Braemar Piggyback Quarterly: October-December 2022 (4th Quarter)
Here we are mid-week into the second full week of 2023. January is an exceptionally busy month for this Top Producing Braemar Real Estate Agent. Having made a committment to bring the neighborhood market reports quarterly and bi-monthly, January is a time where they are all “due.” I’ve said many times that the job of a real estate agent is only as serious or intense as they want it to be. No one tells us how to run our businesses. I produce these market reports because I love details and staying informed of our neighborhood real estate market. And while these are happening in the background, I’m still taking on listings and buyers as is typical for this time of year. Spring happens early in real estate.
Today I bring you the latest Braemar Piggyback Quarterly. Piggyback townhouses in Braemar are the only two car garage attached homes in the neighborhood. They are known as Piggyback townhouses because they are attached side to side and back to back. They have no rear yards, as traditional townhouses do. However, what they lack in outdoor living space they certainly make up for with the size of the bedrooms inside.
During the last three months of 2022, only one Braemar Piggyback home sold. The details of that sale are listed below.
This sale was one in which listting agents were changed and a second attempt at the high list price of $469,000 was made. After forty-four days on the market between the two listings, the home finally went under contract. Based on other reports I have done thus far for the fourth quarter, this is a long time to go under contract. Not surprisingly, it sold well below original list price.
Taking that sale and combining it with all the Braemar Piggyback sales for all of 2022, the six and twelve month data points that are tracked in this report are updated as seen below.
For the first time in a long time, the six month average and six month median sold prices have fallen below their respective twelve month sold prices. This indicates that prices of Braemar Piggyback townhouses have softened. This may be the start of decreased values, or a blip on the radar. Only time will tell. The rise of mortgage interest rates hasn’t helped.
Seller subsidy still shows zero down the line. This means that no Braemar Piggyback townhouse seller in the entire past year has given any closing cost help. That is rather impressive.
Marketing time is increasing when you see the steep increases in the six month average and six month median days on market compared to their corresponding twelve month values. In a market that started to build inventory in the fourth quarter, perhaps Braeamr Piggyback townhouses were not as desirable as traditional townhouses to the buyers in the market.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about a month. And despite the rise of mortgage interest rates, you may just get away with not having to give closing cost help. Obviously, the days of multiple offers from frenzied buyers has past. Pricing right, being properly prepared for market and professionally marketed as more important than ever to create buyer enthusiasm for your listing.
The next Braemar Piggyback Quarterly will be out in April. Until then, if you want to investigate what the sale of your home would mean in 2023, it is never too early to reach out for a complementary consultation. It is most utmost pleasure to bring my years of experience and well honed skills to your home sale. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
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