Braemar Patio Quarterly: January-March 2023 (1st Quarter)
Here comes another gorgeous day in Bristow and another Braemar real estate market report. No matter how nice it is outside, sometimes a Top Braemar Real Estate Agent like myself just needs to get the job done. While bringing you market reports is self-imposed work, it is just as important to me as writing an offer or putting in a new listing. When I moved to Braemar in 2005, I made the decision shortly thereafter to make myself an expert in this neighborhood. I take that committment very seriously.
Today the focus is on the sales of Patio homes in Braemar. These properties are also known as quads. The homes are attached side to side and back to back, each being an end unit. They offer two levels with very generous sized bedrooms and tons of storage. There are one car attached garages on each one and a fenceable side yard.
Unfortunately, during the first three months of 2023, there were no Braemar Patio homes listed for sale. As you may have heard, there is a severe inventory shortage in our area. The first quarter of the year has been extremely limited with what is available for the overwhelming number of buyers in our market to purchase. The year initially started with the same buyer behavior we saw in the latter half of 2022. Buyers were reluctant to jump quickly to write offers as they had been doing in early 2022, and all of 2021 and most of 2020. However, in February buyers seemed to come out of that fog of deliberation and were ready to act quickly and decisively on properties listed. Buyers have become accustomed to our mortgage interest rates in the sixes as the new normal.
Just because there were no Braemar Patio home sales in the first quarter does not mean that we do not have new data available to review. The six and twelve month data points tracked in this report were updated when the first quarter’s worth of sales from 2022 were dropped from my running twelve months of Braemar Patio home sales.
Starting with the sold prices, it is not unexpected to see both six month Braemar Patio home sold prices above their respective twelve month sold prices. Values continue to push up as high buyer demand continues. If you felt you missed out on the 2020-2022 seller’s market, you have not.
Seller subsidy (closing cost help to buyers) is an area that has fallen to the buyer’s advantage according to these updated figures. Both six month values are substantially higher than their corresponding twelve month values. Though buyers have gotten used to higher mortgage interest rates, home affordability is a real problem buyers are facing, particularly first time home buyers, which is the primary demographic for these Patio homes in Braemar. My philosophy when it comes time to list is to not offer anything, but let buyers tell you what they require to make a deal.
Days on market is obviously stable at nine days down the line. Braemar Patio homes hit a sweet spot for many buyers looking in the price ranges around $450,000. These homes don’t last long on the market.
If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could get yourself in the best negotiating position possible for seller subsidy requests and any other offer term by doing three things: 1) price right, 2) properly prepare for market and 3) make sure your home is professionally presented. A full time professional in the neighborhood like me will help with all three of these goals with the strategy to lift buyer enthusiasm.
The next Braemar Patio Quarterly will be out in July. Between now and then, you can reach out anytime to find out what your specific home’s value in our current market would be. It is never to early to have a conversation about the market and how to prepare to list. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate