As we begin 2010, it is time to take a look back to November & December 2009 sales activity in this installment of the Braemar Townhouse Report. As usual, our report is divided into two categories: Townhouses with No Garage, and Garage Townhouses.
To begin, Townhouses with No Garage saw only two resales in the last two months of 2009, bringing the average market value to $185,000. That's down nearly 13% since last report and down 9% since November& December 2008.
If you put your No Garage Townhouse on the market and priced it to current market conditions, you could expect your home to be under contract in less than one week! And you can also expect a buyer to ask for an average of 1.5% of the sales price in seller subsidy (closing cost assistance from seller to buyer.)
Garage Townhouses are a different story. There were three resales during November & December, bringing the average market value to $221,333. That's an increase of nearly 3% since last report. However, like the No Garage Townhouses, they saw a year to year decrease. That decrease is only slightly smaller at 7%.
If you put your Garage Townhouse on the market, and priced it to current market conditions, you could expect your home to be under contract in a handful of days. You could also expect a buyer to ask you for seller subsidy at an average of just under 2% of the sales price.
Look for your next Braemar Townhouse Report in March. Until then, you can log onto www.nvarealestate.net and click the link for the Braemar Townhouse Report Online to see average market values to the beginning of 2006.
As always, if you would like to investigate the individual value of your home, or know someone who is looking for Braemar's best buys, give me a call. No one knows Braemar better!
Chris Ann Cleland, Long & Foster, Realtor, Licensed in Virginia
703-402-0037, chrisann@LNF.com
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