Braemar Patio Quarterly: October-December 2022 (4th Quarter)
Happy New Year! I hope that 2023 is treating you all well so far. With 2022 behind us, it is time for another Braemar Patio Quarterly, detailing sales of the Patio homes in our neighborhood. Braemar Patio homes are two level, quad style attached homes with an attached neighbor on the side, corner and back. They are all end units and enjoy a side yard that can be privacy fenced if the owner wishes.
During the last three months of 2022, only one Braemar Patio home sold. Details of that sale are listed below.
What is good to see is that this Braemar Patio home got its full list price after being on the market for only nine days. What is disappointing to sellers that there was a closing cost credit (seller subsidy) in the amount of $11.225. As mortgage interest rates have increased and home prices have done nothing more than slow their rate of increase, a lot of first time buyers are finding themselves needing seller subsidy in order to make a deal happen.
Combining this sale with all the Braemar Patio home sales from 2022, the six and twelve month data points followed in this report are updated as seen below. You will notice immediately that the six month average and six month values are identical. This is because the only Braemar Patio home sale in the past six months has been the one above. Nonetheless, we’ll see how it compares to the entire year’s worth of sales.
Starting with the sold price column, we see that this most recent sale is higher in value than the both the twelve month average and median sold prices. This is consistent with what I am seeing throughout the market, which is a more measured rate of increase in values. Our market is not crashing and does not yet favor buyers. Quite the opposite. It is technically a seller’s market. The buyer frenzy has just cooled due to the increase in mortgage interest rates.
Seller subsidy obviously increased significantly in this sale compared to the twelve month values. We will see what the first quarter of 2023 bears out with respect to this. Only then will know if it is a trend, or one off event.
Days on market was only two days longer in the most recent sale, compared to both twelve month values. Single digit days to go under contract is still phenomenal.
If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or less. We are likely to see more homes coming on the market as we march into spring. Calendar spring happens a lot later than real estate spring, which is gearing up right now. You could also expect that a buyer may need closing cost help. However, if you price your home right, have it properly prepared for market and hire a professional, local marketing agent like myself, you can lift buyer enthusiasm to a point where you may be able to negotiate closing cost help away, sell over list or even get a couple of buyers bidding on your home.
The next Braemar Patio Quarterly will be out in April. Until that time, if you would like to know what a sale would mean for you this year, it is never too early to reach out and schedule a complementary consultation. Helping Braemar sellers is my pride and joy. It gives me tremendous satisfication to put my considerable skill set and eighteen years experience to work to get you the top of the market. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
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