Braemar Townhouse Report: July-August 2018

Braemar Townhouse Report: July-August 2018

Putting together these Braemar real estate market reports is something I have been doing since 2005.  My intention is always to get them ready for the previous two months, as soon as the second of those months has ended.  Realistically, that means waiting until the middle of the month following the last month of the reporting period.  In this case, mid-September is when I started gathering data for this particular report.  Unfortunately, not every agent that lists and sells a home in Braemar works the same.  Some agents won’t invest in professional photography.  Others won’t meet appraisers at their Braemar listings to make sure the home appraises for sales price and you won’t have to lower your price.  And yes, some wait weeks to report when a sale closes.  The latter impacts me and my ability to report the latest in Braemar sales.  The other two, well, those impact seller’s final sold prices.

Bringing up the rear in the string of Braemar real estate reports is the Braemar Townhouse Report.  This report focuses on the last two months of Braemar townhouse sales.  And a Braemar townhouse, for the purposes of this report, is three level, attached structure with a fence-able backyard.  In other words, a traditional townhouse.

There were sixteen Braemar townhouses that sold during the months of July and August.  The low sold price was $285,000 and the high sold price was $370,000.  The details of these sales are listed below:

When we take these sixteen sales and replace the sales from July and August 2017 in our rolling twelve month pile of data regarding Braemar townhouses, here is what we find/:

The six month average and median sold prices are well above the twelve month average and median sold prices.  That means Braemar townhouse values are continuing to increase.  I’m just as happy to report to that the six month average and median seller subsidy (closing cost help from sellers to buyers) is lower when compared to their twelve month counterparts.  That means Braemar townhouse sellers are having to give less in closing cost help.  Finally, the six month average and median days on market (marketing time) is lower when compared to the twelve month average and median.  Braemar townhouses have been selling even faster lately!

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or so.  You would also expect to give about 1% of the sales price in closing cost help to the buyer.

The next Braemar Townhouse Report will be out in November and will detail sales from September and October.  Until then, when you are ready to sell your Braemar townhouse, please know that this Top Braemar Listing Agent hires professional photographers, does light staging, meets appraisers at your property and much more to get you the most you can when selling your largest asset.  You only get one shot at selling your home.  There are no do-overs.  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

 

 

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Braemar Property Value Reports: July-August 2018 (Ryan Homes)

Braemar Property Value Reports: July-August 2018 (Ryan Homes)

If it had to be sunny any day this week, it is fantastic to have that weather on Friday.  What a nice end to the work week for folks.  Of course, the work week for this Top Braemar Real Estate Agent is far from over.  I will be out showing property to buyers this weekend in our area.

Right now, it is time for the Ryan Homes installment of the Braemar Property Value Report.  This one covers the sales of Braemar houses built by Ryan Homes in July and August.  Without further delay, let’s get to it.

There were two Ryan Homes that sold in our current reporting period.  One for $429,000 and the other for $476,000.  The particulars of each sale are detailed below:

If we take these two most recent sales and combine them with our rolling twelve months of Ryan Home sales in Braemar, we have the opportunity to take a peek at updated six and twelve month data points.  When we do that, this is what we find:

When we look at the six month average and median sold prices to the twelve month average and median sold price, we want to see increases in the six month values compared to the twelve month values.  That would indicate Ryan Home values are increasing.  Unfortunately, this report gives us exactly the opposite of what we want to see.  Six month average and median sold prices are below the twelve month sold prices.  Not good, but hopefully, not a trend we will see continue.  In Braemar in general, home prices seem to be stabilizing. However, this report could be an early indicator that Ryan Home values are dropping a bit.  We won’t know for certain until we see if this trend continues through to the end of the year.

In the seller subsidy (closing cost assistance) category, we like to see six month average and median values below their twelve month counterparts.  While the six and twelve month median seller subsidy figures are exactly the same, the six month average is below the twelve month average.  That means Ryan Home sellers are giving less closing cost assistance when selling their homes.

Finally we get to days on market, or marketing time, as I like to call it.  The six month average and median marketing times are significantly shorter than the twelve month average and median marketing times.  That means Ryan Homes in Braemar have been selling faster recently.

If you placed your Ryan Home on the market, priced to current conditions, you could reasonably expect it to be under contract in about two and a half weeks…maybe even just one week.  You could also expect to give about one half of one percent of the sales price, or less, in closing cost help to your buyer at settlement.

The next Braemar Property Value Report will be out in November.  Until then, when you want to investigate the sale of your Braemar home and what it would be worth in the current market, call me for a free market analysis.  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 Property Value Report: July-August 2018 (NV Homes)

Braemar Property Value Report: July-August 2018 (NV Homes)

Did you know that as of today, there are twenty-one homes on the market in Braemar? They aren’t all single family homes, like the NV Homes in our neighborhood.  In fact, single family homes priced over $450,000 in Braemar make up ten of those listings.  And it is taking a while to get them under contract.  A quick look at those ten single family home listings in Braeamr over $450,000 tells me that they are averaging thirty-four days on the market….and they haven’t even been chosen yet!    One of the many reasons it is important to hire a Top Braemar Listing Agent.

Right now, this Top Braemar Listing Agent is going to update you as to what’s happened with NV Home resales in our neighborhood between July and August in this edition of the Braemar Property Value Report.  I have made it part of my job to stay on top of our local market.  I don’t know of any other real estate agent that serves Braemar that delves this deep into what’s happening in our neighborhood.

There was only one NV Home in Braemar that sold in during our current reporting period.  It was a Rutherford that sold for $485,000, having been listed for $500,000.  Details of that sale are below:

Not much can be determined by NV Home values by one sale.  That’s why this sale is added to my rolling twelve month store of NV Home sales in Braemar, and six and twelve month values pulled out.  When I do that, here’s what we find:

The trend you want to see in the sold price numbers is higher values in the six month average and median compared to their twelve month counterparts.  That is definitely what we find with NV Home values in the six month values compared to the twelve month values.  That means NV Homes are still pushing up in value.

When it comes to the seller subsidy (closing cost assistance) category, we want to see the opposite.  The best trend for sellers here is to have lower figures in the six month values when compared to the twelve month.  Once again, Braemar NV Home sellers in the last six months have been given less closing cost assistance to their buyers.  Gotta love that.

Days on market, or marketing time, is another category where we like to see more recent numbers trending down, compared to the whole year.  While the six month median value is two days longer than the twelve month median, the six month average value is thirty-one days shorter than the twelve month average.  That big a decrease in average marketing time is a great thing to see.  The two day increase in median value?  Not to worry.

If you placed your Braemar NV Home on the market, priced to current conditions, this report indicates  you could expect it to be under contract in two weeks.   However, at the start of this report, you heard the average days on the market for larger single family homes was thirty-four days for home still lingering on the market.  Who you hire to market your home matters and can affect marketing time and your final sold price.  As for what you could expect to pay in closing cost help, that would be an average of less than 1% of the sales price.

The next Braemar Property Value Report will be out in November.  Until then, when you are ready to sell your Braemar home, hire wisely.  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 Property Value Report: July-August 2018 (Heritage Series)

Braemar Property Value Report: July-August 2018 (Heritage Series)

Ah Monday…my favorite day of the week.  There’s something really great about starting fresh in the work week when you love your job.  And as a Top Braemar Listing Agent, I certainly do love my job.

On this particular overcast and drizzly Monday, I am here to share the latest Braemar Property Value Report with you.  This one features sales of Heritage Series homes in Braemar during the months of July and August.  Heritage Series homes are mid-sized single family homes, built by Brookfield Homes.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.

There were five Heritage Series homes that sold during our most recent reporting period.  Sold prices ranged from $480,000 to $519,900.  Details on each sale are as follows:

When we take these most recent sales and replace last July and August in our rolling twelve month store of Braemar Heritage Series home sale data, here’s what we find:

In a market with increasing market values, we find that six month average and median sold prices are above the twelve month average and median.  Obviously, that is not the case here.  The six month average sold price is nearly $5,000 below the twelve month average sold price.  The six and twelve month median sold prices are identical.  What does this mean?  At best, Braemar Heritage values are holding steady right now.  At worst, they may be starting a decline.  Only more market reports will reveal the trend.  For now, take heart in the knowledge the six month values were below the twelve month values in November and December’s reporting period in 2017.  They increased since then.  That leads me to believe these Heritage home values are leveling out.

When it comes to seller subsidy (closing cost help to buyers,) we like to see those numbers decrease in the six month values compared to the twelve month values.  Unfortunately, those are going the wrong direction, which in this case is up.  That means Braemar Heritage Series home sellers are giving more in closing cost help when they sell recently.  However, in the grand scheme of things, the amounts being giving are about one third of what buyers can actually absorb from sellers.  In other words, buyers could be requesting a heck of a lot more.

Finally, when it comes to days on market, or I like to refer to it “marketing time,” this is an area where decreases in the short term are good.  We have a two day increase form the twelve month average marketing time to the six month marketing time.  However, the six month median marketing time is below the twelve month median.  Small changes in both directions drives me to the conclusion that is is taking about the same amount of time to sell a Braemar Heritage Series home.

If you placed your Braemar Heritage Series home on the market, priced to current conditions, you could expect it to be under contract in about one to three weeks.  You could also expect to pay about 1% of the sales price in closing cost help to your buyer.

The next Braemar Property Value Report will be out in November.  Until then, when you want to know what your Braemar home is worth, give me a call.  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 Property Value Report: July-August 2018 (Courtyard Series)

Braemar Property Value Report: July-August 2018 (Courtyard Series)

Are you ready for another Braemar Property Value Report?  Well, ready or not, here we go.  This one details sales activity in for Braemar Courtyard homes during the months of July and August.  Braemar Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Ballston and Clarendon.

There were four Braemar Courtyard homes that sold during this current reporting period.  That’s a lot of sales to report in the Courtyard home category.  Final sold prices ranged from $350,000 to $430,000.  Details of those sales are below.

The first thing you notice is that one of these sales, the one that closed for $350,000, is way out of line with the other sold prices.  Allow me to fill you in.  The home at 10022 Pentland Hills was a short sale in very poor condition.  It was hard to see the property for the all the trash piled throughout the home.  Sadly, someone was living in those conditions, making it all the more tragic.  It wasn’t a seller that was angry because they were about to lose their home.  As low as that sold price of $350,000 is, it could have been worse.  The property was listed for $300,000.  Better news is that someone purchased the home that will be able to bring it back up to inhabitable condition.  Finally, because we take these sales and put them in a rolling twelve month collection of Courtyard home sales, we won’t see a tremendous fall in value.  In fact, when we calculate those new six and twelve month data points, here is what we find:

While the six month average sold price has dipped slightly below that twelve month average sold price, the six month median sold price is sitting well above the twelve month median.  That’s a more reliable data point with our low $350,000 sale gumming up the averages.  Odds are we will likely never see a home in the condition of that low sold price again.  That means values of Braemar Courtyard homes are still pushing up.

The news gets better when we look at average and median seller subsidy (closing cost assistance to buyers.)  The six month average and median seller subsidy figures are both well below the twelve month average and median seller subsidy numbers.  That means sellers have been giving less closing cost assistance to buyers.

And the final sweet spot of news comes from the days on market column.  Here we find that marketing time in the six month average and median values has also reduced substantially from the twelve month average and median values.  This means Braemar Courtyard homes have also been selling faster.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in an average of no more than two weeks.  You could also expect to pay only 1% or less of the sales price in closing cost help to a buyer.

The next Braemar Property Value Report will be out in November.  Until then, give me a call when you are thinking of selling your Braemar home.  It is never too early to start talking to a Top Braemar Listing Agent like myself.  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 Property Value Report: July-August 2018 (Carriage Series)

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Braemar Property Value Report: July-August 2018 (Carriage Series)

If you had to guess how many properties there are for sale in Braemar right now, what would you say?  This would include all property types (townhouses, single family homes, condos, etc.)  And it would only be the ones that aren’t under contract.  The answer is twenty-three, and two of those are Braemar Carriage homes.  Twenty three homes is about as much as I have seen on the market at one time in Braemar this year.  Could it be that demand is winding down?  Well, I doubt that’s the case for Braemar Carriage homes, but in this edition of the Braemar Property Value Report, we will take a look at the sales from July and August and see where trends are heading.  And if you aren’t familiar with what a Braemar Carriage home is, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were four Braemar Carriage homes that sold between the beginning of July and end of August.  Sold prices ranged from $400,000 to $419,900.  Details of each sale are listed below:

Don’t be alarmed by the sold price range.  As you can see above, three out of four of these homes were three bedroom homes, and the smallest Braemar Carriage home floor plan available to boot–the Maplewood.  When we take these four sales and update our rolling twelve month store of Braemar Carriage home sales data, here is what we find:

When we look at the six month average and median values compared to their twelve month counterparts, what we want to see in the six month values is increases in sold prices, and decreases in seller subsidy (closing cost assistance sellers gave to buyers) and days on market (marketing time.) Let’s start with the sold prices.  The six month average and median sold prices are above their twelve month counterparts.  That’s a great start.  It indicates that Braemar Carriage home values are still pushing upward.

When we move to look at seller subsidy, we see that the six month average is slightly below the twelve month average.  However, the six month median is higher than the twelve month median.  These value trends are opposed to one another, but I think it is safe to say that seller subsidy is marching up.  That median value is a true look at the middle value in all the solds, while the average is just that, an average.

We get back to good news when we see that both the six month average and median days on marketing is lower than the twelve month values.  So while Braemar Carriage home sellers may be giving a bit more in closing cost assistance, they are selling for more and selling a tad faster in the short term.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect your home to be under contract in just under a week or two.  You could also expect to pay an average of about 1% of the sales price in seller subsidy.  All in in all not bad when you consider that buyers can receive 3% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in November.  Until then, when you get the thought that the time may be approaching to sell your Braemar home, give me a call.  It’s never too early to start speaking with this Top Braemar Listing Agent.  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 Property Value Report: July-August 2018 (Arista Series)

Braemar Property Value Report: July-August 2018 (Arista Series)

It always makes me smile to see the leaves start to change into their brilliant fall wardrobe. The trees on the east side of Native Rocks Drive are always among the first to start going from green to gold.  Of course, I have no idea what kind of trees those are because my specialty is not landscaping, but selling homes.  As a top Braemar Real Estate Agent, it is one of my favorite jobs to periodically look at the most recent sales data and share it with you.

This particular Braemar Property Value Report covers sales of Arista Series homes in Braemar.  Those are the largest homes built by Brookfield Homes and include the Allister, Buckingham and Canterbury floor plans.

Between the months of July and August, only one Braemar Arista home sold.  It was a four level Canterbury with five bedrooms and five and a half bathrooms.  It listed and sold for $599,900 and took only twenty-one days to sell.  Details of the sale are listed below:

To get an updated account of how Arista homes in Braemar are doing overall, we take this sale and put into a rolling twelve month collection of previous Arista home sales.  Then we parse that data out into six and twelve month markers.  When we do that, here’s what we find:

What we want to see in a six month to twelve month comparison in values is increased sold prices in the six month values, and lower seller subsidy (closing cost assistance) and days on market (marketing time) in those six month values compared to the twelve month values.

Looking at sold prices for the Arista Series, the six month average and median sold prices are both above the twelve month average and median sold prices.  That’s great news.  Values for Arista homes are continuing to rise.  However, the seller subsidy figures are higher in the six month average and median, compared to the twelve month average and median.  That means sellers are giving more of their net proceeds to buyers as closing cost help.  As for the marketing time, those numbers give us a mixed picture.  The six month average days on market is higher than the twelve month average days on market, but only by five days.  The six month median is twelve days shorter than the twelve month median.  All in all, those variations show that it is taking about the same amount of time as it has been taking, to sell Braemar Arista homes.

If you placed  your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in three weeks to two and a half months.  You could also expect to spend 1.5% to 2% of the sales price in closing cost assistance to the buyer.

The next Braemar Property Value Report will be out in November.  Until then,know that you  can’t start to preparing to sell too early. When you are starting the thought process of moving, give me a call.  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