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

Posted on April 17, 2023 by cacleland

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

What a gorgeous spring day! It makes Monday seem all the more happy. Then again, Mondays are my favorite days of the week. There is something wonderful about the start of a new week, particularly after a busy weekend showing properties and attending home inspections.

Today I bring you the latest Braemar Piggyback Quarterly. This report focuses on the two car garage, back-to-back and side-to-side attached townhouses in our neighborhood. The first quarter of the year started a bit slow, but saw the return of the buyer frenzy in February. Let’s dive right in.

During the months of January, February and March, there was one Braemar Piggyback townhouse that sold. It listed for $445,000, but sold for $435,000. Details of this sale are listed below.

Maybe you are wondering, if the buyer frenzy returned in February, why did this Piggyback townhouse in Braemar take twelve days to sell and get $10,000 less than list price? Well, this listing hit the market on January 19th. Buyers were still slower to act at that time. And the house itself was fairly basic with carpeting throughout, basic kitchen counters and no updates to the bathrooms.

Taking this Piggyback townhouse sale from the first quarter and combining it with the sales from the second, third and fourth quarters of 2022, the six and twelve month data points tracked in this report are updated. Let’s take a look.

Starting with the sold price column, it is not great news to see both the six month average and six month median sold prices dipping twenty thousand or more below their respective twelve month values. This is the second report where we have witnessed this decline. There is no question that the sales that happened in the last six months represent that time of slower to act, more cautious buyers. It is my hope that the second quarter report will show slightly less of a dip comparing six month values to the twelves. The market is really fantastic right now for any Braemar Piggyback townhouse owner looking to sell.

There is great news in this report and it is contained in the seller subsidy column. Seller subsidy is closing cost help that buyers negotiate from sellers. Seeing zero down the entire column is unexpected. Buyers have been pinched with high prices and higher mortgage interest rates. This is a result of the very low inventory that buyers have to choose from. They may have been slow to act, but there was little for them to pick from, putting them in a spot where they needed to please the seller to have their offers chosen.

Days on market does reflect the delay in buyer actions we saw in the latter half of 2022 and the first month of 2023. Both six month marketing times are much higher than their corresponding twelve month values. Watching the inventory in Braemar and the surrounding area, it seems this is not the case at the moment. Buyers are acting quickly and decisively right now. They have most certainly grown accustomed to the higher mortgage interest rates and are ready to make deals.

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 two. If you were properly priced, well prepared and professionally marketed, not only could you avoid seller subsidy requests, you could end up in a multiple offer situation. Buyer enthusiasm about your listing is what gets sellers the top of the market.

The next Braemar Piggyback Quarterly will be out in July. Between now and then, if you are considering taking advantage of our seller favored market, please don’t hesitate to reach out and find out what your home is worth. It is my pleasure to put my considerable experience and expertise in our neighborhood to work for my Braemar sellers to ensure they get every penny the market will bear. It starts with a conversation. 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)

Posted on January 11, 2023 by cacleland

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!

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

Posted on October 11, 2022 by cacleland

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.

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

Posted on July 17, 2022 by cacleland

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

The second quarter of 2022 came to a close over two weeks ago and I am just sitting down to write this Braemar Piggyback Quarterly market report. If I had a whole bunch of things going on in my personal life precluding me from doing this task, that would be one thing. The reality is that the market that I keep hearing tales of crashing is keeping me intensely busy. In this edition of the Braemar Piggyback Quarterly we look back to the months of April, May and June to track the homes sold and compare our updated six and twelve month market markers. Should be interesting as this time frame was when we saw mortgage interest rates jump up just under six percent.

For those who do not know what a Braemar Piggyback townhouse is, they are the only two car garage option buyers have in attached homes in our neighborhood. These townhouses are attached side to side and back to back. What they lose in having a back yard is more than made up for in larger bedroom sizes than you would find in a traditional townhouse.

During the second quarter, four Braemar Piggyback townhouses sold. Details of those sales are seen below.

At a glance, these all look like very healthy sales. Only one of the four didn’t sell above list price. None gave seller subsidy, more commonly known as closing cost help to buyers. And they were all under contract in less than one week. It is when the six and twelve month data points are pulled from the Braemar Piggyback sales going back to the third quarter of 2021 that we get to see which way our market is trending.

Starting in the sold price column, we still find both the six month average and six month median sold prices are higher than their respective twelve month values. However, the lift from the six month to the twelve month values is not as high as it was last report. This is consistent with what I am hearing from trustworthy experts and seeing with my own eyes. Inventory is still not meeting demand, but rising mortgage interest rates has tamped down the rampant buyer frenzy. Homes are still going to be gaining value, but not in the leaps and bounds they saw since 2020. We are now looking at more measured growth. Braemar Piggyback townhouses are still gaining value.

Seller subsidy has not been a factor for Braemar Piggyback sellers except for one out of ten in the last twelve months. This actually surprises me a bit. As mortgage rates have increased, I have noticed sellers elsewhere offering some closing cost assistance toward mortgage rate buy down. It is certainly the exception and not the rule right now. It will not surprise me to see seller subsidy come back as we move through the rest of the year. However, my feeling is that it will be modest amounts we see.

Days on market shows a trend of decreasing marketing times. Just when you thought Braemar Piggyback townhomes couldn’t go under contract any faster, they are. The six month average marketing time decreased one day compared to the already super fast twelve month marketing time. And the six month median marketing time is the lowest you can go at one day, compared to the twelve month median marketing time of four days.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect to go under contract in less than a week. These numbers indicate you could expect to give nothing in closing cost help. As stated above, my gut tells me we will start seeing modest requests from buyers struggling with affordability as mortgage rates rise. You could also expect that, even though demand is still high and inventory is low, buyers are acting much more deliberately now. They are not in a frenzy. Multiple offers, while happening on some properties, is not something you can bank on. Buyers are also no longer waiving inspections or offering low appraisal guarantees. The market is steadying out to more typical buyer behavior.

As market conditions shift, the way to top of market price is still the same equation as it has always been. Proper listing preparation and professional marketing are what drives buyer enthusiasm. When buyers are excited about what they see online, and it matches what they find in person, they are more likely to act quickly and decisively. Having a top notch negotiator on your side who knows true market conditions is just as important. Already, I am seeing my sellers getting offers from buyer agents spewing doom and gloom. My sellers are able to cut through that nonsense and negotiate from a position of what is actually happening.

The next Braemar Piggyback Quarterly will be out in October. Until then, if you want to investigate the sale of your Piggyback townhouse, get in touch to schedule your complementary consultation. Since 2005, No One Knows Braemar Better!

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

Posted on April 13, 2022 by cacleland

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!

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

Posted on January 2, 2022 by cacleland

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!

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

Posted on November 9, 2021 by cacleland

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

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

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

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

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

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

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

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

The next Braemar Piggyback Quarterly will be out in the New Year. Until then, if the need arises to sell your Braemar Piggyback townhouse, get in touch wth me to find out how elevating buyer enthusiasm through professional marketing will max your profit. Professional marketing starts with hiring a full-time, local agent. Since 2005, No One Knows Braemar Better!

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

Posted on July 14, 2021 by cacleland

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

Some dark clouds mid afternoon have given way to some gorgeous sunlight on this July evening in Braemar. It is odd to get used to evenings with full sunlight, thanks to daylight saving time. Another thing that has been hard to get used to is the crazy seller’s market that Braemar has been experiencing.

In this edition of the Braemar Piggyback Quarterly, I will look back at the sales that happened of the back-to-back townhouses with two car garages that sold in our neighborhood. I will also provide six and twelve month data points, showing us what the market has done in the shorter term.

For starters, there were five Braemar Piggyback townhouses that sold in the second quarter. Final sold prices ranged from $390,000 to $430,000 and are detailed below:

Taking these five sales and combining them with the previous three quarters of Braemar Piggyback townhouse sales, the six and twelve month values are updated as reflected below:

Starting in the sold price column, seeing both the six month average and six month median sold prices higher than their respective twelve month counterparts means that Braemar Piggyback townhouses are continuing to increased in value. Substantial growth in property values has become normal with the outrageous buyer demand and lack of inventory.

Seller subsidy is the column where we learn how much closing cost help buyers were able to negotiate from sellers. Down the line all values are in agreement at ZERO. Buyers facing multiple offer situations are having to come forth with strong offers with little to no requests of the seller. Seller subsidy requests are extremely rare these days.

Days on market is single digits down the line. The only movement seems to be in the six month average shrinking one day from the twelve month average. Piggyback townhomes are selling fast.

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 expect to give nothing in closing cost help.

The next Braemar Piggyback Quarterly will be out in October. Until then, when the time comes to sell your Bramear home, no matter what the market conditions are, the key to getting the maximum amount of the market is creating buyer enthusiasm. That is done with proper listing preparation and professional marketing. My Braemar sellers have been reaping the rewards of both for years. Get in touch with me and I’ll do the same for you. Since 2005, No One Knows Braemar Better!

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

Posted on May 1, 2021 by cacleland

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

What a gorgeous Saturday to begin the month of May. This Braemar Piggyback Quarterly was supposed to be out in April, but the real estate market has been so slammed I had a hard time coming up for air. Today is a great day to do just that and bring you up to speed on the Braemar Piggyback market. Before we begin, it is useful to inform you what constitutes a Braemar Piggyback townhouse. They are attached back to back and side to side and are the only townhouses in Braemar with two car garages.

During the first quarter, three Braemar Piggyback townhouses sold. The details of those sales are listed below:

Not very common to see two exact same list prices two months apart, yielding the exact same sold prices. Taking these sales and combining them with the previous three quarters of Braemar Piggyback townhouse sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, we see generous increases in both six month average and six month sold prices compared to their respective twelve month values. This means that Braemar Piggyback townhouses are continuing to gain in value. Exactly what we would expect to see in a seller’s market.

The seller subsidy column is where we find out how much closing cost help Braemar buyers were able to negotiate from their sellers. I am not at all surprised to see both the six month average and six month median seller subsidy figures at zero. If things keep up at the pace they have been, that twelve month average will be zero before too long. To compete in multiple offer scenarios, Braemar buyers are having to forego a lot of concessions and contingencies just to be chosen.

Days on market in the six month average and six month median are the same at five days. Both are improvements over their twelve month counterparts, but the average value is the one that got cut in half in the most recent average. Braemar Piggyback townhouses are selling fast!

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 a week. You could also expect very clean offers from buyers who will be highly unlikely to request any closing cost help.

The next Braemar Piggyback Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar home, get in touch with me to find out how being prepared and professionally marketed gets you even more than you could have imagined in a seller’s market. Since 2005, No One Knows Braemar Better!

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

Posted on January 9, 2021 by cacleland

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

As this Saturday work day draws to a close for this Braemar Real Estate Agent, I am bringing you another property value update. This installment is the Braemar Piggyback Quarterly and focuses on the fourth quarter sales of the two car garage townhouses in our neighborhood that are attached back to back and side to side. For the record, these are the only two car garage townhouses in our Braemar neighborhood, so if you have a two car garage townhouse, this report is for you.

During the last three months of 2020 there were two Braemar Piggyback townhouses that sold. The details of those sales are listed below:

Taking these sales from the fourth quarter and combining them with the entire year’s worth of Braemar Piggyback townhouse sales from 2020, our six and twelve month data points are updated as follows:

To start, the sold price column shows a very small increase in average value from the twelve month sold price to the six month sold price. On the other hand, an even smaller decrease is seen going from the twelve month median sold price to the six month median sold price. Had it not been for the most recent Braemar Piggyback townhouse sale of $370,000, I would be the first to say this is what market value stability looks like. However, it seems that we’re likely to see these two car garage townhouses in Braemar continue to push up in value as we move into 2021.

The seller subsidy column reveals a great trend for Braemar Piggyback townhouse sellers. The six month average seller subsidy (closing cost help to buyers) is at zero, down from over $3,400 average seller subsidy in the twelve month average. That means the latter half of the year, as buyers were competing for the limited inventory available, fewer asked for closing cost help. The fact that the six month median and twelve month median seller subsidy numbers are the same at zero tells us that in both of these time periods, more than half of the Braemar Piggyback townhouse sellers gave nothing in closing cost help. Even our most recent sales from the fourth quarter have zero seller subsidy.

Finally, we come to the days on market column. The already very reasonable eleven days on market found in the twelve month average shrunk to six days in the six month average. Meanwhile, the difference in the twelve month median vs. the six month median was only one day less of marketing time in the recent sales. Our market is gobbling up properties very quickly as there is hardly anything on 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 less than one week. You could also expect that would not have to give any seller subsidy at all.

The next Braemar Piggyback Quarterly will be out in April. Until then, know that Braemar homes are peaking in value this year. The year 2021 has been predicted to be one more year of low inventory and high buyer demand. We won’t know when we’ve hit the market peak until values start their decline, so if you’ve been waiting to get top dollar for your Braemar home, get in with me and let’s take a look at what the market conditions mean in a potential sale for you. 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: Piggyback Townhouses