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

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

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

If there is one thing that really bring me down, it is the weather; more specifically, rainy dreary conditions for multiple days in a row. The good news, is that our spring vegetation is getting plenty of hydration and a rainy day is a great day to stay inside and put together my Braemar market reports.

Today it is time for the Braemar Condo Quarterly. Some folks are not aware that they are condos in our community. Somehow, condos evoke an image of a building with multiple units per floor, like an apartment. Condos can be any type of structure. In the particular case of Braemar condos, ours are townhouses. What makes them condos is a shared form of ownership of the entire condo complex, which would include structures and common area.

During the first quarter of 2022, only one Braemar condo sold. I am sure more would have sold had they been on the market, but only one Braemar condo seller set out to list in the first quarter. Details of that sale are listed below.

Clearly the first quarter was a great time to list. This seller got $26,000 above their list price and gave no seller subsidy (closing cost help.) This is also a case where the home was never active for buyers to see. Rather, the buyer wrote a sight unseen offer. You can read my thoughts on sight unseen offers by clicking the link in the last sentence.

When the first quarter of 2022 sales are combined with the second, third and fourth quarter sales of 2021, one year’s worth of Braemar condo sales give me the opportunity to update our six and twelve month data points. From here we can spot market trends.

Starting in the sold price column, we see the six month average sold price has fallen slightly below the twelve month average sold price. Meanwhile, the median sold price in both six and twelve month values is the same. Seems that while we are still in a seller’s market, Braemar condo values are holding steady in value. No dramatic increases in value at this time.

Seller subsidy is zero in all but the twelve month average. That comes from three out of eleven Braemar condo sellers giving closing cost help in the past twelve months. It’s been a long time since I have seen an offer of seller subsidy from a seller. The way these credits usually come about is part of the initial offer presented by buyer. Having a listing agent that may not realize these requests are off base in our current market could hurt a seller. It does matter who you hire to list your home.

Marketing time is six days in all but the twelve month average value. In that case, the marketing time is only two days longer. Braemar condos are selling fast.

If you placed your Braemar condo 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 sell without having to give seller subsidy. With the sales I have handled to date in 2022, no listings have had to undergo appraisal contingencies or inspection contingencies.

The next Braemar Condo Quarterly will be out in July. Until then, if you would like to talk over what a 2022 sale might mean for you, reach out to me for a no obligation consultation. As a home owner here myself, selling Braemar real estate is my pride and joy. And with my seventeen years of experience in listing preparation, professional marketing and negotiation, my sellers get every penny out of the market…even a seller’s market. Don’t leave your outcome to chance and rely solely on market 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

Braemar Townhouse Report: January-February 2022

Braemar Townhouse Report: January-February 2022

Welcome to another edition of the Braemar Townhouse Report which focuses on traditional townhouse sales in our neighborhood. What’s a traditional townhouse? One with three levels, attached only on the side(s) and with a backyard. This particular edition details sales from the first two months of the year.

During January and February there were two townhouses in Braemar that sold. Details are listed below:

What stands out about these sales immediately is that they both sold above list price, gave nothing in closing cost help and sold in four days or less. When combined with the Braemar townhouse sales going back to March 2021, the twelve months of data collected provides updated six and twelve month data points that are tracked for market trends. Here’s what get this report:

Let’s start by looking at the sold price column. For the first time since early 2019, both the six month average and six month median sold prices are below their respective twelve month values. This is an indication that the market may be changing. Early indicators in the market this year through my own experience tell me that is not the case. While the second half of 2021 was definitely a less hectic pace for buyers, it was still a seller’s market. However, the slight cooling of demand had an impact. As we move further into 2022, I suspect the upward growth will return in future reports.

In the seller subsidy column we see the only values that are above zero are in the six and twelve month averages. That is because out of the sixty-six sales of Braemar townhouses in the past year, only five give closing cost help. Better statistics are the median seller subsidies at zero. This means more than half of Braemar townhouse sellers in both time frames gave nothing in closing cost help.

Days on market ticked up in both six month values compared to their twelve month counterparts. The increases are low and based on the most current sales, we are likely to see a reversal of this upward turn in future reports.

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 to give nothing in closing cost help. As more and more buyers compete for the very limited inventory on the market, offers are extremely seller favored.

The next Braemar Townhouse Report will be out in May. Until then, if you want to talk about what a 2022 sale could mean for you, please don’t hesitate to reach out. It is my pleasure to walk you through why a seller’s market alone does not bear out the top of the market prices. Sellers need proper preparation advice, professional marketing and skilled negotiation on their side. When you hire me that is what you get, topped off with neighborhood expertise. 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: 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