Braemar Townhouse Report: November-December 2022

Braemar Townhouse Report: November-December 2022

January is going by in a flash. It is the month every market report I put together is due. That’s an internal deadline I set for myself. These reports are something I do because I want to do them. It keeps me on top of our Braemar real estate market and how we are comparing to nationwide trends. I am a real estate nerd.

Today’s report rounds out the end of 2022 as it pertains to Braemar townhouses. A townhouse, defined for the purposes of this report, are three level homes, attached only side to side and have fenceable back yard. These types of homes are what are typically known as townhouses vs. being a piggyback style or patio home. And certainly, Braemar townhouses are separate and apart from Braemar condos which are townhouses with condo ownership.

In this most recent edition of the Braemar Townhouse Report, there were four townhouses that sold. The details of those sales are listed below.

Most of the townhouses sold were garage units. Only one was an exterior unit. There is no consistency between original list price and sold price. As far as I’m concerned, the sale on Maitland may as well have been list price, as it was only one hundred dollars higher. More significant was the sale on Drum Salute being seven-thousand dollars higher. That’s selling above list price. Walloweer sold ten thousand below list and gave five thousand in seller subsidy (closing cost help to the buyer.) That makes their sale fifteen thousand less than their list price. And finally, Wishing Well that sold thirty-five thousand below its original list price and was on the market for one-hundred and twenty-three days! I did have the opportunity to tour this home. To say it was in shabby condition was an understatement. The owner wanted move-in market value and priced accordingly. However, the home needed paint, carpet, and some windows to name a few things. That is a perfect demonstration of what relying on the market alone without any listing preparation will get you.

Taking the entire group of Braemar townhouse sales from 2022 and extracting the six and twelve month market markers followed in this report, a slight shift is evident.

For the first time in a long time, both six month sold prices have fallen below their respective twelve month sold prices. Not to panic. What I know of our market is that there are more buyers looking for homes than there are homes for sale. That is the definition of a seller’s market. I saw it when I placed 10158 Pale Rose Loop on the market. It got a ton of activity and multiple offers in six days! Buyers are not as frenzied as they were, but they are motivated to make a deal when they see a well prepared, properly priced and professionally marketed listing. I believe we are likely to see these six month values trend up in coming reports. Buyers have settled in to these mortgage rates and are ready to buy.

Seller subsidy is definitely becoming a more commonplace request from buyers since the rise of mortgage interest rates. The six month average seller subsidy shows that being nearly double the twelve month average. Better news is that with both six and twelve month median seller subsidy values being at zero, more than half of sellers in both time frames gave none. There is always a chance to market your home to lift buyer enthusiam to get you offers without seller subsidy.

Days on market are increasing. Both six month values are longer than their corresponding twelve month values. The most recent sales are even very quick, with the exception of the one-hundred twenty-three day sale. The current market is one where Braeamr townhouses are still selling quickly.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be surprised by buyers requesting seller subsidy.

The next Braemar Townnouse Report will be out in March. Between now and then, if you want to know what a sale in early 2023 would mean for you, let’s talk. Get in touch and set up your complementary consultation. The national news has everyone believing a crash is coming. Our local market is not seeing it. Let me put my eighteen years experience and well honed skills to work for you, getting you the top of the market. Since 2005, No One Knows Braemar Better!

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: October-December 2022 (4th Quarter)

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

Here we are mid-week into the second full week of 2023. January is an exceptionally busy month for this Top Producing Braemar Real Estate Agent. Having made a committment to bring the neighborhood market reports quarterly and bi-monthly, January is a time where they are all “due.” I’ve said many times that the job of a real estate agent is only as serious or intense as they want it to be. No one tells us how to run our businesses. I produce these market reports because I love details and staying informed of our neighborhood real estate market. And while these are happening in the background, I’m still taking on listings and buyers as is typical for this time of year. Spring happens early in real estate.

Today I bring you the latest Braemar Piggyback Quarterly. Piggyback townhouses in Braemar are the only two car garage attached homes in the neighborhood. They are known as Piggyback townhouses because they are attached side to side and back to back. They have no rear yards, as traditional townhouses do. However, what they lack in outdoor living space they certainly make up for with the size of the bedrooms inside.

During the last three months of 2022, only one Braemar Piggyback home sold. The details of that sale are listed below.

This sale was one in which listting agents were changed and a second attempt at the high list price of $469,000 was made. After forty-four days on the market between the two listings, the home finally went under contract. Based on other reports I have done thus far for the fourth quarter, this is a long time to go under contract. Not surprisingly, it sold well below original list price.

Taking that sale and combining it with all the Braemar Piggyback sales for all of 2022, the six and twelve month data points that are tracked in this report are updated as seen below.

For the first time in a long time, the six month average and six month median sold prices have fallen below their respective twelve month sold prices. This indicates that prices of Braemar Piggyback townhouses have softened. This may be the start of decreased values, or a blip on the radar. Only time will tell. The rise of mortgage interest rates hasn’t helped.

Seller subsidy still shows zero down the line. This means that no Braemar Piggyback townhouse seller in the entire past year has given any closing cost help. That is rather impressive.

Marketing time is increasing when you see the steep increases in the six month average and six month median days on market compared to their corresponding twelve month values. In a market that started to build inventory in the fourth quarter, perhaps Braeamr Piggyback townhouses were not as desirable as traditional townhouses to the buyers in the market.

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. And despite the rise of mortgage interest rates, you may just get away with not having to give closing cost help. Obviously, the days of multiple offers from frenzied buyers has past. Pricing right, being properly prepared for market and professionally marketed as more important than ever to create buyer enthusiasm for your listing.

The next Braemar Piggyback Quarterly will be out in April. Until then, if you want to investigate what the sale of your home would mean in 2023, it is never too early to reach out for a complementary consultation. It is most utmost pleasure to bring my years of experience and well honed skills to your home sale. 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: October-December 2022 (4th Quarter)

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

Happy New Year, my fellow Braemarians! Here’s hoping that 2023 has gotten off to a fantastic start for all of you. Today, I bring you the latest Braemar Condo Quarterly, focused on the last quarter’s activity in 2022.

Every time I publish one of these condo reports, there is inevitably a reader that is stunned to know that there are condos in Braemar. The connotation of a condo for many is that of a flat, or apartment, you own in a larger building. In reality, condo is really a form of ownership, not the type of structure. The condos in Braemar are townhouse structures…some with garages and others without. However, they were incorporated at the state level as condominium ownership. These townhouse style condos are legally known as the Barrhill at Inverness Village Condo.

During the last three months of 2022, there were only two Braemar condos that sold. Details are listed below.

A quick glance at these sales and I notice that both were interior units, both had garages and both sold in single digit days. While they were both listed at the same price, one did sell for five thousand dollars more. However, when you notice that the higher sale gave five thousand in closing cost help (seller subsidy) to the buyer, it turns out they both sold for the same net sold price.

Taking these fourth quarter sales and combining them with the entire year’s worth of Braemar condo sales in the neighborhood, the six and twelve month data points tracked in this report are updated and still narrowly reflect upward growth.

Starting in the sold price column, both six month sold prices are just slightly above their respective twelve month value. The leaps and bounds of value growth is no more. Supply and demand still indicate we are in a seller’s market, but the frenzy is over. Right now, our market is beginning to stablize where values are concerned.

Seller subsidy is becoming more commonplace again in contract negotiations. The six month average value being higher than the twelve month average tells us that. However, better news is that both median values remain at zero. That means that more than half of Braemar condo sellers in both time frames have given no closing cost help.

Days on market has changed very little and is one of the more prominent places where we can still see the seller market conditions on full display. When a Braemar condo hits the market, it doesn’t last long.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could expect to get closing cost help requests from buyers as mortgage interest rates are still lingering around six and seven percent. In some circumstances, a Braemar seller may still receive multiple offers, but those days are no longer the norm.

The next Braemar Condo Quarterly will be out in April. Between now and then, if you have been thinking of moving up from your Braemar condo, don’t hesitate to reach out for your complementary consultation. Helping Braemar sellers increase buyer enthusiasm through proper pricing, listing preparation and professional marketing is what gets my sellers top of whatever market conditions happen to be. 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 Townhouse Report: September-October 2022

Braemar Townhouse Report: September-October 2022

The day after Thanksgiving is one I used to dread when I worked in fine jewelry retail. Black Friday deals would bring throngs of shoppers to the counter. Obviously, fine jewelry retail is a job in which each customer must be handled individually, with careful attention to controlling the items you are showing. It is not a place for impatient shoppers. However, here is a pro-tip for anyone that may get sucked into Black Friday deals on diamond stud earrings. They are crap diamonds full of noticeable flaws and are yellow in color. Personally, I always found white sapphires a better value. Visually, no one can tell a difference and at least they are real gemstones. You truly get what you pay for in this world, and the lesson applies to everything for which you are shelling out money. The perception of saving money is often greater than the cost realized with sub-standard items, service, etc. Boy does it apply big time to listing agents.

Rather than spending the day amidst the frenzy of consumers at shops, I am more than happy to be working as your Braemar real estate resource again, bringing you the latest Braemar Townhouse Report. This particular report focuses on the sale of traditional townhouses in our neighborhood. Breaking that down one step more, traditional townhouses are three levels, have a back yard and are not condo ownership.

There were nine Braemar townhouses that sold between the months of September and October. Details of those sales are listed below.

At a quick glance, only one third of the townhouse sold below their original list price. Original list price is used for this report, not list price at the time something went under contract. It is an important distinction to note. And the three townhouses that sold below their list prices also took the longest to sell. For sure, the first townhouse owner had outlandish ideas of what their townhouse was worth on the open market if they sold seventy-five thousand dollars below their original list price. Others were closer. Another thing immediately evident is that two-thirds of sellers gave seller subsidy (closing cost help.)

Taking these most recent sales and combining them with the Braemar townhouse sales dating back to November 2021, the six and twelve month values tracked in this report are updated as seen below.

Starting with the sold price category, it is great to see that both the six month sold prices are higher than their corresponding twelve month sold prices. Values are still trending up, just not by leaps and bounds. The gap between each set of sold price values this report, is closing compared to last report. Buyer behavior has changed with the increase of mortgage interest rates, but market conditions measured by the number of buyers compared to the homes available for them to purchase is still considered a seller’s market.

Seller subsidy is most certainly rising in the six month and twelve month average values. Many buyers are requesting closing cost help to assist with mortgage rate buy downs. Heck, some sellers are offering it vs. lowering list prices. (This is a strategy that will cost you regardless whether buyers need it or not.) In our current six and twelve month median values we find that more than half of sellers in each time frame gave nothing in seller subsidy. If future sales follow the same trend as those this report, the median values will soon be repeating values other than zero in this column.

Days on market are ticking up. Again, this goes with the change in buyer behavior. The frenzied behavior we saw in 2020 and 2021 that led to quick sales after multiple offers with no contingencies is over. Buyers are acting much more deliberately. They are less enthused about piling on in a multiple offer scenario and taking the time to mull homes over before rushing to write offers. All in all, the marketing times are still representative of a seller’s market.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You could also expect that a buyer would request some closing cost help. Finally, it is more likely you will be dealing with one buyer at a time. However, gets buyers excited about your home involves making sure it is well prepared, properly priced and professionally marketed. Even outside of multiple offer scenarios, buyer enthusiasm is ultimately where sellers tip negotiations in their favor.

The next Braemar Townhouse Report will be out in January. Between now and then, I wish you every happiness the year end holiday season has to offer. Of course, if the need to list arises between now and then, as it did today for Braemar townhouse sellers that reached out on this holiday weekend, do not hesitate to get in touch. My business is open year round. I am always delighted to get my Braemar sellers the top of the market when they sell. Since 2005, No One Knows Braemar Better!

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: July-September 2022 (3rd Quarter)

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

Daylight is leaving us earlier and earlier these days. That’s the one thing I really don’t like about entering the month of October. However, the thing I dislike about this month is the very thing that makes this the perfect month to celebrate Halloween. You have to take the good with the bad.

In this edition of the Braemar Piggyback Quarterly the focus is on our third quarter neighborhood real estate market as it pertains to our two car garage townhouses, attached side to side and back to back. Let’s dive right in.

From the beginning of July to the end of September, there was only one Braemar Piggyback home sale. Details are listed below.

July and August in 2022 reflected our Northern Virginia seasonal norm, reduced buyer activity during summer vacation months. It is not surprising to see it took the Braemar Piggyback townhouse above just over two weeks to sell. It is disappointing to see that it sold below its list price. Two weeks on the market probably felt like an opportunity to buyers who were used to losing homes within twenty-four hours on the market.

Taking this third quarter activity and combining it with all the Braemar Piggyback sales going back to the fourth quarter of 2021, the six and twelve month data points tracks in this report are updated as seen below.

Starting with the sold price column, it is still comforting to see both the six month average and six month median sold prices are above their corresponding twelve month values. While our market was undergoing a shift in buyer behavior, values are still on an upward trajectory.

Seller subsidy (closing cost help to buyers) has been a non-starter for buyers looking to get under contract in an inventory limited market. This report shows no change in average and median seller subsidy given in any value. Oddly enough, our twelve month average seller subsidy was four hundred dollars last report too.

Despite the fifteen days on market experienced by the most recent sale, the days on market average and median values are still showing single digits down the line. This may start getting longer, but not overnight. The steep increase of mortgage interest rates is likely motivating as many buyers to get under contract soon, as it is slowing others down.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also expect to give nothing in seller subsidy, but don’t be surprised if buyers request it now that mortgage rates have effectively doubled since the beginning of the year. The days of multiple offers is gone and buyers are no longer having to waive contingencies. However, that does not mean that you can’t get a great price and seller favored terms when selling. With demand continuing to outpace supply, sellers still have the advantage. It is just even more important to make sure your home is priced right, properly prepared and professionally marketed to lift buyer enthusiasm.

The next Braemar Piggyback Quarterly will be out in January. Between now and then, I wish you all the best as you celebrate the year end holidays. However, if the need arises to sell, don’t push off the conversation until spring. Our real estate market in the fourth quarter can be a very powerful one and has been for the seventeen years I’ve been selling. Get in touch with me for a complementary consultation for the most accurate inforamtion on our market so you can evaluate what is right for you. 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 Townhouse Report: July-August 2022

Braemar Townhouse Report: July-August 2022

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

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

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

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

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

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

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

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

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

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

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

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 Townhouse Report: May-June 2022

Braemar Townhouse Report: May-June 2022

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

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

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

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

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

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

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

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

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

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 Townhouse Report: March-April 2022

Braemar Townhouse Report: March-April 2022

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

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

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

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

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

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

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

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

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

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

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 Townhouse Report: January-February 2022

Braemar Townhouse Report: January-February 2022

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

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

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

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

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

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

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

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

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 Townhouse Report: November-December 2021

Braemar Townhouse Report: November-December 2021

As we all brace for the impending winter storm, I am comfortable in my home office doing what I do best–real estate! The business of real estate is one that can be taken as seriously as the individual agent practicing it sees fit. Braemar real estate isthe foundation of my business. Bringing you the latest market information is something I take very seriously. This are not copy and paste reports. I run the data and compile it myself.

Today, rounding up the last of the year end reports for 2021, is the Braemar Townhouse Report. The properties that this report pertains to are traditional three level townhouses with front and back yards, attached side to side only. They are not to be confused with Braemar Condos, but you can find the report for the Braemar Condo townhouses by clicking this link.

There were six Braemar townhouses that sold during the last two months of 2021. The year market is not to be dismissed. The details of those sales are listed below:

Of the six sales, one is highlighted in pink. That is because it was my listing. You can read the details in the post I wrote about that sale. What is evident looking at all six sales is that most are selling at a minimum of a list price, the majority gave no closing cost help and they all sold in a matter of days. However, it is only when taking all of 2021’s Braemar townhouse sales and compiling updated six and twelve month market reports that we get to see trends.

Starting in the sold price column, we see only the six month average is higher than its respective twelve month value. The six and twelve month median values are the same. Furthermore, the growth rate of Bramar townhouses in the average has slowed. This report the six month average is 1.5% higher than the twelve month average. Last report, that was a 3.6% difference. The median last report was a 3.3% difference vs. zero this report. The second half of 2021 was not as frenzied as the first half. Buyers slowed their pace once summer vacations started and it never really got as insane as it had been earlier in the year.

Seller subsidy is something we have not seem much of in regard to Braemar townhouses. The average numbers are the only ones with anything to report and the averages are miniscule. Out of seventy-three sales, only six gave any closing cost help in 2021. One was a townhouse where I represented the buyers. Another was the one this report where I represented the seller. In the case of the one where I represented the buyers, we went in with the request because of the condition of the home. In the one on Selkirk listed above in pink, the buyer came in with no seller subsidy requests, but had a list of demands come home inspection. Rather than ditch them and move on to another buyer, my seller decided to strike a deal with them. Thankfully, we were able to negotiate that down to less than they requested.

Days on market shows that the time it took in the six month average and six month median, compared to their respective twelve month values, increased by one day. That is nothing to worry about.

If you put your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about one week. You could also reasonably expect to give nothing in closing cost help. However, you could expect to see the typical contingencies in your offers. Those are financing, appraisal and home inspection.

The next Braemar Townhouse Report will be out in March. Until then, if you want to know what is in store for the 2022 market, you can read my predictions by clicking this link. If you want more personalized information for an impending move, get in touch. My neighborhood knowledge, combined with my professional marketing, makes my Braemar sellers very happy. 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