Braemar Reflection Quarterly: January-March 2021 (1st Quarter)

Reflection Series Home

Braemar Reflection Quarterly: January-March 2021 (1st Quarter)

Bringing up the rear of my Braemar quarterly market reports is the Braemar Reflection Quarterly for the first quarter of 2021. Reflection homes are single family homes located only off of Tarvie Circle and are attached to one neighboring home at the garage.

This report is going to be fairly quick. There were no sales of Braemar Reflection homes in the first quarter. And since during the last four quarters there were only two sales in the fourth quarter of 2020, our six and twelve month value points are identical when updated for this report.

Since all of our values are the same, let’s talk market generalities. Sold prices are climbing across the board. It’s not unusual for homes to be listed reasonably against recent homes sold and still get escalated seven to ten percent above list price with buyers waiving all contingencies.

Seller subsidy is no longer a consideration for any serious buyer looking to get under contract. Highest and best offers in multiple offers need to be clean and ask for nothing, including closing cost help, to even have a shot a winning.

Days on market is most definitely single digits unless you have over priced or been poorly marketed.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to under contract in less than a week and have to give nothing in seller subsidy.

The next Braemar Reflection Quarterly will be out in July. Until then, if a sale of your Braemar home is in the near future, be in touch with me. Even in a seller’s market, you can leave money on the table. Buyer enthusiasm is gained by being well prepared and professionally marketed, and that’s what gets you the highest price. 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 2021 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2021 (1st Quarter)

What a gorgeous Saturday to begin the month of May. This Braemar Piggyback Quarterly was supposed to be out in April, but the real estate market has been so slammed I had a hard time coming up for air. Today is a great day to do just that and bring you up to speed on the Braemar Piggyback market. Before we begin, it is useful to inform you what constitutes a Braemar Piggyback townhouse. They are attached back to back and side to side and are the only townhouses in Braemar with two car garages.

During the first quarter, three Braemar Piggyback townhouses sold. The details of those sales are listed below:

Not very common to see two exact same list prices two months apart, yielding the exact same sold prices. Taking these sales and combining them with the previous three quarters of Braemar Piggyback townhouse sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, we see generous increases in both six month average and six month sold prices compared to their respective twelve month values. This means that Braemar Piggyback townhouses are continuing to gain in value. Exactly what we would expect to see in a seller’s market.

The seller subsidy column is where we find out how much closing cost help Braemar buyers were able to negotiate from their sellers. I am not at all surprised to see both the six month average and six month median seller subsidy figures at zero. If things keep up at the pace they have been, that twelve month average will be zero before too long. To compete in multiple offer scenarios, Braemar buyers are having to forego a lot of concessions and contingencies just to be chosen.

Days on market in the six month average and six month median are the same at five days. Both are improvements over their twelve month counterparts, but the average value is the one that got cut in half in the most recent average. Braemar Piggyback townhouses are selling fast!

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 a week. You could also expect very clean offers from buyers who will be highly unlikely to request any closing cost help.

The next Braemar Piggyback Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar home, get in touch with me to find out how being prepared and professionally marketed gets you even more than you could have imagined in a seller’s 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 2021 (1st Quarter)

Braemar Patio Quarterly: January-March 2021 (1st Quarter)

What a strange weather day Bristow experienced today. The wind gusts were down right troubling at points in the late afternoon, but now the sunshine is breaking through.

The Braemar real estate market has been experiencing gusts of its own. Today I spent time with two buyers, trying to get them under contract on listings. You have to be there the day a home hits the market with loads of cash in hand and no contingencies in your offer. At least, that’s what I’m seeing.

In the latest Braemar Patio Quarterly, focusing on the first quarter of 2021, we take a look back and see what happened in the Braemar Patio home market. Patio homes are also known as quad style townhouses, attached on the side and back. They have single car garages, two levels, HUGE bedrooms and loads of storage space for an attached home.

In the first quarter, there were two Braemar Patio homes that sold. The details of those sales are listed below:

The first thing you may notice about these two sales is the big difference in final sold price between the two Patio homes. One was a four bedroom, three and a half bathroom Patio home. The other a two bedroom, one and a half Patio home. There is a major functional difference in these homes, especially considering the main level bedroom and bathroom of the four bedroom Patio home.

Taking these two Braemar Patio home sales and combining them with the previous three quarters of Patio home sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, we see both the six month average and six month median have substantially increased compared to their respective twelve month values. This means that Braemar Patio homes are continuing to increase in price.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from Braemar Patio home sellers. Both six month values are at zero. Only the twelve month average seller subsidy has a value that isn’t zero, coming in at $389. Clearly, in order to be competitive in this seller’s market, buyers are having to ask less of sellers in hopes of getting under contract.

Days on market, down the line, is five days. Braemar Patio homes have been selling quickly for the past year.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to give nothing in closing cost help.

The next Braemar Patio Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar home, get in touch with to learn how being well prepared and professionally marketed matters even in a seller’s market. Since 2005, No One Knows Braemar Bettter!

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: January-March 2021 (1st Quarter)

Braemar Condo Quarterly: January-March 2021 (1st Quarter)

Being well into the second quarter of 2021, we can now take a look back at the sales activity from the first quarter of 2021 and see what happened in the Braemar Condo resale market. The first quarter covers the months of January through March.

Unfortunately, there were absolutely no Braemar Condos that listed or sold. It’s been a scarce market for buyers who are ready, willing and able.

Having no sales to report doesn’t mean we don’t get an updated look at values. The first quarter of 2020 drops from our year’s worth of data and the six and twelve month data points are refreshed as seen below.

Starting with the sold price column, exactly what I would expect to see is happening. The six month average and six month median sold prices are both above their respective twelve month values. This means that Braemar Condo values are continuing to increase. By the time we see the next sale of a Braemar Condo, I would not be surprised if it were around $350,000.

In the seller subsidy column we see what closing cost help buyers requested and sellers agreed to pay. The $500 present in the six month average and median is very low, particularly compared to the twelve month average seller subsidy. What is typical in sales happening right now is zero closing cost help.

Days on market shows a tad longer time frame than I would have anticipated in the six month numbers. What is present in the twelve month figures seems more like what we would see in a current Braemar Condo sale if we had current sales playing into those six month figures.

If you placed your Braemar Condo on the market, priced to current conditions, you could reasonably expect to be under contract within a week and pay nothing in seller subsidy.

The next Braemar Condo Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar Condo in this unprecedented seller’s market, who you hire to list your home matters. Listing preparation and professional marketing are what elevates buyer enthusiasm and wrings the absolute maximum out of buyers looking to purchase. Get in touch with me and let’s discuss what might need to be done to prepare your Braemar Condo for sale. 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 SOLD $31,000 Over List Price!!

12858 Wishing Well Way Sold for $425,000 on April 5, 2021

Braemar Townhouse SOLD $31,000 Over List Price!!

On February 26th (2021,) I had the pleasure of bringing 12858 Wishing Well Way to the market, listed for $394,000. Having been helping a couple make offers on Braemar townhouses, I knew the market was out of control with buyer demand. And I had already run comps on this townhouse when my buyers wanted to make an offer on 10123 Pale Rose Loop. That was listed for $380,000. That was an absurdly low list price and I knew it. And sure enough, the agent there said they received two dozen offers and my buyers’ offer at $390K with free rent back was the weakest offer.

By the time we listed 12858 Wishing Well, 10123 Pale Rose had sold for $422,500. Pale Rose had been a home with a lot of interior updates, the most grand being the kitchen. It was an interior unit with a deck and gorgeous main level hardwood floors. It also had updated bathrooms. My listing on Wishing Well was end unit with a new HVAC and updated laminate wood flooring on the main level and upper level hallway, with hardwood on the upper level staircase as a transition. It had no deck, original kitchen and bathrooms. I prepped my seller for an appraised value of $405,000 to $410,000 if we were lucky.

After four days on the market we had eleven offers. Turns out we didn’t need two dozen to hit really high offers. One bid $450,000, but didn’t waive appraisal. That meant it would sell for appraised value. One offered cash at $420,000, but had an outdated, illegible proof of funds and wanted inspection contingencies. My seller made it clear she didn’t want to go through inspections and haggle with repairs. And with a sunken driveway (actually, an elevated sidewalk due to tree roots pushing up the concrete) we eliminated every FHA and VA loan so that wouldn’t get flagged as a safety concern on appraisal. That left one stand out offer– $425,000 with no inspections, conventional loan with financing and appraisal contingencies, but with a $30,000 low appraisal guarantee. That meant if the townhouse only appraised for the list price, it would still sell for $424,000. It was as close to guaranteed money as you could get.

Even though the buyers had expressed their need of an appraisal, but had pre-negotiated the outcome of a low value, nothing was required of me. That doesn’t mean I didn’t still get the appraiser a package of comparable sales, the offers we had received and list of updates. (HVAC and flooring are definitely worth something.) The goal was to keep the buyer’s additional down payment to a minimum. Real estate transactions are best when both parties have a win. My seller was winning with the sales price. Time to help them out. Sure enough, I got it to appraise at the sales price.

Today, April 5th, this one at 12858 Wishing Well closed at $425,000. Higher than a mega new kitchen, updated bathrooms and deck on 10123 Pale Rose Loop. Woo-hoo!

Any agent can get you multiple offers on your home in a seller’s market. I will get you every penny the market will allow. Two times more offers doesn’t always mean more money. Who you hire matters. 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: January-February 2021

Braemar Townhouse Report: January-February 2021

What a goregous day to bring you the final in the Braemar market report series. Spring is officially here. Of course, buyers in the Bristow market were already out in full force coming off the holiday season. The intense buyer demand our Braemar real estate market, and the surrounding areas, have been experiencing is getting more frenzied each week.

In this edition of the Braemar Townhouse Report, we’ll look back at the traditional townhouses that sold in January and February. Traditional townhouses, for the purposes of this report, count as three level townhouses with a back yard.

During the first two months of the year, there were ten Braemar townhouses that sold. The details of those sales are listed below:

The sold price of $335,000 is our floor, while $422,500 is our ceiling. There’s a wide range in between. Sold prices starting with four are becoming more common even as I type this report. Taking all ten of these sales and combining them with the entire past twelve months of Braemar townhouse sales, the six and twelve month value points in this report are updated as seen below:

Starting in the sold price column, we see healthy increases in both six month average and median sold prices compared to their respective twelve month values. Braemar townhouses are continuing to increase in value, as expected in a seller’s market where supply of homes can’t keep up with buyer demand.

The seller subsidy column shows us how much closing cost help buyers were able to negotiate from their Braemar townhouse sellers. To start, it is important to note that only Braemar townhouse seller in the ten sales listed above gave any closing help at all. The amount given was higher than the six and twelve month averages. Being that the six month average seller subsidy is less than the twelve month, it shows buyers have been having to reduce or forego closing cost help requests just to get under contract. The six month median and twelve median seller subsidy both being at zero tells us that in both time frames, more than half the sellers got nothing in closing cost help.

The last column is where we dig into days on market, or marketing time as I like to call it. A quick scan of the Braemar townhouse sales for January and February above show single digits down the line. The six month average marketing time is one day quicker than the twelve month average. Meanwhile, the six month and twelve month median marketing times are the same at four days. This means more than half the sellers in both time frames sold in four days or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to find yourself in a multiple offer situation where buyers are offering over list and not asking for closing cost help. Some buyers are even able to waive every typical contingency.

The next Braemar Townhouse Report will out in May and will cover what’s happening right now in March and April. There’s no slowing of buyer demand on the horizon which makes this a great time for Braemar townhouse sellers to cash out. Question becomes, where will you live? I’m happy to give a no obligation consultation about what a sale of your Braemar townhouse would mean in the current market. Even in a seller’s market, where every home will sell, sellers can still leave money on the table. Hiring the best agent for the job is so important. 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 Under Contract in Four Days

12858 Wishing Well Way Listed for $394,000 on February 26, 2021

Braemar Townhouse Under Contract in Four Days

On February 26th (2021) this Braemar townhouse located at 12858 Wishing Well Way listed for $394,000. Having been listing as a Coming Soon listing for nearly a week prior, I knew there was strong interest. Our showing appointments filled up rather quickly. Add professional photos on listing day and the demand went through the roof.

As a Top Braemar Real Estate Agent, I have been keeping a close eye on what is happening in the market. In representing buyers that made an offer on a Braemar garage townhouse last month, I know just how insane the buyer demand is right now. Even a reasonable list price will get bid out of control. Low list prices are completely unnecessary.

The final tally of showings at 12858 Wishing Well after four days on the market was sixty-five. The final number of offers was eleven. Out of those offers, only a few that reached for the top shelf prices could back it up without appraisal contingencies or with low appraisal guarantees. And once offers dropping contingencies like appraisal and home inspection were pulled aside, the pool of buyers that interested the seller shrunk to four.

Your Braemar townhouse may never be worth more than it will be this year. If you have wondered what selling your Braemar townhouse may mean to your bottom line, and what your prospects for future housing would be, I would be happy to provide a no obligation 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

Coming Soon: Braemar End Unit, Garage Townhouse

12858 Wishing Well Way is listed for $394,000 and will be available February 26, 2021

Coming Soon: Braemar End Unit, Garage Townhouse

If what I am hearing on the streets is true, there are going to a lot of buyers anxious to see and make offers on this end unit, garage townhouse in Braemar. Rumor has it the neighbor directly across the street, listed for $414,900 had over fifty offers in four days! Meanwhile, I had buyers that were one of twenty-four on a multiple offer pile up on Pale Rose Loop in early February. It’s one of the reasons we are letting you know NOW about this townhouse coming up on Friday for sale in our neighborhood.

The list price for 12858 Wishing Well Way will $394,000. It has water resistant laminate wood flooring on the main level, which has modernized it a lot. The kitchen, still original in finishes, can use your updating to take the modernization even further. For now, it has an island and ample counter and cabinet space to make it a very useful kitchen. You will, however, have to bring your own microwave.

The open floor plan gives a lot of versatility in how you choose to arrange your furnishings. Maybe you want the dining room on the fireplace side of the kitchen and a living room in the front. Maybe the reverse. Maybe a home office across from the kitchen, a small eat-in area by the sliding doors and the living room in front. Whatever you do, you will be able to see it all from the kitchen.

One thing you won’t have to update is the HVAC. It was replaced entirely in 2020.

Upper level owner’s suite has an attached bathroom with jetted tub and separate shower. The flooring in both upper level bathrooms is tile. Second and third bedrooms have hallway access to the second bathroom with a tub/shower combo.

The basement provides a nice size recreation space and an additional powder room. Basement is also where you find the laundry room.

Being an end unit, this townhouse benefits from more lighting than the interior models. It is also just around the corner from additional visitor parking spaces and about two neighborhood blocks to community amenities. Tennis, basketball, playground (with volleyball court) and swimming pool are all very close by.

Schedule your appointment for this one today. Showings will be limited to thirty minute increments and there are restricted showing times at the owner’s request. If you want to see it, don’t wait until the last minute. Professional photos won’t be up until the day it goes active in the MLS.

If you don’t have and an agent and want to see this home, get in touch with me. While I do not represent both sides of any transaction, I can put you in touch with a top notch buyer’s agent to assist you.

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: November-December 2020

Braemar Townhouse Report: November-December 2020

Hard to believe we are almost one month into 2021. Time flies. Of course, with 2020 closed out, it is time to look back at the Braemar townhouse market and see how things ended last year with respect to property values and other real estate market indicators. Let’s get right to it.

During the months of November and December there were nine Braemar townhouses that sold. The details of those sales are listed below.

Combining these most recent sales with the entire year’s worth of Braemar townhouse sales, our six and twelve month data points are updated as seen below.

Looking at both six month sold prices compared to their respective twelve month sold price, we see both six month values being higher than the twelve month values. This means Braemar townhouses are continuing to increase in value in this seller’s market.

Seller subsidy is where we get to see how much closing cost assistance Braemar townhouse buyers negotiated from their sellers. The six month average seller subsidy is a little below the twelve month average seller subsidy. More importantly, both the six month and twelve month median values are at zero. This means in both time frames that more than half of Braemar townhouse sellers gave no closing cost help at all. Buyers in this competitive marketplace are having to cover as much of their closing costs as they can to have a chance to win in a multiple offer situation.

Days on market actually increased in the six month average compared to the twelve month average, but only by two days. Looking at the most recent solds there were a couple of oddballs, one that took longer than two weeks and one that took a month and a half to get under contract. That’s not typical for a seller’s market. Thankfully, the six month median and twelve month median show us that in both time frames, more than half of Braemar sellers were under contract in four days or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect that while you may see offers with requests for seller subsidy, the market may continue to be so competitive you have to give none.

The next Braemar Townhouse Report will be out in March. Until then, if you would like to sell your Braemar townhouse while values are peaking this year, let’s talk about how to get the absolute maximum for your home. Even in a seller’s market, the listing agent you hire matters to your bottom line in how they advise you, market your home and negotiate for you. 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: October-December 2020 (4th Quarter)

Braemar Reflection Quarterly: October-December 2020 (4th Quarter)

Reflection Series Home

Wrapping up the Braemar market reports for this weekend, I bring you the Braemar Reflection Quarterly. This report focuses on the sales of the semi-detached homes located on Tarvie Circle that are attached to one other home only at the rear load garage. This particular edition covers the activity from the fourth quarter of 2020.

Thankfully, there were two sales of Braemar Reflection homes in the last three months of the year. There were two quarters of absolutely no Reflection home sales in 2020. The details of the fourth quarter sales are listed below:

The first thing you may notice is that the first home, with one more bedroom and bathroom on the loft level, sold for a little less than a home without a loft bedroom/bathroom. It is important to note that one, located at 9560 Tarvie, was a bank owned property. It was not in great condition.

Taking these fourth quarter sales and adding them in with the only other Reflection home sale that happened during 2020, we have a total of three Reflection home sales from which to pull our updated six and twelve month data points. They are listed below:

Starting with the sold column we see that the six month average sold price is well above the twelve month average sold price. However, the six month median sold price is a little over $200 above the twelve month average. At worst, this means semi-detached homes in Braemar are holding steady in value. At best, it means they are gaining value. Only more sales in 2021 will tell us which is correct, but I would place my money on values going up giving the low inventory and intense buyer demand that our marketplace is experiencing right now.

In the seller subsidy column we get to see how much closing cost help buyers negotiated from sellers. With the bank sale above giving an enormous amount of closing cost and only parsing these numbers from three Reflection home sales for 2020, these numbers are higher than what I am finding in other Braemar market reports. While the six month average seller subsidy here is higher than the twelve month average, it is probably more fair to look at median seller subsidy in the twelve month time range. This tells us that two of three of the Braemar Reflection home sellers (traditional home owners, not banks) gave absolutely nothing in closing cost help. Because of the nature of the home sale that gave that enormous seller subsidy being a bank sale, it is not going to be a comparable sale for any traditional equity sale where a home owner sells their property. I only hope that bank owned properties don’t start popping up more frequenting in the market.

When it comes to the days on market (DOM) column we see both the six month average and median values are longer than their respective twelve month values. Clearly, the marketing time of nineteen days taken by the banked owned sale is skewing these figures, Looking to the twelve month median days on market, we see that two of three semi-detached Braemar home sellers had their homes under contract in five days or less last year.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract a week or less. You could also expect, if higher buyer demand and limited inventory continue in 2021 (which is exactly what we are finding right now) to pay nothing in seller subsidy as buyers compete to win your home.

The next Braemar Property Value Report will be out in April. That’s when we will know what kind of a start our Braemar Reflection home market got off to in 2021. Until then, if you want to investigate the sale of your home while our Braemar home values are peaking this year, get in touch with me. Since 2005, No One Knows Braemar Better!

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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