Braemar Townhouse Report: January-February 2023

Posted on March 14, 2023 by cacleland

Braemar Townhouse Report: January-February 2023

On this windy March afternoon in Braemar, I am finding it quite cozy to sit in my home office and prepare this Braemar Townhouse Report. As usual, it is the one that brings up the rear in my series of Braemar market reports. This particular edition focuses on the sales of Braemar townhouses in January and February and looks back at the updated six and twelve month market markers tracked in this report.

During the first two months of the year, there were six Braemar townhouses that sold. Details of those sales are listed below.

I was very happy to be the listing agent of 10158 Pale Rose Loop that you see in pink text. While it was an end unit, it did happen to be on the smaller side of what was available at the time. Getting them multiple offers and selling so quickly when we had just come off a slower paced year end, was a great result. They would have sold for more had the appraiser agreed with the original contracted sales price. Appraisers definitely hold the purse strings if you don’t have buyers who are willing to waive appraisal.

Of the six sales, only two sold above list price. Both gave seller subsidy (closing cost assistance to the buyer) and were both under contract in about a week. Three townhouses sold at (or just a hair under) list price. Only one sold below list price and it is no surprise that it was the sale that took the longest to happen. It is also the only townhouse sale to give no seller subsidy.

Combining all these sales with the Braemar townhouse sales going back to March 2022, the six and twelve month data points in this report are updated as seen below.

For the second report in a row, both six month sold price values are down compared to their corresponding twelve month sold price values. However, the gap is smaller when you compare to last report. Our Braemar townhouse market definitely softened up a bit in the latter half of the 2022, but all indications are that it is recovering from that momentary change in buyer behavior. Between having the listing on Pale Rose receiving multiple offers and helping buyers in the market in February in crazy multiple offer scenarios, I can assure you that buyer behavior is back to what we saw in 2020 and 2021. Buyers are making fast decisions and throwing everything they have at an offer to win. This means waiving contingencies and going above list price.

Seller subsidy shows higher amounts in both six month values when compared to their respective twelve month values. These numbers have gotten higher since last report, which really isn’t unexpected. With the steep increase in mortgage interest rates, and no noticeable decline in sales prices, buyers were having major affordability problems. Those hit worst have been first time buyers with no existing equity to roll into their next home. Buyers who have saved up their resources are the ones able to waive seller subsidy requests and compete in the conditions we are seeing right now.

Marketing time is still longer in both the six month values compared to their twelve month counterparts. In fact, these marketing time values are nearly identical to what we saw last report. I suspect this will be changing in future reports based on current market activity with homes going under contract so 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 so. Don’t be surprised by seller subsidy requests. The best way to avoid them and get the most seller favored terms is to lift buyer enthusiasm. Getting buyers excited about your home by pricing right, preparing your home for market to show as move-in ready as possible and having it professionally marketed have always netted the best results. Relying on market conditions alone is not a recipe for hitting top of the market.

The next Braemar Townhouse Report will be out in May. Between now and then, or anytime you want to know your townhouse’s value in our current market, get in touch with me for a personalized consultation. It is never too early to get direction on what projects should be done for the optimal market reaction when you sell. Helping my Braemar sellers reach the top of the market is my mission. 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 Sold: End Unit, Garage Townhouse in Braemar on Pale Rose Loop

Posted on February 10, 2023 by cacleland

Just Sold: End Unit, Garage Townhouse in Braemar on Pale Rose Loop

Starting 2023, the fear was that the pause that was felt at the end of 2022 in buyer behavior would be front and center. Well, when it comes to Braemar townhouses, that is not the case. January 13th was when 10158 Pale Rose Loop hit the market, priced at $458,000. Showing requests were immediate. And the open house held two days after the home hit the market was like Grand Central Station. Buyers were out and about. Several expressed interest in moving forward with an offer. What wasn’t to like? The major components had been replaced (roof, furnace, a/c, water heater) and there were updates to the kitchen and owner’s bathroom.

After five days on the market, two of the four buyers that had been interested in stepping up to make a bid had done so. The remaining two were not feeling so inclined. Considering the sellers would have been happy with one offer that met their needs, they were thrilled to have two to chose from that each hit their goals. On day six, the seller s chose one and went under contract.

The winning bid was one from owner occupants. The sellers felt strongly they did not want to sell to an investor. So all things being mostly equal on paper, they went with the owner occupant offer.

Appraisal presented a speed bump, however. The owner occupant offer had written above list price in order to net the sellers slightly more than list price after taking into account the seller subsidy they had requested. Well, the appraiser didn’t see the value at the agreed upon sales price. (Appraisers are tightening their belts and the result is more low appraisals.) Still, this end unit townhouse in Braemar did appraise for more than list. It was disappointing when the sellers were faced with lowering their sales price while the buyers could not give up any of their requested seller subsidy. What had been net gain over list price at offer acceptance was going to be a net loss from list price to continue with the owner occupants.

The dedicated listing agent I am, I rounded on the second offer. The investor buyer was still interested and would net the sellers a full list price sale, assuming that appraisal came in at list price. It would mean more time until closing and carrying the vacant home for one more month. The sellers didn’t have the stomach for bailing on the first buyers for a little more money. They stuck with the first offer they chose and today, made those owner occupants very happy when this townhouse sold for $360,000.

If you were worried about the real estate market for early 2023 in Braemar…if you have a townhouse to sell, the market will devour it. Get in touch with me to find out what your townhouse may be worth in a sale in the near future. With my many years experience and professional marketing, I will get you the top of market. Since 2005, No One Knows Braemar Better!

Braemar Townhouse Report: November-December 2022

Posted on January 25, 2023 by cacleland

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!

Under Contract After Multiple Offers in Only Six Days

Posted on January 18, 2023 by cacleland

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!

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

Posted on January 13, 2023 by cacleland

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!

Braemar Townhouse Report: September-October 2022

Posted on November 25, 2022 by cacleland

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!

Braemar Townhouse Report: July-August 2022

Posted on September 26, 2022 by cacleland

Braemar Townhouse Report: July-August 2022

Fall is settling in around the Bristow area and soon we will be delighting in a blaze of colors. The fall real estate market is a busy one for any agent who wants to be busy. It is not uncommon to have agents talk themselves out of even looking for business during the fall and winter months because they believe it is slow. Not this Braemar Real Estate Agent. I have known for a long time that our market is year round and that some of the slower months can be the summer months. Our year end market is a powerful one.

In this edition of the Braemar Townhouse Report, the focus is on the sales from July and August. Braemar townhouses, for the purpose of this particular report, are traditional townhouses with three levels and a back yard and are not condo ownership.

During the months of July and August there were only four Braemar townhouses that sold. Details of those sales are listed below.

Having only four townhouse sales to report in Braemar for the last two months of the summer selling season is profoundly odd. Since starting this report in 2005, this is the least amount of townhouses sold in Braemar during July and August. Before this, the year with the fewest townhouse sales during the same months was 2007 with five. My suspicion is that many Braemar townhouse owners that would be move up buyers, looking to get into a single family home, are daunted by the rising mortgage interest rates and simply staying put. It certainly isn’t a problem with buyer demand. Buyers are still outnumbering available inventory.

When these three sales from our current reporting period are combined with the Braemar townhouse sales dating back to September 2021, the six and twelve month data points that are tracked in this report are updated as seen below.

Sold prices are still healthy and show increases in value when comparing the six month average and six month median sold prices to their respective twelve month values. Are we seeing rapid equity growth like we did in 2020 and 2021? No. It is steadying out and becoming a more normal growth rate.

Seller subsidy (closing cost help to buyers) shows values in both of the average values. As mortgage interest rates climb and home prices also continue to increase, buyers are faced with affordability issues. First time buyers in particular are the ones hardest hit by these factors and are starting to request closing cost help to buy down their interest rates. The sale that closed on July 28th is the first example in a very long time of a buyer getting about three percent of the sales price in closing cost help. Looking the the median values both at zero, odds are in a Braemar townhouse seller’s favor that they would give nothing seller subsidy. More than half of sellers in both time frames gave none. Unfortunately, when looking back to June 20th this year, out of seven sales, four gave seller subsidy and only one of those was a low amount commensurate with I would expect to be a repair credit. The most recent sales are definitely showing an increased occurrence of seller subsidy.

As for days on market, the marketing times are still fast. Both six month values are faster than their corresponding twelve month values. Given so little inventory for sale, this is a trend that is likely to continue.

If you placed your Braemar townhouse on the market, priced to current conditions, you could reasonably expect to be under contract in two weeks, possibly less. Buyers are acting more deliberately now and we are not seeing the frenzy of multiple offers and waivers of every conceivable contingency anymore. You would be lucky to have two offers at one time. And you should not be surprised to see seller subsidy requests. These are still avoidable if your home is priced right, well prepared and professionally marketed. These are all things that drive buyer enthusiasm. One enthusiastic buyer is all you need.

The next Braemar Townhouse Report will be out in November. By looking at the MLS, I suspect I will have a lot more sales to report. And if you have been considering moving up from your own townhouse, there is a lot more to consider than mortgage interest rates. A lot of Braemar townhouse owners are sitting pretty on a pile of equity. That equates to large down payments on your next home. And as the market has become less frenetic in pace, it has become easier to navigate a sale and coinciding purchase.

Reach out and schedule your free consultation. It is never too early to start the conversation and become a well prepared seller. I can even connect you with loan programs that are being offered below market, though they are limited in availability. It never hurts to explore your options. When are you ready to make the move, I will be here. Since 2005, No One Knows Braemar Better!

Braemar Townhouse Report: May-June 2022

Posted on July 29, 2022 by cacleland

Braemar Townhouse Report: May-June 2022

Before we close out the month of July, it is my pleasure to bring you the Braemar Townhouse Report for May and June 2022. This is the last in the most recent batch of Braemar real estate market reports. What can I say? I’m a creature of habit. I started these bi-monthly reports in 2005 and published them alphabetically. “T” for Townhouse most comes after “R” for Ryan Homes. Over the years I have added quarterly reports for the townhouse-style condos, piggyback townhouses and patio homes. Each one of those may be considered a townhouse in the broadest since of the word. However, this particular report covers traditional townhouses, which to me are defined as having three levels, being attached only the sides and having a back yard.

During the months of May and June, there were seventeen traditional Braemar townhouses that sold. That’s a lot! Details of those sales are listed below.

At a glance everything looks healthy. The only Braemar townhouses that didn’t sell above their list price are the first one on May 9th and the last three on the list, which are the most recent sales. Hmm. The last three on the list also gave seller subsidy (closing cost help to the buyer) as did the May 19th sale. In fairness, two of those four amounts look as though they are in lieu of home inspection repairs or to settle walk through issues. Finally, all went under contract in a week or less except for the very last sale on June 27th.

So when these most recent sales are added to all the Braemar townhouse sales going back to July 2021, what do our updated six and twelve month market markers tell us?

Sold prices look very healthy, especially compared to last report. The lift we see in both of the most recent six month values compared to their respective twelve month values is much higher than it was last report. It’s not inconsistent with what I am personally seeing in the market. While buyers are acting more deliberately now, and less prone to frenzied behavior, there is still not enough homes to meet the buyer demand. That means we are still in a seller’s market.

Seller subsidy does appear to be staging a comeback. Not surprising given how sharply mortgage interest rates have gone up since the spring. First time buyers, the most likely to purchase a Braemar townhouse, were already feeling the affordability pinch by rising values. Now they are pinched with higher interest rates. Seller subsidy may become a more frequently seen request as buyers looks for rate buy down help. Still, it is important to note that more that way more than half of Braemar townhouse sellers gave no seller subsidy at all. If you wanted to minimize the odds of giving closing cost help when you sell, hiring an agent that helps you create the maximum buyer enthusiasm is a must. Having the home that buyers want over everything else available is where the best deals happen.

Days on market seems fairly steady and is super fast. The average days on market increased by a day in the six month average value since last report. Meanwhile the six month median marketing time fell one day. Still, the trend is both six month values, compared to their respective twelve month values this go round, is faster.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week, maybe two. The summer seems to be a time of disconnect between sellers and buyers. Sellers think, “School is out. What a great time to list!” Buyers think, “We’ve been house hunting since early in the year. Time for a break and sun in the fun while the kids are out of school.” And as discussed above, your likelihood of being asked for seller subsidy is increasing, but still avoidable if you are properly prepared and professionally marketed to get more than one buyer interested in pulling the trigger at the same time. Unfortunately, the days of a pile of offers are behind us. And we are also finding buyers less likely to waive contingencies.

The next Braemar Townhouse Report will be out in September. As we head toward the fall market please know that year end is a very powerful market. If you want to learn more about a potential late year sale, get in touch for your complementary consultation. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!

Braemar Townhouse Report: March-April 2022

Posted on May 31, 2022 by cacleland

Braemar Townhouse Report: March-April 2022

Today is one of those days where I am more than happy to sit in an air conditioned office and type up this Braemar Townhouse Report. It is brutally hot outside. As is typical in Northern Virginia, the more temperate seasons, spring and fall, tend to be short lived. Summer and winter feel like they are all but two months of the year.

Is the Braemar real estate market as hot as the weather? In this edition of the Braemar Townhouse Report we look to the sales of traditional townhouse sales in the neighborhood during the months of March and April. For the purposes of this report, a traditional townhouse is defined as one attached only on one or two sides, has three levels and a fenceable back yard.

During our current reporting period there were five Braemar townhouses that sold. Sold prices ranged from $420,000 to $520,000. Details of those sales are listed below.

A quick glance at the sales and it seems that all but one of these sales sold above list price, none gave seller subsidy (closing cost help to the buyer) and they all went under contract in four days or less.

Taking all of the past twelve months worth of Braemar townhouse sales from May 2021 to April 2022, our updated six and twelve month data points are updated. Let’s see what they reveal.

Starting with the sold price column, we see the six month average is significantly higher than the twelve month average. This suggests the continuation of very health increases. What gives me pause is that the six month median sold price is barely higher than the twelve month median sold price. This is more of a sign of what we are feeling in the current marketplace as of May. We will have to wait for next report to see if we are truly steadying out in value due to rising interest rates. Demand is still high and inventory is still low.

Seller subsidy is very low in the six and twelve month averages. Better yet, the six and twelve month median values are at zero. That tells that the vast majority of Braemar townhouse sellers in both time frames gave nothing in closing cost help. This is likely to continue. As stated above, there are still more buyers than homes available for them to buy. Writing seller favored offers is must to get under contract.

Days on market reveals a quickening of the average marketing time from the twelve month average to the six month average. The median market times are identical in both time frames at four days. Braemar townhouses are selling very fast.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to give nothing in seller subsidy. Lately, buyers are more consistently asking for home inspection contingencies, even if they are right to void only. The hike in mortgage interest rates have made buyers more deliberate in their actions.

The next Braemar Townhouse Report will be out in July. Until then, if you would like to investigate a 2022 sale of your townhouse, get in touch to schedule your complementary consultation. It is with great pride that I help Braemar sellers achieve the top of the market prices, even in a seller’s market. The combination of the proper listing prepartion, professional marketing and unparalleled neighborhood knowledge are what increase your bottom line. Since 2005, No One Knows Braemar Better!

Braemar Townhouse Report: January-February 2022

Posted on March 24, 2022 by cacleland

Braemar Townhouse Report: January-February 2022

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

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

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

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

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

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

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect to give nothing in closing cost help. As more and more buyers compete for the very limited inventory on the market, offers are extremely seller favored.

The next Braemar Townhouse Report will be out in May. Until then, if you want to talk about what a 2022 sale could mean for you, please don’t hesitate to reach out. It is my pleasure to walk you through why a seller’s market alone does not bear out the top of the market prices. Sellers need proper preparation advice, professional marketing and skilled negotiation on their side. When you hire me that is what you get, topped off with neighborhood expertise. Since 2005, No One Knows Braemar Better!

Selling Braemar

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

Category Archives: Townhouses (Traditional)