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

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

Here comes another gorgeous day in Bristow and another Braemar real estate market report. No matter how nice it is outside, sometimes a Top Braemar Real Estate Agent like myself just needs to get the job done. While bringing you market reports is self-imposed work, it is just as important to me as writing an offer or putting in a new listing. When I moved to Braemar in 2005, I made the decision shortly thereafter to make myself an expert in this neighborhood. I take that committment very seriously.

Today the focus is on the sales of Patio homes in Braemar. These properties are also known as quads. The homes are attached side to side and back to back, each being an end unit. They offer two levels with very generous sized bedrooms and tons of storage. There are one car attached garages on each one and a fenceable side yard.

Unfortunately, during the first three months of 2023, there were no Braemar Patio homes listed for sale. As you may have heard, there is a severe inventory shortage in our area. The first quarter of the year has been extremely limited with what is available for the overwhelming number of buyers in our market to purchase. The year initially started with the same buyer behavior we saw in the latter half of 2022. Buyers were reluctant to jump quickly to write offers as they had been doing in early 2022, and all of 2021 and most of 2020. However, in February buyers seemed to come out of that fog of deliberation and were ready to act quickly and decisively on properties listed. Buyers have become accustomed to our mortgage interest rates in the sixes as the new normal.

Just because there were no Braemar Patio home sales in the first quarter does not mean that we do not have new data available to review. The six and twelve month data points tracked in this report were updated when the first quarter’s worth of sales from 2022 were dropped from my running twelve months of Braemar Patio home sales.

Starting with the sold prices, it is not unexpected to see both six month Braemar Patio home sold prices above their respective twelve month sold prices. Values continue to push up as high buyer demand continues. If you felt you missed out on the 2020-2022 seller’s market, you have not.

Seller subsidy (closing cost help to buyers) is an area that has fallen to the buyer’s advantage according to these updated figures. Both six month values are substantially higher than their corresponding twelve month values. Though buyers have gotten used to higher mortgage interest rates, home affordability is a real problem buyers are facing, particularly first time home buyers, which is the primary demographic for these Patio homes in Braemar. My philosophy when it comes time to list is to not offer anything, but let buyers tell you what they require to make a deal.

Days on market is obviously stable at nine days down the line. Braemar Patio homes hit a sweet spot for many buyers looking in the price ranges around $450,000. These homes don’t last long on the market.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could get yourself in the best negotiating position possible for seller subsidy requests and any other offer term by doing three things: 1) price right, 2) properly prepare for market and 3) make sure your home is professionally presented. A full time professional in the neighborhood like me will help with all three of these goals with the strategy to lift buyer enthusiasm.

The next Braemar Patio Quarterly will be out in July. Between now and then, you can reach out anytime to find out what your specific home’s value in our current market would be. It is never to early to have a conversation about the market and how to prepare to list. 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 Patio Quarterly: October-December 2022 (4th Quarter)

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

Happy New Year! I hope that 2023 is treating you all well so far. With 2022 behind us, it is time for another Braemar Patio Quarterly, detailing sales of the Patio homes in our neighborhood. Braemar Patio homes are two level, quad style attached homes with an attached neighbor on the side, corner and back. They are all end units and enjoy a side yard that can be privacy fenced if the owner wishes.

During the last three months of 2022, only one Braemar Patio home sold. Details of that sale are listed below.

What is good to see is that this Braemar Patio home got its full list price after being on the market for only nine days. What is disappointing to sellers that there was a closing cost credit (seller subsidy) in the amount of $11.225. As mortgage interest rates have increased and home prices have done nothing more than slow their rate of increase, a lot of first time buyers are finding themselves needing seller subsidy in order to make a deal happen.

Combining this sale with all the Braemar Patio home sales from 2022, the six and twelve month data points followed in this report are updated as seen below. You will notice immediately that the six month average and six month values are identical. This is because the only Braemar Patio home sale in the past six months has been the one above. Nonetheless, we’ll see how it compares to the entire year’s worth of sales.

Starting with the sold price column, we see that this most recent sale is higher in value than the both the twelve month average and median sold prices. This is consistent with what I am seeing throughout the market, which is a more measured rate of increase in values. Our market is not crashing and does not yet favor buyers. Quite the opposite. It is technically a seller’s market. The buyer frenzy has just cooled due to the increase in mortgage interest rates.

Seller subsidy obviously increased significantly in this sale compared to the twelve month values. We will see what the first quarter of 2023 bears out with respect to this. Only then will know if it is a trend, or one off event.

Days on market was only two days longer in the most recent sale, compared to both twelve month values. Single digit days to go under contract is still phenomenal.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or less. We are likely to see more homes coming on the market as we march into spring. Calendar spring happens a lot later than real estate spring, which is gearing up right now. You could also expect that a buyer may need closing cost help. However, if you price your home right, have it properly prepared for market and hire a professional, local marketing agent like myself, you can lift buyer enthusiasm to a point where you may be able to negotiate closing cost help away, sell over list or even get a couple of buyers bidding on your home.

The next Braemar Patio Quarterly will be out in April. Until that time, if you would like to know what a sale would mean for you this year, it is never too early to reach out and schedule a complementary consultation. Helping Braemar sellers is my pride and joy. It gives me tremendous satisfication to put my considerable skill set and eighteen years experience to work to get 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 Patio Quarterly: July-September 2022 (3rd Quarter)

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

October is one of my favorite months. There is something magical about the chill in the air and the leaves changing colors. October is also a busy month for this Braemar Real Estate Agent. As soon as the third quarter comes to a close in September, it is time to roll out my quarterly Braemar property reports. Today’s report is the Braemar Patio Quarterly, focusing on Patio homes in our neighborhood. Patio homes are two level, one car garage homes with side and back attached neighbors. They are the quad-style townhouses in our neighborhood.

During the third quarter, which encompassed the months of July, August and September there were no Braemar Patio homes sold. However, as the year’s worth of Braemar Patio home sales now drops the third quarter of 2021, the six and twelve month data points are updated as seen below.

At first you may be alarmed that the six month value points for sold price have fallen below their corresponding twelve month values. Don’t be panicked by this. There was only one Braemar Patio home that sold in the six months measured in this report. It’s sold price is the only value we have for each six month sold price. In my last Braemar Townhouse Report, values were still trending up for similar home types and similar prices, so I suspect we’ll see more of that if we have more Braemar Patio home sales to report in January’s fourth quarter wrap up. At present, there are none on the market or under contract.

Seller subsidy is something that has been making a come back as mortgage interest rates have been rising. It’s not something that has yet to be recorded outside of average values. It will be a more normal occurrence when it hits the median values. Median values are a reflection of what the middle value is a string of numbers is. At zero, it means more than half of Braemar Patio home sellers have given none in twelve months. Remember, the six month value is only one sale.

Marketing time is still low and has been in other reports I’ve prepared. Even though conditions have shifted, we are still in market with more buyers than there are homes for them to purchase. That means conditions still favor sellers. You can read this post about how the shift is impacting sellers.

If you placed your Braemar Patio home on the market, priced to current conditions, you would be a stand out listing. As mentioned, there are none of these homes on the market right now and they are among my favorites for townhouse buyers. They offer so much storage for buyers not put off by the lack of traditional back yard. You would likely be under contract in two weeks or less. And you may have to face seller subsidy requests, but if your home was properly priced, well prepared and professionally marketed, the odds of avoiding it increase. It all boils down to creating buyer enthusiasm.

The next Braemar Patio Quarterly will be out in January. Until then, I do hope you enjoy your year end holidays. And if you need, or want to sell your Patio home before the end of the year, don’t hesitate to be in touch. The urgency to get find a home before mortgage rates go even higher is top of mind with serious buyers. Buyers are always out in the fall market, but not all agents understand the benefit of our year end selling season. Get in touch and let me tell you all about it. 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