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

Braemar Townhouse Report: November-December 2021

Braemar Townhouse Report: November-December 2021

As we all brace for the impending winter storm, I am comfortable in my home office doing what I do best–real estate! The business of real estate is one that can be taken as seriously as the individual agent practicing it sees fit. Braemar real estate isthe foundation of my business. Bringing you the latest market information is something I take very seriously. This are not copy and paste reports. I run the data and compile it myself.

Today, rounding up the last of the year end reports for 2021, is the Braemar Townhouse Report. The properties that this report pertains to are traditional three level townhouses with front and back yards, attached side to side only. They are not to be confused with Braemar Condos, but you can find the report for the Braemar Condo townhouses by clicking this link.

There were six Braemar townhouses that sold during the last two months of 2021. The year market is not to be dismissed. The details of those sales are listed below:

Of the six sales, one is highlighted in pink. That is because it was my listing. You can read the details in the post I wrote about that sale. What is evident looking at all six sales is that most are selling at a minimum of a list price, the majority gave no closing cost help and they all sold in a matter of days. However, it is only when taking all of 2021’s Braemar townhouse sales and compiling updated six and twelve month market reports that we get to see trends.

Starting in the sold price column, we see only the six month average is higher than its respective twelve month value. The six and twelve month median values are the same. Furthermore, the growth rate of Bramar townhouses in the average has slowed. This report the six month average is 1.5% higher than the twelve month average. Last report, that was a 3.6% difference. The median last report was a 3.3% difference vs. zero this report. The second half of 2021 was not as frenzied as the first half. Buyers slowed their pace once summer vacations started and it never really got as insane as it had been earlier in the year.

Seller subsidy is something we have not seem much of in regard to Braemar townhouses. The average numbers are the only ones with anything to report and the averages are miniscule. Out of seventy-three sales, only six gave any closing cost help in 2021. One was a townhouse where I represented the buyers. Another was the one this report where I represented the seller. In the case of the one where I represented the buyers, we went in with the request because of the condition of the home. In the one on Selkirk listed above in pink, the buyer came in with no seller subsidy requests, but had a list of demands come home inspection. Rather than ditch them and move on to another buyer, my seller decided to strike a deal with them. Thankfully, we were able to negotiate that down to less than they requested.

Days on market shows that the time it took in the six month average and six month median, compared to their respective twelve month values, increased by one day. That is nothing to worry about.

If you put your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about one week. You could also reasonably expect to give nothing in closing cost help. However, you could expect to see the typical contingencies in your offers. Those are financing, appraisal and home inspection.

The next Braemar Townhouse Report will be out in March. Until then, if you want to know what is in store for the 2022 market, you can read my predictions by clicking this link. If you want more personalized information for an impending move, get in touch. My neighborhood knowledge, combined with my professional marketing, makes my Braemar sellers very happy. 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

Just Sold: A Braemar Christmas Season Closing

12423 Selkirk Circle Sold for $375,000 on December 21, 2021

When I was contacted by the owner of 12423 Selkirk, my mind twirled over the familiarity of the address. Had I listed that home before? I know that I had listed a Braemar townhouse on Selkirk years ago that was a Short Sale. Despite many attempts to make the bank understand why Short Sale was a good idea for upside down sellers who had outgrown the space and needed to move, the bank would not approve that sale. Sure enough, a quick glance at my past listings and 12423 Selkirk was that townhouse.

Looking back at the tax records for the property I saw that indeed, my failed Short Sale listing had turned into a bank owned property. Simply stated, the bank that had refused to come to terms with the sellers in 2012, had foreclosed. In 2013, it sold from the bank to a private owner, sold again in 2015 from that 2013 purchaser, and again in 2017 from the 2015 purchaser. The new owner purchased it in 2017 and was ready to move on.

At the listing appointment I told the owner my familiarity with the property. In addition to expressing my neighborhood expertise in Braemar and my professional marketing, I added that on a personal note, I would love the opportunity to have a good outcome by listing the townhouse. My marketing is all professional grade now with professional photographs and even some light staging in vacant homes. I was so thrilled to be hired to do just that. Take at look at the virtual tour.

This two bedroom townhouse listed on November 11th and was under contract within five days! The hardest part in getting to the closing table was negotiating the home inspection. Yes, the market has changed enough where home inspection contingencies are being seen more often than not. The buyers, through their agent, over-estimated the cost of many items they deemed as problems. Part of my job in that situation is to convey that small items of concern are not legitimate problems, and to help the seller get quotes on actual solutions. A home inspector will see a light not operating and tell a buyer to consult an electrician. I change a lightbulb, snap a photo that the light is working and the issue is dissolved. You get the idea. The repair credit of the buyers was negotiated down by about 30% to a number the seller could deal with to move the deal forward.

Today, December 21st, this Braemar townhouse closed for full list price of $375,000. There is always more to the yearend holiday market than meets the eye.

Whenever the time comes to sell your Braemar townhouse, I would love the opportunity to help you achieve the most successful outcome. I have made it my business to know our neighborhood inside and out. 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 2021

Braemar Townhouse Report: September-October 2021

December will be here in a couple of days. While you might think the Braemar real estate market would have nothing to offer this time of year, I am pleased to say that the yearend selling season is one of the best around. Serious buyers are out at a time that stresses “home for the holidays.” The emotions of the season certainly help sell homes. Better yet, many sellers wait for spring, leaving fewer homes for those serious buyers to chose from. My real estate business has thrived this time of year and continues to do so. Of course, I always make time to keep Braemar home owners apprised of market conditions in the property value reports I prepare. Today I bring you the Braemar Townhouse Report, focusing on sales of traditional three level townhouses in Braemar, attached side to side only.

During the current reporting period of September and October, there were thirteen Braemar townhouses that sold. The details of those sales are below:

Looking at these sales we see all thirteen sold at, or above their list price. All but one gave no seller subsidy (closing cost help to buyer.) Meanwhile the sales that closed in late September and into October had higher days on market. Taking these sales and combining them with the entire past twelve months of Braemar townhouse sales we will get a better snapshot of current trends in the townhouse market when the data points tracked in this report are updated.

Looking at the sold price column, Braemar townhouses are continuing to gain value. Both the six month average and the six month median sold prices are higher than their respective twelve month sold prices. This is proof of the continued seller’s market. The rate of increase in value has slowed slightly since last report, but not enough to be concerned about. Both the six month average growth rate and six month median growth rates are down 0.3% since July and August.

Seller subsidy shows a decrease in the six month average compared to the twelve month average. Meanwhile, with the six and twelve month median values both at zero we know that in both time periods, more than half of Braemar townhouse sellers gave no closing cost help. Another hallmark of a seller favored market.

Days on market, despite the upward trending numbers in the two months worth of most recent sales, shows no serious change. When looking at the six month average and median marketing times compared to the corresponding twelve month values, Braemar townhouses are still going under contract in about a week or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it could be under contract in about a week. While some of the most recent sales on the calendar suggest it may take a bit longer, my most recent Braemar townhouse listing went under contract in only five days this November. You could also expect you could escape any seller subsidy requests since buyer demand is still outpacing supply. However, the second half of the year has shown buyers less willing to waive contingencies like home inspection and appraisal. The all-out buyer frenzy has cooled, though the market remains a seller’s market.

The next Braemar Townhouse Report will be out in January. Until then, I do hope the holiday season brings you peace and happiness. Of course, anytime the need arises to sell your Braemar townhouse, I am here with all of my neighborhood expertise, professional marketing and superior negotiation skills to help you make the absolute most you can from your home sale. Unfortunately, even during a seller’s market, money is too often left on the table. Hiring a local professional will help you increase buyer enthusiasm and maintain it throughout the process. Helping Braemar sellers is my specialty. Get in touch with me for a no obligation consultation. 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

Braemar Townhouse Report: May-June 2021

Braemar Townhouse Report: May-June 2021

Last, but not least in the series of May-June Braemar market reports, I bring you the Braemar Townhouse Report. This report focuses on the sale of traditional three level townhouses in our neighborhood. Traditional townhouses are those with three levels with a back yard that are NOT condos.

During the months of May and June, there were sixteen townhouses in Braemar that sold. I was so very happy to represent the buyers of the one highlighted in blue. Details of all of the sales are listed below:

There is a wide variety in final sold prices because there is a variety in sizes and styles of traditional townhouses in Braemar. Of the larger one car garage townhouses, my buyers got a fantastic deal on Drum Salute. The home did not show well, but that was a plus for us. It only needed new flooring, some paint and a good cleaning. They were able to negotiate $8,000 in closing cost help to offset that cost, have a home inspection and still get a killer deal. If they turned around and sold the home after the improvements, they could actually make money.

Taking all of the sales listed above and combining them with the entire past year of Braemar townhouse sales, our six and twelve month data points show more seller favored trends.

Starting in the sold price column, it is no surprise to see the growth that happened in the six month average and median compared to the twelve month average and median values. Townhouses have been gaining value quickly in this market with little inventory and an overload of buyers.

Seller subsidy is where we find out what amount of closing cost help Braemar buyers were able to to negotiate from their townhouse sellers. My buyers and one other were the only ones in the sixteen recent sales that negotiated any closing cost help in May and June. Looking at the six and twelve month median, more than half of sellers in both time frames had to give nothing. The six month and twelve month averages show that seller subsidy is becoming more rare. It is highly unlikely to have a buyer request closing cost help if your home is properly prepared for market. Doing nothing in a seller’s market costs a seller.

Days on market shows the seller’s market in all its glory with single digits down the line. Braemar townhouses sell very quickly. Even in the sixteen most recent sales listed, only one took two weeks to go under contract.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect your townhouse to be under contract in a week or less. You could also expect, if you did the work to make your home shine, to give nothing in closing cost help.

The next Braemar Townhouse Report will be out in September. Until then, when you are ready to sell your Braemar townhouse, don’t fall victim to leaving money on the table. Get my expert advise on listing preparation and take full advantage of my professional marketing for the absolute max the market will bear for your home. You only get one chance to get the equity out in a sale. Who you hire matters. 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 2021

12858 Wishing Well Way Sold for $425,000 on 4/5/21

Braemar Townhouse Report: March-April 2021

Today I bring you the most recent Braemar Townhouse Report. This report looks back on the months of March and April this year for the most recent sales of traditional Braemar townhouses and updates six and twelve month value points so we can see how our market has changed. Before we begin, a traditional townhouse is one attached only side by side, has three level and a back yard. Knowing the type of townhouse included in this report, let’s get right to it.

There were fifteen sales of Braemar townhouses in the last two months. Details of those sales are listed below:

First thing you may notice is a sale highlighted in pink. That’s because it was my listing. And if I may say, my seller made out very well. She sold for $31,000 above list price for the third highest sold price of this reporting period. Why not the highest? She had no deck, no fence, an original kitchen, original roof and sunken driveway. What she DID have was brand new LVP flooring on the main level, new carpet, fresh neutral paint and new HVAC. Getting her home well prepared for showings and professionally photography created the buyer enthusiasm that lifted her sold price above where it would have been otherwise. I say that because townhouses that were more updated sold for less because the marketing/photography was lacking. I am not a listing agent that “mails it in.”

The second thing that you will visually notice is zeros all the way down the column in seller subsidy. This means no townhouse sellers gave anything to buyers for closing cost help.

Finally, days on market shows single digits in all but one townhouse sale for the current reporting period. Cell phone photos never do a home justice. This one was gorgeous. And unfortunately, it sat for longer than it probably should and likely, sold for less than it should. Who you hire matters, even in a seller’s market. In this deal, a contract fell through and the property had to go back on the market, making buyers fear something was wrong with it. That’s why vetting offers is so important, as is having a ratified back up offer to go to. You better believe my listing had a ratified back up offer.

Taking these sales are combining them with the entire previous twelve months of Braemar townhouse sales, the six and twelve month value points are updated as seen below:

Starting with the sold price column, it is not a surprise to see the six month average and median sold prices higher than their respective twelve month values. This means Braemar townhouses are still going up in value.

Seller subsidy is a little surprising in that the average figures in both the six month and twelve month time frames actually has a value. Only twenty sales of the sixty-eight in the past twelve months have given seller subsidy. The most recent was in January this year.

Days on market shows the trend happening across the board in this seller’s market. Braemar townhouses are selling a matter of days.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract in less than a week. You could also expect to land a buyer willing to go without seller subsidy and possibly a lot of contingencies like home inspection, radon inspection, financing and even appraisal. Buyers are having to be ultra competitive to win in multiple offer situations.

The next Braemar Townhouse Report will be out in July. Until then, get in touch with me if you would like to sell your townhouse. As illustrated above, you don’t have to be the best townhouse on the market to get one of the highest sold prices. Conversely, if you don’t take hiring the right real estate agent seriously, you could have a better townhouse and make less money. Well prepared properties that are professionally marketed get the biggest bucks and I’ve been helping Braemar sellers with that for many years. 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 SOLD $31,000 Over List Price!!

12858 Wishing Well Way Sold for $425,000 on April 5, 2021

Braemar Townhouse SOLD $31,000 Over List Price!!

On February 26th (2021,) I had the pleasure of bringing 12858 Wishing Well Way to the market, listed for $394,000. Having been helping a couple make offers on Braemar townhouses, I knew the market was out of control with buyer demand. And I had already run comps on this townhouse when my buyers wanted to make an offer on 10123 Pale Rose Loop. That was listed for $380,000. That was an absurdly low list price and I knew it. And sure enough, the agent there said they received two dozen offers and my buyers’ offer at $390K with free rent back was the weakest offer.

By the time we listed 12858 Wishing Well, 10123 Pale Rose had sold for $422,500. Pale Rose had been a home with a lot of interior updates, the most grand being the kitchen. It was an interior unit with a deck and gorgeous main level hardwood floors. It also had updated bathrooms. My listing on Wishing Well was end unit with a new HVAC and updated laminate wood flooring on the main level and upper level hallway, with hardwood on the upper level staircase as a transition. It had no deck, original kitchen and bathrooms. I prepped my seller for an appraised value of $405,000 to $410,000 if we were lucky.

After four days on the market we had eleven offers. Turns out we didn’t need two dozen to hit really high offers. One bid $450,000, but didn’t waive appraisal. That meant it would sell for appraised value. One offered cash at $420,000, but had an outdated, illegible proof of funds and wanted inspection contingencies. My seller made it clear she didn’t want to go through inspections and haggle with repairs. And with a sunken driveway (actually, an elevated sidewalk due to tree roots pushing up the concrete) we eliminated every FHA and VA loan so that wouldn’t get flagged as a safety concern on appraisal. That left one stand out offer– $425,000 with no inspections, conventional loan with financing and appraisal contingencies, but with a $30,000 low appraisal guarantee. That meant if the townhouse only appraised for the list price, it would still sell for $424,000. It was as close to guaranteed money as you could get.

Even though the buyers had expressed their need of an appraisal, but had pre-negotiated the outcome of a low value, nothing was required of me. That doesn’t mean I didn’t still get the appraiser a package of comparable sales, the offers we had received and list of updates. (HVAC and flooring are definitely worth something.) The goal was to keep the buyer’s additional down payment to a minimum. Real estate transactions are best when both parties have a win. My seller was winning with the sales price. Time to help them out. Sure enough, I got it to appraise at the sales price.

Today, April 5th, this one at 12858 Wishing Well closed at $425,000. Higher than a mega new kitchen, updated bathrooms and deck on 10123 Pale Rose Loop. Woo-hoo!

Any agent can get you multiple offers on your home in a seller’s market. I will get you every penny the market will allow. Two times more offers doesn’t always mean more money. Who you hire matters. 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 2021

Braemar Townhouse Report: January-February 2021

What a goregous day to bring you the final in the Braemar market report series. Spring is officially here. Of course, buyers in the Bristow market were already out in full force coming off the holiday season. The intense buyer demand our Braemar real estate market, and the surrounding areas, have been experiencing is getting more frenzied each week.

In this edition of the Braemar Townhouse Report, we’ll look back at the traditional townhouses that sold in January and February. Traditional townhouses, for the purposes of this report, count as three level townhouses with a back yard.

During the first two months of the year, there were ten Braemar townhouses that sold. The details of those sales are listed below:

The sold price of $335,000 is our floor, while $422,500 is our ceiling. There’s a wide range in between. Sold prices starting with four are becoming more common even as I type this report. Taking all ten of these sales and combining them with the entire past twelve months of Braemar townhouse sales, the six and twelve month value points in this report are updated as seen below:

Starting in the sold price column, we see healthy increases in both six month average and median sold prices compared to their respective twelve month values. Braemar townhouses are continuing to increase in value, as expected in a seller’s market where supply of homes can’t keep up with buyer demand.

The seller subsidy column shows us how much closing cost help buyers were able to negotiate from their Braemar townhouse sellers. To start, it is important to note that only Braemar townhouse seller in the ten sales listed above gave any closing help at all. The amount given was higher than the six and twelve month averages. Being that the six month average seller subsidy is less than the twelve month, it shows buyers have been having to reduce or forego closing cost help requests just to get under contract. The six month median and twelve median seller subsidy both being at zero tells us that in both time frames, more than half the sellers got nothing in closing cost help.

The last column is where we dig into days on market, or marketing time as I like to call it. A quick scan of the Braemar townhouse sales for January and February above show single digits down the line. The six month average marketing time is one day quicker than the twelve month average. Meanwhile, the six month and twelve month median marketing times are the same at four days. This means more than half the sellers in both time frames sold in four days or less.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to find yourself in a multiple offer situation where buyers are offering over list and not asking for closing cost help. Some buyers are even able to waive every typical contingency.

The next Braemar Townhouse Report will out in May and will cover what’s happening right now in March and April. There’s no slowing of buyer demand on the horizon which makes this a great time for Braemar townhouse sellers to cash out. Question becomes, where will you live? I’m happy to give a no obligation consultation about what a sale of your Braemar townhouse would mean in the current market. Even in a seller’s market, where every home will sell, sellers can still leave money on the table. Hiring the best agent for the job is so important. 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