Braemar Piggyback & Patio Quarterly: October-December 2015
Braemar may be getting its first snow this coming Friday. The prediction I heard today was anywhere from two to twnety-four inches. That gives the forecaster a large margin of error. Of course, they are FOREcasting. In the Braemar market reports I prepare, I am looking to the most recent sales to give you an idea where your home’s value may fall in the future.
This particular report will focus on the fourth quarter of 2015 and the Braemar Piggyback and Patio homes sold during that time. We’ll compare to last report (July-September 2015) and last year (October-December 2015.) For clarification, Braemar Piggyback Townhouses are attached side-to-side and back-to-back. While they do not offer back yards, they offer large bedrooms and a two car garage. Braemar Patio Homes are also known as quads. Each is attached at the side, back and corner to another Patio Home. They have two levels, also offering large bedrooms and a modest side yard.
There were two Piggyback townhouses that in the fourth quarter. The fact that there were two sales is great because there were none in the entire fourth quarter of 2014. The high sold of $295,000 and the low sold price of $278,000 were both lower than what we saw last quarter. The average sold price of 286,500 is down over $7,000 since last quarter. At the time of this report, there is one Piggyback townhouse for sale, listed for $289,900.
If you placed your Braemar Piggyback townhouse on the market, priced to current market conditions, you could expect it to be under contract in an average of 48 days. You could also expect to pay 2% of the sales price in closing cost help to the buyer.
Only one Braemar Patio home sold in the fourth quarter, same as we saw in the fourth quarter of 2014. The good news is that sold for more than $7,000 higher than what we saw last year–$305,000. Using this as a place holder for average value, it is even higher than the average we had in the third quarter with six sales to report!
If this sale is any indication, you could expect it to take about two and a half months to get your Patio home under contract. You may also be expected to pay 3% of the sales price in closing cost help on behalf of the buyer.
The next Braemar Piggyback & Patio Quarterly will cover the first quarter of 2016 and will be out in April. Until then, when you are ready to sell your Braemar home, call me for a free market analysis. No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA
Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information System.)