Braemar Reflection Quarterly: July-September 2019 (3rd Quarter)

Braemar Reflection Quarterly: July-September 2019 (3rd Quarter)

Reflection Series Home

Bringing up the rear in the Braemar Quarterly property value reports is this one for the Reflection Series.  Unfortunately the term “Reflection Series” that was chosen by Brookfield Homes when they named this style of home does nothing to conjure the image of the homes themselves.  They are the semi-detached single family homes on Tarvie Circle, attached by the rear load garage in sets of two.

There were no Reflection homes that sold during the third quarter of 2019.  However, in dropping the 2018 third quarter sales from the rolling pool of Reflection sales I keep saved in the MLS, I do get a chance to update the six and twelve month value points.  That still gives us an idea in the shorter term how things have been going.

Starting with sold price, it is a good thing to see both the six month average and six month median sold prices above their twelve month counterparts.  This means that in the most recent sales, Reflection home values were still pushing up.

Seller subsidy (a.k.a. closing cost assistance from sellers to buyers) shows a good trend, and frankly, one that is inconsistent with what I have noticed in the majority of Braemar Property Value Reports.  The six month seller subsidy values are below the twelve month seller subsidy values.  Given that this is inconsistent with rising seller subsidy elsewhere in our neighborhood, and with no recent sales to add any insight to this, I would not get my hopes up that seller subsidy is falling.

Days on market shows another good trend,  but this one happens to be consistent with what I have seen in another Braemar Property Value Reports I have prepared.  The six month marketing times are shorter than the twelve month marketing times.  This means Reflection homes have been selling faster.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect to have it under contract in under two weeks.  You could also expect to pay out about 1.5% of the sales price in closing cost assistance to your buyer.

The next Braemar Reflection Quarterly will be out in January.   Until then, I wish you every happiness as you celebrate the year end holidays.  As always, when the time comes to sell your Braemar home, give me a call for the most accurate assessment of your home’s value and top notch professional marketing to get the most the market will allow at any given time.  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

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Braemar Piggyback Quarterly: July-September 2019 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2019 (3rd Quarter) 

Yesterday I was at a birthday celebration and one of the guests had received a my under contract postcard for 13036 Bathgate Way.  It briefly told the same tale as my blog post on the subject.  Of course, the other guests started asking what a piggyback townhouse was.  The image that the term conjured in their mind was a townhouse on top of a townhouse, like you would find at Heathcote Commons.  Those are referred to as “stacked condos.”

In Braemar, a piggyback townhouse is one that is back to back with another row of townhouses.  And just like a traditional townhouse, they are also attached on the sides. The trade off for not having a back yard is that you get much larger bedrooms than a traditional townhouse and an attached two car garage. This report details the sales of Braemar Piggyback townhouses that happened from July to September.

There was only one sale of a Braemar Piggyback townhouse during the third quarter of 2019.  The details of that sale are listed below:

While there was only the one sale, combining it with the previous three quarters of Piggyback sales gives us an entire year’s worth of sales data.   From that the six and twelve month data points are freshened up to reveal the following:

Looking at the sold price column, it is a sign of rising property values that both the six month average and six month median sold prices are above their twelve month counterparts.  This indicates Braemar Piggyback townhouses are still pushing up in value.  However, seeing that there are four Braemar Piggyback townhouses sitting on the market, I’m not sure this trend is going to continue.  Only time will tell.  We’ll have to wait and see.

Now for the seller subsidy column.  As of the end of the third quarter, buyers were having to compete for these homes and forego or drastically reduce their requests for closing cost help.  However, the beginning of the fourth quarter is revealing a different trend that will become clear in our next report.

Days on market also reveals that as of the end of the third quarter, these Braemar Piggyback townhouses were selling faster in the short term six month values, compared to the longer term twelve month values.   Again, just looking at the days on market peeling off for the homes just sitting on the market now, this is a trend we are likely to see change by the second quarter of 2020.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in a week.  If it is not, there is something wrong with either your marketing or list price, or both.  I am still puzzled that my listing at 13036 Bathgate had two offers, yet there are similar listings still waiting for offers just lingering on the market.  Also, this report indicates you could potentially get an offer with no closing cost help requested.  However, as demand wanes, this is likely to no longer be the case.

The next Braemar Piggyback Quarterly will be out in January and will detail the activity from the fourth quarter.  Until then, don’t squander your only chance to maximize the profit from the sale of your Braemar home.  When it is time to sell, give me a call.  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 Patio Quarterly: July-September 2019 (3rd Quarter)

Braemar Patio Quarterly: July-September 2019 (3rd Quarter)

The overnight temperatures in Braemar are dropping as we get into late October.  Brrr.  We got very close to freezing temperatures last night, yet our day time temps will be in the mid-sixties.  That’s a big swing.  Thank goodness we aren’t seeing swings like that in our Braemar real estate market.   Yes, it is time for another Braemar Patio Quarterly Report, detailing sales of the two-level, one car garage, quad style townhouses in our neighborhood.  Let’s get right to it.

During the third quarter of 2019, there were three Braemar Patio homes that sold.  I am pleased to have represented one of those sellers.  In the details of those sales below, my listing is highlighted in pink.

 

Taking these third quarter sales and combining them with the previous three quarters worth of sales, we get updated six and twelve month data points.  Let’s see what they can tell us about our Braemar Patio home market.

Starting with the sold price column, we see that the six month average sold price is well above the twelve month average sold price.  That alone would indicate a very healthy increase in values.  However, the six month median sold price is exactly the same as the twelve month median sold prices.  This indicates stability.  From where I stand, I see these homes are still pushing up in value, even though it may not be by leaps and bounds.

Seller subsidy, also known as closing cost assistance to buyers, shows a definite trend.  Both the six month average and median seller subsidy values are well above their twelve month average and median comparisons.  Buyers are asking for, and getting more, closing cost help.

Days on market shows another clear trend.  Both the six month average and median marketing times are shorter than their respective twelve month average and median values.  This means Braemar Patio homes have been going under contract in less time.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks.  You could also expect to pay 1.5% to 2.5% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in January.  Until then, if selling your Braemar home is on the horizon, give me a call for the most accurate assessment of your home’s value.  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 Condo Quarterly: July-September 2019 (3rd Quarter)

Braemar Condo Quarterly: July-September 2019 (3rd Quarter)

The fourth quarter of the year is upon us, bringing us brilliant fall colors and chilly temperatures to Bristow.  Of course, with the third quarter behind us, we can look back and track some Braemar property values.  This report, the Braemar Condo Quarterly, looks at sales of the townhouse style condos in our neighborhood.  Those condos are located on Caithness, Moxleys Ford, Lord Lovat and Heykens.

During the third quarter, which encompasses the months of July, August and September. there were two Braemar condos that sold.  Details of those sales are listed below:

Taking these two sales and combining them with the previous three quarters worth of sales, we have one year’s worth of Braemar condo sales.  From that, we get updated six and twelve month data points, which are as follows:

Starting with sold price, it is good to see that both the six month average and six month median sold prices are higher than their twelve month respective values.  This means that Braemar condos are still pushing up in value.

Seller subsidy, also known as closing cost assistance to buyers, saw an increase in the six month values compared to their twelve month counterparts.  This is not a great trend for sellers, but it could be a lot worse.  Buyers can ask for 3% or more of the sales price in seller subsidy when presenting their offer.   What we see here in the six month values, buyers are asking for about 1.5% of the sales price in closing cost help.  Lack of inventory to meet buyer demand has kept buyers making the most competitive offers they can.

Finally, days on market reveals conflicting information.  The six month average marketing time is two days longer than the twelve month average marketing time.  Not a drastic increase at all, but an increase in marketing time nonetheless.  Meanwhile, the six month median marketing time is three days shorter than the twelve month median marketing time.  Three days shorter in one statistic, two days longer in another.  I am happy to call this even and proclaim that marketing time is largely unchanged.

If you placed your Braemar condo on the market, priced to current market conditions, you could expect it to be under contract in as little as a few days, or as long as nearly three weeks.  You could also expect to give about 1.5% of the sales price in closing cost help to your buyer.

The next Braemar Condo Quarterly will be out in January.  Until then, if a move is in your future, give me a call for the most accurate information on our market and your home’s value. 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 End Unit Piggyback Townhouse: Under Contract in 6 Days!

Braemar End Unit Piggyback Townhouse: Under Contract in 6 Days!

On September 26th, it was my pleasure to introduce 13036 Bathgate Way to the Braemar marketplace.  Priced at $355,000, we were optimistic about what we had to offer, but were entering the market competing against two other piggyback townhouses and one patio home that had yet to be chosen.  Didn’t even realize that we hit the market the same day as yet another piggyback style townhouse.  The next door neighbor was a competitor and it had been on the market since late August.  The market wasn’t gobbling up everything right away.  

This is where my seller excelled.  She did everything that she could to make her property marketable.  She painted it inside and took care of wood rot and trim outside.  She even made a fall wreath for the door.  She would have me over to look at the progress and I would give her more pointers.  The last trip over with last minute tips was the one where I thought she would open a window and throw me out.  I suggested removing more of her furniture and rearranging how it was laid out.  This meant more heavy lifting.  No seller likes hearing suggestions when they feel worn down to a nub.  My seller, however, was a champ.  She trusted what I was saying about the market changing and that if she wanted to get this done quickly, she had one chance to make a first impression.

The day I showed up to meet the photographer my seller had transformed her living area by removing the pieces I suggested and rearranging the furnishings.  The home was clean as a whistle and ready to say cheese for the photographer.  After fourteen in this business, I know that professional marketing makes all the difference in getting chosen over your competitors, getting your price, and most importantly keeping your price through the appraisal process.  I hire professionals to take the photos and even hire professionals to install the yard sign.  It is not unusual for my sign to be sitting straight and sturdy next to a flimsy, self-installed post.  I am happy to put my own money where my mouth is and hire out these services and even bring in my own staging items to make a house look more welcoming.  And of course, it my ultimate pleasure to feature my Braemar listings on my Braemar blog.

Our existing three competitors and the one that hit the market the same day as us are still on the market.  Meanwhile, my seller got two offers within four days.  It just took two additional days to button up the deal with the buyer that was the most attractive to the seller.

If everything goes as planned, I’ll be back on Halloween to tell you that this end unit beauty has sold and give you the final details.  In the meantime, when it is time to sell your home, I would be delighted to get the same results for you.  No matter the market, you don’t get a second chance to make a first impression on buyers or the appraiser.  Hire the best to get the job done right.  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