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

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)

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

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

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

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

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

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

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

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

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

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

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

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

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!

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: April-June 2022 (2nd Quarter)

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!

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 2021 (4th Quarter)

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!

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: July-September 2021 (3rd Quarter)

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!

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

Braemar Condo Quarterly: July-September 2020 (3rd Quarter)

Braemar Condo Quarterly: July-September 2020 (3rd Quarter)

Clouds and drizzly rain have descended over Bristow today. Yuck. My father used to describe these types of days as “five o’clock all day.” Before you know it though (November 1st to be exact,) we’ll have fallen back in time and it will be dark around 5pm. I dread those days.

Right now, it is time to look back on Braemar Patio home resale activity and values in this Braemar Patio Quarterly. The third quarter wrapped up at the end of September. Let’s see what happened with Braemar Patio home values. If you don’t know what a Braemar Patio home is, they are the two level, quad style attached homes in our neighborhood. Being attached at the corner, side and back, they have no back yard, just side and front yard.

To start, there was only one Patio home that sold in Braemar between the beginning of July and end of September. Details of that sale are listed below:

At $365,000 with three bedrooms and two and a half full bathrooms, $3,500 in seller subsidy and under contract in only three days, this was a very healthy sale. Of course, we can’t get a sense of where we are headed without seeing where we have been. That’s why I take this one sale and add it with the previous three quarters of Braemar Patio home sales and extract six and twelve month values.

Starting with the sold price column we see that both the six month average and six month median sold price are above their respective twelve month values. That means Braemar Patio homes are continuing to push up in value. No surprise there given the intense buyer demand and lack of inventory our market has seen lately.

When we move to the seller subsidy column, we get a chance to see how much closing cost assistance Braemar Patio home sellers gave to buyers. Just like the sold price column, the six month values show a seller favored trend over their twelve month counterparts. Seller subsidy is decreasing. In fact, more than half of the sales in the six month range gave none at all. That’s great news for Braemar Patio home owners thinking of selling.

Finally, the days on market column shows us the trend in how long it is taking for Braemar Patio home owners to get under contract. The six month average and median values are the same at four days. The twelve month median is also at four days, but the twelve month average is at thirteen days. Clearly, in the most recent sales, Braemar Patio homes are flying off the shelves.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it be under contract in less than a week. You could also expect to pay less than 1% of the sales price, if anything, in seller subsidy.

The next Braemar Patio Quarterly will be out in January. Until then, if you the need to sell yoru Braemar Patio home crops up, get in touch with me for well versed analysis of your home’s value and top notch marketing campaign. Any home will sell right now, but not every home gets the highest possible sales price without professional marketing. 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

Braemar Patio Quarterly: April-June 2020 (2nd Quarter)

Braemar Patio Quarterly: April-June 2020 (2nd Quarter)

If you were wondering what your Braemar Patio may be worth in this high buyer demand/low inventory market, today is your lucky day.  This is the Braemar Patio Quarterly, featuring sales of Braemar Patio homes during the second quarter of the year.

There were two sales of Braemar Patio homes in the three months making up the second quarter.  Those sales are detailed below.

In most of the Braemar Patio homes I see with main level bedrooms, there are three bedrooms upstairs and an additional two full bathrooms.  However, the sale on Brewland had only two additional bedrooms on the upper level and the two bathrooms.  The one on Rannoch Forest was lacking a third bathroom on the upper level but had an gorgeous two story living room.  Judging from the price, the two story living room didn’t make up for lacking that third bathroom.

Taking these sales from the second quarter and combining them with the three quarters before, we get an entire year’s worth of sale data for the Braemar Patio homes.  Our updated six and twelve month data points are below.

As usual, we start by looking at the sold price column.  Here we see a slight decrease in the average sold price from the twelve month average to the six month average.  That’s due to the low sale of the most recent sale on Rannoch Forest that lacked that additional full bathroom.  However, the six month median sold price is exactly the same as the twelve month median sold price.  All in all, it seems Braemar Patio home values are remaining stable.

In the seller subsidy column we get a peek at what the average and median amounts of closing cost help sellers are giving in these sales.  The six month average and six month median seller subsidy values are both well below their respective twelve month values.  In this intense seller’s market, buyers are foregoing asking for seller subsidy to just get their offers accepted.  It is fierce competition that buyers in this market are facing.

Finally, when we look at the days on market we see that the six month average marketing time is actually higher than the twelve month average marketing time.  That’s because there was one sale in the first quarter than took nearly six months due to being overpriced for too long. Mind you, they weren’t overpriced by much, but nonetheless, buyers were not going there.  More the trend I expect in this market is the one we see when we find the six month median marketing time is less than half the twelve month median marketing time.

The next Braemar Patio Quarterly will be out in October.   Until then, there has never been a better time to wring out the maximum profit from your Braemar Patio home.  If you want to know what your Patio home is worth right now, give me a call for a free market analysis.  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

 

 

Braemar Patio Quarterly: January-March 2020 (1st Quarter)

Braemar Patio Quarterly: January-March 2020 (1st Quarter)

Another week of our shelter-in-place is underway.  What a great time for this Top Braemar Real Estate Agent to get together yet another Braemar market report.  Today’s report is the Braemar Patio Quarterly.  This report focuses on sales of the two level, quad style townhouses in our neighborhood.

The first quarter didn’t have a lot of activity, despite intense buyer demand.  There was only one Braemar Patio home that sold and the details of that sale are listed below:

Why only one Patio home sale?  Well, no other Patio homes were on the market and as of the date of this report, none are.  And the story of this sale started back on July 12, 2019.  I remember competing against this listing when I listed and sold 12849 Rannoch Forest in late summer last year.  My listing was priced only $5,000 lower, and sold in two weeks.  There were other sales reported here that were also competing against this particular Patio home.  This one has been lingering on the market, with a brief time off the market, for 171 days.  The marketing time on this one should never have been this long, and it will skew the marketing times in our report. Your choice of listing agents makes a HUGE difference in your outcome when selling.

Taking this sale and combining it with the prior three quarters of Patio homes, our six and twelve month data points are updated as follows:

Starting with the sold price column, both the six month average and six month median sold prices are below their twelve month respective values.  However, looking to the sale that happened in the first quarter being substantially higher than any of the average and median values, this “drop” in value may be misleading.  Patio homes in Braemar are still in high demand.

The seller subsidy column shows that the six month average and median seller subsidy values are both lower than their twelve month average and median values.  This would indicate seller subsidy (closing cost assistance that sellers give to buyers) is going down.  Again, our most recent sale shows contradictory information.  One thing we do see is that when prices go up, seller subsidy tends to increase as well.

Finally, we get to the days on market column.  The six month average and median, not surprisingly, are higher than their twelve month respective values.  Will the pandemic and shelter-in-place affect marketing time?  We’ll have to wait and see.

If you placed your Braemar Patio home on the market priced to current conditions, it would be reasonable to expect your home to be under contract in less than three weeks.  You could also expect to give an average of about 1.5% of the sales price in seller subsidy.

The next Braemar Patio Quarterly will be out in July.  By then, we’ll have a good look at what the pandemic has meant to our Braemar real estate market.  Until then, if you have a need or want to sell, there are still plenty of buyers out there looking for homes in our area despite our current public health crisis.  Give me a call if you need to discuss safely selling your home while still maximizing profit and minimizing marketing time.  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

 

 

Braemar Patio Quarterly: October-December 2019 (4th Quarter)

Braemar Patio Quarterly: October-December 2019 (4th Quarter)

Happy New Year!  Hope our limited snowfall yesterday didn’t impact you in any negative way.  It was just enough to give us a white covering on the ground.  And roads in the community are mostly cleared up.  What I love about the day after a snowfall is how bright the surroundings are with the sun reflecting off the blanket of white.  After too many gloomy winter days, it is nice to have a lot of sunshine bouncing off that snow.

Today I bring you the Braemar Patio Quarterly property report.  It focuses on sales of Braemar Patio homes in the fourth quarter of 2019.  And if you aren’t familiar with what a Braemar Patio home is, they are the two level, one car garage, quad style townhouses in the neighborhood.  There are two floor plan styles, one of which boasts a main level master and main level full bathroom.  The Braemar Patio homes that sold between October and December 2019 are listed below:

As you can see, there were four Braemar Patio homes that sold during the fourth quarter.  The sold prices range from $318,600 to $364,900 and not of the homes had the coveted main level master bedroom/bathroom.  Seems condition and upgrades are the primary indicators of value here.

Taking these fourth quarter sales and combining them with the sales that occurred in the entire calendar year of 2019, we get updated six and twelve month data points.  

Starting with the sold price column, we see the six month average sold price is slightly higher than the twelve month average sold price.  Not an impressive leap in value, but upward movement in the short term nonetheless.  Meanwhile, we see stability in noting the six month median sold price is exactly the same as the twelve month median sold price.  Values of Braemar Patio homes are, at worst, remaining stable in value.

The seller subsidy column is where we see the closing cost assistance values.  Both the six month average and six month median seller subsidy figures are higher than their respective twelve month figures.  This means Braemar Patio home buyers on the whole, have been asking for and receiving, more closing cost help from sellers in the more recent past.

When it comes to days on market, or as I like to call it–marketing time, we see different trends.  The six month average marketing time is one day shorter than the twelve month average marketing time.  Meanwhile, the six month median marketing time is nearly an entire week longer than the twelve month median marketing time.  At worst, it is beginning to take more time to sell a Braemar Patio home.

Taken as a whole, these market indicators could be showing an easing up in the high demand our market has been enjoying.  Of course, only time will tell .

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in about three weeks.  You could also expect to pay about 2% of the sales price in seller subsidy.

The next Braemar Patio Quarterly will be out in April and will give us a read on our first quarter’s activity for 2020.  Until then, when the time comes for you to sell your Braemar home, give me a call.  Getting the most amount of money in a sale for Braemar home owners is what I do best.  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