Braemar Patio Quarterly: July-September 2022 (3rd Quarter)

Patio Home in Braemar

Braemar Patio Quarterly: July-September 2022 (3rd Quarter)

October is one of my favorite months. There is something magical about the chill in the air and the leaves changing colors. October is also a busy month for this Braemar Real Estate Agent. As soon as the third quarter comes to a close in September, it is time to roll out my quarterly Braemar property reports. Today’s report is the Braemar Patio Quarterly, focusing on Patio homes in our neighborhood. Patio homes are two level, one car garage homes with side and back attached neighbors. They are the quad-style townhouses in our neighborhood.

During the third quarter, which encompassed the months of July, August and September there were no Braemar Patio homes sold. However, as the year’s worth of Braemar Patio home sales now drops the third quarter of 2021, the six and twelve month data points are updated as seen below.

At first you may be alarmed that the six month value points for sold price have fallen below their corresponding twelve month values. Don’t be panicked by this. There was only one Braemar Patio home that sold in the six months measured in this report. It’s sold price is the only value we have for each six month sold price. In my last Braemar Townhouse Report, values were still trending up for similar home types and similar prices, so I suspect we’ll see more of that if we have more Braemar Patio home sales to report in January’s fourth quarter wrap up. At present, there are none on the market or under contract.

Seller subsidy is something that has been making a come back as mortgage interest rates have been rising. It’s not something that has yet to be recorded outside of average values. It will be a more normal occurrence when it hits the median values. Median values are a reflection of what the middle value is a string of numbers is. At zero, it means more than half of Braemar Patio home sellers have given none in twelve months. Remember, the six month value is only one sale.

Marketing time is still low and has been in other reports I’ve prepared. Even though conditions have shifted, we are still in market with more buyers than there are homes for them to purchase. That means conditions still favor sellers. You can read this post about how the shift is impacting sellers.

If you placed your Braemar Patio home on the market, priced to current conditions, you would be a stand out listing. As mentioned, there are none of these homes on the market right now and they are among my favorites for townhouse buyers. They offer so much storage for buyers not put off by the lack of traditional back yard. You would likely be under contract in two weeks or less. And you may have to face seller subsidy requests, but if your home was properly priced, well prepared and professionally marketed, the odds of avoiding it increase. It all boils down to creating buyer enthusiasm.

The next Braemar Patio Quarterly will be out in January. Until then, I do hope you enjoy your year end holidays. And if you need, or want to sell your Patio home before the end of the year, don’t hesitate to be in touch. The urgency to get find a home before mortgage rates go even higher is top of mind with serious buyers. Buyers are always out in the fall market, but not all agents understand the benefit of our year end selling season. Get in touch and let me tell you all about it. Since 2005, No One Knows Braemar Better!

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


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