsidy values remain at zero. That means more than half of Ryan home sellers in Braemar gave none in both time frames. The fact that seller subsidy has yet to creep into the six month median value in this Ryan home report is impressive. Another mark of good overall health for Ryan homes.

Days on market has most noticeably improved in the six month median value compared to what we saw last report. That’s due in no small part to the two sales that happened this reporting period. Otherwise, marketing times in the other data points have remained virtually the same.

If you placed your Ryan home on the market, priced to current conditions, you could expect to be under contract in a matter of a week or two. You could also minimize any closing cost requests, and increase the odds of getting multiple offers, by making sure your home is properly priced, well prepared inside and out and that is is professionally marketed. These are the things I counsel all of my Braemar sellers about. You don’t get a second chance to make a first impression. Making sure your first impression creates buyer enthusiasm is a must.

The next Braemar Property Value Report will be out in July. Between now and then I do hope you get to enjoy some quality fun in the sun time. Summer vacation is something we aspire to all year. Naturally, if the need to sell your home arises, or you just want to get a jump on preparing your home for a future sale, get in touch for your no obligation consultation. It is my pleasure to get my Braemar seller clients the top of the market. Since 2005, No One Knows Braemar Better!

*The image of the house above is Copyrighted by HomeVisit and used with their permission.

Braemar Property Value Report: March-April 2023 (NV Homes)

Posted on May 21, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (NV Homes)

As this beautiful May Sunday winds down, it is my pleasure to bring you the latest Braemar Property Value Report for the houses built by NV Homes in our neighborhood. This particular report looks back to the sales activity of March and April 2023 and the updated six and twelve month data points from NV home sales from May 2022 to April 2023.

Unfortunately, there were no NV home sales that happened in Braemar in March or April. This is not because homes were listed and not being chosen. On the contrary, virtually every house listed in our neighborhood has been gobbled up by the frantic buyers in our market in a matter of days. Buyer demand continues to be extremely high and buyers have returned to quick, decisive action. Inventory, on the other hand, has been harder to come by. Nonetheless, without recent sales, the six and twelve month data points tracks in this report are updated when March and April 2022 fall of off the cue of the past twelve months of sales.

It is not a great sign to see both six month sold prices (which happen to be identical to each other since only two sales happening in that six month time frame) below their respective twelve month sold prices. The last time both six month sold prices were above, or at least equal to their corresponding twelve month sold prices was the November-December 2022 report. The good news here is that since last report the difference between the six month median sold price and twelve month median sold price has closed nearly seven-thousand dollars. The difference in six month average sold price compared to the twelve month average sold price is about the same since last report. If there are NV homes that come on the market during this heightened buyer demand in the next month and a half, it is likely the sold prices in the six month values in future reports will continue to dig out of the deficit they have had against the the twelve month values lately.

Seller subsidy, also known as closing cost help to buyers, has gone down in both six month values this report compared to last report. Only one of the two sales making up the six month numbers in the sample above gave seller subsidy. Unfortunately, the twelve month average seller subsidy is higher than it was last report. Seller subsidy requests from buyers can certainly be avoided if more than one is competing to win your home. It is getting buyers to compete, or act quickly and decisively for fear of missing out, that professional marketing agents like myself can help you achieve.

Days on market have improved in nearly all the data points above this report compared to last report, the one exception being the six month median marketing time. As with all the values in this report, these six month values are coming from times when buyer behavior had changed to a more deliberate course, than the frenzy we are once again seeing.

If you placed your Braemar NV home on the market, priced to current conditions, you could reasonably expect to be under contract in a week, maybe a tad longer. And you could avoid seller subsidy requests by getting buyers excited about your home. That means being well prepared inside and out, pricing right and being professionally marketed to amp up buyer enthusiasm.

The next Braemar Property Value Report will be in July. Until then, I do hope you get to enjoy some fun in the sun. However, if you start to wonder what your home may be worth as a future sale looms, it is my pleasure to have that conversation with you. There is no obligation for me to review your property value in the current market. It is my pleasure to keep you informed and show you how my Braemar sellers hit the top of the market when they sell. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: March-April 2023 (Heritage Series)

Posted on May 19, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Heritage Series)

As we pass into the latter half of May, the time has come to look back to the months of March and April in another Braemar Property Value Report. This particular report focuses on sales of homes in the Heritage Series in our neighborhood. Heritage Series homes are the mid-sized detached homes built by Brookfield Homes. Their floor plans include the Exeter, Yardley, Waverly and Zachery. And since the community of Braemar started in Braemar North Gate with Coscan, before being acquired by Brookfield Homes, the floor plans that make up Braemar North Gate are also included in this report.

There was only one Braemar Heritage home that sold in all of Braemar during the months of March and April. That is one more home sale that some other home types saw in those two months. Our neighborhood, and overall market, has been experiencing a major inventory shortage. Details of that one sale are listed below.

A quick glance shows three components of a healthy seller’s market. This home sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in three months. Of course, when this sale is combined with the seventeen sales dating back to May 2022 of Heritage homes in Braemar, the six and twelve month data points tracked in this report show the effect that changing buyer behavior had on the last six months of homes sales.

Starting with the sold price column, for the third report in a row, we see that both six month sold prices are below their corresponding twelve month sold prices. The last time we saw six month values higher than twelve month values was in the September-October 2022 report. However, with the buyer behavior back to decisive and quick action, it is likely we will see this gap between the six month sold prices close in both the average and median data sets in future reports.

Seller subsidy has been climbing in these values for months…all but the twelve month median value that is, which has remained at zero. In this report, both six month values are lower than they were last report. Again, if buyer behavior keeps up and doesn’t lag going into the summer, this is another area where we likely to see even more improvement in the next report.

Days on market shows a trend that I was not expecting. Both six month marketing times are still longer than their respective twelve month marketing times. In particular, the six month median time seems to have jumped the highest since last report. The most recent sale doesn’t reflect that, and the market suggests we are past longer marketing times for now.

If you placed your Braemar Heritage home on the market, priced to current demand, you could expect it to be under contract in about a week. You could also minimize any seller subsidy requests and improve the odds of extremely seller favored terms in your offer(s) by creating buyer enthusiasm with your listing. Pricing right, being properly prepared and having your listing professionally marketed are the essentials to getting buyers to act quckly and decisively for fear of missing out on your home. Those are the homes where buyers compete and sellers get the best terms. Relying soley on market conditions for the best outcome is never a guarantee.

The next Braemar Property Value Report will be out in July. Until then, if you have been wondering what your home may be worth in our current market, please don’t hesitate to reach out. Helping my Braemar seller clients reach the top of the market is something that makes me very proud. It starts with a simple conversation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: March-April 2023 (Courtyard Series)

Posted on May 16, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Courtyard Series)

The month of May is flying by. When spring hits, the time seems to go right
through the hands of this full-time Braemar Real Estate Agent. There are so
many scheduling demands come springtime…showing property, writing offers,
getting homes ready for market and, of course, finding time to prepare these
Braemar Property Value Reports and bring them to you. While I sell in many
Northern Virginia and exurb locations, Braemar will always be my first love.
After all, I chose it to call home too.

In this edition of the Braemar Property Value Report, the focus is on
Courtyard homes in our neighborhood. Courtyard homes are the homes located
off of Orland Stone, Pentland Hills and Playfair where five homes are situated
around a common courtyard entrance. They have very small lots which are great for
folks who want single family living without a lot of lawn care. The bedrooms
are also huge.Floor plans include the Arlington, Ballston and Clarendon.
Interesting that they are named for more urban areas close to DC, because I
offer refer to these homes as city homes in the suburbs.

Unfortuantely, as happens sometimes, there were no sales of Courtyard homes
in Braemar to report during March and April. A severe lack of inventory in our
neighborhood has seen more than just the Courtyard homes with no sales to
report this time around. That doesn’t mean we can’t take an updated look at the
six and twelve month data points tracked in this report. The numbers below are
taken from the Braemar Courtyard home sales that happened since May 2022 and
not going past April 2023.

courtyard-2023-03-04

The sold price column shows both six month values below their corresponding twelve month values. The difference between the six and twelve month values in each subset has grown since last report. Not anything terribly troubling since only one sale out of the six that happened since May 2022 happened during the last six months. Buyer demand right now is as strong as it has been going back to 2020 and 2021. The buyer hesitation on most homes is gone. Buyers are acting quickly and decisively, often resulting in multiple offer situations.

Seller subsidy (closing cost help to buyer) has gone up a lot in both six month values compared to their respective twelve month values. This is a little more troubling because when I look through the sales from most recent backward, seller subsidy had been increasing. Still, given the current state of the overall market, any seller could avoid seller subsidy requests by making sure their home was move-in ready, priced right and marketed professionally. That’s when the buyers compete over a home.

Days on market is the only positive change in the six month values compared to the twelve month values. The home that sold in the last six months took less than a week to go under contract.

Do not be dismayed by the lack of good news this report. A Braemar Courtyard home just sold in May 1st for $625,000 and it only took four days to go under contract. That sale, and any others that close before June 30th, will be featured in the next report.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a one or less. And as mentioned above, your best shot at avoiding seller subsidy would be making sure buyer enthusiasm for your home is maxxed out. Relying on market conditions alone is not a guarantee of exceedingly seller favored offers.

The next Braemar Property Value Report will be out in July. Between now and then if you want to know what your home is worth in the current market, let’s talk. Reach out for a no obligation consultation. You will quickly learn that getting my Braemar seller clients the max the market will allow is my pride and joy. 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 Property Value Report: March-April 2023 (Carriage Series)

Posted on May 13, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Carriage Series)

Despite the dreary weather this Saturday, the local real estate market is hopping. Showing houses during the misty precipitation today was a downer for a buyer-client who loves to see how much light a home gets. The second buyer-client of the day seemed unphased by the weather and had nothing but good things to say about the home she saw, even though it was decorated in a manner that didn’t suit her tastes. Beauty is in the eye of the beholder and a lot of things can influence that first impression, like a dreary day. Leaving lights on if you had showings on your listing on a dreary day is the best thing you can do.

That’s probbably more information than you expected in the open of this Braemar Property Value Report, focused on Carriage homes in our neighborhood. This edition looks back to the Carriage home sales from March and April. Carriage homes, I should clarify, are small to mid-sized detached homes 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.

During the months of March and April there were two Carriage homes that sold in Braemar. The details of those sales are listed below:

In the most recent sales, one was the largest Carriage home floor plan available with a two car garage. The other was second to the smallest Carriage home floor plan with no garage. Each had a fully finished basement, but the larger was the only one with a basement exit. Neither gave seller subsidy (closing cost help to buyer) and they were both under contract in less than one week. Of course, they each sold well above their list prices.

When combined with all the Braemar Carriage home sales dating back to May 2022, the six and twelve month data points tracked in this report are updated as seen below:

Starting with the sold price column, this is the third straight report where both six month sold values are lower than their corresponding twelve month values. In a vacuum, that is not great news. However, the differential in both the average and median data sets is getting smaller compared to the Janaury/February 2023 report and the November/December 2022 report. Values are indeed headed back up and it is no surprise based on the severe inventory shortage our market is experiencing.

The seller subsidy column is showing improvement compared to what we saw last report. And with the two most recent sales detailed in this report, not one gave any seller subsidy. Given the high buyer demand and scarce inventory, the conditions are ideal to avoid seller subsidy requests all together. However, as mortgage interest rates drift up, it is not a given as buyers may legitimately need the assistance to buy. How your home is prepared for market, how it is priced and how it is marketed all matter in what your ultimate outcome will be when selling.

Days on the market have come back down compared to last report. Braemar Carriage homes are a hot item when they hit the market. They always have been. What we are seeing reflected in the six and twelve month values above is the change in buyer behavior that had waned a bit at the end of last year and beginning of this year.

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 less. You could also set yourself for avoiding seller subsidy requests by making sure buyer enthusiasm is as high as it can get on your home. That’s what full-time, professional marketing agents like myself do. It certainly helps to know this community like the back of hand, calling it home myself.

The next Braemar Property Value Report will be out in July. I suspect we will see even more favorable numbers next report. Until then, if you want to know what your Bramear home is worth right now, get in touch for a no obligation consultation. It is my pleasure to chat with you about our local market and how we can set you up to maximize your take when you sell. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: March-April 2023 (Arista Series)

Posted on May 10, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Arista Series)

The spring weather has finally decided to stay, but if I know the Bristow and the larger Northern Virginia area well (and I should, I am a NoVa native) we will be complaining about hot summer days in a matter of weeks, if not days. The mild temperatures of the fall and spring are fleeting, enjoyable for a relatively short time before we begin experiencing the extreme temperatures of the season.

On this gorgeous spring day I bring you the latest Braemar Property Value Report for homes in the Arista Series. These are the largest homes built by Brookfield Homes in our Braemar community and include the following three floor plans: Allister, Buckingham and Canterbury. This particular edition focuses on the sales activity from the months of March and April. Unfortunately, during those past two month, there were no Arista home sales to report. Not because they were on the market and lingering without buyer activity. On the contrary, our Braemar market is experiencing an extreme lack of inventory.

Despite there being no Arista home sales to report from March and April, the six and twelve month data points tracked in this report are still updated as March and April 2022 are dropped from the continuous monitoring of home sale data. The updated six and twelve month data points cover from May 2022 to April 2023 and can be seen below.

For starters, let’s talk a look at the sold price column. Both the six month average and six month median sold prices are still above their respective twelve month sold prices, but not by much. In the absence of recent sales for March and April, this could lead one to believe our market is shifting and prices are softening. Based on what I am personally seeing in the marketplace, the severe lack of inventory is not having a negative impact on values. Rather, homes are selling quickly right now and, at least for the homes I’ve had the pleasure to help buyers purchase or those that I have listed for sellers, the market all over Northern Virginia is hot, hot, hot where sellers are concerned. I would not lose a moment’s rest over the tightening gap between these sets of sold prices.

Seller subsidy (closing cost help to buyers) is now present in three of the four data points, where it had only been present in two last report. The six month average has gone up since then and now we have a six month median value. The only true statements I can make that are uplifting is that only three of the eight sellers making up the twelve months worth of Arista home sales gave any seller subsidy. Therefore the reason there is a zero in the twelve month median seller subsidy is that more than half of the Arista home sellers in the last year gave none. Seller subsidy may or may not be a factor for an Arista home seller in the near future. It depends on many factors, not the least of which is how much buyer enthusiam there is about a listing.

Days on market shot up in both six month values due to a single sale in the last report that took 108 days to go under contract. With only two sales having happened in the last six months, and one of them having that abnormally long marketing time, the six month values may be skewed even next report. Near the end of summer that sale will fall to the twelve month values. For now, most sales are still hapenning quite quickly.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two or three weeks. You may get seller subsidy requests from buyers, but if your home is properly priced, well prepared and professionally marketed, it is reasonable to assume you could negotiate the number down or have multiple offers to choose from, some which may not have that seller subsidy request.

The next Braemar Property Value Report will be out in July. Until then, if you are curious as to what your Braemar home is worth in the current market, please reach out for a complementary consultation. It is my pleasure to discuss our real estate market with you and help you find your place in it. One of the things that gives me the most pride is making sure my Braemar sellers hit the top of whatever market conditions in which they are selling. Since 2005, No One Knows Braemar Better!

Braemar Reflection Quarterly: January-March 2023 (1st Quarter)

Posted on April 18, 2023 by cacleland

Braemar Property Value Report: January-March 2023 (Reflection Series)

Last, but certainly not least in my series of quarterly Braemar real estate market reports is this Braemar Reflection Quarterly. The focus here is on sales of homes on Tarvie Circle in our neighborhood. These single family home are considered to be semi-attached,or semi-detached, depending on how you look at things. The point of attachment for these homes is at the rear load garage. Reflection homes are attached in pairs, so there is only one neighbor to which each home is attached.

During the first quarter of 2023, there were two Reflection home sales. Details are listed below.

Both of these homes sold very close to their original list prices. One got a bump one-thousand dollars above list and the other got a one dollar bump above list. I think the major difference was the timing of the market. The first sale at 9660 Tarvie hit the market in mid-January. At that point in time, buyer behavior was still more cautious and slower to act. By the time the second listing at 9676 Tarvie hit the market in early March, buyers were acting quickly and decisively again. To me, this explains why one seller gave seller subsidy and the other didn’t. Market conditions have been dominated by buyer behavior. When buyers hesitate to write offers, it is often after two or three weeks on the market that sellers get nervous and are willing to work with the first offer they get. When buyers act quickly, sellers are more likely to push back or even get multiple offers.

When looking at the past twelve months of Reflection home sales in the neighborhood, we only have three total. However, when those three are diced into six and twelve month data points, here is what we get:

The sold price column shows a decrease in average and median values in both six month values compared to their respective twelve month values. This is not surprising given how buyer behavior had changed in the second half of 2022 and into the beginning of 2023.

Seller subsidy (closing cost help to buyers) has gone up in both six month values. However, with the twelve month median seller subsidy value at zero, we know that only one of these three sales gave any closing cost help. That’s not bad news.

Marketing times have gone up a tad in the six month values compared to their corresponding twelve month values. A jump of one and two days is nothing substantial.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in a week. If your home was properly prepared for buyers to see and professionally marketed, you could also expect the fruits of lifting the all important buyer enthusiasm. When buyers are excited about your home, you stand a better chance at aggressive offers that favor you, or getting multiple offers. Being able to advise my sellers on creating buyer enthusiasm is how my Braemar sellers reach the top of the market.

The next Braemar Reflection Quarterly will be out in July. Until then, if you want to know what your home is worth in the current market, I would be delighted to help you. Get in touch and let’s talk. Since 2005, No One Knows Braemar Better!

Braemar Piggyback Quarterly: January-March 2023 (1st Quarter)

Posted on April 17, 2023 by cacleland

Braemar Piggyback Quarterly: January-March 2023 (1st Quarter)

What a gorgeous spring day! It makes Monday seem all the more happy. Then again, Mondays are my favorite days of the week. There is something wonderful about the start of a new week, particularly after a busy weekend showing properties and attending home inspections.

Today I bring you the latest Braemar Piggyback Quarterly. This report focuses on the two car garage, back-to-back and side-to-side attached townhouses in our neighborhood. The first quarter of the year started a bit slow, but saw the return of the buyer frenzy in February. Let’s dive right in.

During the months of January, February and March, there was one Braemar Piggyback townhouse that sold. It listed for $445,000, but sold for $435,000. Details of this sale are listed below.

Maybe you are wondering, if the buyer frenzy returned in February, why did this Piggyback townhouse in Braemar take twelve days to sell and get $10,000 less than list price? Well, this listing hit the market on January 19th. Buyers were still slower to act at that time. And the house itself was fairly basic with carpeting throughout, basic kitchen counters and no updates to the bathrooms.

Taking this Piggyback townhouse sale from the first quarter and combining it with the sales from the second, third and fourth quarters of 2022, the six and twelve month data points tracked in this report are updated. Let’s take a look.

Starting with the sold price column, it is not great news to see both the six month average and six month median sold prices dipping twenty thousand or more below their respective twelve month values. This is the second report where we have witnessed this decline. There is no question that the sales that happened in the last six months represent that time of slower to act, more cautious buyers. It is my hope that the second quarter report will show slightly less of a dip comparing six month values to the twelves. The market is really fantastic right now for any Braemar Piggyback townhouse owner looking to sell.

There is great news in this report and it is contained in the seller subsidy column. Seller subsidy is closing cost help that buyers negotiate from sellers. Seeing zero down the entire column is unexpected. Buyers have been pinched with high prices and higher mortgage interest rates. This is a result of the very low inventory that buyers have to choose from. They may have been slow to act, but there was little for them to pick from, putting them in a spot where they needed to please the seller to have their offers chosen.

Days on market does reflect the delay in buyer actions we saw in the latter half of 2022 and the first month of 2023. Both six month marketing times are much higher than their corresponding twelve month values. Watching the inventory in Braemar and the surrounding area, it seems this is not the case at the moment. Buyers are acting quickly and decisively right now. They have most certainly grown accustomed to the higher mortgage interest rates and are ready to make deals.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or two. If you were properly priced, well prepared and professionally marketed, not only could you avoid seller subsidy requests, you could end up in a multiple offer situation. Buyer enthusiasm about your listing is what gets sellers the top of the market.

The next Braemar Piggyback Quarterly will be out in July. Between now and then, if you are considering taking advantage of our seller favored market, please don’t hesitate to reach out and find out what your home is worth. It is my pleasure to put my considerable experience and expertise in our neighborhood to work for my Braemar sellers to ensure they get every penny the market will bear. It starts with a conversation. Since 2005, No One Knows Braemar Better!

Braemar Patio Quarterly: January-March 2023 (1st Quarter)

Posted on April 12, 2023 by cacleland

Braemar Patio Quarterly: January-March 2023 (1st Quarter)

Here comes another gorgeous day in Bristow and another Braemar real estate market report. No matter how nice it is outside, sometimes a Top Braemar Real Estate Agent like myself just needs to get the job done. While bringing you market reports is self-imposed work, it is just as important to me as writing an offer or putting in a new listing. When I moved to Braemar in 2005, I made the decision shortly thereafter to make myself an expert in this neighborhood. I take that committment very seriously.

Today the focus is on the sales of Patio homes in Braemar. These properties are also known as quads. The homes are attached side to side and back to back, each being an end unit. They offer two levels with very generous sized bedrooms and tons of storage. There are one car attached garages on each one and a fenceable side yard.

Unfortunately, during the first three months of 2023, there were no Braemar Patio homes listed for sale. As you may have heard, there is a severe inventory shortage in our area. The first quarter of the year has been extremely limited with what is available for the overwhelming number of buyers in our market to purchase. The year initially started with the same buyer behavior we saw in the latter half of 2022. Buyers were reluctant to jump quickly to write offers as they had been doing in early 2022, and all of 2021 and most of 2020. However, in February buyers seemed to come out of that fog of deliberation and were ready to act quickly and decisively on properties listed. Buyers have become accustomed to our mortgage interest rates in the sixes as the new normal.

Just because there were no Braemar Patio home sales in the first quarter does not mean that we do not have new data available to review. The six and twelve month data points tracked in this report were updated when the first quarter’s worth of sales from 2022 were dropped from my running twelve months of Braemar Patio home sales.

Starting with the sold prices, it is not unexpected to see both six month Braemar Patio home sold prices above their respective twelve month sold prices. Values continue to push up as high buyer demand continues. If you felt you missed out on the 2020-2022 seller’s market, you have not.

Seller subsidy (closing cost help to buyers) is an area that has fallen to the buyer’s advantage according to these updated figures. Both six month values are substantially higher than their corresponding twelve month values. Though buyers have gotten used to higher mortgage interest rates, home affordability is a real problem buyers are facing, particularly first time home buyers, which is the primary demographic for these Patio homes in Braemar. My philosophy when it comes time to list is to not offer anything, but let buyers tell you what they require to make a deal.

Days on market is obviously stable at nine days down the line. Braemar Patio homes hit a sweet spot for many buyers looking in the price ranges around $450,000. These homes don’t last long on the market.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could get yourself in the best negotiating position possible for seller subsidy requests and any other offer term by doing three things: 1) price right, 2) properly prepare for market and 3) make sure your home is professionally presented. A full time professional in the neighborhood like me will help with all three of these goals with the strategy to lift buyer enthusiasm.

The next Braemar Patio Quarterly will be out in July. Between now and then, you can reach out anytime to find out what your specific home’s value in our current market would be. It is never to early to have a conversation about the market and how to prepare to list. Since 2005, No One Knows Braemar Better!

Selling Braemar

Braemar Real Estate Information Courtesy of Chris Ann Cleland, Associate Broker, Long & Foster Real Estate