Braemar Patio Quarterly: July-September 2018 (3rd Quarter)
It is time for the third quarter installment of the Braemar Patio Quarterly. Not familiar with Braemar Patio homes? They are two level quads, attached on the side back and corner. These are among the only attached homes in Braemar where you can find main level bedrooms and full bathrooms, though not in every Patio home.
There were three Braemar Patio homes that sold in the third quarter. The details of those sales are listed below. If you are wondering why one of the sales is highlighted in magenta, that is because that was my listing. I think it’s important to point out that the home was the least updated of the three sales, and yet is the middle sales price. I take my job of getting the highest possible price for my Braemar sellers very seriously.
When we take these three most recent sales and combine them with the sales from the previous three quarters, we have an opportunity to look at trends. The shorter term values in the six month average and median compared to the longer terms values in the twelve month average and median give us an idea what is happening in our market. Let’s take a look.
Right off the bat we see that six month average and median sold prices are higher than the twelve month average and median sold prices. That means Braemar Patio homes are still pushing up in value. Of course, hiring the right agent to not only market your home to get the most traffic, and then make sure it appraises, is critical. From what I understand, a low appraisal on 9863 Earls Ferry is what made that sale so low. Not the fact that a buyer wasn’t willing to pay closer to list price. It was a gorgeous home with loads of updates.
Seller subsidy (closing cost assistance to buyers) is dwindling down in the six month average compared to the twelve month average. Both the six and twelve month median show no seller subsidy. If you are lucky, there are buyers in the market that do not need closing cost help. And if they do, you can usually roll all of it, or some of it, into a higher sales price, just like my sellers did on 9826 Earls Ferry. They had worked out a deal with all of the closing costs rolled up into the price of the home, netting them a little above the list price. However, that low appraisal on 9863 Earls Ferry really impacted my sellers too. They were fortunate to appraise where it did and not any lower. Every sale that happens in our market affects values.
Days on market, or marketing time as I tend to refer to it, is clearly not changing much. The six month average marketing time went down one day compared to the twelve month average marketing time. Braemar Patio homes tend to sell very quickly when they hit the market, particularly if they have the main level bedroom.
If you placed your Braemar Patio home on the market, priced to current conditions, you could expect your home to be under contract in less than a week. You could also expect to pay minimal seller subsidy.
The next Braemar Patio Quarterly will be out in January. Until then, if the fall market is something you want to investigate, give me a call. There’s no place like home for the holidays and buyers know it. The year end market should never be counted out. Give me a call at 703-402-0037 for a free market analysis and I’ll tell you all I have learned working in the Braemar real estate market. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®