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

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

Welcome to another edition of the Braemar Reflection Quarterly. This report focuses on the semi-detached/semi-attached homes located on Tarvie Circle behind Safeway. These homes are attached to one neighbor and only at the rear load garage.

Unfortunately, for the second report in a row, there were no Reflection homes that sold in Braemar. Not at all unusual considering these homes make up such a small portion of the the larger neighborhood.

Below are the updated six and twelve month data points tracked this report.

With no six month values to compare to the twelve month values, let’s just talk a bit about what is happening in the market.

Braemar is still experiencing a seller’s market. It is not the frenzied mess we saw in 2020 and 2021. However, supply is still not meeting demand. Sellers who price their homes right, prepare them for market and hire a listing agent that markets them professionally, are getting great outcomes. The pitfall for sellers right now is that so many are still stuck in the mindset of the ten percent over list price offers, and multiple offers, that they are overpricing their homes despite changing behavior of buyers.

Buyers are acting much more deliberately since mortgage interest rates have climbed up a bit and threaten to climb more. However, properties that lift buyer enthusiasm are still hitting values consistent with upward growth.

Just the other day, I placed a Braemar townhouse on the market. Since then, there have been ten showings scheduled. I will not be surprised if the sellers have more than one offer to choose from, but I don’t think setting an offer deadline is in order at this time.

If you have been considering what the sale of your Braemar home may mean in 2023, get in touch with me for your complementary consultation. It is one of my greatest business pleasures to get my Braemar neigbhors the top of whatever market in which they are selling. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate