Braemar Townhouse Report: July-August 2022

Braemar Townhouse Report: July-August 2022

Fall is settling in around the Bristow area and soon we will be delighting in a blaze of colors. The fall real estate market is a busy one for any agent who wants to be busy. It is not uncommon to have agents talk themselves out of even looking for business during the fall and winter months because they believe it is slow. Not this Braemar Real Estate Agent. I have known for a long time that our market is year round and that some of the slower months can be the summer months. Our year end market is a powerful one.

In this edition of the Braemar Townhouse Report, the focus is on the sales from July and August. Braemar townhouses, for the purpose of this particular report, are traditional townhouses with three levels and a back yard and are not condo ownership.

During the months of July and August there were only four Braemar townhouses that sold. Details of those sales are listed below.

Having only four townhouse sales to report in Braemar for the last two months of the summer selling season is profoundly odd. Since starting this report in 2005, this is the least amount of townhouses sold in Braemar during July and August. Before this, the year with the fewest townhouse sales during the same months was 2007 with five. My suspicion is that many Braemar townhouse owners that would be move up buyers, looking to get into a single family home, are daunted by the rising mortgage interest rates and simply staying put. It certainly isn’t a problem with buyer demand. Buyers are still outnumbering available inventory.

When these three sales from our current reporting period are combined with the Braemar townhouse sales dating back to September 2021, the six and twelve month data points that are tracked in this report are updated as seen below.

Sold prices are still healthy and show increases in value when comparing the six month average and six month median sold prices to their respective twelve month values. Are we seeing rapid equity growth like we did in 2020 and 2021? No. It is steadying out and becoming a more normal growth rate.

Seller subsidy (closing cost help to buyers) shows values in both of the average values. As mortgage interest rates climb and home prices also continue to increase, buyers are faced with affordability issues. First time buyers in particular are the ones hardest hit by these factors and are starting to request closing cost help to buy down their interest rates. The sale that closed on July 28th is the first example in a very long time of a buyer getting about three percent of the sales price in closing cost help. Looking the the median values both at zero, odds are in a Braemar townhouse seller’s favor that they would give nothing seller subsidy. More than half of sellers in both time frames gave none. Unfortunately, when looking back to June 20th this year, out of seven sales, four gave seller subsidy and only one of those was a low amount commensurate with I would expect to be a repair credit. The most recent sales are definitely showing an increased occurrence of seller subsidy.

As for days on market, the marketing times are still fast. Both six month values are faster than their corresponding twelve month values. Given so little inventory for sale, this is a trend that is likely to continue.

If you placed your Braemar townhouse on the market, priced to current conditions, you could reasonably expect to be under contract in two weeks, possibly less. Buyers are acting more deliberately now and we are not seeing the frenzy of multiple offers and waivers of every conceivable contingency anymore. You would be lucky to have two offers at one time. And you should not be surprised to see seller subsidy requests. These are still avoidable if your home is priced right, well prepared and professionally marketed. These are all things that drive buyer enthusiasm. One enthusiastic buyer is all you need.

The next Braemar Townhouse Report will be out in November. By looking at the MLS, I suspect I will have a lot more sales to report. And if you have been considering moving up from your own townhouse, there is a lot more to consider than mortgage interest rates. A lot of Braemar townhouse owners are sitting pretty on a pile of equity. That equates to large down payments on your next home. And as the market has become less frenetic in pace, it has become easier to navigate a sale and coinciding purchase.

Reach out and schedule your free consultation. It is never too early to start the conversation and become a well prepared seller. I can even connect you with loan programs that are being offered below market, though they are limited in availability. It never hurts to explore your options. When are you ready to make the move, I will be here. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Report: May-June 2022

Braemar Townhouse Report: May-June 2022

Before we close out the month of July, it is my pleasure to bring you the Braemar Townhouse Report for May and June 2022. This is the last in the most recent batch of Braemar real estate market reports. What can I say? I’m a creature of habit. I started these bi-monthly reports in 2005 and published them alphabetically. “T” for Townhouse most comes after “R” for Ryan Homes. Over the years I have added quarterly reports for the townhouse-style condos, piggyback townhouses and patio homes. Each one of those may be considered a townhouse in the broadest since of the word. However, this particular report covers traditional townhouses, which to me are defined as having three levels, being attached only the sides and having a back yard.

During the months of May and June, there were seventeen traditional Braemar townhouses that sold. That’s a lot! Details of those sales are listed below.

At a glance everything looks healthy. The only Braemar townhouses that didn’t sell above their list price are the first one on May 9th and the last three on the list, which are the most recent sales. Hmm. The last three on the list also gave seller subsidy (closing cost help to the buyer) as did the May 19th sale. In fairness, two of those four amounts look as though they are in lieu of home inspection repairs or to settle walk through issues. Finally, all went under contract in a week or less except for the very last sale on June 27th.

So when these most recent sales are added to all the Braemar townhouse sales going back to July 2021, what do our updated six and twelve month market markers tell us?

Sold prices look very healthy, especially compared to last report. The lift we see in both of the most recent six month values compared to their respective twelve month values is much higher than it was last report. It’s not inconsistent with what I am personally seeing in the market. While buyers are acting more deliberately now, and less prone to frenzied behavior, there is still not enough homes to meet the buyer demand. That means we are still in a seller’s market.

Seller subsidy does appear to be staging a comeback. Not surprising given how sharply mortgage interest rates have gone up since the spring. First time buyers, the most likely to purchase a Braemar townhouse, were already feeling the affordability pinch by rising values. Now they are pinched with higher interest rates. Seller subsidy may become a more frequently seen request as buyers looks for rate buy down help. Still, it is important to note that more that way more than half of Braemar townhouse sellers gave no seller subsidy at all. If you wanted to minimize the odds of giving closing cost help when you sell, hiring an agent that helps you create the maximum buyer enthusiasm is a must. Having the home that buyers want over everything else available is where the best deals happen.

Days on market seems fairly steady and is super fast. The average days on market increased by a day in the six month average value since last report. Meanwhile the six month median marketing time fell one day. Still, the trend is both six month values, compared to their respective twelve month values this go round, is faster.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week, maybe two. The summer seems to be a time of disconnect between sellers and buyers. Sellers think, “School is out. What a great time to list!” Buyers think, “We’ve been house hunting since early in the year. Time for a break and sun in the fun while the kids are out of school.” And as discussed above, your likelihood of being asked for seller subsidy is increasing, but still avoidable if you are properly prepared and professionally marketed to get more than one buyer interested in pulling the trigger at the same time. Unfortunately, the days of a pile of offers are behind us. And we are also finding buyers less likely to waive contingencies.

The next Braemar Townhouse Report will be out in September. As we head toward the fall market please know that year end is a very powerful market. If you want to learn more about a potential late year sale, get in touch for your complementary consultation. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Reflection Quarterly: April-June 2022 (Reflection Series)

Reflection Series Home

Braemar Reflection Quarterly: April-June 2022 (Reflection Series)

Have you been hearing of doom and gloom in the real estate market? Well, not everyone who opens their mouths on the topic should be considered trusted resources. There are plenty of talking heads ranting about a market crash on the horizon. From where I sit as a full-time Braemar Real Estate Agent, I am just not seeing it. I know buyers would love to believe it is true, but prices keep going up and now, mortgage interest rates are going up too. There is certainly an affordability pinch happening, but that doesn’t mean we are headed for a crash.

In this edition of the Braemar Reflection Quarterly, we will look back at the second quarter’s sales activity for the semi-attached/semi-detached single family homes located on Tarvie Circle. They are the single family homes that are attached to one neighboring home at the rear load garage only.

There was only one Reflection home that sold between the beginning of April and end of June. The details of that sale are listed below.

This home closed in mid April, before interest rates shot up to just below six percent. It sold for forty-thousand more than its list price and gave no seller subsidy (closing cost help.) It only took seven days for it to go under contract. All in all, a very healthy sale.

Taking this sale and combining it with all three Reflection home sales that happened since the beginning of the third quarter of 2021, the updated six and twelve month data points show us the continuing trend of a seller’s market.

Starting with the sold price column, it is great to see both the six month average and six month median sold prices above their respective twelve month values. This means home values have gone up again in the more recent sales. The lift the short term values are seeing above the longer term values is not as high as we saw last report. This is what we expect to see as inventory remains an issue, but buyers are squeezed by mortgage interest rate increases. Home values will continue to push up, but at slower, more steady pace.

Seller subsidy is a column that shows absolutely none given in either time frame. That’s a symptom of buyers having to remain competitive in a market with not enough homes. We might see seller subsidy make a come back as buyers may want additional help buying their mortgage rate down.

Days on market shows a slight improvement, though none was needed, to the time it takes to go under contract. Both six month values are faster than their twelve month counterparts. Another indicator of the continuing seller’s market.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to give nothing in seller subsidy. As far as multiple offers, you may not see those, but it only takes one serious buyer to make a deal. Buyers are acting much more deliberately than they were in the all out frenzy we were seeing from 2020 to early 2022. Gone are the days of waiving every conceivable contingency and offering low appraisal guarantees. We are experiencing more normal offers. Don’t get me wrong. Buyers still need to be competitive to go under contract. And if they are represented by agents who believe the market is crashing, the only thing that may crash if their own hopes of buying a home. You can’t will a market crash into existence with low offers.

The next Braemar Reflection Quarterly will be out in October. Until then, if you would like to investigate what a sale in 2022 would mean for you, I am happy to discuss it. Get in touch for your complementary consultation. You will be sure to hit the top of the market with my listing preparation advice, professional market, expert negotiation and unparalleled knowledge of our neighborhood. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Piggyback Quarterly: April-June 2022 (2nd Quarter)

Braemar Piggyback Quarterly: April-June 2022 (2nd Quarter)

The second quarter of 2022 came to a close over two weeks ago and I am just sitting down to write this Braemar Piggyback Quarterly market report. If I had a whole bunch of things going on in my personal life precluding me from doing this task, that would be one thing. The reality is that the market that I keep hearing tales of crashing is keeping me intensely busy. In this edition of the Braemar Piggyback Quarterly we look back to the months of April, May and June to track the homes sold and compare our updated six and twelve month market markers. Should be interesting as this time frame was when we saw mortgage interest rates jump up just under six percent.

For those who do not know what a Braemar Piggyback townhouse is, they are the only two car garage option buyers have in attached homes in our neighborhood. These townhouses are attached side to side and back to back. What they lose in having a back yard is more than made up for in larger bedroom sizes than you would find in a traditional townhouse.

During the second quarter, four Braemar Piggyback townhouses sold. Details of those sales are seen below.

At a glance, these all look like very healthy sales. Only one of the four didn’t sell above list price. None gave seller subsidy, more commonly known as closing cost help to buyers. And they were all under contract in less than one week. It is when the six and twelve month data points are pulled from the Braemar Piggyback sales going back to the third quarter of 2021 that we get to see which way our market is trending.

Starting in the sold price column, we still find both the six month average and six month median sold prices are higher than their respective twelve month values. However, the lift from the six month to the twelve month values is not as high as it was last report. This is consistent with what I am hearing from trustworthy experts and seeing with my own eyes. Inventory is still not meeting demand, but rising mortgage interest rates has tamped down the rampant buyer frenzy. Homes are still going to be gaining value, but not in the leaps and bounds they saw since 2020. We are now looking at more measured growth. Braemar Piggyback townhouses are still gaining value.

Seller subsidy has not been a factor for Braemar Piggyback sellers except for one out of ten in the last twelve months. This actually surprises me a bit. As mortgage rates have increased, I have noticed sellers elsewhere offering some closing cost assistance toward mortgage rate buy down. It is certainly the exception and not the rule right now. It will not surprise me to see seller subsidy come back as we move through the rest of the year. However, my feeling is that it will be modest amounts we see.

Days on market shows a trend of decreasing marketing times. Just when you thought Braemar Piggyback townhomes couldn’t go under contract any faster, they are. The six month average marketing time decreased one day compared to the already super fast twelve month marketing time. And the six month median marketing time is the lowest you can go at one day, compared to the twelve month median marketing time of four days.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect to go under contract in less than a week. These numbers indicate you could expect to give nothing in closing cost help. As stated above, my gut tells me we will start seeing modest requests from buyers struggling with affordability as mortgage rates rise. You could also expect that, even though demand is still high and inventory is low, buyers are acting much more deliberately now. They are not in a frenzy. Multiple offers, while happening on some properties, is not something you can bank on. Buyers are also no longer waiving inspections or offering low appraisal guarantees. The market is steadying out to more typical buyer behavior.

As market conditions shift, the way to top of market price is still the same equation as it has always been. Proper listing preparation and professional marketing are what drives buyer enthusiasm. When buyers are excited about what they see online, and it matches what they find in person, they are more likely to act quickly and decisively. Having a top notch negotiator on your side who knows true market conditions is just as important. Already, I am seeing my sellers getting offers from buyer agents spewing doom and gloom. My sellers are able to cut through that nonsense and negotiate from a position of what is actually happening.

The next Braemar Piggyback Quarterly will be out in October. Until then, if you want to investigate the sale of your Piggyback townhouse, get in touch to schedule your complementary consultation. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Patio Quarterly: April-June 2022 (2nd Quarter)

Patio Home in Braemar

Braemar Patio Quarterly: April-June 2022 (2nd Quarter)

July is a busy month for this Braemar Real Estate Agent. It is one of the months that my quarterly market reports, semi-annual market reports and my bi-monthly market reports are all due. Is there anyone holding me accountable for their due date? Yes. ME! Preparing and sharing Braemar real estate market reports is something I choose to do. It is a commitment I made in 2005 to stay on top of our neighborhood market and to keep my fellow Braemarians informed of it. That type of accountability is what makes me a top producing agent. And if I am this dedicated to my market reports, imagine how strongly I advocate for my clients.

Today’s market report is the Braemar Patio Quarterly. Patio homes in Braemar are the two level attached homes that are also known as quads. They are attached on the side and at the back and have a one car garage. Unlike traditional townhouses, they have no back yard, however, they do have side yards that be fenced in for privacy. What they have a lot of is storage space. They also have very generously sized bedrooms. Of the two floor plans offered by the builder, one of them offers a main level bedroom and full bathroom. What a great option for buyers looking to downsize and age in place, or a multi-generational family with an elder that can not handle stairs.

During the second quarter of 2022, there was only one Braemar Patio home that sold. One of those main level bedroom floor plans. The details of that sale are listed below.

What is great to see is that it sold for list price, gave no seller subsidy (closing cost assistance to the buyer) and was under contract in just over a week. Taking this second quarter 2022 sale and combining with all the Braemar Patio home sales that have happened since the third quarter of 2021, there is an entire year’s worth of sales from which I pull out updated six and twelve month data points. This is where we find our market trends.

Starting with the sold price column, having both the six month average and six month median values higher than their respective twelve month values is a good thing. However, there’s been a slight dip in the lift the six month values have over their twelve month values since last report. At worst, values have slipped a tad. At best, they are holding steady. We’ll know a lot more come October when the third quarter report is out. The steep increase in mortgage interest rates in the second quarter undoubtedly is playing a hand in what we are seeing. The most likely buyer for Braemar Patio home is a first time buyer. These are the buyers most affected by the squeeze of rising prices on one end and rising interest rates on the other. Another symptom of this is evident in the next column as well.

Seller subsidy is more commonly known as closing cost help to buyers. Going through 2020 and 2021, seller subsidy was more rare. Well, it is making a come back in some price ranges. Here in the Braemar Patio Quarterly we see that the six month average seller subsidy and the six month median seller subsidy are higher than they were last report. Significant amounts of closing cost help in both time frames are contributing to it. One sale out of three in the last six months, and three out of eight in the last twelve months gave seller subsidy. Still, more than half of Braemar Patio home sellers in both time frames gave none. Odds still favor not giving any, but the real estate market is not fueled by luck. First time buyers with those affordability problems are helped tremendously by seller subsidy when used toward interest rate buy downs. This may become something sellers offer if values continue to increase. There is only so much squeezing at both ends a first time buyer can take before they have to pull out of the buying market all together.

Days on market is still very fast. The six month average marketing time is faster than the twelve month average marketing time by three days. Meanwhile, the median values in both time frames are holding steady at five. Clearly, buyers are still outnumbering homes available and are gobbling them up when they hit the market. July and August tend to be slower times of the year, despite the common belief that the best time to put your home on the market is when school is out. That’s when families go on vacation! I point this out because our marketing times may increase due to this seasonal disconnect between buyers and sellers.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You should also not be surprised if a buyer requests seller subsidy. You are likely to see a lot of traffic, but will be lucky to get two offers. Buyers are acting much more deliberately now. The days of the frenzied multiple offer scenarios are gone. Home inspection contingencies are back. And low appraisal guarantees have disappeared. The market is normalizing, but still favors sellers.

The same principles always apply, despite market conditions. Hire an agent that will give you the best preparation advice to make the home appeal to the broadest range of buyers. Make sure it is professionally marketed. Buyers don’t get excited by crooked, dark or blurry photos they see online. Relying on market conditions is not the way to the top of the market. Favorable first impressions are what drives buyer enthusiasm. Having an experienced, local agent that knows your value proposition in the market and can negotiate strongly for you is the second half of the equation.

The next Braemar Patio Quarterly will be out in October. Until then, if you want to investigate what a sale would mean for you before the end of the year, get in touch for your complementary consultation. Professional marketing of your home is essential in getting the absolute best terms the market will bear. I’ve been doing that for my Braemar sellers for a very long time. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Condo Quarterly: April-June 2022 (2nd Quarter)

Braemar Condo Quarterly: April-June 2022 (2nd Quarter)

Summer is officially here. No doubt there is plenty of fun in the sun happening at the Braemar community pools. Summer in the world of this full-time Bristow real estate agent means lots of home tours and getting homes primped for market. Deals are getting made every day between buyers and sellers. Frankly,talk of a market crash is wishful thinking. Yes, homes have become even more expensive as prices are still increasing and so are mortgage interest rates. In this edition of the Braemar Condo Quarterly we look back at the second quarter of 2022, when mortgage interest rates jump up steeply, and see how it has affected the Braemar condo market.

During the second quarter there were two Braemar condos that sold. The details of those sales are listed below.

At a glance, these sales indicate a healthy market. They sold at list price or above, gave no seller subsidy (closing cost help to buyers) and were under contract in five days or less. When we take the second quarter of 2022 and combine it with all the Braemar condo sales going back to the third quarter of 2021, our six and twelve month data points are updated. This is where we find trend information.

Starting with the sold price column, we find both the six month average and six month median values are higher than their respective twelve moth values. The increases are an improvement given that last report we saw no movement in the median values and the six month average had dipped slightly below the twelve month average. Talk of a market crash can have a negative impact, but only for a short while. Supply is still not meeting buyer demand. We are still experiencing a seller’s market.

Seller subsidy was only a factor in the twelve month average value. Three sales in the last twelve months gave closing cost help. However, none in the last six months. The better news for would-be Braemar condo sellers is that more than half of the sellers in both time frames gave nothing in seller subsidy. This may not continue if buyers, struggling with affordability of rising values and rising interest rates, need some buy down help. Time will tell.

Days on market shows the health of the Braemar condo market improving. The time it took to go under contract actually decreased in both six month values compared to their respective twelve month values. We are most definitely still enjoying a seller’s market.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in less than a week, if not days. You could also expect to give nothing in closing cost help. As far as inspection contingency waivers and low appraisal guarantees, buyers are acting much more deliberately now. They are not making reactive decisions to pounce on properties. They are not giving up every contingency to win. And honestly, we are not seeing the overload of offers we saw last year. A seller might get one or two offers, but it only takes one great one to hit the spot. That’s where creating buyer enthusiasm is essential.

The next Braemar Condo Quarterly will be out in October. Until then, enjoy your summer. And if the need or want to sell your Braemar condo arises, get in touch with me to schedule your complementary consultation and find out how proper listing preparation and my professional marketing drive that buyer enthusiasm level to its peak. I am so proud to help my Braemar sellers hit the top of whatever market they are selling in. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Report: March-April 2022

Braemar Townhouse Report: March-April 2022

Today is one of those days where I am more than happy to sit in an air conditioned office and type up this Braemar Townhouse Report. It is brutally hot outside. As is typical in Northern Virginia, the more temperate seasons, spring and fall, tend to be short lived. Summer and winter feel like they are all but two months of the year.

Is the Braemar real estate market as hot as the weather? In this edition of the Braemar Townhouse Report we look to the sales of traditional townhouse sales in the neighborhood during the months of March and April. For the purposes of this report, a traditional townhouse is defined as one attached only on one or two sides, has three levels and a fenceable back yard.

During our current reporting period there were five Braemar townhouses that sold. Sold prices ranged from $420,000 to $520,000. Details of those sales are listed below.

A quick glance at the sales and it seems that all but one of these sales sold above list price, none gave seller subsidy (closing cost help to the buyer) and they all went under contract in four days or less.

Taking all of the past twelve months worth of Braemar townhouse sales from May 2021 to April 2022, our updated six and twelve month data points are updated. Let’s see what they reveal.

Starting with the sold price column, we see the six month average is significantly higher than the twelve month average. This suggests the continuation of very health increases. What gives me pause is that the six month median sold price is barely higher than the twelve month median sold price. This is more of a sign of what we are feeling in the current marketplace as of May. We will have to wait for next report to see if we are truly steadying out in value due to rising interest rates. Demand is still high and inventory is still low.

Seller subsidy is very low in the six and twelve month averages. Better yet, the six and twelve month median values are at zero. That tells that the vast majority of Braemar townhouse sellers in both time frames gave nothing in closing cost help. This is likely to continue. As stated above, there are still more buyers than homes available for them to buy. Writing seller favored offers is must to get under contract.

Days on market reveals a quickening of the average marketing time from the twelve month average to the six month average. The median market times are identical in both time frames at four days. Braemar townhouses are selling very fast.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to give nothing in seller subsidy. Lately, buyers are more consistently asking for home inspection contingencies, even if they are right to void only. The hike in mortgage interest rates have made buyers more deliberate in their actions.

The next Braemar Townhouse Report will be out in July. Until then, if you would like to investigate a 2022 sale of your townhouse, get in touch to schedule your complementary consultation. It is with great pride that I help Braemar sellers achieve the top of the market prices, even in a seller’s market. The combination of the proper listing prepartion, professional marketing and unparalleled neighborhood knowledge are what increase your bottom line. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Reflection Series Home

Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Welcome to another edition of the Braemar Reflection Quarterly. This report details sales of the semi-attached/semi-detached homes on Tarvie Circle. While they look like detached single family homes from the curb, in the back they are attached to one neighbor in a duplex-like fashion, only at the garage. These homes make up only forty-four of the over two-thousand, eight hundred properties in Braemar, so sometimes it feels like quarterly reports are even too frequent. If we go too many quarters without a sale this year, I may make this a semi-annual report.

We get to start off the year examining the sale of one Reflection Series home that sold in January. Details are listed below.

There are many thing about this sale that show the presence of the seller’s market. Selling above list price is one of them. Two others are giving no seller subsidy (closing cost help to buyer) and going under contract in only two days.

When combined with the Reflection home sales from the second, third and fourth quarter of 2021, we have a total of only three sales. However, taking the six and twelve month data points from that pool of data our market markers are updated.

Being the only sale in the last six month, our most recent Reflection home sale makes up both the six month average and median values. Compared to the twelve month average and twelve month median sold price, we still see upward growth in home values. Not surprising since our market continues to have very high demand and limited inventory.

Seller subsidy is zero down the line in all but the twelve month average. That is because one sale out of three in the last year gave $8,000 in closing cost help. One out of three sales giving closing cost help is not great, but still keeps the median values at zero. Your odds of having to give closing cost help if you sell your Reflection home have been slim, but with rising interest rates, don’t be surprised to see seller subsidy increase this year.

Days on market shows that Reflection homes are selling even faster. Again, this is due to high demand and very little inventory.

If you placed your Reflection home on the market, priced to current conditions, you could expect to be under contract within a week. And whether or not you gave any seller subsidy may depend on large part who you hire to represent you. Relying solely on seller market conditions and hiring low rate agents who do very little to drive up buyer enthusiasm will cost you more than you save in commission every time. Even in a seller’s market, you can leave money on the table. Creating buyer enthusiasm through proper listing preparation and professional marketing keep you at the top of what any market will bear.

The next Braemar Reflection Quarterly will be out in July. Until then, if you would like to investigate the 2022 sale of your Braemar home, get in touch for a no obligation analysis. We can discuss current demand and how rising interest rates may or may not be a factor for you in your next purchase. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Piggyback Quarterly: January-March 2022 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2022 (1st Quarter)

It finally feels like spring. The weather is warming up. The sun is shining and the trees and flowers are coming back to life. It is a hard day to be inside typing up another Braemar market report, but my dedication to providing my fellow Braemar home owners information overrides my desire to enjoy some fun in the sun. In this edition of the Braemar Piggyback Quarterly, we look back to the first quarter of the year and what it meant for these back to back and side to side attached, two car garage townhouses in our neighborhood.

During the first three months of 2022, there were three Braemar Piggyback townhouses that sold. The details of those sales are listed below:

Quick observations of these sales show only one sold below list price, none gave closing cost help and they all sold quickly. When we combine these first quarter sales with the last three quarters from 2021 for an entire year’s worth of Braemar Piggyback townhouse sale data, the updated six and twelve month data points show us market trends to this point.

Starting in the sold price column we see both the six month average and median sold prices are substantially higher than their respective twelve month values. This means that Braemar Piggyback homes have continued to gain in value in the short term, despite sharp increases in mortgage interest rates in the first quarter.

Seller subsidy is where we learn how much closing cost help Braemar buyers were able to negotiate from their Piggyback townhouse sellers. The answer is very little. Only the six and twelve month average values even exist in small numbers as a result of one seller out of eleven in the past six months giving $4,000. Seller subsidy may make a come back as interest rates continue to go up, pinching affordability even more for buyers. Next quarter will reveal a lot more information on that front.

Days on market, or marketing time as I like to call it, is consistent in both six month values compared to the twelve month values. Braemar Piggyback townhouses are getting under contract quickly due to the continued high buyer demand.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also still expect to get away with not having to pay any seller subsidy, particularly if you hire a skilled listing agent. Hire buyer demand still exists, bringing multiple offers that strongly favor sellers.

The next Braemar Piggyback Quarterly will be out in July. Until then, if you want to investigate the sale of your Braemar home, get in touch with me for a confidential consultation. Waiting for the market to crash to make a move may have you waiting for years. Despite rising interest rates, buyer demand is strong and expected to stay that way. Having a full-time professional on your side is the only way to get the best results, no matter the market. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Patio Quarterly: January-March 2022 (1st Quarter)

Braemar Patio Quarterly: January-March 2022 (1st Quarter)

Are rising interest rates affecting the Braemar real estate market? In this edition of the Braemar Patio Quarterly we look back at the quad style, two level townhouse sales in our neighborhood and see the activity for the first quarter of the year. In the first quarter, mortgage interest rates have gone from slightly over 3% to nearly 4.5%. And yesterday, in looking up the thirty year fixed interest rate, my jaw dropped to see it at just under 5.5%.

In the first three months of the year, during this time of rapid mortgage interest rate increase, there were two Braemar Patio homes that sold. Details are listed below.

Two things pop out at this Braemar Real Estate Estate right away. The first sale on Correen Hills sold below list price. That is the first time a Braemar Patio home has sold below list price in the last twelve months. The second thing I notice is that the sale on Gartney, while selling above list price, provided enough seller subsidy to cover all the buyer’s closing costs at just about 3% of the sales price. When you take that $13,000 in seller subsidy from the sales price, you get a seller net sold price of $327,000. Hard to really qualify that as a sale above list price when the seller was a net loss from list price. At a glance, it seems the mortgage rate increase may be changing the market.

When we take these first quarter sales and combine them with the last three quarters of 2021, the entire past twelve months of Braemar Patio home sales is parsed out into six and twelve month data points. These data point show us the market trends to date. Let’s take a look.

Starting in the sold price column, there is positive growth in both six month values compared to the twelve month values. This indicates more steady increase in Braemar Patio homes. Time will tell us how continued interest rate hikes affect values.

When it comes to seller subsidy, this is where we learn how much closing cost help buyers were able to negotiate from their Braemar Patio home sellers. With that whopping $13,000 on the books in one of two of the most recent sales, it is no surprise to see the six month average topping the twelve month average seller subsidy. Better news for now, is that the six and twelve month median seller subsidy values are at zero. That means more than half of Braemar Patio home sellers in both time frames gave nothing in closing cost help.

Days on market has increased on average when we look at the six month marketing time compared to the twelve month marketing time. The median values for six and twelve months is the same at five days. Better news here is that the most recent sales fall in line with those shorter median marketing times.

If you placed your Braemar Patio home on the market, priced to current conditions, you could still expect high buyer demand. As more buyers compete for limited inventory, your Patio home is likely to be under contract in five days or less. However, as interest rates increase, you may find yourself in a position to give some seller subsidy to help a buyer. The way to avoid that is to have a skilled negotiator on your side. Listing agents that can create buyer enthusiasm through expert preparation advice and professional marketing create that multiple offer situation where buyers must put their best foot forward to win your listing.

The next Braemar Patio Quarterly will be out in July. Between now and then we do expect demand for housing will continue to be strong, despite rising interest rates. If the time is nearing for you to sell, don’t rely on market conditions alone for the best outcome. Get in touch with me for a confidential market analysis and find out how my sellers are continually on top of the market, no matter the conditions. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com