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

Posted on April 17, 2023 by cacleland

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

What a gorgeous spring day! It makes Monday seem all the more happy. Then again, Mondays are my favorite days of the week. There is something wonderful about the start of a new week, particularly after a busy weekend showing properties and attending home inspections.

Today I bring you the latest Braemar Piggyback Quarterly. This report focuses on the two car garage, back-to-back and side-to-side attached townhouses in our neighborhood. The first quarter of the year started a bit slow, but saw the return of the buyer frenzy in February. Let’s dive right in.

During the months of January, February and March, there was one Braemar Piggyback townhouse that sold. It listed for $445,000, but sold for $435,000. Details of this sale are listed below.

Maybe you are wondering, if the buyer frenzy returned in February, why did this Piggyback townhouse in Braemar take twelve days to sell and get $10,000 less than list price? Well, this listing hit the market on January 19th. Buyers were still slower to act at that time. And the house itself was fairly basic with carpeting throughout, basic kitchen counters and no updates to the bathrooms.

Taking this Piggyback townhouse sale from the first quarter and combining it with the sales from the second, third and fourth quarters of 2022, the six and twelve month data points tracked in this report are updated. Let’s take a look.

Starting with the sold price column, it is not great news to see both the six month average and six month median sold prices dipping twenty thousand or more below their respective twelve month values. This is the second report where we have witnessed this decline. There is no question that the sales that happened in the last six months represent that time of slower to act, more cautious buyers. It is my hope that the second quarter report will show slightly less of a dip comparing six month values to the twelves. The market is really fantastic right now for any Braemar Piggyback townhouse owner looking to sell.

There is great news in this report and it is contained in the seller subsidy column. Seller subsidy is closing cost help that buyers negotiate from sellers. Seeing zero down the entire column is unexpected. Buyers have been pinched with high prices and higher mortgage interest rates. This is a result of the very low inventory that buyers have to choose from. They may have been slow to act, but there was little for them to pick from, putting them in a spot where they needed to please the seller to have their offers chosen.

Days on market does reflect the delay in buyer actions we saw in the latter half of 2022 and the first month of 2023. Both six month marketing times are much higher than their corresponding twelve month values. Watching the inventory in Braemar and the surrounding area, it seems this is not the case at the moment. Buyers are acting quickly and decisively right now. They have most certainly grown accustomed to the higher mortgage interest rates and are ready to make deals.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or two. If you were properly priced, well prepared and professionally marketed, not only could you avoid seller subsidy requests, you could end up in a multiple offer situation. Buyer enthusiasm about your listing is what gets sellers the top of the market.

The next Braemar Piggyback Quarterly will be out in July. Between now and then, if you are considering taking advantage of our seller favored market, please don’t hesitate to reach out and find out what your home is worth. It is my pleasure to put my considerable experience and expertise in our neighborhood to work for my Braemar sellers to ensure they get every penny the market will bear. It starts with a conversation. 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 2021 (3rd Quarter)

Posted on November 9, 2021 by cacleland

Braemar Piggyback Quarterly: July-September 2021 (3rd Quarter)

It is time for another Braemar Piggyback Quarterly. This property value report details sales of the Piggyback townhouses in our neighborhood which are those have a two car garage and are attached side to side and back to back. Let’s get right to the latest and see where values are heading.

There was only one Braemar Piggyback townhouse that sold in the third quarter. The details are listed below:

The summer was certainly not as frenzied as the beginning of 2021. Nonetheless, here we are looking at a $30,000 over list price sale with no seller subsidy. That’s great for the third quarter. Taking this sale, which represents the entire third quarter, and combining it with the previous three quarters worth of Braemar Piggyback townhouse sales the six and twelve month data points I monitor are updated as seen below.

Starting with the sold price column, we see both the six month average and six month median sold prices are substantially higher than their respective twelve month values. Braemar Piggyback townhouses are continuing to gain in value. The growth rate from one year to six months is unchanged compared to last report at 4% median growth. However, the average growth has slowed from 6% to 3% this report. Growth is growth.

Seller subsidy remains at zero down the column. Not one seller in the past year has given any closing cost assistance to a buyer. This is definitely a sign that our seller’s market continues.

Days on market is another sign the seller’s market continues. All but the six month median marketing time noted above are at five days. The six month median marketing time is only one day longer at six days. Braemar Piggyback townhouses are certainly enjoying the seller’s market.

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

The next Braemar Piggyback Quarterly will be out in the New Year. Until then, if the need arises to sell your Braemar Piggyback townhouse, get in touch wth me to find out how elevating buyer enthusiasm through professional marketing will max your profit. Professional marketing starts with hiring a full-time, local agent. Since 2005, No One Knows Braemar Better!

Braemar Piggyback Quarterly: July-September 2019 (3rd Quarter)

Posted on October 20, 2019 by cacleland

Braemar Piggyback Quarterly: July-September 2019 (3rd Quarter)

Yesterday I was at a birthday celebration and one of the guests had received a my under contract postcard for 13036 Bathgate Way. It briefly told the same tale as my blog post on the subject. Of course, the other guests started asking what a piggyback townhouse was. The image that the term conjured in their mind was a townhouse on top of a townhouse, like you would find at Heathcote Commons. Those are referred to as “stacked condos.”

In Braemar, a piggyback townhouse is one that is back to back with another row of townhouses. And just like a traditional townhouse, they are also attached on the sides. The trade off for not having a back yard is that you get much larger bedrooms than a traditional townhouse and an attached two car garage. This report details the sales of Braemar Piggyback townhouses that happened from July to September.

There was only one sale of a Braemar Piggyback townhouse during the third quarter of 2019. The details of that sale are listed below:

While there was only the one sale, combining it with the previous three quarters of Piggyback sales gives us an entire year’s worth of sales data. From that the six and twelve month data points are freshened up to reveal the following:

Looking at the sold price column, it is a sign of rising property values that both the six month average and six month median sold prices are above their twelve month counterparts. This indicates Braemar Piggyback townhouses are still pushing up in value. However, seeing that there are four Braemar Piggyback townhouses sitting on the market, I’m not sure this trend is going to continue. Only time will tell. We’ll have to wait and see.

Now for the seller subsidy column. As of the end of the third quarter, buyers were having to compete for these homes and forego or drastically reduce their requests for closing cost help. However, the beginning of the fourth quarter is revealing a different trend that will become clear in our next report.

Days on market also reveals that as of the end of the third quarter, these Braemar Piggyback townhouses were selling faster in the short term six month values, compared to the longer term twelve month values. Again, just looking at the days on market peeling off for the homes just sitting on the market now, this is a trend we are likely to see change by the second quarter of 2020.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in a week. If it is not, there is something wrong with either your marketing or list price, or both. I am still puzzled that my listing at 13036 Bathgate had two offers, yet there are similar listings still waiting for offers just lingering on the market. Also, this report indicates you could potentially get an offer with no closing cost help requested. However, as demand wanes, this is likely to no longer be the case.

The next Braemar Piggyback Quarterly will be out in January and will detail the activity from the fourth quarter. Until then, don’t squander your only chance to maximize the profit from the sale of your Braemar home. When it is time to sell, give me a call. 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: April-June 2019 (2nd Quarter)

Posted on July 20, 2019 by cacleland

Braemar Piggyback Quarterly: April-June 2019 (2nd Quarter)

This is the first Saturday I’ve had free since May. The Birstow real estate market has been insanely busy. Not just weekends either. Every single day has been dominated by buyer tours, listing appointments, staging, inpsections, and settlements. It’s nice to have a day to relax….which of course to me means putting out another Braemar Piggyback Quarterly. As a Top Braemar Listing Agent, putting together market reports for our neighborhood is actually enjoyable for me.

This particular report does focus on sales of Braemar Piggyback townhouses during the second quarter of 2019. Piggyback townhouses, in case you aren’t familiar, are the tgarage townhouses in Braemar that are attached at the back. That means they have no back yard like traditional townhouses. Of course, what they lack in back yard, they make up with generous bedroom sizes and the two car garages.

There were two Braemar Piggyback townhouses that sold between April and June. The details of those sales are listed below.

Taking these two sales and combining them with the entirety of the previous twelve months of Piggyback townhouse sales, the six and twelve month data points change. Here’s what they look like at this point in time:

Looking at the sold prices, we see the six month average is about 1% higher than the twelve month average. Meanwhile, the six month median sold price is exactly the same as the twelve month median. While Braemar Piggyback townhouses may have increased a tad in average sold price, the median sold price shows very stable values.

Seller subsidy (closing cost assistance to buyers) is super stable as well. There is very little change between the six month average compared to the twelve month average. The six month median and twelve month median are both zero. In this low inventory/high demand market, many buyers are having to forego asking for closing cost help to be competitive.

Days on market is a tricky category to analyze since our new MLS calculates this value differently. Since we changed to a new MLS in November, we are still comparing apples and oranges. It won’t be until the first report in 2020 that we have a real comparison in marketing time from the short term to the long term. This report indicates that the average marketing time has decreased slightly in the six month average compared to the twelve month average, but the median marketing time remains exactly the same.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in a little over forty days. You could also expect that if you had a closing cost request from your buyer, it may be as little as 1% of the sales price.

The next Braemar Piggyback Quarterly will be out in October. Until then, when the time comes to sell your Piggyback townhouse, give me a call. Since 2005, No One Knows Braemar Better!