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

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

Ahhh. Another gorgeous sunny spring day in Braemar . This time of year lifts many gray winter weary spirits, mine included. As I go through the latest Braemar Condo Quarterly, focusing on the first quarter’s activity in 2023, you will get a sense of the local market and how it affects your Braemar condo.

A quick note before we get started for those that may not know that there are condos in Braemar. Condos are often thought of as units in a larger building. The reality is that a condo is simply a form of a ownership. Single family homes could be condos if they were registered with the SCC (State Corporation Commission) that way. The vast majority of homes in our Braemar neighborhood are part of HOAs. There is one association within Braemar registered as a condo. That is Barrhill at Inverness Village. Inside this Braemar condo enclave are townhouses. Some have garages, others don’t. They are located off of the streets Caithness Circle, Moxleys Ford Lane, Lod Lovat Way and Heykens Lane. These are the condo referred to in this report.

From the beginning of January to the end of March, not one Braemar condo sold. However, there were two listings that hit the market during the first quarter. One is located at 12518 Heykens. It listed for $365,000 on March 16th and went under contract in a matter of three days. We will see the final sold price next report. The other Braemar condo for sale in the first quarter was located at 10013 Moxleys Ford, also priced at $365,000. It hit the market as on February 1st. Remarks indicate it was a court ordered sale, which is usually indicative of a bankruptcy. However, the listing was withdrawn from the market on February 27th, not having sold. It may have been the condition (being noted as needing TLC,) or the fact that there were tenants inside that needed occupancy until the end of June that made the home unattractive to buyers.

Despite the lack of sales for the first quarter of 2023, the six and twelve month data points tracked in this report are updated when the first quarter of 2022 falls off of our year’s worth of Braemar condo sales.

Starting in the sold price column, it is good to see that both the six month average and six month median sold prices are higher, even though slightly, than their respective twelve month values. This indicates the continued progression of upward growth in Braemar condo values, despite buyer behavior changing in the latter half of 2022. Buyer behavior only started picking up to the more frenzied pace we had gotten used to for the last couple years in February.

Seller subsidy (closing cost help to buyers) is higher in both six month values compared to their corresponding twelve month values. Not a shock when you consider how affordability for first time buyers has really been hit at both ends with rising mortgage interest rates and the continued upward growth of home prices.

Marketing times are single digits down the line, varying only by one additional day in both six month values compared to their respective twelve month values. It is clear that Braemar condos, being the most affordable purchases in our neighborhood, have remained in high demand.

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. Seller subsidy requests are not going to be uncommon, but you can put yourself in the absolute best position by making sure your home is priced right, properly prepared and professionally marketed. These are made possible by partnering with a local, professional agent like myself that can help you on all three points to create the all important buyer enthusiasm. When buyers are excited about your home, they are more likely to be aggressive in their offer terms.

The next Braemar Condo Quarterly will be out in July. Between now and then, if you would like to know your specific condo’s value in the current market, get in touch with me. It is my pleasure to help my fellow Braemarians hit the top of the market. It always starts with a get-to-know-you chat about your property, desired time frames, nd the overall market. It is never too early to consult with me to get a handle on where to spend your time, money and energy in listing preparation projects. 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 2023

Braemar Townhouse Report: January-February 2023

On this windy March afternoon in Braemar, I am finding it quite cozy to sit in my home office and prepare this Braemar Townhouse Report. As usual, it is the one that brings up the rear in my series of Braemar market reports. This particular edition focuses on the sales of Braemar townhouses in January and February and looks back at the updated six and twelve month market markers tracked in this report.

During the first two months of the year, there were six Braemar townhouses that sold. Details of those sales are listed below.

I was very happy to be the listing agent of 10158 Pale Rose Loop that you see in pink text. While it was an end unit, it did happen to be on the smaller side of what was available at the time. Getting them multiple offers and selling so quickly when we had just come off a slower paced year end, was a great result. They would have sold for more had the appraiser agreed with the original contracted sales price. Appraisers definitely hold the purse strings if you don’t have buyers who are willing to waive appraisal.

Of the six sales, only two sold above list price. Both gave seller subsidy (closing cost assistance to the buyer) and were both under contract in about a week. Three townhouses sold at (or just a hair under) list price. Only one sold below list price and it is no surprise that it was the sale that took the longest to happen. It is also the only townhouse sale to give no seller subsidy.

Combining all these sales with the Braemar townhouse sales going back to March 2022, the six and twelve month data points in this report are updated as seen below.

For the second report in a row, both six month sold price values are down compared to their corresponding twelve month sold price values. However, the gap is smaller when you compare to last report. Our Braemar townhouse market definitely softened up a bit in the latter half of the 2022, but all indications are that it is recovering from that momentary change in buyer behavior. Between having the listing on Pale Rose receiving multiple offers and helping buyers in the market in February in crazy multiple offer scenarios, I can assure you that buyer behavior is back to what we saw in 2020 and 2021. Buyers are making fast decisions and throwing everything they have at an offer to win. This means waiving contingencies and going above list price.

Seller subsidy shows higher amounts in both six month values when compared to their respective twelve month values. These numbers have gotten higher since last report, which really isn’t unexpected. With the steep increase in mortgage interest rates, and no noticeable decline in sales prices, buyers were having major affordability problems. Those hit worst have been first time buyers with no existing equity to roll into their next home. Buyers who have saved up their resources are the ones able to waive seller subsidy requests and compete in the conditions we are seeing right now.

Marketing time is still longer in both the six month values compared to their twelve month counterparts. In fact, these marketing time values are nearly identical to what we saw last report. I suspect this will be changing in future reports based on current market activity with homes going under contract so 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 so. Don’t be surprised by seller subsidy requests. The best way to avoid them and get the most seller favored terms is to lift buyer enthusiasm. Getting buyers excited about your home by pricing right, preparing your home for market to show as move-in ready as possible and having it professionally marketed have always netted the best results. Relying on market conditions alone is not a recipe for hitting top of the market.

The next Braemar Townhouse Report will be out in May. Between now and then, or anytime you want to know your townhouse’s value in our current market, get in touch with me for a personalized consultation. It is never too early to get direction on what projects should be done for the optimal market reaction when you sell. Helping my Braemar sellers reach the top of the market is my mission. 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