Braemar Patio Quarterly: January-March 2023 (1st Quarter)

Posted on April 12, 2023 by cacleland

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
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

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

Posted on January 10, 2023 by cacleland

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!

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

Posted on October 10, 2022 by cacleland

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

October is one of my favorite months. There is something magical about the chill in the air and the leaves changing colors. October is also a busy month for this Braemar Real Estate Agent. As soon as the third quarter comes to a close in September, it is time to roll out my quarterly Braemar property reports. Today’s report is the Braemar Patio Quarterly, focusing on Patio homes in our neighborhood. Patio homes are two level, one car garage homes with side and back attached neighbors. They are the quad-style townhouses in our neighborhood.

During the third quarter, which encompassed the months of July, August and September there were no Braemar Patio homes sold. However, as the year’s worth of Braemar Patio home sales now drops the third quarter of 2021, the six and twelve month data points are updated as seen below.

At first you may be alarmed that the six month value points for sold price have fallen below their corresponding twelve month values. Don’t be panicked by this. There was only one Braemar Patio home that sold in the six months measured in this report. It’s sold price is the only value we have for each six month sold price. In my last Braemar Townhouse Report, values were still trending up for similar home types and similar prices, so I suspect we’ll see more of that if we have more Braemar Patio home sales to report in January’s fourth quarter wrap up. At present, there are none on the market or under contract.

Seller subsidy is something that has been making a come back as mortgage interest rates have been rising. It’s not something that has yet to be recorded outside of average values. It will be a more normal occurrence when it hits the median values. Median values are a reflection of what the middle value is a string of numbers is. At zero, it means more than half of Braemar Patio home sellers have given none in twelve months. Remember, the six month value is only one sale.

Marketing time is still low and has been in other reports I’ve prepared. Even though conditions have shifted, we are still in market with more buyers than there are homes for them to purchase. That means conditions still favor sellers. You can read this post about how the shift is impacting sellers.

If you placed your Braemar Patio home on the market, priced to current conditions, you would be a stand out listing. As mentioned, there are none of these homes on the market right now and they are among my favorites for townhouse buyers. They offer so much storage for buyers not put off by the lack of traditional back yard. You would likely be under contract in two weeks or less. And you may have to face seller subsidy requests, but if your home was properly priced, well prepared and professionally marketed, the odds of avoiding it increase. It all boils down to creating buyer enthusiasm.

The next Braemar Patio Quarterly will be out in January. Until then, I do hope you enjoy your year end holidays. And if you need, or want to sell your Patio home before the end of the year, don’t hesitate to be in touch. The urgency to get find a home before mortgage rates go even higher is top of mind with serious buyers. Buyers are always out in the fall market, but not all agents understand the benefit of our year end selling season. Get in touch and let me tell you all about it. Since 2005, No One Knows Braemar Better!

Braemar Patio Quarterly: April-June 2022 (2nd Quarter)

Posted on July 15, 2022 by cacleland

Braemar Patio Quarterly: April-June 2022 (2nd Quarter)

July is a busy month for this Braemar Real Estate Agent. It is one of the months that my quarterly market reports, semi-annual market reports and my bi-monthly market reports are all due. Is there anyone holding me accountable for their due date? Yes. ME! Preparing and sharing Braemar real estate market reports is something I choose to do. It is a commitment I made in 2005 to stay on top of our neighborhood market and to keep my fellow Braemarians informed of it. That type of accountability is what makes me a top producing agent. And if I am this dedicated to my market reports, imagine how strongly I advocate for my clients.

Today’s market report is the Braemar Patio Quarterly. Patio homes in Braemar are the two level attached homes that are also known as quads. They are attached on the side and at the back and have a one car garage. Unlike traditional townhouses, they have no back yard, however, they do have side yards that be fenced in for privacy. What they have a lot of is storage space. They also have very generously sized bedrooms. Of the two floor plans offered by the builder, one of them offers a main level bedroom and full bathroom. What a great option for buyers looking to downsize and age in place, or a multi-generational family with an elder that can not handle stairs.

During the second quarter of 2022, there was only one Braemar Patio home that sold. One of those main level bedroom floor plans. The details of that sale are listed below.

What is great to see is that it sold for list price, gave no seller subsidy (closing cost assistance to the buyer) and was under contract in just over a week. Taking this second quarter 2022 sale and combining with all the Braemar Patio home sales that have happened since the third quarter of 2021, there is an entire year’s worth of sales from which I pull out updated six and twelve month data points. This is where we find our market trends.

Starting with the sold price column, having both the six month average and six month median values higher than their respective twelve month values is a good thing. However, there’s been a slight dip in the lift the six month values have over their twelve month values since last report. At worst, values have slipped a tad. At best, they are holding steady. We’ll know a lot more come October when the third quarter report is out. The steep increase in mortgage interest rates in the second quarter undoubtedly is playing a hand in what we are seeing. The most likely buyer for Braemar Patio home is a first time buyer. These are the buyers most affected by the squeeze of rising prices on one end and rising interest rates on the other. Another symptom of this is evident in the next column as well.

Seller subsidy is more commonly known as closing cost help to buyers. Going through 2020 and 2021, seller subsidy was more rare. Well, it is making a come back in some price ranges. Here in the Braemar Patio Quarterly we see that the six month average seller subsidy and the six month median seller subsidy are higher than they were last report. Significant amounts of closing cost help in both time frames are contributing to it. One sale out of three in the last six months, and three out of eight in the last twelve months gave seller subsidy. Still, more than half of Braemar Patio home sellers in both time frames gave none. Odds still favor not giving any, but the real estate market is not fueled by luck. First time buyers with those affordability problems are helped tremendously by seller subsidy when used toward interest rate buy downs. This may become something sellers offer if values continue to increase. There is only so much squeezing at both ends a first time buyer can take before they have to pull out of the buying market all together.

Days on market is still very fast. The six month average marketing time is faster than the twelve month average marketing time by three days. Meanwhile, the median values in both time frames are holding steady at five. Clearly, buyers are still outnumbering homes available and are gobbling them up when they hit the market. July and August tend to be slower times of the year, despite the common belief that the best time to put your home on the market is when school is out. That’s when families go on vacation! I point this out because our marketing times may increase due to this seasonal disconnect between buyers and sellers.

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 should also not be surprised if a buyer requests seller subsidy. You are likely to see a lot of traffic, but will be lucky to get two offers. Buyers are acting much more deliberately now. The days of the frenzied multiple offer scenarios are gone. Home inspection contingencies are back. And low appraisal guarantees have disappeared. The market is normalizing, but still favors sellers.

The same principles always apply, despite market conditions. Hire an agent that will give you the best preparation advice to make the home appeal to the broadest range of buyers. Make sure it is professionally marketed. Buyers don’t get excited by crooked, dark or blurry photos they see online. Relying on market conditions is not the way to the top of the market. Favorable first impressions are what drives buyer enthusiasm. Having an experienced, local agent that knows your value proposition in the market and can negotiate strongly for you is the second half of the equation.

The next Braemar Patio Quarterly will be out in October. Until then, if you want to investigate what a sale would mean for you before the end of the year, get in touch for your complementary consultation. Professional marketing of your home is essential in getting the absolute best terms the market will bear. I’ve been doing that for my Braemar sellers for a very long time. Since 2005, No One Knows Braemar Better!

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

Posted on April 9, 2022 by cacleland

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!

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

Posted on January 1, 2022 by cacleland

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!

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

Posted on November 8, 2021 by cacleland

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!

Braemar Patio Quarterly: April-June 2021 (2nd Quarter)

Posted on July 12, 2021 by cacleland

Braemar Patio Quarterly: April-June 2021 (2nd Quarter)

Another day, another quarterly Braemar property report. The Braemar Patio Quarterly focuses on sales of Patio homes in our neighborhood, also known as the two story quads. In this edition, the second quarter of 2021 is covered in detail, starting with the Patio homes sold.

There were three Braemar Patio homes that sold between April and June. All three had a main level bedroom and bathroom. Only one was less one full bathroom on the upper level. Details of all three sales are listed below:

Taking those three sales and combining them the previous three quarters of Patio home sales, the six and twelve month data points are updated as follows:

Starting with the sold price column we find that both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Patio homes have been continuing to gain value in our seller’s market.

In the seller subsidy column, we find out how much closing cost help buyers were able to negotiate from sellers. Both six month values showing zeros is not a surprise. And the only place we find something that isn’t zero is the twelve month average. One of ten Braemar Patio homes sold in the past twelve months gave $3,500 in seller subsidy. The other nine have not given anything. Buyers are having to make very strongs offers with few, if any, requests of the seller to be chosen in this seller’s market.

Days on market has been fast for the last year. The six month average actually ticked up one day compared to the twelve month average. Five or six days to sell a Braemar Patio home is super fast.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect to be under contract in less than one week. You could also expect to give nothing in closing cost help if your home is well prepared and ready for market.

The next Braemar Patio Quarterly will be out in October. Until then, if the need arises to sell your Braemar Patio home, get in touch with me. It continues to be a pleasure to help Braemar sellers get the maximum the market will allow, even a seller’s market, with the proper listing preparation and professional marketing. Since 2005, No One Knows Braemar Better!

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

Posted on April 30, 2021 by cacleland

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

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

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

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

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

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

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

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

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

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

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

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

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

Posted on January 7, 2021 by cacleland

Braemar Patio Quarterly: October-December 2020 (4th Quarter

Thank goodness the sun is shining today. Too many overcast, gloomy days and my energy is zonked. Instead, I’m alert and productive at my computer doing yet another Braemar real estate market report. Today’s installment is the Braemar Patio Quarterly, detailing the fourth quarter sales of the two level, quad style attached homes in our neighboood.

There were four Braemar Patio homes that sold in the fourth quarter. The details of those sales are listed below:

It’s nice to have a combination of main level bedroom models and ones that are all upper level bedrooms in this list. Immediately the first thing you notice is that the sold prices march up as you go down the column. You also notice not one sale gave seller subsidy (closing cost help to buyer) and single digit days on market. Of course, adding these fourth quarter sales in with the previous three quarters worth of Braemar Patio home sales for 2020, we have an entire year’s worth of data that gives us the best indicator as to what has been happening in the market.

Starting with the sold price column, we see healthy increases in both six month values compared to their respective twelve month values. This means that Braemar Patio homes are continuing to increase in value. No surprise given the intense buyer demand and limited inventory our market has been facing.

When it comes to seller subsidy, the six month average value has decreased by more than half compared to the twelve month value. More imporantly, both the six month and twelve median values are at zero. In both time frames, that means that more than half the Braemar Patio home sellers gave no seller subsidy. Another result of buyers having to compete for limited inventory.

Finally, days on market reveals a major decrease in marketing time from the twelve month average to the six month average. The six and twelve month median values are both in single digits, letting us know that more than half the sales in each time period happened quickly.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it would be under contract in less than a week, and likely, with multiple offers. You could also expect to get away with not having to give any seller subsidy.

The next Braemar Patio Quarterly will be out in April. Until then, when the time comes for you to sell your Braemar home, get in touch with me for the most comprehensive and accurate market analysis. Since 2005, No One Knows Braemar Better!

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

Selling Braemar

Braemar Real Estate Information Courtesy of Chris Ann Cleland, Associate Broker, Long & Foster Real Estate

Category Archives: Patio Homes