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

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

Another day, another quarterly Braemar property report. The Braemar Patio Quarterly focuses on sales of Patio homes in our neighborhood, also known as the two story quads. In this edition, the second quarter of 2021 is covered in detail, starting with the Patio homes sold.

There were three Braemar Patio homes that sold between April and June. All three had a main level bedroom and bathroom. Only one was less one full bathroom on the upper level. Details of all three sales are listed below:

Taking those three sales and combining them the previous three quarters of Patio home sales, the six and twelve month data points are updated as follows:

Starting with the sold price column we find that both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Patio homes have been continuing to gain value in our seller’s market.

In the seller subsidy column, we find out how much closing cost help buyers were able to negotiate from sellers. Both six month values showing zeros is not a surprise. And the only place we find something that isn’t zero is the twelve month average. One of ten Braemar Patio homes sold in the past twelve months gave $3,500 in seller subsidy. The other nine have not given anything. Buyers are having to make very strongs offers with few, if any, requests of the seller to be chosen in this seller’s market.

Days on market has been fast for the last year. The six month average actually ticked up one day compared to the twelve month average. Five or six days to sell a Braemar Patio home is super fast.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect to be under contract in less than one week. You could also expect to give nothing in closing cost help if your home is well prepared and ready for market.

The next Braemar Patio Quarterly will be out in October. Until then, if the need arises to sell your Braemar Patio home, get in touch with me. It continues to be a pleasure to help Braemar sellers get the maximum the market will allow, even a seller’s market, with the proper listing preparation and professional marketing. 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 2020 (4th Quarter)

Braemar Patio Quarterly: October-December 2020 (4th Quarter

Thank goodness the sun is shining today. Too many overcast, gloomy days and my energy is zonked. Instead, I’m alert and productive at my computer doing yet another Braemar real estate market report. Today’s installment is the Braemar Patio Quarterly, detailing the fourth quarter sales of the two level, quad style attached homes in our neighboood.

There were four Braemar Patio homes that sold in the fourth quarter. The details of those sales are listed below:

It’s nice to have a combination of main level bedroom models and ones that are all upper level bedrooms in this list. Immediately the first thing you notice is that the sold prices march up as you go down the column. You also notice not one sale gave seller subsidy (closing cost help to buyer) and single digit days on market. Of course, adding these fourth quarter sales in with the previous three quarters worth of Braemar Patio home sales for 2020, we have an entire year’s worth of data that gives us the best indicator as to what has been happening in the market.

Starting with the sold price column, we see healthy increases in both six month values compared to their respective twelve month values. This means that Braemar Patio homes are continuing to increase in value. No surprise given the intense buyer demand and limited inventory our market has been facing.

When it comes to seller subsidy, the six month average value has decreased by more than half compared to the twelve month value. More imporantly, both the six month and twelve median values are at zero. In both time frames, that means that more than half the Braemar Patio home sellers gave no seller subsidy. Another result of buyers having to compete for limited inventory.

Finally, days on market reveals a major decrease in marketing time from the twelve month average to the six month average. The six and twelve month median values are both in single digits, letting us know that more than half the sales in each time period happened quickly.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it would be under contract in less than a week, and likely, with multiple offers. You could also expect to get away with not having to give any seller subsidy.

The next Braemar Patio Quarterly will be out in April. Until then, when the time comes for you to sell your Braemar home, get in touch with me for the most comprehensive and accurate market analysis. Since 2005, No One Knows Braemar Better!

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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: July-September 2020 (3rd Quarter)

Braemar Condo Quarterly: July-September 2020 (3rd Quarter)

Patio Home in Braemar

Clouds and drizzly rain have descended over Bristow today. Yuck. My father used to describe these types of days as “five o’clock all day.” Before you know it though (November 1st to be exact,) we’ll have fallen back in time and it will be dark around 5pm. I dread those days.

Right now, it is time to look back on Braemar Patio home resale activity and values in this Braemar Patio Quarterly. The third quarter wrapped up at the end of September. Let’s see what happened with Braemar Patio home values. If you don’t know what a Braemar Patio home is, they are the two level, quad style attached homes in our neighborhood. Being attached at the corner, side and back, they have no back yard, just side and front yard.

To start, there was only one Patio home that sold in Braemar between the beginning of July and end of September. Details of that sale are listed below:

At $365,000 with three bedrooms and two and a half full bathrooms, $3,500 in seller subsidy and under contract in only three days, this was a very healthy sale. Of course, we can’t get a sense of where we are headed without seeing where we have been. That’s why I take this one sale and add it with the previous three quarters of Braemar Patio home sales and extract six and twelve month values.

Starting with the sold price column we see that both the six month average and six month median sold price are above their respective twelve month values. That means Braemar Patio homes are continuing to push up in value. No surprise there given the intense buyer demand and lack of inventory our market has seen lately.

When we move to the seller subsidy column, we get a chance to see how much closing cost assistance Braemar Patio home sellers gave to buyers. Just like the sold price column, the six month values show a seller favored trend over their twelve month counterparts. Seller subsidy is decreasing. In fact, more than half of the sales in the six month range gave none at all. That’s great news for Braemar Patio home owners thinking of selling.

Finally, the days on market column shows us the trend in how long it is taking for Braemar Patio home owners to get under contract. The six month average and median values are the same at four days. The twelve month median is also at four days, but the twelve month average is at thirteen days. Clearly, in the most recent sales, Braemar Patio homes are flying off the shelves.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it be under contract in less than a week. You could also expect to pay less than 1% of the sales price, if anything, in seller subsidy.

The next Braemar Patio Quarterly will be out in January. Until then, if you the need to sell yoru Braemar Patio home crops up, get in touch with me for well versed analysis of your home’s value and top notch marketing campaign. Any home will sell right now, but not every home gets the highest possible sales price without professional marketing. 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: July-September 2019 (3rd Quarter)

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

The overnight temperatures in Braemar are dropping as we get into late October.  Brrr.  We got very close to freezing temperatures last night, yet our day time temps will be in the mid-sixties.  That’s a big swing.  Thank goodness we aren’t seeing swings like that in our Braemar real estate market.   Yes, it is time for another Braemar Patio Quarterly Report, detailing sales of the two-level, one car garage, quad style townhouses in our neighborhood.  Let’s get right to it.

During the third quarter of 2019, there were three Braemar Patio homes that sold.  I am pleased to have represented one of those sellers.  In the details of those sales below, my listing is highlighted in pink.

 

Taking these third quarter sales and combining them with the previous three quarters worth of sales, we get updated six and twelve month data points.  Let’s see what they can tell us about our Braemar Patio home market.

Starting with the sold price column, we see that the six month average sold price is well above the twelve month average sold price.  That alone would indicate a very healthy increase in values.  However, the six month median sold price is exactly the same as the twelve month median sold prices.  This indicates stability.  From where I stand, I see these homes are still pushing up in value, even though it may not be by leaps and bounds.

Seller subsidy, also known as closing cost assistance to buyers, shows a definite trend.  Both the six month average and median seller subsidy values are well above their twelve month average and median comparisons.  Buyers are asking for, and getting more, closing cost help.

Days on market shows another clear trend.  Both the six month average and median marketing times are shorter than their respective twelve month average and median values.  This means Braemar Patio homes have been going under contract in less time.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks.  You could also expect to pay 1.5% to 2.5% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in January.  Until then, if selling your Braemar home is on the horizon, give me a call for the most accurate assessment of your home’s value.  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

 

Another Braemar Patio Home Sold by Chris Ann Cleland

Another Braemar Patio Home Sold by Chris Ann Cleland

In early July, I met with the owner of 12849 Rannoch Forest about placing his Braemar patio home on the market.  Initially, the comparable sales were pointing to a list price of $350,000.  However, after seeing a patio home hit the market on July 12th for $364,999 with one less bedroom and full bathroom, my seller and I re-evaluated his list price prior to hitting the market on July 20th.  We decided that, while the finishes in the competitor for $364,999 were a little higher end, having the fourth bedroom and third full bathroom on the main level, it would be fair to price at $360,000.

Needless to say, on July 31st, after having many interested buyers through, one finally put pen to paper and wrote an offer.  A full price offer with closing cost help, but closing cost help was par for the course, according to the comps.

After an uneventful home inspection and appraisal, the home was on the rails to settle on September 13th.  It closed today for $360,000.  Meanwhile, our competitor at $364,999 is STILL on the market, but under a new MLS number and with an INCREASED list price of $369,900.  My listing took 11 days to go under contract.  The competitor is logging 59 days of marketing time as of today.  What kind of results do you want when it’s time to sell?

When you are ready to sell your Braemar Patio home, or any Braemar home, give me a call.  I won’t let you leave a penny on the table and won’t let you overprice your home so you linger in a seller’s market.  I’ll bring all of my marketing skills and contract negotiation skills to get your deal done and for top dollar.  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 2019 (2nd Quarter)

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

Patio Home in Braemar

Good grief it is hot outside!  I just returned from a photo shoot of an upcoming Braemar Patio home listing at 12849 Rannoch Forest, which will be hitting the market this weekend priced at $360,000.  I’ll be holding that main level bedroom Patio home open on Sunday from 12pm-2pm.  Just walking from the house to the car I felt exhausted and overheated.  I didn’t feel at all guilty about driving to Safeway to pick up some ice cream before heading home.  If ever there was ice cream weather, this is it.  Treat yourself!

Right now it is time for another Braemar Patio Quarterly, focusing on sales of Braemar Patio homes between April and June.  If you aren’t familiar with Braemar Patio homes, they are also know as quads.  They are two level homes with one car garages, attached at two sides and a corner to other Patio homes.

During the second quarter, there were two Braemar Patio homes that sold.  Neither was the floor plan with a main level master.  There were three bedroom, two and a half bathroom models with galley kitchens.  The details of the sales are listed below.

The difference between the Patio home that sold for $370,000 and $360,000 seems to be that the higher had hardwood floors throughout.  It’s probably also worth mentioning, it had very good marketing photos.  The one on Earls Ferry seems to have only two listing photos.  Not very confidence inspiring to buyers.  When we take these two sales and combine them with our twelve months worth of Braemar Patio home sale data, here are the updated six and twelve month data points we get.

Starting with sold prices, the six month average sold price is a little higher than the twelve month average sold price.  Better news is that the six month median sold price is markedly higher than the twelve month median sold price.  Braemar Patio homes continue to increase in value.

When it comes to seller subsidy (closing cost assistance to buyers from sellers) the six month average is slightly higher than the twelve month average.  However, the six and twelve month median seller subsidy values are zero.  That means you have a very good chance of not paying any closing cost assistance if you are a Braemar Patio home seller.

Days on market continues to be an issue, as our MLS calculates days on market differently than our previous MLS.  Since we switched MLS systems in November 2018, we need an entire year’s worth of data before we have an apple to apples comparison.  Reading what we have, it seems that the average marketing time is increasing in the six month value over the twelve month.  However, the median marketing time is about the same from the twelve month value to the six month value.  All I can tell you is demand is high and Braemar real estate has been selling fast when it is priced right and marketed well.

If you placed your Braemar Patio home on the market, priced to current conditions, you could be under contract in as little as a week, or as long as a month and a half.  You could also have a reasonable expectation of giving one percent or less of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in October.  Until then, when you are thinking of putting your Braemar Patio home on the market, give me a call and let’s look at the current market conditions.  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: January-March 2019 (1st Quarter)

Braemar Patio Quarterly: January-March 2019 (1st Quarter)

Patio Home in Braemar

It’s hard for me to believe that today is the last day of April.  Time is flying by, but that’s how it feels when you are a Top Braemar Listing Agent in early spring.  There is so much activity that life is a blur.

Right now, it is time for another Braemar Patio Quarterly.  This report focuses on sales of the two level, quad style townhouses in our neighborhood.

During the first quarter of 2019, there was only one Braemar Patio home that sold.  Details of that sale are below:

Even with only one sale happening in the first quarter, the six and twelve month data points get updated.  When they do, here’s what we have:

Unfortunately, the six month average and median sold prices are both below their twelve month counterparts.  That indicates that Braemar Patio home values are softening in the short term.  Hard to believe with buyer demand being so high.  Hopefully the second quarter shows a strengthening of Braemar Patio homes.

When it comes to seller subsidy, otherwise known as closing cost help to buyers, the more recent trend is also not favorable to sellers.  Both the six month average and median seller subsidy values are above the twelve month average and median seller subsidy.  This means in the most recent sales, Braemar Patio home sellers are giving more closing cost help.

Finally, days on market shows the latest unfavorable trend to sellers.  Both six month values are above the twelve month values.  That indicates it is taking longer to sell Braemar Patio homes.  I have been qualifying that our new MLS counted days on market differently.  However, it seems after a lot of feedback from the agent community, they have gone back to counting days on market the way we have always done it.  That mean these days on market numbers are an apples to apples comparison.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in no more than two months.   (I suspect the high demand we are experiencing will turn that into a much lower number.)  You could also expect to give about 1% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in July.  Until then, when you want to know what your specific market value is looking like, 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 Patio Quarterly: July-September 2018 (3rd Quarter)

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!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

 

Just Sold: Four Bedroom Patio Home in Braemar for $355,000

Just Sold: Four Bedroom Patio Home in Braemar for $355,000

On June 12th (2018,) I was thrilled to list 9826 Earls Ferry Circle for sale at the price of $349,000.  It was a high demand home, having three large bedrooms and two bathrooms on the upper level and a fourth bedroom with adjoining full bathroom on the main level.  Main level bedrooms are hard to find.

Looking at the comparable sales, the most encouraging thing was a much more upgraded home of the same style at 9863 Earls Ferry Circle listed for $364,990 had gone under contract in only four days. With that quick marketing time, it was safe to assume it had a full price offer.  I had listed that very home at 9863 Earls Ferry for sale years before and it had been gorgeous then.  Unlike 9826 Earls Ferry, the home had been renovated to include hardwood floors on the entire upper level, the kitchen was decked out with granite counters, a tile back splash and a ceramic tile floor, the bathrooms had upgraded vanities, and it also had a new roof and newer A/C.  The difference between that home and my new listing at 9826 Earls Ferry seemed to be about $15,000 in upgrades.  So we chose the price of $349,000.  We had no kitchen upgrades outside of a new refrigerator, no upgrades to the bathrooms, no new roof, no hardwood floors in the bedrooms and no new A/C.  Seemed a very reasonable take on the competition and how we stacked up.

Within a day of being on the market, we had a full price offer, but the buyer wanted a lot of closing cost help.  So the seller waited  a few days to collect offers, and sure enough, got an offer at $360,000 in which the buyer had rolled their requested closing costs of over $10,000 into the increased sales price.  As I do with all my listings, I met the appraiser at the property with comps in hand.  All I needed was to show the home’s worth at a net sales price of $349K.  Most appraisers do take closing cost assistance into consideration.  The owners were also going to install new carpeting when their tenant vacated, as part of the contract with the buyer.  However, the appraiser wouldn’t take that upgrade into consideration.  The appraised value came in at $355,000.

Thankfully, the buyers and sellers were able to adjust other terms in the contract to keep the deal alive.  Nixing the new carpet from the contract saved the seller.  And the buyer lowered his closing cost help request to $8,500.  I was so bummed the appraisal hadn’t come in, but when I spoke with the listing agent of 9863 Earls Ferry, they expressed they had also had appraisal issues.   I couldn’t understand how, but that impacted us as well.

Despite our low appraised value of $355,000, which became our sales price, we still sold for more than the much better competition of 9863 Earls Ferry which sold for $350,000.  The net sales price difference was only $3,500 less, but I guarantee the updates in the competition were worth WAY more than that.  My sellers did very well as it turned out.  That’s the difference a local agent can make.

When you are ready to sell your Braemar home, give me a call at 703-402-0037.  I will never undersell your home.  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: October-December 2017 (4th Quarter)

Braemar Patio Quarterly: October-December 2017 (4th Quarter)

Two days into the New Year and it is time for another Braemar market report.  This particular report, the Braemar Patio Quarterly, is focusing on the sales of Braemar Patio homes between the months of October and December.

Unlike our third quarter report when there were no sales, there was at least one to report in the fourth quarter.  The details of that sale are below:

When we take this sale and put it with the rolling six and twelve month values, we find that the six month values are only from this particular sale above.  The twelve month values are made of this reported sale and two others.  I would say that values are more than likely holding steady.  This most recent sale was right in the middle of the two other sales of Braemar Patio homes in the last year.

If you placed your Braemar Patio home on the market, you could reasonably expect it to be under contract in one to three weeks.  You could also expect to pay out 1.5% to 3% of the sales price in seller subsidy (closing cost help to buyer.)

The next Braemar Patio Quarterly report will be out in April.  Until then, give me a call if you have been thinking of selling your Braemar Patio home.  Our market is definitely short of inventory right now and there’s no need to wait until spring to land a buyer.

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