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

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: January-March 2020 (1st Quarter)

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

Being well into April, it is time to take a look back at the first quarter of the year and see what happened in the Braemar real estate market with respect to Piggyback townhouses.  If you are not familiar with what a Braemar Piggyback townhouse is, they are three level townhouses, completely above grade, with attached two car garages.  The townhouses themselves are attached not just on the sides like traditional townhouses, but also along their back wall to another row of townhouses.  What they lack in not having a back yard, they make up for the large bedroom sizes.

There were two Braemar Piggyback townhouses that sold during the first quarter.  Details of those sales are listed below:

Taking these two sales and combining them with the previous three quarters to make an entire year’s worth of sales, we get the following updated six and twelve month data points.

Starting with the sold column, we see conflicting trends.  The six month average sold price is a tad higher than the twelve month average sold price.  That would indicate values pushing up in value.  The six month median sold price, however, has fallen below the twelve month median sold price.  This would indicate values falling a bit.  Taking a quick peek at the two sales from the first quarter, we have one above the six month data points and one well below.  That doesn’t help clear this up.  Since neither the change up or down is a big one, it is best to proclaim Piggyback townhouse values stable.

Next we move to seller subsidy, also known as closing cost help to buyer.  There is a clear trend here.  Both the six month average and six month median sold seller subsidy values are higher than their twelve month respective values.  This means buyers have been asking for, and receiving, higher amounts of closing cost assistance in the more recent past.

Finally, days on market reveals a definite trend as well.  Both the six month average and six month median marketing times are longer than the twelve month average and twelve month median marketing times.  This means it has been taking longer to sell Braemar Piggyback townhouses.

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

We have yet to see how the measures to curb the spread of COVID will impact our Braemar real estate market.  By the next Braemar Piggyback Quarterly, which will be out in July, we will see what effect, if any our current situation is having on values.  Until then, if you want to know how to safely sell your Braemar home, while maximizing profit, hiring the right real estate agent has never been more important.  Give me a call and let’s talk.  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

 

Another Braemar Townhouse Sold by Chris Ann Cleland

Another Braemar Townhouse Sold by Chris Ann Cleland

On September 26th, this piggyback townhouse located at 13036 Bathgate Way hit the market priced at $355,000.  As the competition around this listing seemed to be languishing on the market and dropping their prices below where we were hitting, I had to wonder if we would be languishing too.  Not at all.  It was a delightful surprise to have two buyers with competing offers within four days. Who would have guessed there were multiple buyers who wanted a property like this, priced above its competitors, based on what we saw hitting the market?

Great results start with choosing the best agent for the job.  For this seller, and many other Braemar sellers, that is me.  I know how to market the various styles of homes in the neighborhood because I am familiar with all of them.  I have been a resident of the neighborhood since 2005, and I have served most of those years on an HOA board.  My slogan, No One Knows Braemar Better, is most definitely true.

Not only do I know the neighborhood and how to position the listings I have against their competition, I know how to market them professionally to get my sellers the maximum attention from online buyers.  Professional photography is a must, but so is preparation prior to photos.  That’s where my marketing skills come in handy, helping my sellers edit their “stuff” so their homes show in the absolute best light.  Any agent can take your listing, snap some photos and throw you in the MLS.  Professional marketing gets the best results.  You don’t put a listing up with the phrase, “Immaculately kept” and have towels in bathrooms look as though they were thrown from across the room to land haphazardly on the towel rack.  Attention to detail is critical for a listing agent.

Getting under contract quickly, and in an unexpected multiple offer situation, my Bathgate seller got terms that favored her.  The next hurdle was getting the home to appraise for the list price the buyer was willing to pay.  Remember, our competitors were dropping their prices to get noticed.  That’s not a environment that is easy to deal with come appraisal time.  As is my business practice, I met the appraiser at the property with information on the home, what set it apart from its competition and comparable sales that we had based our list price on.  Low and behold, we were through appraisal with no issue.

The only speed bump this sale hit was in the processing of the buyer’s grant from VHDA.  Our settlement date was delayed from Halloween to November 5th (2019.)  There is no escaping government bureaucracy, but a great agent keeps their client informed every day as to what is happening….even if that is nothing.

When you are ready to sell your Braemar home, remember that success starts with your choice of agent.  Your decision should be based on results and how the agent’s previous listings have been marketed and sold. Of course, an agent who can get you the best results is not going to be cheapest, but they will make you the most money.   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 End Unit Piggyback Townhouse: Under Contract in 6 Days!

Braemar End Unit Piggyback Townhouse: Under Contract in 6 Days!

On September 26th, it was my pleasure to introduce 13036 Bathgate Way to the Braemar marketplace.  Priced at $355,000, we were optimistic about what we had to offer, but were entering the market competing against two other piggyback townhouses and one patio home that had yet to be chosen.  Didn’t even realize that we hit the market the same day as yet another piggyback style townhouse.  The next door neighbor was a competitor and it had been on the market since late August.  The market wasn’t gobbling up everything right away.  

This is where my seller excelled.  She did everything that she could to make her property marketable.  She painted it inside and took care of wood rot and trim outside.  She even made a fall wreath for the door.  She would have me over to look at the progress and I would give her more pointers.  The last trip over with last minute tips was the one where I thought she would open a window and throw me out.  I suggested removing more of her furniture and rearranging how it was laid out.  This meant more heavy lifting.  No seller likes hearing suggestions when they feel worn down to a nub.  My seller, however, was a champ.  She trusted what I was saying about the market changing and that if she wanted to get this done quickly, she had one chance to make a first impression.

The day I showed up to meet the photographer my seller had transformed her living area by removing the pieces I suggested and rearranging the furnishings.  The home was clean as a whistle and ready to say cheese for the photographer.  After fourteen in this business, I know that professional marketing makes all the difference in getting chosen over your competitors, getting your price, and most importantly keeping your price through the appraisal process.  I hire professionals to take the photos and even hire professionals to install the yard sign.  It is not unusual for my sign to be sitting straight and sturdy next to a flimsy, self-installed post.  I am happy to put my own money where my mouth is and hire out these services and even bring in my own staging items to make a house look more welcoming.  And of course, it my ultimate pleasure to feature my Braemar listings on my Braemar blog.

Our existing three competitors and the one that hit the market the same day as us are still on the market.  Meanwhile, my seller got two offers within four days.  It just took two additional days to button up the deal with the buyer that was the most attractive to the seller.

If everything goes as planned, I’ll be back on Halloween to tell you that this end unit beauty has sold and give you the final details.  In the meantime, when it is time to sell your home, I would be delighted to get the same results for you.  No matter the market, you don’t get a second chance to make a first impression on buyers or the appraiser.  Hire the best to get the job done right.  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 Piggyback Quarterly: October-December 2018 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2018 (4th Quarter)

If you have been wondering what your Braemar Piggyback townhouse is worth, today is your lucky day.  This Braemar Piggyback Quarterly will tell you what sold in the fourth quarter of 2018.  And if you aren’t sure if you own a Braemar Piggyback home, they are the two car garage townhouses attached on the sides and back. They have no backyard, but make up for it with larger bedroom sizes than traditional townhouses.

There were two Braemar Piggyback townhouses that sold in the fourth quarter of 2018.  The details of those sales are listed below:

When we take these two sales, along with the previous three quarters of sales data from 2018, we can get some valuable data in the six and twelve month data points of sold price, seller subsidy (closing cost assistance to buyer) and DOM (marketing time.)  These are the updated six and twelve month data points for Braemar Piggyback townhouses:

Let’s start with sold price.  The six month average and median sold prices are both above the twelve month average and median sold prices.  This means values of Braemar Piggyback townhouses continue to go up in value.

When it comes to seller subsidy, the six month average  is nearly $1,200 below the twelve month average.  Even better, the six month median is zero, compared to the twelve month median seller subsidy of $3,500.  Braemar Piggyback townhouse sellers have been giving less in closing cost help.  And the last two sales of 2018, the sellers gave none!

Marketing time is a tricky one now because our data here is being measured differently since our market switched to a new MLS system in November.  Both of the sales reported here are likely unaffected by the MLS change, but in the future I expect marketing time to go up.  In this report, marketing time is unchanged in the last year.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, it would be unreasonable for you to expect your home to be under contract in about one month’s time.  You could also expect at the high end to give about 1% of the sales price in closing cost help, but you may luck out and get a motivated buyer that doesn’t need it.

The next Braemar Piggyback Quarterly will be out in April.  Until then, if you would like to receive electronic copies of the full report emailed directly to you, sign up by emailing me at ChrisAnn@LNF.com.  You can also reach me there, or by phone at 703-402-0037 for a free market analysis of your home’s value when the time comes to sell. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Piggyback Quarterly: July-September 2018 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2018 (3rd Quarter)

It is time for another Braemar Piggyback Quarterly, detailing sales of Braemar Piggyback townhouses in the third quarter of 2018.  If you are wondering what a piggyback townhosue is, they are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses, but have larger bedrooms than a traditional townhouse.  They also have two car garages.

There was one Piggyback townhouse that sold during the third quarter.  Details are below:

That sale alone doesn’t tell us much.  When we take this sale and put it in with the last year of Braemar Piggyback townhouse sales, we do get a chance to look at six and twelve month data points.  Current trends are found in the six month data points compared to the twelve month data points.  These are the current six and twelve month average and median values for Braemar Piggyback townhouses.

For starters, the most recent sale is well above the six month average and median sold prices.  That’s great news.  For trends, the six month average and median sold prices are higher than the twelve month average and median sold prices.   That means values of Braemar Piggyback townhouse are still pushing up.

When it comes to seller subsidy (closing cost assistance to buyers) the six month average is about the same as the twelve month average.  The six month median is a little lower than the twelve month median.  Right now, it seems Braemar buyers are still expecting closing cost help.  And the most recent sale would indicate it could be worse than the average or medians above.

The days on market (marketing time) has increased a little in the six month average compared to the twelve month average.  However, there is a larger increase in the six month median compared to the twelve month median.  Seems it is taking longer to sell Braemar Piggyback townhouses.

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 or a month and a half.  You could also expect to pay about 1.5% of the sales price in closing cost help to the buyer.

The next Braemar Piggyback Quarterly will be out in January.  Until then, don’t count our fall market.  If you want to know what your home is worth right now, give me a call at 703-4002-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Piggyback Quarterly: April-June 2018 (2nd Quarter)

Braemar Piggyback Quarterly: April-June 2018 (2nd Quarter)

Don’t you wish winter went by as fast as summer does?  We are about halfway through the summer, yet it feels like it just started.  Time flies when you are having fun.

Since we are past the end of June, it is time for another Braemar Piggyback Quarterly.  This report focuses on sales of piggback townhouses in our neighborhood.  These townhouses are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses, but also have larger bedrooms than a traditional townhouse.  They also have two car garages.

During the second quarter, there were two Braemar Piggyback townhouses that sold.  Details of those sales are below:

When we take these sales and combine them with our rolling twelve month’s worth of Piggyback townhouse sales, here’s what we find when we update our six and twelve month values:

The six month average and median sold prices have slipped below the twelve month average and median sold prices.  That’s not great, but considering one of the two sales listed above is above both of the six month values, I’m not about to panic.  Seller subsidy (closing cost assistance from seller to buyer) is the same in the six and twelve month median, but the six month average seller subsidy is a little lower than the twelve month average.  That means buyers are willing to go without all of their closing costs being paid by the seller, just to get an offer accepted in this seller’s market.  Marketing time is about the same when looking at the six month values compared to the twelve month values.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in about three weeks.  You may also have to pay about 1/2% of the sales price in closing cost assistance to the buyer.

The next Braemar Piggyback Quarterly will be out in October.  Until then, when you want to know how the current market is affecting your home’s value, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

Braemar Piggyback Quarterly: July-September 2017 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2017 (3rd Quarter)

If I were to guess what a lot of Braemar home owners were doing this weekend, I would guess shopping.  The Black Friday weekend ushers in the shopping frenzy to Christmas.  While you may be focused on the fourth quarter activities, this Braemar Piggyback Quarterly report is going to take you back to the third quarter.

Before we begin, let me tell you what defines a Braemar Piggyback townhouse.  These are the townhouses with two car garages, attached at the sides and back.  They have no back yard, like traditional townhouses.

There were three Braemar Piggyback townhouses that sold between the beginning of July and end of September.  Those sales are detailed below.

When we take these sales and freshen up our rolling six and twelve month data points, we find that everything from sold prices, seller subsidy and marketing time are remaining stable.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in a little more than a month.  You also may not have to pay a dime in closing cost help to your buyer.

The next Piggyback Quarterly will be out in the new year.  Until then, when you are ready to sell your Braemar home, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

 

Braemar Piggyback Quarterly: January-March 2017 (1st Quarter)

Braemar Piggyback Quarterly:  January-March 2017 (1st Quarter)

Are you as happy as I am that it is sunny today?  Too many dreary days in a row bring me down.  Guess I should enjoy this sun while I can.  The extended forecast for Bristow had shown a lot of cloudy days coming up, but I just looked and it seems that some of those days are now showing as partly sunny.  We’ll have to wait and see what Mother Nature gives us.  Predicting the weather may be similar to predicting real estate values.  You can say exactly what is going to happen, but you can have a pretty good idea.

In this Braemar Piggyback Quarterly we will look at the most recent sales activity and how that compares the six and twelve month values compiled.  Of course, let me explain what type of home we are referring to when we say Piggyback.   Braemar Piggyback Townhouses are attached side-to-side and back-to-back.  While they do not offer back yards, they offer large bedrooms and a two car garage.  

There was one Braemar Piggyback townhouse that sold in the first quarter of 2017.  It was located at 12760 Brewland Way and was an end unit, so it had a nice side yard to offer.  It listed for $329,500 and sold for $317,000.  It also took 31 days for it to go under contract.  How does that compare to the six and twelve month values we have?

While there are only two values for the total of the six month period, the most recent sale at $317,000 being one of those, it appears the most recent sale is pulling values up.  The average six month sold price (and median) was $312,300.  The average twelve month sold price was $302,263.  The median sold price in the last twelve months was $308,800.  That makes it obvious that this most recent sale is indeed pulling values up.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to take 20 to 36 days to go under contract.  You could also expect to pay some closing cost help.  The most recent $4,125 average seller subsidy number found in the last six months is probably a great place to set expectations.  Lack of inventory has lead to more buyer competition.  And when buyers compete in real estate, requests for closing cost help often diminish or disappear entirely.

The next Braemar Piggyback Quarterly will be out in July.   Until then, if you want to take advantage of the increased buyer demand in Braemar, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland

 Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com 

Braemar Piggyback & Patio Quarterly: July-September 2015

Braemar Piggyback & Patio Quarterly:  July-September 2015

There is an excitement in the crisp fall air as we start to see Christmas decorations springing up around the neighborhood.  Thanksgiving is this week and I feel completely unprepared, but that’s a good thing.  It means I’ve been busy selling Braemar homes.

Right now, it’s time for the third quarter report for Braemar Piggyback and Patio homes.  We will make comparisons looking back to last report (April-June 2015) and last year (July-September 2014.)   For clarification, Braemar Piggyback Townhouses are attached side-to-side and back-to-back.  While they do not offer back yards, they offer large bedrooms and a two car garage.  Braemar Patio Homes are also known as quads.  Each is attached at the side, back and corner to another Patio Home.  They have two levels, also offering large bedrooms and a modest side yard.

PIGGYBACK

There were three Braemar Piggyback townhouses that sold in the third quarter.  That’s better than last report  and even last year when we saw none.  The high sold price was $299,000 and the low was $287,000.  The average of all three gives us our new average market value for Braemar Piggyback townhomes of $293,667.  The activity alone is enough to make me smile.  We’ll have to wait for more sales, hopefully in the fourth quarter, to get a feel for the direction market values are heading.

If you did place your Braemar Piggyback townhouse on the market, priced to current conditions, this report indicates it would be under contract in an average of 52 days.  You could also expect to give an average of about 1.5% of the sales price in closing cost help to the buyer.

PATIO

We saw double the amount of sales activity in Braemar Patio homes this quarter, compared to Piggybacks.  There were six sales between July and September.  The high sold price was $319,000 and the low sold price was $255,899.  The average of all six gives us our new average market value for Braemar Patio homes of $301, 717.  This means our average market value for Braemar Patio homes has decreased by over 3.5% since last report and decreased by over 2.5% compared to last year.

If you placed you Patio home on the market, priced to current conditions, you could expect it to be under contract in an average of 28 days.  You could also expect to give an average almost 1% of the sales price in closing cost help to the buyer.

The next Braemar Piggyback & Patio Quarterly will cover the fourth quarter of 2015 and will be out in January.  Until then, when you are ready to sell your Braemar home, call me for a free market analysis.  No One Knows Braemar Better!

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com, www.UncompromisingValues.com

 

Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information System.)