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