Braemar Property Value Report: March-April 2021 (Courtyard Series)

Braemar Property Value Report: March-April 2021 (Courtyard Series)

What a crazy week! Gas lines with a potential gasoline shortage is a reminder of how quickly things can change. Our Braemar real estate market changed, as did the entire Northern Virginia market, during the pandemic last year and has only ratcheted up to the benefit of sellers since then.

In this edition of the Braemar Property Value Report the focus is on Courtyard homes. Note: Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

During our current reporting period of March and April, there were no Braemar Courtyard homes that sold. It happens. They are very small percentage of the overall neighborhood and no sales in a two month period is not unusual. Thankfully, with the last twelve months of sales updated,we still get a chance to evaluate the shorter term vs. longer term values and see what’s happening overall.

Starting with the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Courtyard homes are still gaining value. No surprise in the current seller’s market.

The seller subsidy category reveals more seller market trends. Seller subsidy is the amount of closing cost help that buyers were able to negotiate from their Braemar Courtyard home sellers. Seeing all but the twelve month average values at zero is what I would expect. In order to become the winning bid in a multiple offer situation, buyers are having to forego seller subsidy requests.

Days on market goes a different direction than I thought it would. The six month average and six month median marketing times are both longer than their respective twelve month values. Oddly, in the most recent Braemar Courtyard home sales, time to go under contract was a little longer.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect to pay nothing in seller subsidy. As a bonus, you are likely to get a buyer that doesn’t request inspection and may even waive appraisal. Yes, that’s how crazy the market has become.

The next Braemar Property Value Report will be out in July. Until then, when the time comes to sell your Braemar home, get in touch with me. A well prepared and professionally marketed home is always going to sell for more than its competitors. 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 Property Value Report: March-April 2021 (Carriage Series)

Braemar Property Value Report: March-April 2021 (Carriage Series)

Spring has sprung in Braemar and our community is greening up. I always love seeing the trees, flowers and lawns come back to life after winter. You may not realize it, but the Bristow real estate market really doesn’t go dormant in winter. Buyer demand is still present then and was off the charts even during the holidays. It has only gotten more intense with the coming of spring. What inventory we do have coming on the market is not even close to meeting demand.

In this edition of the Braemar Property Value Report I am going to fill you in on what has happened in the Carriage home market. Braemar Carriage homes 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, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

During our current reporting period of March and April, there were three Braemar Carriage homes that sold. The specifics of those sales are listed below:

The sold prices are getting up into the five-hundred thousands, which is uncharted territory for these homes. Sure, the builder sold them in the fives and during the top of the market you may have caught some selling just over five, but these sold prices keep going higher than we have previously seen.

Taking these three sales and combining them with the entire past twelve months of Braemar Carriage home sales, the six and twelve month data points are updated as seen below:

Starting with the sold price column we see that our six month average and six month median sold prices are much improved over their respective twelve month values. With this demand and limited inventory, sold prices are getting higher and higher, driving up values.

In the seller subsidy column we see how much closing cost assistance buyers were able to negotiate from their Braemar Carriage home sellers. Not surprisingly, both the six month seller subsidy figures are at zero. The only value not at zero in this column is the twelve month average seller subsidy with is below one-thousand dollars. Buyers are having to come in with no seller subsidy requests, and even having to drop inspection requests, just to get accepted in a multiple offer situation.

Days on market hasn’t changed much. The six month average is two days shorter than the twelve month average. The six month median and twelve month median are identical at five days. Braemar Carriage homes are always one of the hottest sellers in any market and have been selling quickly for a year or more now.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect to be under contract in less than a week. You could also expect to have multiple offers with no seller subsidy requests. Some buyers are even waiving all contingencies, including inspections, appraisal and financing.

The next Braemar Property Value Report will be out in July. Until then, if the need or desire to sell your Braemar Carriage home arises, get in touch with me to find out how a well prepared and professionally marketed home still gets even more money in this seller’s market. Getting my Braemar sellers the absolute max the market will bear is my specialty. 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 Property Value Report: March-April 2021 (Arista Series)

Braemar Property Value Report: March-April 2021 (Arista Series)

Looking out my window the past few days, the reality that spring is here is evident in the blooming of my American Fringe Tree. As a Top Bristow Real Estate Agent, I’ve been running like crazy since the beginning of the year. Time has a tendency to fly by. With March and April behind us, it is time for me to get to my Braemar Property Value Reports. Today’s edition is for Arista homes in the neighborhood, which are the largest, built by Brookfield Homes, in Braemar. Braemar Arista homes include the Allister, Buckingham and Canterbury models by Brookfield Homes.

There were two Arista homes that sold during our current reporting period of March and April 2021. The details of those sales are detailed below:

Wow! There is a big difference in price between these two Canterburys. Just a stroll through the listing photos revealed the sale from April 16th could have benefited from refinished hardwood floors. When they show worn in a photo, they are probably even more so in person. That may have helped them over come their lot which has an unobstructed view of the cell phone tower. Both had done nothing to neutralize colors, but the one that sold on April 20th had upgraded kitchen counters, flooring in better shape and more finished space in the basement.

Taking these two sales and combining them with the previous ten months of Arista home sales to give us one year’s worth of data, the six and twelve month values are updated and show a very noticeable difference.

The sold price column will have Arista home owners jumping for joy. The six month average sold price is nearly ten percent higher than the twelve month average sold price. The six month median sold price is almost fifteen percent higher than the twelve month median sold price. Braemar Arista homes are sky rocketing in price.

Seller subsidy (closing cost help to buyer from seller) is at zero in both six month values and even the twelve month median. You have to go to the twelve month average to see anything at all. A glance at the Arista homes sold in the past year revealed that seller subsidy seems to have gone completely absent as of September last year. Buyers are having to come in with very few requests of sellers these days to get accepted in multiple offer situations.

Days on market shows the six month average and six month median both at two days. Not a big change in the median days on market when compared to the twelve month time frame. The twelve month average was about a week and a half. Homes are going super fast these days.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in a matter of days after multiple offers and be confident you will give nothing in seller subsidy.

The next Braemar Property Value Report will be out in July. Until then, get in touch with me when a sale of your Braemar home is on the horizon. Any home will sell in a seller’s market, but well prepared and professionally marketed, your home would sell for even more than homes with little preparation and/or poor marketing. It still matters who you hire to list your home in this 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 Reflection Quarterly: January-March 2021 (1st Quarter)

Reflection Series Home

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

Bringing up the rear of my Braemar quarterly market reports is the Braemar Reflection Quarterly for the first quarter of 2021. Reflection homes are single family homes located only off of Tarvie Circle and are attached to one neighboring home at the garage.

This report is going to be fairly quick. There were no sales of Braemar Reflection homes in the first quarter. And since during the last four quarters there were only two sales in the fourth quarter of 2020, our six and twelve month value points are identical when updated for this report.

Since all of our values are the same, let’s talk market generalities. Sold prices are climbing across the board. It’s not unusual for homes to be listed reasonably against recent homes sold and still get escalated seven to ten percent above list price with buyers waiving all contingencies.

Seller subsidy is no longer a consideration for any serious buyer looking to get under contract. Highest and best offers in multiple offers need to be clean and ask for nothing, including closing cost help, to even have a shot a winning.

Days on market is most definitely single digits unless you have over priced or been poorly marketed.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to under contract in less than a week and have to give nothing in seller subsidy.

The next Braemar Reflection Quarterly will be out in July. Until then, if a sale of your Braemar home is in the near future, be in touch with me. Even in a seller’s market, you can leave money on the table. Buyer enthusiasm is gained by being well prepared and professionally marketed, and that’s what gets you the highest price. 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 Patio Quarterly: January-March 2021 (1st Quarter)

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

What a strange weather day Bristow experienced today. The wind gusts were down right troubling at points in the late afternoon, but now the sunshine is breaking through.

The Braemar real estate market has been experiencing gusts of its own. Today I spent time with two buyers, trying to get them under contract on listings. You have to be there the day a home hits the market with loads of cash in hand and no contingencies in your offer. At least, that’s what I’m seeing.

In the latest Braemar Patio Quarterly, focusing on the first quarter of 2021, we take a look back and see what happened in the Braemar Patio home market. Patio homes are also known as quad style townhouses, attached on the side and back. They have single car garages, two levels, HUGE bedrooms and loads of storage space for an attached home.

In the first quarter, there were two Braemar Patio homes that sold. The details of those sales are listed below:

The first thing you may notice about these two sales is the big difference in final sold price between the two Patio homes. One was a four bedroom, three and a half bathroom Patio home. The other a two bedroom, one and a half Patio home. There is a major functional difference in these homes, especially considering the main level bedroom and bathroom of the four bedroom Patio home.

Taking these two Braemar Patio home sales and combining them with the previous three quarters of Patio home sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, we see both the six month average and six month median have substantially increased compared to their respective twelve month values. This means that Braemar Patio homes are continuing to increase in price.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from Braemar Patio home sellers. Both six month values are at zero. Only the twelve month average seller subsidy has a value that isn’t zero, coming in at $389. Clearly, in order to be competitive in this seller’s market, buyers are having to ask less of sellers in hopes of getting under contract.

Days on market, down the line, is five days. Braemar Patio homes have been selling quickly for the past year.

If you placed your Braemar Patio home 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 give nothing in closing cost help.

The next Braemar Patio Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar home, get in touch with to learn how being well prepared and professionally marketed matters even in a seller’s market. Since 2005, No One Knows Braemar Bettter!

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 Condo Quarterly: January-March 2021 (1st Quarter)

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

Being well into the second quarter of 2021, we can now take a look back at the sales activity from the first quarter of 2021 and see what happened in the Braemar Condo resale market. The first quarter covers the months of January through March.

Unfortunately, there were absolutely no Braemar Condos that listed or sold. It’s been a scarce market for buyers who are ready, willing and able.

Having no sales to report doesn’t mean we don’t get an updated look at values. The first quarter of 2020 drops from our year’s worth of data and the six and twelve month data points are refreshed as seen below.

Starting with the sold price column, exactly what I would expect to see is happening. The six month average and six month median sold prices are both above their respective twelve month values. This means that Braemar Condo values are continuing to increase. By the time we see the next sale of a Braemar Condo, I would not be surprised if it were around $350,000.

In the seller subsidy column we see what closing cost help buyers requested and sellers agreed to pay. The $500 present in the six month average and median is very low, particularly compared to the twelve month average seller subsidy. What is typical in sales happening right now is zero closing cost help.

Days on market shows a tad longer time frame than I would have anticipated in the six month numbers. What is present in the twelve month figures seems more like what we would see in a current Braemar Condo sale if we had current sales playing into those six month figures.

If you placed your Braemar Condo on the market, priced to current conditions, you could reasonably expect to be under contract within a week and pay nothing in seller subsidy.

The next Braemar Condo Quarterly will be out in July. Until then, if you have been considering the sale of your Braemar Condo in this unprecedented seller’s market, who you hire to list your home matters. Listing preparation and professional marketing are what elevates buyer enthusiasm and wrings the absolute maximum out of buyers looking to purchase. Get in touch with me and let’s discuss what might need to be done to prepare your Braemar Condo for 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 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

Braemar Property Value Report: January-February 2021 (Ryan Homes)

Braemar Property Value Report: January-February 2021 (Ryan Homes)

It’s been a dreary, drizzly day in Braemar today. Nonetheless, the real estate market is ticking right along. I’ve talked to two potential Braemar sellers and shown property to a Bristow buyer in search of a townhouse today. Our market seems completely oblivious to passing events like weather and even the pandemic.

In this edition of the Braemar Property Value Report the focus is on resales of houses built by Ryan Homes in our neighborhood. Our reporting period for sales is the first two months of the year. Let’s get right to it.

There was one Ryan home that sold during our current reporting period. The details of that sale are detailed below:

At first glance, I find it odd that a home would sell for anything less than list price during this frenzied seller’s market. Especially a home that was only the market for six days. Nonetheless, it wasn’t that far off of its list price. Taking this sale and combining it with the entire past twelve months of Ryan Home sales, the six and twelve month data points in this report are updated as seen below:

Everything looks completely as I would expect seeing the six month average and six month median sold prices above their respective twelve month values. This means that Ryan Homes in Braemar are continuing to increase in value.

The seller subsidy column is where we see how much closing cost help buyers were able to negotiate from Ryan Homes sellers in Braemar. Not surprisingly, the six month average seller subsidy has decreased significantly from the twelve month average. Meanwhile the six month median is at zero…quite a change from the $4,000 twelve month media seller subsidy. Buyers are having to go with more seller favored terms in their offers to get accepted in multiple offer situations lately.

Days on market shows single digits down the line, five being the highest. No analysis needed. Ryan Homes are selling FAST.

If you placed your Ryan Home in Braemar on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect multiple offers with buyers dropping many typical contingencies and seller subsidy requests in an effort to be chosen.

The next Braemar Property Value Report will be out in May. Until then, when the time comes to sell your Braemar home, find out what my unparalleled market knowledge and top notch marketing can do for you. Sadly, even in a seller’s market there are homeowners leaving money on the table. 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