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

Patio Home in Braemar

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

July is a busy month for this Braemar Real Estate Agent. It is one of the months that my quarterly market reports, semi-annual market reports and my bi-monthly market reports are all due. Is there anyone holding me accountable for their due date? Yes. ME! Preparing and sharing Braemar real estate market reports is something I choose to do. It is a commitment I made in 2005 to stay on top of our neighborhood market and to keep my fellow Braemarians informed of it. That type of accountability is what makes me a top producing agent. And if I am this dedicated to my market reports, imagine how strongly I advocate for my clients.

Today’s market report is the Braemar Patio Quarterly. Patio homes in Braemar are the two level attached homes that are also known as quads. They are attached on the side and at the back and have a one car garage. Unlike traditional townhouses, they have no back yard, however, they do have side yards that be fenced in for privacy. What they have a lot of is storage space. They also have very generously sized bedrooms. Of the two floor plans offered by the builder, one of them offers a main level bedroom and full bathroom. What a great option for buyers looking to downsize and age in place, or a multi-generational family with an elder that can not handle stairs.

During the second quarter of 2022, there was only one Braemar Patio home that sold. One of those main level bedroom floor plans. The details of that sale are listed below.

What is great to see is that it sold for list price, gave no seller subsidy (closing cost assistance to the buyer) and was under contract in just over a week. Taking this second quarter 2022 sale and combining with all the Braemar Patio home sales that have happened since the third quarter of 2021, there is an entire year’s worth of sales from which I pull out updated six and twelve month data points. This is where we find our market trends.

Starting with the sold price column, having both the six month average and six month median values higher than their respective twelve month values is a good thing. However, there’s been a slight dip in the lift the six month values have over their twelve month values since last report. At worst, values have slipped a tad. At best, they are holding steady. We’ll know a lot more come October when the third quarter report is out. The steep increase in mortgage interest rates in the second quarter undoubtedly is playing a hand in what we are seeing. The most likely buyer for Braemar Patio home is a first time buyer. These are the buyers most affected by the squeeze of rising prices on one end and rising interest rates on the other. Another symptom of this is evident in the next column as well.

Seller subsidy is more commonly known as closing cost help to buyers. Going through 2020 and 2021, seller subsidy was more rare. Well, it is making a come back in some price ranges. Here in the Braemar Patio Quarterly we see that the six month average seller subsidy and the six month median seller subsidy are higher than they were last report. Significant amounts of closing cost help in both time frames are contributing to it. One sale out of three in the last six months, and three out of eight in the last twelve months gave seller subsidy. Still, more than half of Braemar Patio home sellers in both time frames gave none. Odds still favor not giving any, but the real estate market is not fueled by luck. First time buyers with those affordability problems are helped tremendously by seller subsidy when used toward interest rate buy downs. This may become something sellers offer if values continue to increase. There is only so much squeezing at both ends a first time buyer can take before they have to pull out of the buying market all together.

Days on market is still very fast. The six month average marketing time is faster than the twelve month average marketing time by three days. Meanwhile, the median values in both time frames are holding steady at five. Clearly, buyers are still outnumbering homes available and are gobbling them up when they hit the market. July and August tend to be slower times of the year, despite the common belief that the best time to put your home on the market is when school is out. That’s when families go on vacation! I point this out because our marketing times may increase due to this seasonal disconnect between buyers and sellers.

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 should also not be surprised if a buyer requests seller subsidy. You are likely to see a lot of traffic, but will be lucky to get two offers. Buyers are acting much more deliberately now. The days of the frenzied multiple offer scenarios are gone. Home inspection contingencies are back. And low appraisal guarantees have disappeared. The market is normalizing, but still favors sellers.

The same principles always apply, despite market conditions. Hire an agent that will give you the best preparation advice to make the home appeal to the broadest range of buyers. Make sure it is professionally marketed. Buyers don’t get excited by crooked, dark or blurry photos they see online. Relying on market conditions is not the way to the top of the market. Favorable first impressions are what drives buyer enthusiasm. Having an experienced, local agent that knows your value proposition in the market and can negotiate strongly for you is the second half of the equation.

The next Braemar Patio Quarterly will be out in October. Until then, if you want to investigate what a sale would mean for you before the end of the year, get in touch for your complementary consultation. Professional marketing of your home is essential in getting the absolute best terms the market will bear. I’ve been doing that for my Braemar sellers for a very long time. 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 2021 (4th Quarter)

Braemar Patio Quarterly: October-December 2021 (4th Quarter)

Happy New Year! Let 2022 begin with a look back at what happened in the final quarter of 2021. In this edition of the Braemar Patio Quarterly we will do just that. If you are not sure what a Braemar Patio home is, they are two level, one car garage, quad-style townhouses. They are attached at the side and back, giving them side and front yards.

In the last three months of 2021, there were three Braemar Patio homes that sold. The details of those sales are listed below:

With final sold prices ranging from $375,000 to $460,000, you may be asking yourself, “Why such a large spread?” Well, the sale on Lednock was only a two bedroom, one full bathroom home. That is functionally a way different home than a four bedroom home with three bathrooms, which were our other two sales.

The Rannoch Forest home sale is an example of why professional marketing matters in a home. Thirty-five days on the market only to sell for $10,000 less than their original list price AND give $7,000 in closing cost help. That hurts.

The most gorgeous Braemar Patio home I have ever seen was the Correen Hills home. I listed and sold the attached rear neighbor’s home in 2018 and met the owner then. The improvements to the home were outstanding. Most notable was the lowering of the chest height wall enclosing the kitchen from the dining room and making it low barstool height with a granite counter. Why the builder didn’t design those homes that way is beyond me. Knowing that completely impressive home was listed for less than the poorly marketed Rannoch Forest recent comp is unreal to me. After hitting the market, the low list price was bumped it up to $355,000, but first impressions matter. If it had been my listing, I would have advised hitting the market with a higher orginal list price. You get one chance to make a first impression.

When we take these three sales and combine then with all the Braemar Patio sales from 2021, the six and twelve month data points are updated and reveal a cooling off of the intense buyer demand.

With both the six month average and six month median sold prices above their respective twelve month values, we see that values of Braemar Patio homes finish the year higher than they started. The rate of growth is what is slowing, compared to what we saw last report. Gone are the days when homes sold 7-10% higher than their list price. Even the super improved home sale on Correen Hills in November sold for only 4% above its original list price. The growth rate for 2022 home values is likely to be more modest.

Seller subsidy is where we get to learn how much closing cost help buyers were able to negotiate from their Braemar Patio home sellers. The average seller subsidy is higher in the six month value compared to the value in the twelve month slot. This means we have seen more seller subsidy requests, one pictured in the most recent sales above. The six month and twelve month median seller subsidy being zero means that more than half of the sellers in both time periods gave none. Again, key to giving nothing is hitting the market with professional marketing and not lingering.

Days on market is largely unchanged when comparing the six month values to their respective twelve month values. The warning from the sale on Lednock shows that days on the market can stack up if you don’t put your best foot forward in your online marketing presence. Professional marketing makes such a difference.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be undeer contract in less than two weeks. More likely than not, you would not have to give any closing cost help. However, you could expect to find your offer(s) have home inspection contingencies.

The next Braemar Patio Quarterly will be out in April. Until then, if the sale of your Braemar Patio home is on the radar in 2022, it is never too early to get in touch and find out what my professional marketing and listing preparation advice can mean to your bottom line. The buyer enthusiam created is what gets my Braemar sellers the absolutely maximum the market will bear. 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: January-March 2021 (1st Quarter)

Braemar Patio Quarterly: January-March 2021 (1st Quarter)

What a strange weather day Bristow experienced today. The wind gusts were down right troubling at points in the late afternoon, but now the sunshine is breaking through.

The Braemar real estate market has been experiencing gusts of its own. Today I spent time with two buyers, trying to get them under contract on listings. You have to be there the day a home hits the market with loads of cash in hand and no contingencies in your offer. At least, that’s what I’m seeing.

In the latest Braemar Patio Quarterly, focusing on the first quarter of 2021, we take a look back and see what happened in the Braemar Patio home market. Patio homes are also known as quad style townhouses, attached on the side and back. They have single car garages, two levels, HUGE bedrooms and loads of storage space for an attached home.

In the first quarter, there were two Braemar Patio homes that sold. The details of those sales are listed below:

The first thing you may notice about these two sales is the big difference in final sold price between the two Patio homes. One was a four bedroom, three and a half bathroom Patio home. The other a two bedroom, one and a half Patio home. There is a major functional difference in these homes, especially considering the main level bedroom and bathroom of the four bedroom Patio home.

Taking these two Braemar Patio home sales and combining them with the previous three quarters of Patio home sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, we see both the six month average and six month median have substantially increased compared to their respective twelve month values. This means that Braemar Patio homes are continuing to increase in price.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from Braemar Patio home sellers. Both six month values are at zero. Only the twelve month average seller subsidy has a value that isn’t zero, coming in at $389. Clearly, in order to be competitive in this seller’s market, buyers are having to ask less of sellers in hopes of getting under contract.

Days on market, down the line, is five days. Braemar Patio homes have been selling quickly for the past year.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to give nothing in closing cost help.

The next Braemar Patio Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar home, get in touch with to learn how being well prepared and professionally marketed matters even in a seller’s market. Since 2005, No One Knows Braemar Bettter!

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

This Braemar Patio Home Went Under Contract in Fourteen Days

This Braemar Patio Home Went Under Contract in Fourteen Days

On July 20th (2019) I had the pleasure of introducing 12849 Rannoch Forest Circle to the marketplace of Bristow, more specifically, Braemar buyers.  Priced at $360,000, this patio home with a main level bedroom and attached full bathroom, along with three enormous bedrooms and two bathrooms on the upper level (one each compromising the master suite,) I knew this home would draw some interested buyers.

Sure enough, during an open house on July 21st, two interested buyers were smitten.  One, unfortunately, had a lease to fulfill until October.  The other was raring to go, but never submitted an offer.  Rather, they filmed their way through the open house, pulling in family members for their opinion, then had their agent contact me.  The agent was “sending me an offer,” but wanted to make sure her folks could get everything they wanted.  Well, that offer didn’t materialize because the term of pre-settlement occupancy (meaning the buyer would MOVE IN prior to closing) on AUGUST 1st, was a non-starter.  It was mind boggling how these buyers had put themselves in a position to be homeless on August 1st and expected the real estate market to accommodate them.  That’s the crazy stuff you find in the real estate market from time to time.  Unreasonable expectations with a pushy and over confident delivery.

My seller and I discussed why pre-settlement occupancy was a horrible idea. Putting a buyer in a home while there are still contingencies that need to be removed, like home inspection, appraisal and finance, is a can of worms.  Those take weeks to get past.  If the deal tanks, you have to evict them.  Makes your stomach sick to think about, doesn’t it?

Instead, my buyer listened to my well grizzled real estate advice and waited for a buyer that wasn’t expecting the sun, moon and stars delivered at their feet.  He is sure glad he did.  On July 31st, buyers saw the home that loved it.  The next day, we had an offer.  On August 2nd, buyer and seller had agreed to all the terms in writing.

A truly motivated buyer is not one that makes demands of the world around them, but one that puts their money into a transaction and their intentions in writing.  They don’t try to push, push, push to get their way before writing anything down and committing to it.  They ACT!

When the time comes to sell your Braemar home, having an agent on your side that understands the dangers that lurk in situations that appear to be motivated buyers on the surface, is critical.  My specialty is getting top dollar, in short marketing time frames, for Braemar homes.  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

Braemar Patio Quarterly: April-June 2018 (2nd Quarter)

Braemar Patio Quarterly: April-June 2018 (2nd Quarter)

Welcome to another Braemar Patio Quarterly.  This one details the sold patio homes in Braemar during the second quarter of the year.  Without further delay, let’s get right to it.

There were two Braemar Patio homes that sold in the second quarter.  Their final sold prices ranged from $344,900 to $355,000.  Details of the sales are listed below.

When we take these two sales and add them to our rolling year’s worth of Braemar Patio home sales, here is what we find:

When we take a look at how these most recent sales of Braemar Patio homes change our six month average and median sold price, compared to the twelve month average and median sold prices, we find that in the more recent six month values, Braemar Patio homes are slightly higher in value than the twelve month values.  The time it takes to sell a Braemar Patio home hasn’t changed much, but the six month average seller subsidy (closing cost assistance to buyers) is about $1,300 lower than it was in the twelve month average seller subsidy.  This is all good news for Braemar Patio home owners.

If you placed your Braemar Patio home on the market, priced to current market conditions, you could expect it to be under contract in less than a week.  You might also set your expectations that a buyer may expect a little less than 1% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in October and will include my most recent Braemar Patio home sale at 9826 Earls Ferry Circle.  It’s still a tad early to tell you what our final sold price will be since we don’t close until July 18th.  Until then, if you want to know how these most recent sales are affecting your Braemar Patio home’s value, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Patio Quarterly: January-March 2018 (1st Quarter)

Braemar Patio Quarterly: January-March 2018 (1st Quarter)

It is time for another Braemar Patio Quarterly, which I know is going to make one of my family members very happy.  She happens to own a Braemar Patio home and has been waiting for the latest scoop,  With any luck, she is not the only one who will find this market breakdown of the first quarter sales of Braemar Patio homes useful.

If you don’t know what a Braemar Patio home is, they are often referred to as the quads in our community.  Each unit is two levels and is attached on the back and side to its neighbor.

There were two Braemar Patio homes that sold in the first three months of 2018.  The details of those sales are below:

Maybe you will notice the change added to the details of each Patio home sale.  One of the things that makes some patio homes different from others is the fact that one floor plan in particular offers a main level bedroom.  You will see that both Patio homes sold in the first quarter have those floor plans as they are marked affirmatively for having a “Main Level BR.”  Final sold prices were $325,000 and $340,000.

When we take these sales and add them in with the Braemar Patio homes sold in the second, third and fourth quarters of 2017 we get an entire year’s supply of data.  When we parse that data out into six month and twelve month markers, here is what we find:

The six month average and median sold prices are ever so slightly higher than the twelve month average and median sold prices.  Any movement forward in the short-term is a good thing.  Meanwhile, the seller subsidy (closing cost help to buyers) is heading down.  Marketing time has stayed about the same.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in about a week.  You could also expect to pay about $3,000 in closing cost help, but you may get a motivated enough buyer to not have to pay any.

The next Braemar Patio Quarterly will be out in July.  Until then, when you want to know how the most recent sales are affecting your Braemar home’s value, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Piggyback & Patio Quarterly: October-December 2016

Braemar Piggyback & Patio Quarterly:  October-December 2016

We have officially hit bitter cold winter temperatures.  I was out showing property this afternoon in Marshall, VA and I think I went numb.  When I say I was showing property, I mean land with no heated structure.  At this moment, I am quite content to be sitting in front of my computer, typing another Braemar Piggyback & Patio Quarterly.  or those who aren’t familiar with these types of home styles, Braemar Piggyback Townhouses are attached side-to-side and back-to-back.  While they do not offer back yards, they offer large bedrooms and a two car garage.  Braemar Patio Homes are also known as quads.  Each is attached at the side, back and corner to another Patio Home.  They have two levels, also offering large bedrooms and a modest side yard.

Braemar Piggyback TownhousePIGGYBACK

Unlike the third quarter of 2016 when five Piggyback Townhouses sold in Braemar, only one sold in the fourth quarter of 2016.  That’s one less than sold in the fourth quarter of 2015.  The sales price of our one Piggyback sale was $307,600.  That is higher that average sales prices from last quarter and last year.  However, it is lower than the high sales price last quarter.  We’ll have to see more sales in the first quarter, possibly into the second quarter, to see where values are heading.  My gut tells me they are holding steady.

Braemar Piggyback Values, 4th Quarter 2016

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in 41 days.  You could also expect to pay over 2.5% of the sales price in closing cost help for the buyer.

PATIO

Braemar Patio HomeJust like the fourth quarter of 2015, the fourth quarter of 2016 gives us only one Patio Home sale in Braemar.  There were fives sales in the third quarter of 2016.  The one sale we did have between October and December was for $300,000.  That is lower than the averages of last quarter and last year.  However, it is not lower than the low sales price from last quarter.  Just like the Piggyback Townhouses, we’ll have to get past the first quarter, possibly the second, to see where values are heading.

Braemar Patio Home Values, 4th Quarter 2016

If you placed your Braemar Patio Home on the market, priced to current conditions, Chris Ann Cleland, Braemar Real Estate Agent, 703-402-0037you could expect it to be under contract in 28 days.  You could also expect to pay 3% of the sales price in closing cost help for the buyer.

The next Braemar Piggyback & Patio Quarterly will be out in April and will details sales from the first quarter of 2017.  Until then, when it is time to sell your Braemar home, give me a call for a free market analysis.  Since 2005…No One Knows Braemar Better!

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.comwww.UncompromisingValues.com

 

Statistics compiled using MRIS (Metropolitan Regional Information Systems.)