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

Under Contract After Multiple Offers in Only Six Days

Under Contract After Multiple Offers in Only Six Days

Bristow buyers have a strong appetite for Braemar townhouses. This end unit, garage townhouse at 10158 Pale Rose Loop hit the market on Friday, January 13th (2023) and got immediate attention. Showing requests were rolling in after only an hour on the market. In fact, I wasn’t sure it was going to make it to the Open House planned that Sunday.

While buyers were very interested, the change in their behavior was palpable. No one wanted to act immediately. The Sunday Open House was swarmed with buyers. While another agent in my office hosted it, I popped by and noticed the intense interest just by the abundance of cars not knowing where to park. The neighbors, while probably frustrated, were patient for those two hours. Still, more interest and lots of questions, but no one was ready to step up and make an offer.

Monday, the fifth day on the market, two buyers made offers. There was the possibility of two more, but those buyers were more wary. Not uncommon for buyers in this market. The media runs too many stories about the national statistics and gets buyers thinking there are a ton more homes to hit the market, or a significant decline in prices coming. The former is not necessarily going to happen anytime soon and the likelihood of the latter happening in our market this year is extremely slim. As much as buyers may not want to hear this, the rise of mortgage interest rates has not slowed down demand.

The sellers of this townhouse were very pleased to have two offers to chose from that exceeded their expectations. If all goes according to plan, which is the most probable outcome, it will close the first full week in February.

When you are ready to sell your Braemar townhouse, let’s talk about how you can lift buyer enthusiasm on your property and get the max the market will allow. 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 Condo Quarterly: October-December 2022 (4th Quarter)

Braemar Condo Quarterly: October-December 2022 (4th Quarter)

Happy New Year, my fellow Braemarians! Here’s hoping that 2023 has gotten off to a fantastic start for all of you. Today, I bring you the latest Braemar Condo Quarterly, focused on the last quarter’s activity in 2022.

Every time I publish one of these condo reports, there is inevitably a reader that is stunned to know that there are condos in Braemar. The connotation of a condo for many is that of a flat, or apartment, you own in a larger building. In reality, condo is really a form of ownership, not the type of structure. The condos in Braemar are townhouse structures…some with garages and others without. However, they were incorporated at the state level as condominium ownership. These townhouse style condos are legally known as the Barrhill at Inverness Village Condo.

During the last three months of 2022, there were only two Braemar condos that sold. Details are listed below.

A quick glance at these sales and I notice that both were interior units, both had garages and both sold in single digit days. While they were both listed at the same price, one did sell for five thousand dollars more. However, when you notice that the higher sale gave five thousand in closing cost help (seller subsidy) to the buyer, it turns out they both sold for the same net sold price.

Taking these fourth quarter sales and combining them with the entire year’s worth of Braemar condo sales in the neighborhood, the six and twelve month data points tracked in this report are updated and still narrowly reflect upward growth.

Starting in the sold price column, both six month sold prices are just slightly above their respective twelve month value. The leaps and bounds of value growth is no more. Supply and demand still indicate we are in a seller’s market, but the frenzy is over. Right now, our market is beginning to stablize where values are concerned.

Seller subsidy is becoming more commonplace again in contract negotiations. The six month average value being higher than the twelve month average tells us that. However, better news is that both median values remain at zero. That means that more than half of Braemar condo sellers in both time frames have given no closing cost help.

Days on market has changed very little and is one of the more prominent places where we can still see the seller market conditions on full display. When a Braemar condo hits the market, it doesn’t last long.

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. You could expect to get closing cost help requests from buyers as mortgage interest rates are still lingering around six and seven percent. In some circumstances, a Braemar seller may still receive multiple offers, but those days are no longer the norm.

The next Braemar Condo Quarterly will be out in April. Between now and then, if you have been thinking of moving up from your Braemar condo, don’t hesitate to reach out for your complementary consultation. Helping Braemar sellers increase buyer enthusiasm through proper pricing, listing preparation and professional marketing is what gets my sellers top of whatever market conditions happen to be. 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

Braemar Piggyback Quarterly: July-September 2022 (3rd Quarter)

Braemar Piggyback Quarterly: July-September 2022 (3rd Quarter)

Daylight is leaving us earlier and earlier these days. That’s the one thing I really don’t like about entering the month of October. However, the thing I dislike about this month is the very thing that makes this the perfect month to celebrate Halloween. You have to take the good with the bad.

In this edition of the Braemar Piggyback Quarterly the focus is on our third quarter neighborhood real estate market as it pertains to our two car garage townhouses, attached side to side and back to back. Let’s dive right in.

From the beginning of July to the end of September, there was only one Braemar Piggyback home sale. Details are listed below.

July and August in 2022 reflected our Northern Virginia seasonal norm, reduced buyer activity during summer vacation months. It is not surprising to see it took the Braemar Piggyback townhouse above just over two weeks to sell. It is disappointing to see that it sold below its list price. Two weeks on the market probably felt like an opportunity to buyers who were used to losing homes within twenty-four hours on the market.

Taking this third quarter activity and combining it with all the Braemar Piggyback sales going back to the fourth quarter of 2021, the six and twelve month data points tracks in this report are updated as seen below.

Starting with the sold price column, it is still comforting to see both the six month average and six month median sold prices are above their corresponding twelve month values. While our market was undergoing a shift in buyer behavior, values are still on an upward trajectory.

Seller subsidy (closing cost help to buyers) has been a non-starter for buyers looking to get under contract in an inventory limited market. This report shows no change in average and median seller subsidy given in any value. Oddly enough, our twelve month average seller subsidy was four hundred dollars last report too.

Despite the fifteen days on market experienced by the most recent sale, the days on market average and median values are still showing single digits down the line. This may start getting longer, but not overnight. The steep increase of mortgage interest rates is likely motivating as many buyers to get under contract soon, as it is slowing others down.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also expect to give nothing in seller subsidy, but don’t be surprised if buyers request it now that mortgage rates have effectively doubled since the beginning of the year. The days of multiple offers is gone and buyers are no longer having to waive contingencies. However, that does not mean that you can’t get a great price and seller favored terms when selling. With demand continuing to outpace supply, sellers still have the advantage. It is just even more important to make sure your home is priced right, properly prepared and professionally marketed to lift buyer enthusiasm.

The next Braemar Piggyback Quarterly will be out in January. Between now and then, I wish you all the best as you celebrate the year end holidays. However, if the need arises to sell, don’t push off the conversation until spring. Our real estate market in the fourth quarter can be a very powerful one and has been for the seventeen years I’ve been selling. Get in touch with me for a complementary consultation for the most accurate inforamtion on our market so you can evaluate what is right 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 Townhouse Report: May-June 2022

Braemar Townhouse Report: May-June 2022

Before we close out the month of July, it is my pleasure to bring you the Braemar Townhouse Report for May and June 2022. This is the last in the most recent batch of Braemar real estate market reports. What can I say? I’m a creature of habit. I started these bi-monthly reports in 2005 and published them alphabetically. “T” for Townhouse most comes after “R” for Ryan Homes. Over the years I have added quarterly reports for the townhouse-style condos, piggyback townhouses and patio homes. Each one of those may be considered a townhouse in the broadest since of the word. However, this particular report covers traditional townhouses, which to me are defined as having three levels, being attached only the sides and having a back yard.

During the months of May and June, there were seventeen traditional Braemar townhouses that sold. That’s a lot! Details of those sales are listed below.

At a glance everything looks healthy. The only Braemar townhouses that didn’t sell above their list price are the first one on May 9th and the last three on the list, which are the most recent sales. Hmm. The last three on the list also gave seller subsidy (closing cost help to the buyer) as did the May 19th sale. In fairness, two of those four amounts look as though they are in lieu of home inspection repairs or to settle walk through issues. Finally, all went under contract in a week or less except for the very last sale on June 27th.

So when these most recent sales are added to all the Braemar townhouse sales going back to July 2021, what do our updated six and twelve month market markers tell us?

Sold prices look very healthy, especially compared to last report. The lift we see in both of the most recent six month values compared to their respective twelve month values is much higher than it was last report. It’s not inconsistent with what I am personally seeing in the market. While buyers are acting more deliberately now, and less prone to frenzied behavior, there is still not enough homes to meet the buyer demand. That means we are still in a seller’s market.

Seller subsidy does appear to be staging a comeback. Not surprising given how sharply mortgage interest rates have gone up since the spring. First time buyers, the most likely to purchase a Braemar townhouse, were already feeling the affordability pinch by rising values. Now they are pinched with higher interest rates. Seller subsidy may become a more frequently seen request as buyers looks for rate buy down help. Still, it is important to note that more that way more than half of Braemar townhouse sellers gave no seller subsidy at all. If you wanted to minimize the odds of giving closing cost help when you sell, hiring an agent that helps you create the maximum buyer enthusiasm is a must. Having the home that buyers want over everything else available is where the best deals happen.

Days on market seems fairly steady and is super fast. The average days on market increased by a day in the six month average value since last report. Meanwhile the six month median marketing time fell one day. Still, the trend is both six month values, compared to their respective twelve month values this go round, is faster.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week, maybe two. The summer seems to be a time of disconnect between sellers and buyers. Sellers think, “School is out. What a great time to list!” Buyers think, “We’ve been house hunting since early in the year. Time for a break and sun in the fun while the kids are out of school.” And as discussed above, your likelihood of being asked for seller subsidy is increasing, but still avoidable if you are properly prepared and professionally marketed to get more than one buyer interested in pulling the trigger at the same time. Unfortunately, the days of a pile of offers are behind us. And we are also finding buyers less likely to waive contingencies.

The next Braemar Townhouse Report will be out in September. As we head toward the fall market please know that year end is a very powerful market. If you want to learn more about a potential late year sale, get in touch for your complementary consultation. It is my pleasure to get my Braemar sellers 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 Townhouse Report: March-April 2022

Braemar Townhouse Report: March-April 2022

Today is one of those days where I am more than happy to sit in an air conditioned office and type up this Braemar Townhouse Report. It is brutally hot outside. As is typical in Northern Virginia, the more temperate seasons, spring and fall, tend to be short lived. Summer and winter feel like they are all but two months of the year.

Is the Braemar real estate market as hot as the weather? In this edition of the Braemar Townhouse Report we look to the sales of traditional townhouse sales in the neighborhood during the months of March and April. For the purposes of this report, a traditional townhouse is defined as one attached only on one or two sides, has three levels and a fenceable back yard.

During our current reporting period there were five Braemar townhouses that sold. Sold prices ranged from $420,000 to $520,000. Details of those sales are listed below.

A quick glance at the sales and it seems that all but one of these sales sold above list price, none gave seller subsidy (closing cost help to the buyer) and they all went under contract in four days or less.

Taking all of the past twelve months worth of Braemar townhouse sales from May 2021 to April 2022, our updated six and twelve month data points are updated. Let’s see what they reveal.

Starting with the sold price column, we see the six month average is significantly higher than the twelve month average. This suggests the continuation of very health increases. What gives me pause is that the six month median sold price is barely higher than the twelve month median sold price. This is more of a sign of what we are feeling in the current marketplace as of May. We will have to wait for next report to see if we are truly steadying out in value due to rising interest rates. Demand is still high and inventory is still low.

Seller subsidy is very low in the six and twelve month averages. Better yet, the six and twelve month median values are at zero. That tells that the vast majority of Braemar townhouse sellers in both time frames gave nothing in closing cost help. This is likely to continue. As stated above, there are still more buyers than homes available for them to buy. Writing seller favored offers is must to get under contract.

Days on market reveals a quickening of the average marketing time from the twelve month average to the six month average. The median market times are identical in both time frames at four days. Braemar townhouses are selling very fast.

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 less. You could also expect to give nothing in seller subsidy. Lately, buyers are more consistently asking for home inspection contingencies, even if they are right to void only. The hike in mortgage interest rates have made buyers more deliberate in their actions.

The next Braemar Townhouse Report will be out in July. Until then, if you would like to investigate a 2022 sale of your townhouse, get in touch to schedule your complementary consultation. It is with great pride that I help Braemar sellers achieve the top of the market prices, even in a seller’s market. The combination of the proper listing prepartion, professional marketing and unparalleled neighborhood knowledge are what increase your bottom line. 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 2022

Braemar Townhouse Report: January-February 2022

Welcome to another edition of the Braemar Townhouse Report which focuses on traditional townhouse sales in our neighborhood. What’s a traditional townhouse? One with three levels, attached only on the side(s) and with a backyard. This particular edition details sales from the first two months of the year.

During January and February there were two townhouses in Braemar that sold. Details are listed below:

What stands out about these sales immediately is that they both sold above list price, gave nothing in closing cost help and sold in four days or less. When combined with the Braemar townhouse sales going back to March 2021, the twelve months of data collected provides updated six and twelve month data points that are tracked for market trends. Here’s what get this report:

Let’s start by looking at the sold price column. For the first time since early 2019, both the six month average and six month median sold prices are below their respective twelve month values. This is an indication that the market may be changing. Early indicators in the market this year through my own experience tell me that is not the case. While the second half of 2021 was definitely a less hectic pace for buyers, it was still a seller’s market. However, the slight cooling of demand had an impact. As we move further into 2022, I suspect the upward growth will return in future reports.

In the seller subsidy column we see the only values that are above zero are in the six and twelve month averages. That is because out of the sixty-six sales of Braemar townhouses in the past year, only five give closing cost help. Better statistics are the median seller subsidies at zero. This means more than half of Braemar townhouse sellers in both time frames gave nothing in closing cost help.

Days on market ticked up in both six month values compared to their twelve month counterparts. The increases are low and based on the most current sales, we are likely to see a reversal of this upward turn in future reports.

If you placed your Braemar 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. As more and more buyers compete for the very limited inventory on the market, offers are extremely seller favored.

The next Braemar Townhouse Report will be out in May. Until then, if you want to talk about what a 2022 sale could mean for you, please don’t hesitate to reach out. It is my pleasure to walk you through why a seller’s market alone does not bear out the top of the market prices. Sellers need proper preparation advice, professional marketing and skilled negotiation on their side. When you hire me that is what you get, topped off with neighborhood expertise. 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

How Long Does It Take to Sell a Braemar Townhouse in November?

12423 Selkirk Circle in Braemar was Under Contract in Only 5 Days

How Long Does It Take to Sell a Braemar Townhouse in November?

When I met with my seller-client last night to go over the offer she received on her townhouse at 12423 Selkirk Circle, she laughed on the way out that a friend of hers had heard about her listing in November. Apparently, my seller was given the dismal prediction by this friend that she “might sell by March.” I don’t know the last time I saw a home take four months to sell. Needless to say, her friend was not a Bristow real estate agent.

While the 2021 Bristow real estate market has slowed down considerably, we have yet to hit what are considered stable conditions. A stable real estate market exists when there is enough inventory to meet buyer demand. In other words, the market favors neither side. Sure July and August saw the decline of crazy number of offers on homes, but multiple offers were still present. Dozens of offers? Not so much. There are still more buyers than homes for sale. Buyers have just taken a deep breath and are not acting in a frenzy.

The great thing about selling at the end of the year is that only serious buyers are house hunting. And the house hunt is occurring a very emotionally charged time of year. Home for Holidays is a real phenomenom.

The townhouse at 12423 Selkirk Circle hit the market on November 11th, priced at $375,000. Some agents the seller interviewed thought that price was high. Not when you put in the work to create buyer enthusiasm. The seller did her part by making sure the home was clean and prepped, as much as possible, for market. (There was a point where she couldn’t find the right color touch up paint for some minor drywall repairs.) Luxury vinyl plank flooring was installed in the bathrooms to lift the outdated appearance given by the one sheet vinyl flooring that had been present. New carpet was installed. Repairs made like replacing the garbage disposal and fixing a leaky toilet. Then it was my turn to go in and fluff with some light staging.

While there were no multiple offers on this one, in only five days on the market the seller got a very strong offer and is delighted. It will close just before Christmas, so stay tuned for the final details. In the meantime, if the time comes to sell your Braemar home in the colder month, don’t believe the hype that spring is the only season where sellers can be successful. The year end market has more serious buyers and fewer homes for them to choose from. And with the professional marketing of a fantastic local agent like myself that has seen the magic of the year end market, you can’t lose. Get in touch with me and let’s set up a time to talk. 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: July-August 2021

Braemar Townhouse Report: July-August 2021

Last, but never least, in my September series of property value reports is this edition of the Braemar Townhouse Report. In this report we look at the sale of traditional three level townhouses with a backyard. If you have a two car garage townhouse with no back yard, you need to look at the Braemar Piggyback Quarterly. If you have a two level attached home, you need to look at the Braemar Patio Quarterly. This is a report that also does not include Braemar Condos. For those you can look to the Braemar Condo Quarterly.

During the months of July and August there were thirteen Braemar townhouses that sold. Their sold prices ranged from $370,000 to $460,000. Details of those sales are listed below:

If you think I made a type-o by having 12198 Drum Salute the list twice, I did not. That home sold once in July to an investor and then again by the investor for $40,000 more. What’s the big difference? Let me tell you the improvements were some the first home owners would have been advised to do if I had meet with them. The first sellers had specific paint colors that went with their own decor. They also had a couple rooms in need of new carpet. They also were in need of a new roof. Often times, insurance companies cover that. Their home, despite professional photos, looked cluttered in the most important rooms: kitchen and owner’s bathroom.

The investor painted the whole townhouse a neutral gray. They added new lighting fixtures and faucets to the bathrooms, tiled the floor and added a frame around the vanity mirrors. They added updated lighting fixtures in the kitchen, dining and rec rooms. They added a back splash to the kitchen and painted they owner’s bathroom vanity. They updated the carpeting and added a new roof. They also put in a new garage door opener. All told, that probably cost them $10,000 to $15,000. And even if the seller didn’t have those funds on hand, there are remodeling companies that will cover the costs and take reimbursement from closing costs. The $25,000 net from the investment would have been worth the trouble if they had known what their home would have been worth with some modest listing preparation. That’s why I always reiterate listing prepartion and professional marketing. One without the other doesn’t get top dollar.

Taking these thirteen sales and combining them with all the Braemar townhouse sales from the previous twelve months, our six and twelve month data points are updated as seen below:

Looking at the sold price column, we see that both the six month average and six month median prices are higher than their respective twelve month values. This means Braemar townhouses are continuing to increase in value. The summer did show a softening of buyer demand, but nothing to be concerned with. The six month growth rate last Braemar Townhouse Report was 5% average and 6% median. The only difference this report is that the six month average growth rate a tad lower at 4%.

Seller subsidy is where we get to see how much closing cost help Braemar buyers were able to get from their townhouse sellers. Both the six and twelve month median values are at zero. That means more than half of Braemar townhouse sellers in both time frames gave no seller subsidy. And even looking at the most recent sales, we see only one seller out of thirteen that gave anything. Turns out, out of seventy-one sellers in the past year, only eleven gave closing cost help. That’s why we even have average seller subsidy values and why they are so low.

Days on market is unchanged in the avearage and median values. Braemar townhouses are still getting gobbled up quickly in our seller’s market.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract in a week or less. You could also expect to give nothing in seller subsidy.

The next Braemar Townhouse Report will be out in November. Until then, if the time is drawing near to sell your townhouse, get in touch with me and find out how to avoid leaving money on the table. We saw the case study of leaving money on the table in this report already. Don’t be that seller. Hire a local, professional agent that offers top notch listing preparation advice and marketing. One without the other is not enough. 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