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

Braemar Piggyback Quarterly: January-March 2022 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2022 (1st Quarter)

It finally feels like spring. The weather is warming up. The sun is shining and the trees and flowers are coming back to life. It is a hard day to be inside typing up another Braemar market report, but my dedication to providing my fellow Braemar home owners information overrides my desire to enjoy some fun in the sun. In this edition of the Braemar Piggyback Quarterly, we look back to the first quarter of the year and what it meant for these back to back and side to side attached, two car garage townhouses in our neighborhood.

During the first three months of 2022, there were three Braemar Piggyback townhouses that sold. The details of those sales are listed below:

Quick observations of these sales show only one sold below list price, none gave closing cost help and they all sold quickly. When we combine these first quarter sales with the last three quarters from 2021 for an entire year’s worth of Braemar Piggyback townhouse sale data, the updated six and twelve month data points show us market trends to this point.

Starting in the sold price column we see both the six month average and median sold prices are substantially higher than their respective twelve month values. This means that Braemar Piggyback homes have continued to gain in value in the short term, despite sharp increases in mortgage interest rates in the first quarter.

Seller subsidy is where we learn how much closing cost help Braemar buyers were able to negotiate from their Piggyback townhouse sellers. The answer is very little. Only the six and twelve month average values even exist in small numbers as a result of one seller out of eleven in the past six months giving $4,000. Seller subsidy may make a come back as interest rates continue to go up, pinching affordability even more for buyers. Next quarter will reveal a lot more information on that front.

Days on market, or marketing time as I like to call it, is consistent in both six month values compared to the twelve month values. Braemar Piggyback townhouses are getting under contract quickly due to the continued high buyer demand.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also still expect to get away with not having to pay any seller subsidy, particularly if you hire a skilled listing agent. Hire buyer demand still exists, bringing multiple offers that strongly favor sellers.

The next Braemar Piggyback Quarterly will be out in July. Until then, if you want to investigate the sale of your Braemar home, get in touch with me for a confidential consultation. Waiting for the market to crash to make a move may have you waiting for years. Despite rising interest rates, buyer demand is strong and expected to stay that way. Having a full-time professional on your side is the only way to get the best results, no matter 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 2021 (2nd Quarter)

Braemar Piggyback Quarterly: April-June 2021 (2nd Quarter)

Some dark clouds mid afternoon have given way to some gorgeous sunlight on this July evening in Braemar. It is odd to get used to evenings with full sunlight, thanks to daylight saving time. Another thing that has been hard to get used to is the crazy seller’s market that Braemar has been experiencing.

In this edition of the Braemar Piggyback Quarterly, I will look back at the sales that happened of the back-to-back townhouses with two car garages that sold in our neighborhood. I will also provide six and twelve month data points, showing us what the market has done in the shorter term.

For starters, there were five Braemar Piggyback townhouses that sold in the second quarter. Final sold prices ranged from $390,000 to $430,000 and are detailed below:

Taking these five sales and combining them with the previous three quarters of Braemar Piggyback townhouse sales, the six and twelve month values are updated as reflected below:

Starting in the sold price column, seeing both the six month average and six month median sold prices higher than their respective twelve month counterparts means that Braemar Piggyback townhouses are continuing to increased in value. Substantial growth in property values has become normal with the outrageous buyer demand and lack of inventory.

Seller subsidy is the column where we learn how much closing cost help buyers were able to negotiate from sellers. Down the line all values are in agreement at ZERO. Buyers facing multiple offer situations are having to come forth with strong offers with little to no requests of the seller. Seller subsidy requests are extremely rare these days.

Days on market is single digits down the line. The only movement seems to be in the six month average shrinking one day from the twelve month average. Piggyback townhomes are selling fast.

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

The next Braemar Piggyback Quarterly will be out in October. Until then, when the time comes to sell your Bramear home, no matter what the market conditions are, the key to getting the maximum amount of the market is creating buyer enthusiasm. That is done with proper listing preparation and professional marketing. My Braemar sellers have been reaping the rewards of both for years. Get in touch with me and I’ll do the same for you. 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: July-September (3rd Quarter)

Braemar Piggyback Quarterly: July-September (3rd Quarter)

What a gorgeous fall day. The colors are really starting to pop in our neighborhood. The other thing popping, of course, is our local real estate market. Today I present to you the Braemar Piggyback Quarterly, covering activity from the third quarter. Piggyback townhouses in our neighborhood are characterized by lack of a back yard, as they are attached side-to-side and back-to-back. They also are the only townhouses in Braemar to have two car garages.

During the third quarter, there were four Braemar Piggyback townhouses that sold. Coincidentally, they all sold in the month of July. The details of those four sales are listed below:

While two of the sales were about $355,000, there was one a lot more and one that sold for a lot less. You can probably discern from the information provided that the high sale was the only end unit that sold. The low sale was only a two bedroom townhouse. Taking all of these sales and combining them with the previous three quarters to give us a complete twelve months’ worth of data, our six and twelve month data points are updated as reflected below:

Starting with the sold price column we see that the six month average sold price is a bit higher than than the twelve month average sold price. That’s a smidge more than a 1% gain in average value in the short term average. Meanwhile, the six month median is only $500 above the twelve month median sold price. Any direction upward is good.

The seller subsidy column is where we get to see how much closing cost help Braemar Piggyback townhouse sellers gave to buyers. Of course, in the four most recent sales, no Braemar Piggyback townhouse seller gave ANY closing cost help. However, the average seller subsidy, while lower in the six month value compared to the twelve month value, still shows that Braemar Piggyback sellers had been giving closing cost help in the second quarter and even earlier than that. The six month median and twelve month median seller subsidy values are identical at $5,000. That means that in both time periods, more than half the sellers gave closing cost. If our third quarter sales are any indication of what may be coming up in the fourth quarter, I may expect to see zero in the six month median at a minimum next report.

Days on market, or as I like to refer it–marketing time, was six days faster when comparing the six month average marketing time to the twelve month average marketing time. The six month median marketing time was only three days faster than the twelve month median. This means Braemar Piggyback townhomes are selling even faster.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect that it would be under contract in no more than a week or less than two weeks. You could also expect that if you needed to give seller subsidy, you may only have to give about 1.5% of the sales price.

The next Braemar Piggyback Quarterly will be out in January. Until then, if the need arises to sell your Breamar Piggyback townhouse, give me a call for a free market analysis. While any home can sell in our current market with low inventory and high demand, not every home gets top dollar. Top dollar is only achieved with top notch marketing, negotiation and appraisal preparation. If top dollar is important when you sell, I’m your gal. 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 Piggyback Quarterly: October-December 2018 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2018 (4th Quarter)

If you have been wondering what your Braemar Piggyback townhouse is worth, today is your lucky day.  This Braemar Piggyback Quarterly will tell you what sold in the fourth quarter of 2018.  And if you aren’t sure if you own a Braemar Piggyback home, they are the two car garage townhouses attached on the sides and back. They have no backyard, but make up for it with larger bedroom sizes than traditional townhouses.

There were two Braemar Piggyback townhouses that sold in the fourth quarter of 2018.  The details of those sales are listed below:

When we take these two sales, along with the previous three quarters of sales data from 2018, we can get some valuable data in the six and twelve month data points of sold price, seller subsidy (closing cost assistance to buyer) and DOM (marketing time.)  These are the updated six and twelve month data points for Braemar Piggyback townhouses:

Let’s start with sold price.  The six month average and median sold prices are both above the twelve month average and median sold prices.  This means values of Braemar Piggyback townhouses continue to go up in value.

When it comes to seller subsidy, the six month average  is nearly $1,200 below the twelve month average.  Even better, the six month median is zero, compared to the twelve month median seller subsidy of $3,500.  Braemar Piggyback townhouse sellers have been giving less in closing cost help.  And the last two sales of 2018, the sellers gave none!

Marketing time is a tricky one now because our data here is being measured differently since our market switched to a new MLS system in November.  Both of the sales reported here are likely unaffected by the MLS change, but in the future I expect marketing time to go up.  In this report, marketing time is unchanged in the last year.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, it would be unreasonable for you to expect your home to be under contract in about one month’s time.  You could also expect at the high end to give about 1% of the sales price in closing cost help, but you may luck out and get a motivated buyer that doesn’t need it.

The next Braemar Piggyback Quarterly will be out in April.  Until then, if you would like to receive electronic copies of the full report emailed directly to you, sign up by emailing me at ChrisAnn@LNF.com.  You can also reach me there, or by phone at 703-402-0037 for a free market analysis of your home’s value when the time comes to sell. 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 Quarterly: July-September 2018 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2018 (3rd Quarter)

It is time for another Braemar Piggyback Quarterly, detailing sales of Braemar Piggyback townhouses in the third quarter of 2018.  If you are wondering what a piggyback townhosue is, they are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses, but have larger bedrooms than a traditional townhouse.  They also have two car garages.

There was one Piggyback townhouse that sold during the third quarter.  Details are below:

That sale alone doesn’t tell us much.  When we take this sale and put it in with the last year of Braemar Piggyback townhouse sales, we do get a chance to look at six and twelve month data points.  Current trends are found in the six month data points compared to the twelve month data points.  These are the current six and twelve month average and median values for Braemar Piggyback townhouses.

For starters, the most recent sale is well above the six month average and median sold prices.  That’s great news.  For trends, the six month average and median sold prices are higher than the twelve month average and median sold prices.   That means values of Braemar Piggyback townhouse are still pushing up.

When it comes to seller subsidy (closing cost assistance to buyers) the six month average is about the same as the twelve month average.  The six month median is a little lower than the twelve month median.  Right now, it seems Braemar buyers are still expecting closing cost help.  And the most recent sale would indicate it could be worse than the average or medians above.

The days on market (marketing time) has increased a little in the six month average compared to the twelve month average.  However, there is a larger increase in the six month median compared to the twelve month median.  Seems it is taking longer to sell Braemar Piggyback townhouses.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about a month or a month and a half.  You could also expect to pay about 1.5% of the sales price in closing cost help to the buyer.

The next Braemar Piggyback Quarterly will be out in January.  Until then, don’t count our fall market.  If you want to know what your home is worth right now, give me a call at 703-4002-0037.  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