Braemar Townhouse Report: November-December 2022

Braemar Townhouse Report: November-December 2022

January is going by in a flash. It is the month every market report I put together is due. That’s an internal deadline I set for myself. These reports are something I do because I want to do them. It keeps me on top of our Braemar real estate market and how we are comparing to nationwide trends. I am a real estate nerd.

Today’s report rounds out the end of 2022 as it pertains to Braemar townhouses. A townhouse, defined for the purposes of this report, are three level homes, attached only side to side and have fenceable back yard. These types of homes are what are typically known as townhouses vs. being a piggyback style or patio home. And certainly, Braemar townhouses are separate and apart from Braemar condos which are townhouses with condo ownership.

In this most recent edition of the Braemar Townhouse Report, there were four townhouses that sold. The details of those sales are listed below.

Most of the townhouses sold were garage units. Only one was an exterior unit. There is no consistency between original list price and sold price. As far as I’m concerned, the sale on Maitland may as well have been list price, as it was only one hundred dollars higher. More significant was the sale on Drum Salute being seven-thousand dollars higher. That’s selling above list price. Walloweer sold ten thousand below list and gave five thousand in seller subsidy (closing cost help to the buyer.) That makes their sale fifteen thousand less than their list price. And finally, Wishing Well that sold thirty-five thousand below its original list price and was on the market for one-hundred and twenty-three days! I did have the opportunity to tour this home. To say it was in shabby condition was an understatement. The owner wanted move-in market value and priced accordingly. However, the home needed paint, carpet, and some windows to name a few things. That is a perfect demonstration of what relying on the market alone without any listing preparation will get you.

Taking the entire group of Braemar townhouse sales from 2022 and extracting the six and twelve month market markers followed in this report, a slight shift is evident.

For the first time in a long time, both six month sold prices have fallen below their respective twelve month sold prices. Not to panic. What I know of our market is that there are more buyers looking for homes than there are homes for sale. That is the definition of a seller’s market. I saw it when I placed 10158 Pale Rose Loop on the market. It got a ton of activity and multiple offers in six days! Buyers are not as frenzied as they were, but they are motivated to make a deal when they see a well prepared, properly priced and professionally marketed listing. I believe we are likely to see these six month values trend up in coming reports. Buyers have settled in to these mortgage rates and are ready to buy.

Seller subsidy is definitely becoming a more commonplace request from buyers since the rise of mortgage interest rates. The six month average seller subsidy shows that being nearly double the twelve month average. Better news is that with both six and twelve month median seller subsidy values being at zero, more than half of sellers in both time frames gave none. There is always a chance to market your home to lift buyer enthusiam to get you offers without seller subsidy.

Days on market are increasing. Both six month values are longer than their corresponding twelve month values. The most recent sales are even very quick, with the exception of the one-hundred twenty-three day sale. The current market is one where Braeamr townhouses are still selling quickly.

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 two. You should also not be surprised by buyers requesting seller subsidy.

The next Braemar Townnouse Report will be out in March. Between now and then, if you want to know what a sale in early 2023 would mean for you, let’s talk. Get in touch and set up your complementary consultation. The national news has everyone believing a crash is coming. Our local market is not seeing it. Let me put my eighteen years experience and well honed skills to work for you, getting you the top of the market. Since 2005, No One Knows Braemar Better!

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

Under Contract After Multiple Offers in Only Six Days

Under Contract After Multiple Offers in Only Six Days

Bristow buyers have a strong appetite for Braemar townhouses. This end unit, garage townhouse at 10158 Pale Rose Loop hit the market on Friday, January 13th (2023) and got immediate attention. Showing requests were rolling in after only an hour on the market. In fact, I wasn’t sure it was going to make it to the Open House planned that Sunday.

While buyers were very interested, the change in their behavior was palpable. No one wanted to act immediately. The Sunday Open House was swarmed with buyers. While another agent in my office hosted it, I popped by and noticed the intense interest just by the abundance of cars not knowing where to park. The neighbors, while probably frustrated, were patient for those two hours. Still, more interest and lots of questions, but no one was ready to step up and make an offer.

Monday, the fifth day on the market, two buyers made offers. There was the possibility of two more, but those buyers were more wary. Not uncommon for buyers in this market. The media runs too many stories about the national statistics and gets buyers thinking there are a ton more homes to hit the market, or a significant decline in prices coming. The former is not necessarily going to happen anytime soon and the likelihood of the latter happening in our market this year is extremely slim. As much as buyers may not want to hear this, the rise of mortgage interest rates has not slowed down demand.

The sellers of this townhouse were very pleased to have two offers to chose from that exceeded their expectations. If all goes according to plan, which is the most probable outcome, it will close the first full week in February.

When you are ready to sell your Braemar townhouse, let’s talk about how you can lift buyer enthusiasm on your property and get the max the market will allow. 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 2022 (4th Quarter)

Reflection Series Home

Braemar Reflection Quarterly: October-December 2022 (4th Quarter)

Welcome to another edition of the Braemar Reflection Quarterly. This report focuses on the semi-detached/semi-attached homes located on Tarvie Circle behind Safeway. These homes are attached to one neighbor and only at the rear load garage.

Unfortunately, for the second report in a row, there were no Reflection homes that sold in Braemar. Not at all unusual considering these homes make up such a small portion of the the larger neighborhood.

Below are the updated six and twelve month data points tracked this report.

With no six month values to compare to the twelve month values, let’s just talk a bit about what is happening in the market.

Braemar is still experiencing a seller’s market. It is not the frenzied mess we saw in 2020 and 2021. However, supply is still not meeting demand. Sellers who price their homes right, prepare them for market and hire a listing agent that markets them professionally, are getting great outcomes. The pitfall for sellers right now is that so many are still stuck in the mindset of the ten percent over list price offers, and multiple offers, that they are overpricing their homes despite changing behavior of buyers.

Buyers are acting much more deliberately since mortgage interest rates have climbed up a bit and threaten to climb more. However, properties that lift buyer enthusiasm are still hitting values consistent with upward growth.

Just the other day, I placed a Braemar townhouse on the market. Since then, there have been ten showings scheduled. I will not be surprised if the sellers have more than one offer to choose from, but I don’t think setting an offer deadline is in order at this time.

If you have been considering what the sale of your Braemar home may mean in 2023, get in touch with me for your complementary consultation. It is one of my greatest business pleasures to get my Braemar neigbhors the top of whatever market in which they are selling. 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 Listed: End Unit, Garage Townhouse in Braemar at $458,000

Just Listed: End Unit, Garage Townhouse in Braemar at $458,000

Is January a good time of year to list your Braemar home? Most sellers tend to believe that warm weather, greening grass, budding trees and flowers in bloom are the first markers of a “spring” real estate market. Let this Top Producing Braemar Listing Agent tell you, our market is more or less, a year round market. Spring pops into action right after the year end holidays.

This end unit townhouse at 10158 Pale Rose Loop, just hit the market on January 13th (2023.) In less than two hours on the market, it had three scheduled showings. Buyers are most certainly out looking for homes and this one has a lot to offer.

Starting with the open floor plan on the main level, with an east facing living room that streams with morning sunlight and the updated kitchen at the opposite end of the floor, this is where every day living happens. The cook will enjoy gas cooking, plenty of granite counter space, under cabinet lighting and LVP flooring that is not hard to stand on for long periods of time. The breakfast nook is a perfect dining area and has a gas fireplace. Maybe you would prefer to make this is a sitting area. And the deck is perfectly located for warm weather cook outs.

Upstairs are the bedrooms and full bathrooms. Owner’s bedroom has two closets, one of which is walk-in. The other closet has been light and bright with tape lighting, making it even brighter than the walk-in closet.

Behind a sliding barn door is the refreshed owner’s bathroom. Modern furniture-like vanity, seamless shower, soaking tub and cubby cabintry make this space spa-like.

Down the hall, a second full bathroom sits between the west and east facing ends of the townhouse. Second and third bedrooms both face east.

Basement level is where your garage enters adjacent to the front door, two story foyer. Go up a flight of stairs and down another and you are in the family room in the basement. A cozy recreation space has a walk out exit, and around the corner is a hallway that takes you past the laundry area and to another half bathroom. That’s one of the must have features of a three level townhouse in my world…at least a half bathroom on every level.

This townhouse is being held open on Sunday, January 15th from 1pm-3pm. Stop by and see it for yourself or take in the 3-D interactive tour by clicking this link. Based on the enthusiasm in the market for this one already, it may not make it through a full week on the market.

If you don’t have an agent, but would like to be partnered with one to be able to act quickly on this home, please get in touch with me. As a matter of business practice, I do not practice dual agency, but I can connect you with an experienced agent in our Long & Foster’s Gainesville office that will fit your style and needs. 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 2022 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2022 (4th Quarter)

Here we are mid-week into the second full week of 2023. January is an exceptionally busy month for this Top Producing Braemar Real Estate Agent. Having made a committment to bring the neighborhood market reports quarterly and bi-monthly, January is a time where they are all “due.” I’ve said many times that the job of a real estate agent is only as serious or intense as they want it to be. No one tells us how to run our businesses. I produce these market reports because I love details and staying informed of our neighborhood real estate market. And while these are happening in the background, I’m still taking on listings and buyers as is typical for this time of year. Spring happens early in real estate.

Today I bring you the latest Braemar Piggyback Quarterly. Piggyback townhouses in Braemar are the only two car garage attached homes in the neighborhood. They are known as Piggyback townhouses because they are attached side to side and back to back. They have no rear yards, as traditional townhouses do. However, what they lack in outdoor living space they certainly make up for with the size of the bedrooms inside.

During the last three months of 2022, only one Braemar Piggyback home sold. The details of that sale are listed below.

This sale was one in which listting agents were changed and a second attempt at the high list price of $469,000 was made. After forty-four days on the market between the two listings, the home finally went under contract. Based on other reports I have done thus far for the fourth quarter, this is a long time to go under contract. Not surprisingly, it sold well below original list price.

Taking that sale and combining it with all the Braemar Piggyback sales for all of 2022, the six and twelve month data points that are tracked in this report are updated as seen below.

For the first time in a long time, the six month average and six month median sold prices have fallen below their respective twelve month sold prices. This indicates that prices of Braemar Piggyback townhouses have softened. This may be the start of decreased values, or a blip on the radar. Only time will tell. The rise of mortgage interest rates hasn’t helped.

Seller subsidy still shows zero down the line. This means that no Braemar Piggyback townhouse seller in the entire past year has given any closing cost help. That is rather impressive.

Marketing time is increasing when you see the steep increases in the six month average and six month median days on market compared to their corresponding twelve month values. In a market that started to build inventory in the fourth quarter, perhaps Braeamr Piggyback townhouses were not as desirable as traditional townhouses to the buyers in the market.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about a month. And despite the rise of mortgage interest rates, you may just get away with not having to give closing cost help. Obviously, the days of multiple offers from frenzied buyers has past. Pricing right, being properly prepared for market and professionally marketed as more important than ever to create buyer enthusiasm for your listing.

The next Braemar Piggyback Quarterly will be out in April. Until then, if you want to investigate what the sale of your home would mean in 2023, it is never too early to reach out for a complementary consultation. It is most utmost pleasure to bring my years of experience and well honed skills to your home sale. Since 2005, No One Knows Braemar Better!

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

Braemar Patio Quarterly: October-December 2022 (4th Quarter)

Braemar Patio Quarterly: October-December 2022 (4th Quarter)

Happy New Year! I hope that 2023 is treating you all well so far. With 2022 behind us, it is time for another Braemar Patio Quarterly, detailing sales of the Patio homes in our neighborhood. Braemar Patio homes are two level, quad style attached homes with an attached neighbor on the side, corner and back. They are all end units and enjoy a side yard that can be privacy fenced if the owner wishes.

During the last three months of 2022, only one Braemar Patio home sold. Details of that sale are listed below.

What is good to see is that this Braemar Patio home got its full list price after being on the market for only nine days. What is disappointing to sellers that there was a closing cost credit (seller subsidy) in the amount of $11.225. As mortgage interest rates have increased and home prices have done nothing more than slow their rate of increase, a lot of first time buyers are finding themselves needing seller subsidy in order to make a deal happen.

Combining this sale with all the Braemar Patio home sales from 2022, the six and twelve month data points followed in this report are updated as seen below. You will notice immediately that the six month average and six month values are identical. This is because the only Braemar Patio home sale in the past six months has been the one above. Nonetheless, we’ll see how it compares to the entire year’s worth of sales.

Starting with the sold price column, we see that this most recent sale is higher in value than the both the twelve month average and median sold prices. This is consistent with what I am seeing throughout the market, which is a more measured rate of increase in values. Our market is not crashing and does not yet favor buyers. Quite the opposite. It is technically a seller’s market. The buyer frenzy has just cooled due to the increase in mortgage interest rates.

Seller subsidy obviously increased significantly in this sale compared to the twelve month values. We will see what the first quarter of 2023 bears out with respect to this. Only then will know if it is a trend, or one off event.

Days on market was only two days longer in the most recent sale, compared to both twelve month values. Single digit days to go under contract is still phenomenal.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or less. We are likely to see more homes coming on the market as we march into spring. Calendar spring happens a lot later than real estate spring, which is gearing up right now. You could also expect that a buyer may need closing cost help. However, if you price your home right, have it properly prepared for market and hire a professional, local marketing agent like myself, you can lift buyer enthusiasm to a point where you may be able to negotiate closing cost help away, sell over list or even get a couple of buyers bidding on your home.

The next Braemar Patio Quarterly will be out in April. Until that time, if you would like to know what a sale would mean for you this year, it is never too early to reach out and schedule a complementary consultation. Helping Braemar sellers is my pride and joy. It gives me tremendous satisfication to put my considerable skill set and eighteen years experience to work to get you the top of the market. Since 2005, No One Knows Braemar Better!

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

Braemar Condo Quarterly: October-December 2022 (4th Quarter)

Braemar Condo Quarterly: October-December 2022 (4th Quarter)

Happy New Year, my fellow Braemarians! Here’s hoping that 2023 has gotten off to a fantastic start for all of you. Today, I bring you the latest Braemar Condo Quarterly, focused on the last quarter’s activity in 2022.

Every time I publish one of these condo reports, there is inevitably a reader that is stunned to know that there are condos in Braemar. The connotation of a condo for many is that of a flat, or apartment, you own in a larger building. In reality, condo is really a form of ownership, not the type of structure. The condos in Braemar are townhouse structures…some with garages and others without. However, they were incorporated at the state level as condominium ownership. These townhouse style condos are legally known as the Barrhill at Inverness Village Condo.

During the last three months of 2022, there were only two Braemar condos that sold. Details are listed below.

A quick glance at these sales and I notice that both were interior units, both had garages and both sold in single digit days. While they were both listed at the same price, one did sell for five thousand dollars more. However, when you notice that the higher sale gave five thousand in closing cost help (seller subsidy) to the buyer, it turns out they both sold for the same net sold price.

Taking these fourth quarter sales and combining them with the entire year’s worth of Braemar condo sales in the neighborhood, the six and twelve month data points tracked in this report are updated and still narrowly reflect upward growth.

Starting in the sold price column, both six month sold prices are just slightly above their respective twelve month value. The leaps and bounds of value growth is no more. Supply and demand still indicate we are in a seller’s market, but the frenzy is over. Right now, our market is beginning to stablize where values are concerned.

Seller subsidy is becoming more commonplace again in contract negotiations. The six month average value being higher than the twelve month average tells us that. However, better news is that both median values remain at zero. That means that more than half of Braemar condo sellers in both time frames have given no closing cost help.

Days on market has changed very little and is one of the more prominent places where we can still see the seller market conditions on full display. When a Braemar condo hits the market, it doesn’t last long.

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 expect to get closing cost help requests from buyers as mortgage interest rates are still lingering around six and seven percent. In some circumstances, a Braemar seller may still receive multiple offers, but those days are no longer the norm.

The next Braemar Condo Quarterly will be out in April. Between now and then, if you have been thinking of moving up from your Braemar condo, don’t hesitate to reach out for your complementary consultation. Helping Braemar sellers increase buyer enthusiasm through proper pricing, listing preparation and professional marketing is what gets my sellers top of whatever market conditions happen to be. 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 2022

Braemar Townhouse Report: September-October 2022

The day after Thanksgiving is one I used to dread when I worked in fine jewelry retail. Black Friday deals would bring throngs of shoppers to the counter. Obviously, fine jewelry retail is a job in which each customer must be handled individually, with careful attention to controlling the items you are showing. It is not a place for impatient shoppers. However, here is a pro-tip for anyone that may get sucked into Black Friday deals on diamond stud earrings. They are crap diamonds full of noticeable flaws and are yellow in color. Personally, I always found white sapphires a better value. Visually, no one can tell a difference and at least they are real gemstones. You truly get what you pay for in this world, and the lesson applies to everything for which you are shelling out money. The perception of saving money is often greater than the cost realized with sub-standard items, service, etc. Boy does it apply big time to listing agents.

Rather than spending the day amidst the frenzy of consumers at shops, I am more than happy to be working as your Braemar real estate resource again, bringing you the latest Braemar Townhouse Report. This particular report focuses on the sale of traditional townhouses in our neighborhood. Breaking that down one step more, traditional townhouses are three levels, have a back yard and are not condo ownership.

There were nine Braemar townhouses that sold between the months of September and October. Details of those sales are listed below.

At a quick glance, only one third of the townhouse sold below their original list price. Original list price is used for this report, not list price at the time something went under contract. It is an important distinction to note. And the three townhouses that sold below their list prices also took the longest to sell. For sure, the first townhouse owner had outlandish ideas of what their townhouse was worth on the open market if they sold seventy-five thousand dollars below their original list price. Others were closer. Another thing immediately evident is that two-thirds of sellers gave seller subsidy (closing cost help.)

Taking these most recent sales and combining them with the Braemar townhouse sales dating back to November 2021, the six and twelve month values tracked in this report are updated as seen below.

Starting with the sold price category, it is great to see that both the six month sold prices are higher than their corresponding twelve month sold prices. Values are still trending up, just not by leaps and bounds. The gap between each set of sold price values this report, is closing compared to last report. Buyer behavior has changed with the increase of mortgage interest rates, but market conditions measured by the number of buyers compared to the homes available for them to purchase is still considered a seller’s market.

Seller subsidy is most certainly rising in the six month and twelve month average values. Many buyers are requesting closing cost help to assist with mortgage rate buy downs. Heck, some sellers are offering it vs. lowering list prices. (This is a strategy that will cost you regardless whether buyers need it or not.) In our current six and twelve month median values we find that more than half of sellers in each time frame gave nothing in seller subsidy. If future sales follow the same trend as those this report, the median values will soon be repeating values other than zero in this column.

Days on market are ticking up. Again, this goes with the change in buyer behavior. The frenzied behavior we saw in 2020 and 2021 that led to quick sales after multiple offers with no contingencies is over. Buyers are acting much more deliberately. They are less enthused about piling on in a multiple offer scenario and taking the time to mull homes over before rushing to write offers. All in all, the marketing times are still representative of a seller’s market.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You could also expect that a buyer would request some closing cost help. Finally, it is more likely you will be dealing with one buyer at a time. However, gets buyers excited about your home involves making sure it is well prepared, properly priced and professionally marketed. Even outside of multiple offer scenarios, buyer enthusiasm is ultimately where sellers tip negotiations in their favor.

The next Braemar Townhouse Report will be out in January. Between now and then, I wish you every happiness the year end holiday season has to offer. Of course, if the need to list arises between now and then, as it did today for Braemar townhouse sellers that reached out on this holiday weekend, do not hesitate to get in touch. My business is open year round. I am always delighted to get my Braemar sellers the top of the market when they sell. 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 2022 (3rd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: July-September 2022 (3rd Quarter)

The Braemar real estate market is shifting as mortgage interest rates climb. Suprisingly, home values, while not steeply increasing as they had done since 2020, are still seeing upward growth. In this edition of the Braemar Reflection Quarterly, the focus is on the semi-attached/semi-detached homes located off of Tarvie Circle.

During the third quarter of 2022, there were no Reflection homes that sold. Having no Reflection sales to report is not that unusual. These homes make up a very small percentage of homes in our overall Braemar community. What is new information is the updated six and twelve month data points tracked in this report. This is information based on two sales in the past year.

Starting with the sold price column, the six month average and median values are higher than the corresponding twelve month values. Completely in line with what I am finding throughout the vast majority of my Braemar market reports thus far. Home values have not begun to drop at this point in our market shift. We are really just seeing more deliberate actions by buyers. They are not prone to acting in a frenzied manner.

Seller subsidy (closing cost help to buyers) was zero down the line. While this also the majority of cases in Braemar sales recently, as mortgage interest rates increase, this will likely become a request from Braemar buyers who are looking to buy down their mortgage interest rate.

Days on market was single digits down the line. Had there been more recent sales in the third quarter, they would likely have shown about two weeks on market before going under contract.

If you placed your Braemar Reflection home on the market, priced to current conditions, you would be looking at approximately two weeks marketing time. You are also not likely to be dealing with multiple offers, but one buyer at a time. Waiving contingencies is not a thing anymore. Buyers are coming in with inspection contingencies, appraisal contingencies, and in some cases, home sale contingencies. As the market shifts, it is going to be more critical to get back to the basics and not assume any house will sell despite marketing or preparation. Proper pricing, preparing your home for market and making sure it is professionally marketed will all lift buyer enthusiasm.

The next Braemar Reflection Quarterly will be out in January. Right now, it looks like there may be no sales to report, but there is still time. Don’t be surprised if this report turns into a semi-annual report if that trend continues.

Between now and January, if you have a need to sell your Braemar home, get in touch with me for a complementary consultation. We can discuss your potential takeway from the current market, how long it would take to achieve that and what projects would be advised prior to list. It is always an honor to help my Braemar neighbors. 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 2022 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2022 (3rd Quarter)

Daylight is leaving us earlier and earlier these days. That’s the one thing I really don’t like about entering the month of October. However, the thing I dislike about this month is the very thing that makes this the perfect month to celebrate Halloween. You have to take the good with the bad.

In this edition of the Braemar Piggyback Quarterly the focus is on our third quarter neighborhood real estate market as it pertains to our two car garage townhouses, attached side to side and back to back. Let’s dive right in.

From the beginning of July to the end of September, there was only one Braemar Piggyback home sale. Details are listed below.

July and August in 2022 reflected our Northern Virginia seasonal norm, reduced buyer activity during summer vacation months. It is not surprising to see it took the Braemar Piggyback townhouse above just over two weeks to sell. It is disappointing to see that it sold below its list price. Two weeks on the market probably felt like an opportunity to buyers who were used to losing homes within twenty-four hours on the market.

Taking this third quarter activity and combining it with all the Braemar Piggyback sales going back to the fourth quarter of 2021, the six and twelve month data points tracks in this report are updated as seen below.

Starting with the sold price column, it is still comforting to see both the six month average and six month median sold prices are above their corresponding twelve month values. While our market was undergoing a shift in buyer behavior, values are still on an upward trajectory.

Seller subsidy (closing cost help to buyers) has been a non-starter for buyers looking to get under contract in an inventory limited market. This report shows no change in average and median seller subsidy given in any value. Oddly enough, our twelve month average seller subsidy was four hundred dollars last report too.

Despite the fifteen days on market experienced by the most recent sale, the days on market average and median values are still showing single digits down the line. This may start getting longer, but not overnight. The steep increase of mortgage interest rates is likely motivating as many buyers to get under contract soon, as it is slowing others down.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also expect to give nothing in seller subsidy, but don’t be surprised if buyers request it now that mortgage rates have effectively doubled since the beginning of the year. The days of multiple offers is gone and buyers are no longer having to waive contingencies. However, that does not mean that you can’t get a great price and seller favored terms when selling. With demand continuing to outpace supply, sellers still have the advantage. It is just even more important to make sure your home is priced right, properly prepared and professionally marketed to lift buyer enthusiasm.

The next Braemar Piggyback Quarterly will be out in January. Between now and then, I wish you all the best as you celebrate the year end holidays. However, if the need arises to sell, don’t push off the conversation until spring. Our real estate market in the fourth quarter can be a very powerful one and has been for the seventeen years I’ve been selling. Get in touch with me for a complementary consultation for the most accurate inforamtion on our market so you can evaluate what is right 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