Braemar Patio Quarterly: October-December 2021 (4th Quarter)

Braemar Patio Quarterly: October-December 2021 (4th Quarter)

Happy New Year! Let 2022 begin with a look back at what happened in the final quarter of 2021. In this edition of the Braemar Patio Quarterly we will do just that. If you are not sure what a Braemar Patio home is, they are two level, one car garage, quad-style townhouses. They are attached at the side and back, giving them side and front yards.

In the last three months of 2021, there were three Braemar Patio homes that sold. The details of those sales are listed below:

With final sold prices ranging from $375,000 to $460,000, you may be asking yourself, “Why such a large spread?” Well, the sale on Lednock was only a two bedroom, one full bathroom home. That is functionally a way different home than a four bedroom home with three bathrooms, which were our other two sales.

The Rannoch Forest home sale is an example of why professional marketing matters in a home. Thirty-five days on the market only to sell for $10,000 less than their original list price AND give $7,000 in closing cost help. That hurts.

The most gorgeous Braemar Patio home I have ever seen was the Correen Hills home. I listed and sold the attached rear neighbor’s home in 2018 and met the owner then. The improvements to the home were outstanding. Most notable was the lowering of the chest height wall enclosing the kitchen from the dining room and making it low barstool height with a granite counter. Why the builder didn’t design those homes that way is beyond me. Knowing that completely impressive home was listed for less than the poorly marketed Rannoch Forest recent comp is unreal to me. After hitting the market, the low list price was bumped it up to $355,000, but first impressions matter. If it had been my listing, I would have advised hitting the market with a higher orginal list price. You get one chance to make a first impression.

When we take these three sales and combine then with all the Braemar Patio sales from 2021, the six and twelve month data points are updated and reveal a cooling off of the intense buyer demand.

With both the six month average and six month median sold prices above their respective twelve month values, we see that values of Braemar Patio homes finish the year higher than they started. The rate of growth is what is slowing, compared to what we saw last report. Gone are the days when homes sold 7-10% higher than their list price. Even the super improved home sale on Correen Hills in November sold for only 4% above its original list price. The growth rate for 2022 home values is likely to be more modest.

Seller subsidy is where we get to learn how much closing cost help buyers were able to negotiate from their Braemar Patio home sellers. The average seller subsidy is higher in the six month value compared to the value in the twelve month slot. This means we have seen more seller subsidy requests, one pictured in the most recent sales above. The six month and twelve month median seller subsidy being zero means that more than half of the sellers in both time periods gave none. Again, key to giving nothing is hitting the market with professional marketing and not lingering.

Days on market is largely unchanged when comparing the six month values to their respective twelve month values. The warning from the sale on Lednock shows that days on the market can stack up if you don’t put your best foot forward in your online marketing presence. Professional marketing makes such a difference.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be undeer contract in less than two weeks. More likely than not, you would not have to give any closing cost help. However, you could expect to find your offer(s) have home inspection contingencies.

The next Braemar Patio Quarterly will be out in April. Until then, if the sale of your Braemar Patio home is on the radar in 2022, it is never too early to get in touch and find out what my professional marketing and listing preparation advice can mean to your bottom line. The buyer enthusiam created is what gets my Braemar sellers the absolutely maximum the market will bear. Since 2005, No One Knows Braemar Better!

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

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