Braemar Piggyback Quarterly: July-September 2019 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2019 (3rd Quarter) 

Yesterday I was at a birthday celebration and one of the guests had received a my under contract postcard for 13036 Bathgate Way.  It briefly told the same tale as my blog post on the subject.  Of course, the other guests started asking what a piggyback townhouse was.  The image that the term conjured in their mind was a townhouse on top of a townhouse, like you would find at Heathcote Commons.  Those are referred to as “stacked condos.”

In Braemar, a piggyback townhouse is one that is back to back with another row of townhouses.  And just like a traditional townhouse, they are also attached on the sides. The trade off for not having a back yard is that you get much larger bedrooms than a traditional townhouse and an attached two car garage. This report details the sales of Braemar Piggyback townhouses that happened from July to September.

There was only one sale of a Braemar Piggyback townhouse during the third quarter of 2019.  The details of that sale are listed below:

While there was only the one sale, combining it with the previous three quarters of Piggyback sales gives us an entire year’s worth of sales data.   From that the six and twelve month data points are freshened up to reveal the following:

Looking at the sold price column, it is a sign of rising property values that both the six month average and six month median sold prices are above their twelve month counterparts.  This indicates Braemar Piggyback townhouses are still pushing up in value.  However, seeing that there are four Braemar Piggyback townhouses sitting on the market, I’m not sure this trend is going to continue.  Only time will tell.  We’ll have to wait and see.

Now for the seller subsidy column.  As of the end of the third quarter, buyers were having to compete for these homes and forego or drastically reduce their requests for closing cost help.  However, the beginning of the fourth quarter is revealing a different trend that will become clear in our next report.

Days on market also reveals that as of the end of the third quarter, these Braemar Piggyback townhouses were selling faster in the short term six month values, compared to the longer term twelve month values.   Again, just looking at the days on market peeling off for the homes just sitting on the market now, this is a trend we are likely to see change by the second quarter of 2020.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in a week.  If it is not, there is something wrong with either your marketing or list price, or both.  I am still puzzled that my listing at 13036 Bathgate had two offers, yet there are similar listings still waiting for offers just lingering on the market.  Also, this report indicates you could potentially get an offer with no closing cost help requested.  However, as demand wanes, this is likely to no longer be the case.

The next Braemar Piggyback Quarterly will be out in January and will detail the activity from the fourth quarter.  Until then, don’t squander your only chance to maximize the profit from the sale of your Braemar home.  When it is time to sell, give me a call.  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: January-March 2019 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2019 (1st Quarter)

Not only is the first quarter of 2019 firmly behind us, but so is the first third of the second quarter.  Kids will be out of school before you know it.  Families will go on vacation and right about July and August, our Braemar real estate market will slow down.  It’s been such high demand and low supply for months that I think some sellers are taking it for granted.  The good news is that there is still time to get your home on the market before the dog days of summer.

Right now, it’s time for another Braemar Piggyback Quarterly.  This report focuses on resales of the back to back townhouses in our neighborhood.  What they lack in the absence of a back yard, they more than make up for with the two car garages and large bedroom sizes.

Looking back at the first quarter of 2019, only one Piggyback townhouse in Braemar sold.  It sold for $330,000.  The details of that sale are below.

Even though there is only one Piggyback townhouse sale to report this quarter, when it is placed with the previous three quarters of sales, we get a chance to see updated six and twelve month data points.

Seeing that the six month average and median sold prices are both higher than their twelve month counterparts, we see that Piggyback townhouse values are increasing. Not surprising given the high demand and scant supply we are seeing in our Braemar marketplace.

Another thing common in a seller favored market is dwindling seller subsidy (closing cost assistance to buyers.)  It is not a surprise to see the six month average and median seller subsidy values falling below the twelve month average and median values.

Now we come to days on market, or as I like to call it – marketing time.  When we switched to our new MLS in November, their method for counting days on market was different.  However, after many complaints from the subscribing agents, this new MLS has decided to keep consistent with how we had been counting days on market before.  Whew!  That said, seeing increases in both the six month average and median marketing times, compared to the respective twelve month values, is not what I was expecting.  Seems Piggyback townhouses take some time to snatch up their buyers and it is getting to be a little longer than the traditional townhouses in Braemar.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in less than three months. (Honestly, I would be shocked if I placed a Braemar Piggyback townhouse on the market and it took more than two weeks to sell it.) You could also expect you may have to give about 1% of the sales price in closing cost help.

The next Braemar Piggyback Quarterly will be out in July.  Until then, if you want to take advantage of our high market demand and list before July and August, give me a call.  It’s my job to maximize your profit.  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: 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: January-March 2018 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2018 (1st Quarter)

It is time for another Braemar Piggyback Quarterly market report.  In this report, we’ll look back at what happened in the first quarter of 2018 with regard to Braemar Piggyback townhouses.  We’ll also see how values are doing in the last six months and the last year.

If you aren’t familiar with what exactly a Braemar Piggyback townhouse is, allow me to explain.   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.

Unfortunately, there were no Piggyback townhouses in Braemar that sold in the first three months of the year.  However, that doesn’t mean we don’t updated data points to investigate. When we drop the first quarter of 2017 from our collection of Braemar Piggyback sales, our six and twelve month average and median values freshen up to look like this:

Generally, I don’t like seeing six month average and median values falling below the twelve month average and median values.  It is an indication that values could be falling.  However, since there weren’t any new sales to throw into this mix from the first quarter of 2018, we’ll have to wait and see what the second quarter brings us.  After all, the majority of Braemar real estate is on the rise, given the lack of inventory and continued, strong buyer demand.

If you did place your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about three weeks time.  You could also expect to pay $4,000 to $5,000 in seller subsidy (closing cost assistance.)

The next Braemar Piggyback Quarterly will be out in July and will cover activity from the second quarter.  Until then, if you want to get a more specific idea of your Braemar home’s value, give me a call.  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: October-December 2017 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2017 (4th Quarter)

The New Year is off to a great start.  Better still, the end of 2017 was nothing to sneeze at when it comes to the Braemar real estate market.  Right now, it is time for another Braemar Piggyback Quarterly.  To begin, let’s define a Braemar Piggyback home.  These townhouses are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses.  They also have two car garages.

There were three Braemar Piggyback townhouses that sold in the fourth quarter of 2017.  The sales are detailed below:

When you take these sales from the fourth quarter and throw them into our rolling six and twelve month values, we find that values are fairly steady.  The six month average sold price is higher than the twelve month average, but the twelve month median is a tad lower than the twelve month median.  This is stability.  It is also seen in the seller subsidy and DOM (days on market.)

If you were to put your Braemar Piggyback townhouse on the market, you could expect it to be under contract in about a month.  You could also expect to give about $2,000 in closing cost help to your buyer, maybe a bit more.

The next Braemar Piggyback Quarterly will be out in April.  Until then, give me a call if you want to know the value of your own Braemar Piggyback townhouse.  Since 2005, No One Knows Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com