Braemar Patio Quarterly: April-June 2020 (2nd Quarter)

Braemar Patio Quarterly: April-June 2020 (2nd Quarter)

Patio Home in Braemar

If you were wondering what your Braemar Patio may be worth in this high buyer demand/low inventory market, today is your lucky day.  This is the Braemar Patio Quarterly, featuring sales of Braemar Patio homes during the second quarter of the year.

There were two sales of Braemar Patio homes in the three months making up the second quarter.  Those sales are detailed below.

In most of the Braemar Patio homes I see with main level bedrooms, there are three bedrooms upstairs and an additional two full bathrooms.  However, the sale on Brewland had only two additional bedrooms on the upper level and the two bathrooms.  The one on Rannoch Forest was lacking a third bathroom on the upper level but had an gorgeous two story living room.  Judging from the price, the two story living room didn’t make up for lacking that third bathroom.

Taking these sales from the second quarter and combining them with the three quarters before, we get an entire year’s worth of sale data for the Braemar Patio homes.  Our updated six and twelve month data points are below.

As usual, we start by looking at the sold price column.  Here we see a slight decrease in the average sold price from the twelve month average to the six month average.  That’s due to the low sale of the most recent sale on Rannoch Forest that lacked that additional full bathroom.  However, the six month median sold price is exactly the same as the twelve month median sold price.  All in all, it seems Braemar Patio home values are remaining stable.

In the seller subsidy column we get a peek at what the average and median amounts of closing cost help sellers are giving in these sales.  The six month average and six month median seller subsidy values are both well below their respective twelve month values.  In this intense seller’s market, buyers are foregoing asking for seller subsidy to just get their offers accepted.  It is fierce competition that buyers in this market are facing.

Finally, when we look at the days on market we see that the six month average marketing time is actually higher than the twelve month average marketing time.  That’s because there was one sale in the first quarter than took nearly six months due to being overpriced for too long. Mind you, they weren’t overpriced by much, but nonetheless, buyers were not going there.  More the trend I expect in this market is the one we see when we find the six month median marketing time is less than half the twelve month median marketing time.

The next Braemar Patio Quarterly will be out in October.   Until then, there has never been a better time to wring out the maximum profit from your Braemar Patio home.  If you want to know what your Patio home is worth right now, give me a call for a free market analysis.  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 2020 (1st Quarter)

Braemar Patio Quarterly: January-March 2020 (1st Quarter)

Another week of our shelter-in-place is underway.  What a great time for this Top Braemar Real Estate Agent to get together yet another Braemar market report.  Today’s report is the Braemar Patio Quarterly.  This report focuses on sales of the two level, quad style townhouses in our neighborhood.

The first quarter didn’t have a lot of activity, despite intense buyer demand.  There was only one Braemar Patio home that sold and the details of that sale are listed below:

Why only one Patio home sale?  Well, no other Patio homes were on the market and as of the date of this report, none are.  And the story of this sale started back on July 12, 2019.  I remember competing against this listing when I listed and sold 12849 Rannoch Forest in late summer last year.  My listing was priced only $5,000 lower, and sold in two weeks.  There were other sales reported here that were also competing against this particular Patio home.  This one has been lingering on the market, with a brief time off the market, for 171 days.  The marketing time on this one should never have been this long, and it will skew the marketing times in our report. Your choice of listing agents makes a HUGE difference in your outcome when selling.

Taking this sale and combining it with the prior three quarters of Patio homes, our six and twelve month data points are updated as follows:

Starting with the sold price column, both the six month average and six month median sold prices are below their twelve month respective values.  However, looking to the sale that happened in the first quarter being substantially higher than any of the average and median values, this “drop” in value may be misleading.  Patio homes in Braemar are still in high demand.

The seller subsidy column shows that the six month average and median seller subsidy values are both lower than their twelve month average and median values.  This would indicate seller subsidy (closing cost assistance that sellers give to buyers) is going down.  Again, our most recent sale shows contradictory information.  One thing we do see is that when prices go up, seller subsidy tends to increase as well.

Finally, we get to the days on market column.  The six month average and median, not surprisingly, are higher than their twelve month respective values.  Will the pandemic and shelter-in-place affect marketing time?  We’ll have to wait and see.

If you placed your Braemar Patio home on the market priced to current conditions, it would be reasonable to expect your home to be under contract in less than three weeks.  You could also expect to give an average of about 1.5% of the sales price in seller subsidy.

The next Braemar Patio Quarterly will be out in July.  By then, we’ll have a good look at what the pandemic has meant to our Braemar real estate market.  Until then, if you have a need or want to sell, there are still plenty of buyers out there looking for homes in our area despite our current public health crisis.  Give me a call if you need to discuss safely selling your home while still maximizing profit and minimizing marketing time.  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: October-December 2019 (4th Quarter)

Braemar Patio Quarterly: October-December 2019 (4th Quarter)

Happy New Year!  Hope our limited snowfall yesterday didn’t impact you in any negative way.  It was just enough to give us a white covering on the ground.  And roads in the community are mostly cleared up.  What I love about the day after a snowfall is how bright the surroundings are with the sun reflecting off the blanket of white.  After too many gloomy winter days, it is nice to have a lot of sunshine bouncing off that snow.

Today I bring you the Braemar Patio Quarterly property report.  It focuses on sales of Braemar Patio homes in the fourth quarter of 2019.  And if you aren’t familiar with what a Braemar Patio home is, they are the two level, one car garage, quad style townhouses in the neighborhood.  There are two floor plan styles, one of which boasts a main level master and main level full bathroom.  The Braemar Patio homes that sold between October and December 2019 are listed below:

As you can see, there were four Braemar Patio homes that sold during the fourth quarter.  The sold prices range from $318,600 to $364,900 and not of the homes had the coveted main level master bedroom/bathroom.  Seems condition and upgrades are the primary indicators of value here.

Taking these fourth quarter sales and combining them with the sales that occurred in the entire calendar year of 2019, we get updated six and twelve month data points.  

Starting with the sold price column, we see the six month average sold price is slightly higher than the twelve month average sold price.  Not an impressive leap in value, but upward movement in the short term nonetheless.  Meanwhile, we see stability in noting the six month median sold price is exactly the same as the twelve month median sold price.  Values of Braemar Patio homes are, at worst, remaining stable in value.

The seller subsidy column is where we see the closing cost assistance values.  Both the six month average and six month median seller subsidy figures are higher than their respective twelve month figures.  This means Braemar Patio home buyers on the whole, have been asking for and receiving, more closing cost help from sellers in the more recent past.

When it comes to days on market, or as I like to call it–marketing time, we see different trends.  The six month average marketing time is one day shorter than the twelve month average marketing time.  Meanwhile, the six month median marketing time is nearly an entire week longer than the twelve month median marketing time.  At worst, it is beginning to take more time to sell a Braemar Patio home.

Taken as a whole, these market indicators could be showing an easing up in the high demand our market has been enjoying.  Of course, only time will tell .

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in about three weeks.  You could also expect to pay about 2% of the sales price in seller subsidy.

The next Braemar Patio Quarterly will be out in April and will give us a read on our first quarter’s activity for 2020.  Until then, when the time comes for you to sell your Braemar home, give me a call.  Getting the most amount of money in a sale for Braemar home owners is what I do best.  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

 

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