Braemar Patio Quarterly: July-September 2021 (3rd Quarter)

Braemar Patio Quarterly: July-September 2021 (3rd Quarter)

Welcome to another edition of the Braemar Patio Quarterly. This property report focuses on the sales of Patio homes in Braemar, which are also known as quad style townhouses. They are the two level attached homes with no basement, one car garage and are attached on the side and back to their neighbors. This particular edition features sales of Braemar Patio homes in the third quarter of 2021.

There were only two Braemar Patio homes that sold during the third quarter and both were in July. The details of those sales are listed below:

Looking at these two sales there are many points of similarity. Oddly, they both have the same street number, but on different streets. (I did a double take to make sure I wasn’t making a typo.) Neither had a main level bedroom, but had the same number of bedrooms and bathrooms, being the exact same floor plan. They also went under contract in the same number of days. Where they are different are the list price, sold price and seller subsidy. The lower priced home was poorly marketed and likely not prepped to create the all important buyer enthusiasm. Certainly, the higher priced home did have more updates, but definitely not twenty-five thousand dollars worth in my professional opinion. They were definitely creating buyer enthusiam in how their home showed online. Hiring a professional marketing agent is where you max out your profit. You can see it for yourself when looking at the two listings.

Taking these two sales and combining them with the previous three quarters worth of Patio home sales in Braemar, our six and twelve month data points are updated as seen below.

Looking first at sold price, we see that both the six month average and six month median are well above their twelve month average and median counterparts. This means that prices of Braemar Patio homes is still rising. The growth rate on value is the same as we saw last report of 3% average and 4% median comparing the six month value to the twelve month value. This is good news.

The seller subsidy column is where we find out how much closing cost help buyers negotiated from their Braemar Patio home sellers. The six month average is more than double the twelve month average. No doubt the sale of the lower dollar Braemar Patio home in July not only meant a lower price, but $10,000 in seller subsidy. Ouch! First impressions are costly in real estate. The six and twelve month median seller subsidy values remain at zero. That means that in both time periods, more than half the sellers gave absolutely nothing in closing cost help.

Days on market shows marketing time in single digits down the line. There is little variation in the average from four days marketing in six months to five days marketing time in twelve months. The median marketing times are the same at four days.

If you priced your Braemar Patio home to current market conditions, you could expect it to be under contract in less than one week. You could also expect, if you prepped your home for market and created buyer enthusiasm, to give nothing in closing cost help.

The next Braemar Patio Quarterly will be out in the New Year. Until then, when the time comes to sell your Braemar Patio home, give me a call so we can get you max profit by creating the necessary buyer enthusiam. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate

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