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

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

Here we are mid-week into the second full week of 2023. January is an exceptionally busy month for this Top Producing Braemar Real Estate Agent. Having made a committment to bring the neighborhood market reports quarterly and bi-monthly, January is a time where they are all “due.” I’ve said many times that the job of a real estate agent is only as serious or intense as they want it to be. No one tells us how to run our businesses. I produce these market reports because I love details and staying informed of our neighborhood real estate market. And while these are happening in the background, I’m still taking on listings and buyers as is typical for this time of year. Spring happens early in real estate.

Today I bring you the latest Braemar Piggyback Quarterly. Piggyback townhouses in Braemar are the only two car garage attached homes in the neighborhood. They are known as Piggyback townhouses because they are attached side to side and back to back. They have no rear yards, as traditional townhouses do. However, what they lack in outdoor living space they certainly make up for with the size of the bedrooms inside.

During the last three months of 2022, only one Braemar Piggyback home sold. The details of that sale are listed below.

This sale was one in which listting agents were changed and a second attempt at the high list price of $469,000 was made. After forty-four days on the market between the two listings, the home finally went under contract. Based on other reports I have done thus far for the fourth quarter, this is a long time to go under contract. Not surprisingly, it sold well below original list price.

Taking that sale and combining it with all the Braemar Piggyback sales for all of 2022, the six and twelve month data points that are tracked in this report are updated as seen below.

For the first time in a long time, the six month average and six month median sold prices have fallen below their respective twelve month sold prices. This indicates that prices of Braemar Piggyback townhouses have softened. This may be the start of decreased values, or a blip on the radar. Only time will tell. The rise of mortgage interest rates hasn’t helped.

Seller subsidy still shows zero down the line. This means that no Braemar Piggyback townhouse seller in the entire past year has given any closing cost help. That is rather impressive.

Marketing time is increasing when you see the steep increases in the six month average and six month median days on market compared to their corresponding twelve month values. In a market that started to build inventory in the fourth quarter, perhaps Braeamr Piggyback townhouses were not as desirable as traditional townhouses to the buyers in the market.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about a month. And despite the rise of mortgage interest rates, you may just get away with not having to give closing cost help. Obviously, the days of multiple offers from frenzied buyers has past. Pricing right, being properly prepared for market and professionally marketed as more important than ever to create buyer enthusiasm for your listing.

The next Braemar Piggyback Quarterly will be out in April. Until then, if you want to investigate what the sale of your home would mean in 2023, it is never too early to reach out for a complementary consultation. It is most utmost pleasure to bring my years of experience and well honed skills to your home sale. 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: January-March 2021 (1st Quarter)

Braemar Piggyback Quarterly: January-March 2021 (1st Quarter)

What a gorgeous Saturday to begin the month of May. This Braemar Piggyback Quarterly was supposed to be out in April, but the real estate market has been so slammed I had a hard time coming up for air. Today is a great day to do just that and bring you up to speed on the Braemar Piggyback market. Before we begin, it is useful to inform you what constitutes a Braemar Piggyback townhouse. They are attached back to back and side to side and are the only townhouses in Braemar with two car garages.

During the first quarter, three Braemar Piggyback townhouses sold. The details of those sales are listed below:

Not very common to see two exact same list prices two months apart, yielding the exact same sold prices. Taking these sales and combining them with the previous three quarters of Braemar Piggyback townhouse sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, we see generous increases in both six month average and six month sold prices compared to their respective twelve month values. This means that Braemar Piggyback townhouses are continuing to gain in value. Exactly what we would expect to see in a seller’s market.

The seller subsidy column is where we find out how much closing cost help Braemar buyers were able to negotiate from their sellers. I am not at all surprised to see both the six month average and six month median seller subsidy figures at zero. If things keep up at the pace they have been, that twelve month average will be zero before too long. To compete in multiple offer scenarios, Braemar buyers are having to forego a lot of concessions and contingencies just to be chosen.

Days on market in the six month average and six month median are the same at five days. Both are improvements over their twelve month counterparts, but the average value is the one that got cut in half in the most recent average. Braemar Piggyback townhouses are selling fast!

If you placed your Braemar Piggyback 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 very clean offers from buyers who will be highly unlikely to request any closing cost help.

The next Braemar Piggyback Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar home, get in touch with me to find out how being prepared and professionally marketed gets you even more than you could have imagined in a seller’s 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 Piggyback Quarterly: October-December 2020 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2020 (4th Quarter)

As this Saturday work day draws to a close for this Braemar Real Estate Agent, I am bringing you another property value update. This installment is the Braemar Piggyback Quarterly and focuses on the fourth quarter sales of the two car garage townhouses in our neighborhood that are attached back to back and side to side. For the record, these are the only two car garage townhouses in our Braemar neighborhood, so if you have a two car garage townhouse, this report is for you.

During the last three months of 2020 there were two Braemar Piggyback townhouses that sold. The details of those sales are listed below:

Taking these sales from the fourth quarter and combining them with the entire year’s worth of Braemar Piggyback townhouse sales from 2020, our six and twelve month data points are updated as follows:

To start, the sold price column shows a very small increase in average value from the twelve month sold price to the six month sold price. On the other hand, an even smaller decrease is seen going from the twelve month median sold price to the six month median sold price. Had it not been for the most recent Braemar Piggyback townhouse sale of $370,000, I would be the first to say this is what market value stability looks like. However, it seems that we’re likely to see these two car garage townhouses in Braemar continue to push up in value as we move into 2021.

The seller subsidy column reveals a great trend for Braemar Piggyback townhouse sellers. The six month average seller subsidy (closing cost help to buyers) is at zero, down from over $3,400 average seller subsidy in the twelve month average. That means the latter half of the year, as buyers were competing for the limited inventory available, fewer asked for closing cost help. The fact that the six month median and twelve month median seller subsidy numbers are the same at zero tells us that in both of these time periods, more than half of the Braemar Piggyback townhouse sellers gave nothing in closing cost help. Even our most recent sales from the fourth quarter have zero seller subsidy.

Finally, we come to the days on market column. The already very reasonable eleven days on market found in the twelve month average shrunk to six days in the six month average. Meanwhile, the difference in the twelve month median vs. the six month median was only one day less of marketing time in the recent sales. Our market is gobbling up properties very quickly as there is hardly anything on the market.

If you placed your Braemar Piggyback 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 that would not have to give any seller subsidy at all.

The next Braemar Piggyback Quarterly will be out in April. Until then, know that Braemar homes are peaking in value this year. The year 2021 has been predicted to be one more year of low inventory and high buyer demand. We won’t know when we’ve hit the market peak until values start their decline, so if you’ve been waiting to get top dollar for your Braemar home, get in with me and let’s take a look at what the market conditions mean in a potential sale for you. 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