Just Sold: End Unit, Garage Townhouse in Braemar on Pale Rose Loop

Just Sold: End Unit, Garage Townhouse in Braemar on Pale Rose Loop

Starting 2023, the fear was that the pause that was felt at the end of 2022 in buyer behavior would be front and center. Well, when it comes to Braemar townhouses, that is not the case. January 13th was when 10158 Pale Rose Loop hit the market, priced at $458,000. Showing requests were immediate. And the open house held two days after the home hit the market was like Grand Central Station. Buyers were out and about. Several expressed interest in moving forward with an offer. What wasn’t to like? The major components had been replaced (roof, furnace, a/c, water heater) and there were updates to the kitchen and owner’s bathroom.

After five days on the market, two of the four buyers that had been interested in stepping up to make a bid had done so. The remaining two were not feeling so inclined. Considering the sellers would have been happy with one offer that met their needs, they were thrilled to have two to chose from that each hit their goals. On day six, the sellers chose one and went under contract.

The winning bid was one from owner occupants. The sellers felt strongly they did not want to sell to an investor. So all things being mostly equal on paper, they went with the owner occupant offer.

Appraisal presented a speed bump, however. The owner occupant offer had written above list price in order to net the sellers slightly more than list price after taking into account the seller subsidy they had requested. Well, the appraiser didn’t see the value at the agreed upon sales price. (Appraisers are tightening their belts and the result is more low appraisals.) Still, this end unit townhouse in Braemar did appraise for more than list. It was disappointing when the sellers were faced with lowering their sales price while the buyers could not give up any of their requested seller subsidy. What had been net gain over list price at offer acceptance was going to be a net loss from list price to continue with the owner occupants.

The dedicated listing agent I am, I rounded on the second offer. The investor buyer was still interested and would net the sellers a full list price sale, assuming that appraisal came in at list price. It would mean more time until closing and carrying the vacant home for one more month. The sellers didn’t have the stomach for bailing on the first buyers for a little more money. They stuck with the first offer they chose and today, made those owner occupants very happy when this townhouse sold for $360,000.

If you were worried about the real estate market for early 2023 in Braemar…if you have a townhouse to sell, the market will devour it. Get in touch with me to find out what your townhouse may be worth in a sale in the near future. With my many years experience and professional marketing, I will get you the top of 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: 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: April-June 2022 (2nd Quarter)

Braemar Piggyback Quarterly: April-June 2022 (2nd Quarter)

The second quarter of 2022 came to a close over two weeks ago and I am just sitting down to write this Braemar Piggyback Quarterly market report. If I had a whole bunch of things going on in my personal life precluding me from doing this task, that would be one thing. The reality is that the market that I keep hearing tales of crashing is keeping me intensely busy. In this edition of the Braemar Piggyback Quarterly we look back to the months of April, May and June to track the homes sold and compare our updated six and twelve month market markers. Should be interesting as this time frame was when we saw mortgage interest rates jump up just under six percent.

For those who do not know what a Braemar Piggyback townhouse is, they are the only two car garage option buyers have in attached homes in our neighborhood. These townhouses are attached side to side and back to back. What they lose in having a back yard is more than made up for in larger bedroom sizes than you would find in a traditional townhouse.

During the second quarter, four Braemar Piggyback townhouses sold. Details of those sales are seen below.

At a glance, these all look like very healthy sales. Only one of the four didn’t sell above list price. None gave seller subsidy, more commonly known as closing cost help to buyers. And they were all under contract in less than one week. It is when the six and twelve month data points are pulled from the Braemar Piggyback sales going back to the third quarter of 2021 that we get to see which way our market is trending.

Starting in the sold price column, we still find both the six month average and six month median sold prices are higher than their respective twelve month values. However, the lift from the six month to the twelve month values is not as high as it was last report. This is consistent with what I am hearing from trustworthy experts and seeing with my own eyes. Inventory is still not meeting demand, but rising mortgage interest rates has tamped down the rampant buyer frenzy. Homes are still going to be gaining value, but not in the leaps and bounds they saw since 2020. We are now looking at more measured growth. Braemar Piggyback townhouses are still gaining value.

Seller subsidy has not been a factor for Braemar Piggyback sellers except for one out of ten in the last twelve months. This actually surprises me a bit. As mortgage rates have increased, I have noticed sellers elsewhere offering some closing cost assistance toward mortgage rate buy down. It is certainly the exception and not the rule right now. It will not surprise me to see seller subsidy come back as we move through the rest of the year. However, my feeling is that it will be modest amounts we see.

Days on market shows a trend of decreasing marketing times. Just when you thought Braemar Piggyback townhomes couldn’t go under contract any faster, they are. The six month average marketing time decreased one day compared to the already super fast twelve month marketing time. And the six month median marketing time is the lowest you can go at one day, compared to the twelve month median marketing time of four days.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect to go under contract in less than a week. These numbers indicate you could expect to give nothing in closing cost help. As stated above, my gut tells me we will start seeing modest requests from buyers struggling with affordability as mortgage rates rise. You could also expect that, even though demand is still high and inventory is low, buyers are acting much more deliberately now. They are not in a frenzy. Multiple offers, while happening on some properties, is not something you can bank on. Buyers are also no longer waiving inspections or offering low appraisal guarantees. The market is steadying out to more typical buyer behavior.

As market conditions shift, the way to top of market price is still the same equation as it has always been. Proper listing preparation and professional marketing are what drives buyer enthusiasm. When buyers are excited about what they see online, and it matches what they find in person, they are more likely to act quickly and decisively. Having a top notch negotiator on your side who knows true market conditions is just as important. Already, I am seeing my sellers getting offers from buyer agents spewing doom and gloom. My sellers are able to cut through that nonsense and negotiate from a position of what is actually happening.

The next Braemar Piggyback Quarterly will be out in October. Until then, if you want to investigate the sale of your Piggyback townhouse, get in touch to schedule your complementary consultation. 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