Braemar Property Value Report: January-February 2017 (Heritage Series)
One of the things I love most about my job is keeping Braemar home owners updated about the values of their property. And that is exactly what I am about to do. This particular Braemar Property Value Report focuses on Janaury and February sales in the Heritage Series. If you aren’t familiar with what type of homes make up the Heritage Series, they are he mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery & Waverly.
There was only one Braemar Heritage home to sell in the first two months of the year. That home was a Waverly model with five bedrooms, three and a half bathrooms over three finished levels. It was also a foreclosure sale. It listed for $499,900 and sold for $485,000. No closing cost assistance was given and the home took, all told, 111 days to sell. I have special insight into this home as it was listed as a regular sale with me before the bank foreclosed. It was in desperate need of carpet and paint, but was one of the only true five bedroom homes in the neighborhood. All five were on the upper level. It had accumulated 99 days on the market with me from June to September, but only 12 days on the market as a bank owned listing. Funny how buyers will percieve a bargain just because the bank owns it. It sold for virtually the same price I had it listed. Folks thought my seller was priced too high.
When looking at the six month and twelve month average and median sales prices, this sale of $485,000 was above all the numbers. And it’s nice to see the six month median sales price above the twelve month median sales price. That means values in the Heritage Series are increasing.
If you placed your Braemar Heritage home on the market, priced to current conditions, this report’s six month median and average marketing times indicate it would over two months to get under contract. Please bear in mind, that number does not reflect the quick sales we have seen since we rolled into January. We’ll see those marketing times decrease next report. The closing cost assistance noted here, particularly in the six month median and average numbers, is indicative of what we were are seeing in the current marketplace. Selling your Braemar Heritage home, you could expect to be asked for $2,000 to $3,200 in closing cost help.
The next Braemar Property Value Report will be in out in late May and will focus on what happened in March and April. Until then, when you are ready to sell your Braemar home, give me a call. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA