Braemar Townhouse Report: November-December 2021

Braemar Townhouse Report: November-December 2021

As we all brace for the impending winter storm, I am comfortable in my home office doing what I do best–real estate! The business of real estate is one that can be taken as seriously as the individual agent practicing it sees fit. Braemar real estate isthe foundation of my business. Bringing you the latest market information is something I take very seriously. This are not copy and paste reports. I run the data and compile it myself.

Today, rounding up the last of the year end reports for 2021, is the Braemar Townhouse Report. The properties that this report pertains to are traditional three level townhouses with front and back yards, attached side to side only. They are not to be confused with Braemar Condos, but you can find the report for the Braemar Condo townhouses by clicking this link.

There were six Braemar townhouses that sold during the last two months of 2021. The year market is not to be dismissed. The details of those sales are listed below:

Of the six sales, one is highlighted in pink. That is because it was my listing. You can read the details in the post I wrote about that sale. What is evident looking at all six sales is that most are selling at a minimum of a list price, the majority gave no closing cost help and they all sold in a matter of days. However, it is only when taking all of 2021’s Braemar townhouse sales and compiling updated six and twelve month market reports that we get to see trends.

Starting in the sold price column, we see only the six month average is higher than its respective twelve month value. The six and twelve month median values are the same. Furthermore, the growth rate of Bramar townhouses in the average has slowed. This report the six month average is 1.5% higher than the twelve month average. Last report, that was a 3.6% difference. The median last report was a 3.3% difference vs. zero this report. The second half of 2021 was not as frenzied as the first half. Buyers slowed their pace once summer vacations started and it never really got as insane as it had been earlier in the year.

Seller subsidy is something we have not seem much of in regard to Braemar townhouses. The average numbers are the only ones with anything to report and the averages are miniscule. Out of seventy-three sales, only six gave any closing cost help in 2021. One was a townhouse where I represented the buyers. Another was the one this report where I represented the seller. In the case of the one where I represented the buyers, we went in with the request because of the condition of the home. In the one on Selkirk listed above in pink, the buyer came in with no seller subsidy requests, but had a list of demands come home inspection. Rather than ditch them and move on to another buyer, my seller decided to strike a deal with them. Thankfully, we were able to negotiate that down to less than they requested.

Days on market shows that the time it took in the six month average and six month median, compared to their respective twelve month values, increased by one day. That is nothing to worry about.

If you put your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about one week. You could also reasonably expect to give nothing in closing cost help. However, you could expect to see the typical contingencies in your offers. Those are financing, appraisal and home inspection.

The next Braemar Townhouse Report will be out in March. Until then, if you want to know what is in store for the 2022 market, you can read my predictions by clicking this link. If you want more personalized information for an impending move, get in touch. My neighborhood knowledge, combined with my professional marketing, makes my Braemar sellers very happy. 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 2021 (4th Quarter)

Reflection Series Home

Braemar Reflection Quarterly: October-December 2021 (4th Quarter)

The first Monday of 2022 means it is time for the Monday-Friday employees among us to get back to work, though for many it will be virtual thanks to Mother Nature’s gift of snow. It won’t surprise many of you to know that, as a Top Braemar Real Estate Agent, I worked putting together quarterly market reports all weekend. Real estate is a self-motivated career. As independent contractors, we each have the ability to do as much, or as little as we want to keep our businesses going. I choose to go above and beyond the typical norm in our area and inform my fellow Braemarians of property values regularly.

Today I bring you the fourth quarter report for Reflection Series homes in our neighborhood. Reflection Homes in Braemar are located off of Tarvie Circle. They are the semi-attached/semi-detached homes that are attached to one neighborhoring property at the rear load garage.

Because Reflection homes make up a very small number of homes in the overall Braemar community, home sales are not as common as they are in other types of homes. This report has been done quarterly in hopes that is the appropriate interval to notice changes. I will be paying attention in 2022 and may adjust this report to be the only semi-annual if need be. For now, we’ll end the year the way we went through it, with a quarterly report.

There were no Reflection homes that sold in the last three months of 2021. That means the six and twelve month data points relied on in this installment were made up of only the other remaining sales from 2021. Both were in the last six months, making six and twelve month values the same.

This market report then is relying on my experience in preparing the other market reports and my extensive knowledge in working with two dozen buyers and sellers in 2021.

Market prices have been going up, but the growth rate is not as steep as it had been earlier in 2021.

Seller subsidy (closing cost help buyers negotiate from sellers) has seen a bit of a comeback. It’s still not the norm to see the majority of sellers giving any seller subsidy, but it is not absent from the market at large either.

Marketing times are not changing greatly, but I have noticed some sales taking way longer than they should. Poor marketing is usually the culprit. Even in a seller’s market, having a properly prepared home and professional marketing is the only way to get buyers enthusiastic about your home.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks. You could also expect to get away with no seller subsidy if your home has created that all important buyer enthusiasm. You could also expect your buyer to have a home inspection contingency. These made a come back in the second half of 2021.

The next Braemar Reflection market report will be out next spring. Until then, if you would like to read my real estate market predictions for 2022, you can do that by clicking here. If you have been thinking that 2022 is the year that you want to make a move, there is no time like the present to have that initial conversation. Get in touch and let’s chat. 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: October-December 2021 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2021 (4th Quarter)

One day down, three-hundred sixty four to go in 2022. What 2022 will bring to our Braemar real estate market is likely nothing dramatic. The best idea of what is ahead always comes from looking at where we have been. In this edition of the Braemar Piggyback Quarterly, the final quarter of 2021 is examined and the entire past year broken into six and twelve month data points. Before we begin, allow me to explain what constitutes a Piggyback townhouse in our neighborhood. Braemar Piggyback townhouses are attached side-to\-side and back-to-back. They are also the only two car garage townhouses in our neighborhood.

During the last three months of 2021, there were two Braemar Piggyback townhouses that sold. The details of those sales are listed below:

From the details above, we see that both Piggyback townhouses that sold were end units and had the same number of bedrooms and bathrooms. They were both also on the market for only a matter of days. From the description, it seems that Sidlaw Hills was a much more updated home. However, one of the most troubling things about the description to me as a listing professional are the agent remarks that the sellers may never have seen. The first three words imply desperation. “Seller says sell.” Is it any wonder the seller ended up giving closing cost help despite having a superior home? Perhaps the agent feared marketing during the end of the year, a troubling misconception that too many agents carry around. I certainly understand the strength of the yearend selling season. Dochart Sound, meanwhile, was very plain with outdated finishes. Though it lack professional photos and staging, it did appear clean and well kept.

Taking these fourth quarter sales and combining them with the entire year’s worth of Piggyback home sales, the six and twelve month data points are updated as see below:

Starting in the sold price column, we see that the six month average and six month median sold prices are well above their respective twelve month sold prices. The rate of increase, however, is slowing up a bit since last report. This is something I expect to see continue as we move through 2022.

Seller subsidy shows more closing cost help given in the six month average compared to the twelve month average. However, with both the six and twelve month median seller subsidy values being at zero, we find that more than half of Braemar Piggyback townhouse sellers gave no closing cost help in both time frames.

Finally, days on market shows an uptick in marketing time in both six month values compared to their respective twelve month values. Certainly nothing to be concerned about with the values in the table being single digits down the line.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could also expect to give nothing in seller subsidy. However, as the buyer frenzy calms down, you are more likely to see home inspection contingencies in your offer(s.)

The next Braemar Piggyback Quarterly will be out in April. Until then, if you think 2022 is the year you want to make a move, it is never too early to enage the services of a local professional. Get in touch with me and find out how my listing preparation advice, coupled with professional marketing, will bring buyer enthusiasm to the forefront in your home sale. That’s how sellers, no matter the market, get the absolute max the market will bear when they sell their largest asset. 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: October-December 2021 (4th Quarter)

Braemar Patio Quarterly: October-December 2021 (4th Quarter)

Happy New Year! Let 2022 begin with a look back at what happened in the final quarter of 2021. In this edition of the Braemar Patio Quarterly we will do just that. If you are not sure what a Braemar Patio home is, they are two level, one car garage, quad-style townhouses. They are attached at the side and back, giving them side and front yards.

In the last three months of 2021, there were three Braemar Patio homes that sold. The details of those sales are listed below:

With final sold prices ranging from $375,000 to $460,000, you may be asking yourself, “Why such a large spread?” Well, the sale on Lednock was only a two bedroom, one full bathroom home. That is functionally a way different home than a four bedroom home with three bathrooms, which were our other two sales.

The Rannoch Forest home sale is an example of why professional marketing matters in a home. Thirty-five days on the market only to sell for $10,000 less than their original list price AND give $7,000 in closing cost help. That hurts.

The most gorgeous Braemar Patio home I have ever seen was the Correen Hills home. I listed and sold the attached rear neighbor’s home in 2018 and met the owner then. The improvements to the home were outstanding. Most notable was the lowering of the chest height wall enclosing the kitchen from the dining room and making it low barstool height with a granite counter. Why the builder didn’t design those homes that way is beyond me. Knowing that completely impressive home was listed for less than the poorly marketed Rannoch Forest recent comp is unreal to me. After hitting the market, the low list price was bumped it up to $355,000, but first impressions matter. If it had been my listing, I would have advised hitting the market with a higher orginal list price. You get one chance to make a first impression.

When we take these three sales and combine then with all the Braemar Patio sales from 2021, the six and twelve month data points are updated and reveal a cooling off of the intense buyer demand.

With both the six month average and six month median sold prices above their respective twelve month values, we see that values of Braemar Patio homes finish the year higher than they started. The rate of growth is what is slowing, compared to what we saw last report. Gone are the days when homes sold 7-10% higher than their list price. Even the super improved home sale on Correen Hills in November sold for only 4% above its original list price. The growth rate for 2022 home values is likely to be more modest.

Seller subsidy is where we get to learn how much closing cost help buyers were able to negotiate from their Braemar Patio home sellers. The average seller subsidy is higher in the six month value compared to the value in the twelve month slot. This means we have seen more seller subsidy requests, one pictured in the most recent sales above. The six month and twelve month median seller subsidy being zero means that more than half of the sellers in both time periods gave none. Again, key to giving nothing is hitting the market with professional marketing and not lingering.

Days on market is largely unchanged when comparing the six month values to their respective twelve month values. The warning from the sale on Lednock shows that days on the market can stack up if you don’t put your best foot forward in your online marketing presence. Professional marketing makes such a difference.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be undeer contract in less than two weeks. More likely than not, you would not have to give any closing cost help. However, you could expect to find your offer(s) have home inspection contingencies.

The next Braemar Patio Quarterly will be out in April. Until then, if the sale of your Braemar Patio home is on the radar in 2022, it is never too early to get in touch and find out what my professional marketing and listing preparation advice can mean to your bottom line. The buyer enthusiam created is what gets my Braemar sellers the absolutely maximum the market will bear. 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: October-December 2021 (4th Quarter)

Braemar Condo Quarterly: October-December 2021 (4th Quarter)

It’s the last day of 2021 and the possibilities of 2022 are around the corner. Today it is time for me to begin tying up the remains of 2021. It starts in this edition of the Braemar Condo Quarterly where I will present the sales activity we saw from October to the end of December and how Braemar Condo values fared in 2021.

If you are new to this report, it may come as a surprise that Braemar has condos at all. Often times, hearing the word “condo” brings to mind apartment style units. Condo is less about the style of the home and more about the type of ownership. The condos present in Braemar are townhouse style dwellings that are registered with the State Corporation Commission as condo group ownership. While it is typically the case that condo ownership means caring only for the inside of your dwelling, Braemar Condo owners have the entire dwelling to maintain. The type of ownership mainly affects what time of loans a buyer can use to purchase and how the common area owned by the condo is maintained. And unlike traditional fee simple ownership, the condo association in Braemar can dictate whether improvements to the interior of the townhouse can be made by owners. One element of condo ownership is the common insurance to the structure by the condo association. As such, condo associations have a say in what happens inside a condo dwelling.

Now that you know more about what makes up a condo, let’s see the sales activity for Braemar Condos in the fourth quarter of 2021.

While there are both Braemar Condos with and without garages, the three sales that happened in the fourth quarter all had garages. Final sold prices ranged from $350,000 to $367,000. All but one of them sold for no more than their list price. The sale highlighted in pink is one in which I had a hand, guiding a colleague through their first transaction. While it did have the highest days on market, it also was the only one that sold above list price. The first offer the seller got was list price, and as a former For Sale By Owner, he did not want to settle for just list price. While he did not reject the offer out right, he agreed to take another look at it in a week if it was the only offer on the table. By then, it was bested by a higher offer. As my colleague learned, the first offer is not always the best.

When the most recent sales are combined with all of the Braemar Condo sales for 2021, the six and twelve month data points collected in this report are updated as seen below.

Starting with the sold price column, we see the six month average is slightly above the twelve month average. Meanwhile, the six and twelve month median sold price are identical. The growth rate for Braemar Condo values is definitely easing up, compared to what we saw last report.

The seller subsidy column shows a continued trend with both median values being at zero. This means that in both the six month and twelve month time frames, more than half of Braemar Condo sellers gave no closing cost help. Perhaps equally good news is that the six and twelve month average seller susidy figures have come down compared to what we saw last report.

Finally, the days on market column reveals a slight uptick in the amount of time it takes Braemar Condos to go under contract. Both the six month values are higher than their respective twelve month values. Not a big deal when taken in the context that the highest number of days on market in recent sales of eleven days was still under two weeks and ultimately netted an above list price offer.

If you placed your Braemar Condo on the market, priced to current conditions, you could expect it to be under contract in less than two weeks. You could also expect to give nothing in closing cost help. Finally, you will need to be aware of what loans will not work with the current state of lapsed HUD approval for Barr Hill at Inverness Village Condos. Those are details that professionals like myself can help you through in the sales process.

A successful home sale in any market condition starts with buyer enthusiasm, brought to a peak with professional marketing. There is only money to be left on the table when professional marketing and listing preparation are left out of the mix. Take it from the former For Sale By Owner at 12516 Heykens. He was listed all by himself for the same list price for several weeks. It wasn’t until he hired a professional that his home got the listing prepartion advice he so badly needed and benefited from the professional marketing that made up for the cost of hiring an agent to begin with.

The next Braemar Condo Quarterly will be out in April. Until then, when the need or desire to sell your condo arises, get in touch for a no obligation market analysis. The market of 2021 is not what we are likely to see continue through 2022 with record low interest rates predicted to increase incrementally throughout the year. However, you still have a chance for record high prices if you act before we see the cooling off of buyer demand. 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

Just Sold: A Braemar Christmas Season Closing

12423 Selkirk Circle Sold for $375,000 on December 21, 2021

When I was contacted by the owner of 12423 Selkirk, my mind twirled over the familiarity of the address. Had I listed that home before? I know that I had listed a Braemar townhouse on Selkirk years ago that was a Short Sale. Despite many attempts to make the bank understand why Short Sale was a good idea for upside down sellers who had outgrown the space and needed to move, the bank would not approve that sale. Sure enough, a quick glance at my past listings and 12423 Selkirk was that townhouse.

Looking back at the tax records for the property I saw that indeed, my failed Short Sale listing had turned into a bank owned property. Simply stated, the bank that had refused to come to terms with the sellers in 2012, had foreclosed. In 2013, it sold from the bank to a private owner, sold again in 2015 from that 2013 purchaser, and again in 2017 from the 2015 purchaser. The new owner purchased it in 2017 and was ready to move on.

At the listing appointment I told the owner my familiarity with the property. In addition to expressing my neighborhood expertise in Braemar and my professional marketing, I added that on a personal note, I would love the opportunity to have a good outcome by listing the townhouse. My marketing is all professional grade now with professional photographs and even some light staging in vacant homes. I was so thrilled to be hired to do just that. Take at look at the virtual tour.

This two bedroom townhouse listed on November 11th and was under contract within five days! The hardest part in getting to the closing table was negotiating the home inspection. Yes, the market has changed enough where home inspection contingencies are being seen more often than not. The buyers, through their agent, over-estimated the cost of many items they deemed as problems. Part of my job in that situation is to convey that small items of concern are not legitimate problems, and to help the seller get quotes on actual solutions. A home inspector will see a light not operating and tell a buyer to consult an electrician. I change a lightbulb, snap a photo that the light is working and the issue is dissolved. You get the idea. The repair credit of the buyers was negotiated down by about 30% to a number the seller could deal with to move the deal forward.

Today, December 21st, this Braemar townhouse closed for full list price of $375,000. There is always more to the yearend holiday market than meets the eye.

Whenever the time comes to sell your Braemar townhouse, I would love the opportunity to help you achieve the most successful outcome. I have made it my business to know our neighborhood inside and out. 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: September-October 2021

Braemar Townhouse Report: September-October 2021

December will be here in a couple of days. While you might think the Braemar real estate market would have nothing to offer this time of year, I am pleased to say that the yearend selling season is one of the best around. Serious buyers are out at a time that stresses “home for the holidays.” The emotions of the season certainly help sell homes. Better yet, many sellers wait for spring, leaving fewer homes for those serious buyers to chose from. My real estate business has thrived this time of year and continues to do so. Of course, I always make time to keep Braemar home owners apprised of market conditions in the property value reports I prepare. Today I bring you the Braemar Townhouse Report, focusing on sales of traditional three level townhouses in Braemar, attached side to side only.

During the current reporting period of September and October, there were thirteen Braemar townhouses that sold. The details of those sales are below:

Looking at these sales we see all thirteen sold at, or above their list price. All but one gave no seller subsidy (closing cost help to buyer.) Meanwhile the sales that closed in late September and into October had higher days on market. Taking these sales and combining them with the entire past twelve months of Braemar townhouse sales we will get a better snapshot of current trends in the townhouse market when the data points tracked in this report are updated.

Looking at the sold price column, Braemar townhouses are continuing to gain value. Both the six month average and the six month median sold prices are higher than their respective twelve month sold prices. This is proof of the continued seller’s market. The rate of increase in value has slowed slightly since last report, but not enough to be concerned about. Both the six month average growth rate and six month median growth rates are down 0.3% since July and August.

Seller subsidy shows a decrease in the six month average compared to the twelve month average. Meanwhile, with the six and twelve month median values both at zero we know that in both time periods, more than half of Braemar townhouse sellers gave no closing cost help. Another hallmark of a seller favored market.

Days on market, despite the upward trending numbers in the two months worth of most recent sales, shows no serious change. When looking at the six month average and median marketing times compared to the corresponding twelve month values, Braemar townhouses are still going under contract in about a week or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it could be under contract in about a week. While some of the most recent sales on the calendar suggest it may take a bit longer, my most recent Braemar townhouse listing went under contract in only five days this November. You could also expect you could escape any seller subsidy requests since buyer demand is still outpacing supply. However, the second half of the year has shown buyers less willing to waive contingencies like home inspection and appraisal. The all-out buyer frenzy has cooled, though the market remains a seller’s market.

The next Braemar Townhouse Report will be out in January. Until then, I do hope the holiday season brings you peace and happiness. Of course, anytime the need arises to sell your Braemar townhouse, I am here with all of my neighborhood expertise, professional marketing and superior negotiation skills to help you make the absolute most you can from your home sale. Unfortunately, even during a seller’s market, money is too often left on the table. Hiring a local professional will help you increase buyer enthusiasm and maintain it throughout the process. Helping Braemar sellers is my specialty. Get in touch with me for 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

Braemar Reflection Quarterly: July-September 2021 (3rd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: July-September 2021 (3rd Quarter)

The time has come for another Braemar Reflection Quarterly. This is the Braemar market report for the semi-attached homes located only on Tarvie Circle in our neighborhood. These homes are unique in that they are only attached at the rear load garage to one neighboring home. In this edition we look back on the third quarter of 2021 to see what happened in the zReflection market.

Between the months of July, August and September, there was only one Braemar Reflection home that sold. Not unusual for only one sale of these homes in a three month span. That’s why this is only a quarterly report. The details of the third quarter sale for 2021 are listed below:

The sold price of $640,000 is certainly the highest we have seen in the last year of Reflection homes. The one sale from the second quarter was just over the $600K mark. We are well into the six hundreds with this one.

Taking the past year’s worth of Braemar Reflection home sales and parsing them down to six and twelve month data points, this is the result:

The six month average and six month median sold prices are identical. Nonetheless, they are both way above their respective twelve month values. The growth rate in the six month average sold price this report is 12%. The six month median sold price growth this report is even higher at 14%. Compared to the second quarter’s average growth rate of 15% and the median growth of 23%, these third quarter growth rates are lower. While we are still in a seller’s market, it seems the all out buyer frenzy has cooled a bit, but not ended.

Now to the seller subsidy column where we learn how much closing cost assistance Braemar Reflection home buyers were able to negotiate from their sellers. While the most recent sale is none, the six month average and median at $4,000 tells us that last report seller subsidy was a factor. The more telling number are the median values being $4,000 as well tells us that more than half the seller’s in both time frames gave at least $4,000.

When it comes to days on market, the magic number seems to be eight. All values are in agreement at eight days marketing time except the twelve month average of nine days.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in a little over a week. You could also expect you may have to give some seller subsidy.

The next Braemar Reflection Quarterly will be out in the New Year. Until then, when the need or want to sell your Reflection home in Braemar arises, I would love the chance to talk to you about how I help my sellers get maximum profit by increasing buyer enthusiasm. Even in a seller’s market, it matter. My professional marketing combined with my unparalleled knowledge of Braemar never ceases to make my Braemar sellers extremely happy. 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: July-September 2021 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2021 (3rd Quarter)

It is time for another Braemar Piggyback Quarterly. This property value report details sales of the Piggyback townhouses in our neighborhood which are those have a two car garage and are attached side to side and back to back. Let’s get right to the latest and see where values are heading.

There was only one Braemar Piggyback townhouse that sold in the third quarter. The details are listed below:

The summer was certainly not as frenzied as the beginning of 2021. Nonetheless, here we are looking at a $30,000 over list price sale with no seller subsidy. That’s great for the third quarter. Taking this sale, which represents the entire third quarter, and combining it with the previous three quarters worth of Braemar Piggyback townhouse sales the six and twelve month data points I monitor are updated as seen below.

Starting with the sold price column, we see both the six month average and six month median sold prices are substantially higher than their respective twelve month values. Braemar Piggyback townhouses are continuing to gain in value. The growth rate from one year to six months is unchanged compared to last report at 4% median growth. However, the average growth has slowed from 6% to 3% this report. Growth is growth.

Seller subsidy remains at zero down the column. Not one seller in the past year has given any closing cost assistance to a buyer. This is definitely a sign that our seller’s market continues.

Days on market is another sign the seller’s market continues. All but the six month median marketing time noted above are at five days. The six month median marketing time is only one day longer at six days. Braemar Piggyback townhouses are certainly enjoying the seller’s market.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contrat in about a week. You could also expect to give nothing in closing cost help.

The next Braemar Piggyback Quarterly will be out in the New Year. Until then, if the need arises to sell your Braemar Piggyback townhouse, get in touch wth me to find out how elevating buyer enthusiasm through professional marketing will max your profit. Professional marketing starts with hiring a full-time, local agent. 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: July-September 2021 (3rd Quarter)

Braemar Patio Quarterly: July-September 2021 (3rd Quarter)

Welcome to another edition of the Braemar Patio Quarterly. This property report focuses on the sales of Patio homes in Braemar, which are also known as quad style townhouses. They are the two level attached homes with no basement, one car garage and are attached on the side and back to their neighbors. This particular edition features sales of Braemar Patio homes in the third quarter of 2021.

There were only two Braemar Patio homes that sold during the third quarter and both were in July. The details of those sales are listed below:

Looking at these two sales there are many points of similarity. Oddly, they both have the same street number, but on different streets. (I did a double take to make sure I wasn’t making a typo.) Neither had a main level bedroom, but had the same number of bedrooms and bathrooms, being the exact same floor plan. They also went under contract in the same number of days. Where they are different are the list price, sold price and seller subsidy. The lower priced home was poorly marketed and likely not prepped to create the all important buyer enthusiasm. Certainly, the higher priced home did have more updates, but definitely not twenty-five thousand dollars worth in my professional opinion. They were definitely creating buyer enthusiam in how their home showed online. Hiring a professional marketing agent is where you max out your profit. You can see it for yourself when looking at the two listings.

Taking these two sales and combining them with the previous three quarters worth of Patio home sales in Braemar, our six and twelve month data points are updated as seen below.

Looking first at sold price, we see that both the six month average and six month median are well above their twelve month average and median counterparts. This means that prices of Braemar Patio homes is still rising. The growth rate on value is the same as we saw last report of 3% average and 4% median comparing the six month value to the twelve month value. This is good news.

The seller subsidy column is where we find out how much closing cost help buyers negotiated from their Braemar Patio home sellers. The six month average is more than double the twelve month average. No doubt the sale of the lower dollar Braemar Patio home in July not only meant a lower price, but $10,000 in seller subsidy. Ouch! First impressions are costly in real estate. The six and twelve month median seller subsidy values remain at zero. That means that in both time periods, more than half the sellers gave absolutely nothing in closing cost help.

Days on market shows marketing time in single digits down the line. There is little variation in the average from four days marketing in six months to five days marketing time in twelve months. The median marketing times are the same at four days.

If you priced your Braemar Patio home to current market conditions, you could expect it to be under contract in less than one week. You could also expect, if you prepped your home for market and created buyer enthusiasm, to give nothing in closing cost help.

The next Braemar Patio Quarterly will be out in the New Year. Until then, when the time comes to sell your Braemar Patio home, give me a call so we can get you max profit by creating the necessary buyer enthusiam. 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