Braemar Property Value Report: May-June 2017 (NV Homes)
The weather the last few days in Bristow, VA has felt sweltering. High temps. High humidity. It makes being outside during the mid-afternoon unpleasant. These are the dog days of summer and great days to spend at the Braemar community pools. Of course, I’m still plugging away at my Braemar Property Value Reports. Three more left to churn out and this NV Homes update in one of them, so let’s get to it.
Between the months of May and June there were four NV Homes in Braemar that sold. The details of those sales follow:
When we combine the sold prices with our rolling six and twelve month data, what we find in terms of value is good news. Both the six month average and median sold prices are above their twelve month counterparts. This means values are still pushing up.
Unfortunately, it also appears that seller subsidy (closing cost assistance to buyers) is rising too, but the big number that is going to be throwing off the average here is that $23,000 seller subsidy given on the sale of 10039 Three Sisters. You’ll also notice that the sold price on that home is much higher than the list price. Well, in talking with the Listing Agent of that property, when the appraisal came in much higher than the agreed sales price, the buyer’s lender suggested something out of left field–raising the sales price and the seller subsidy. Truly a strange move and one that is going to throw off NV Homes closing cost assistance averages for the next year. So for now, let’s rely on the median. Marketing time seems slightly faster in the six month figures compared to the twelve month values.
If you placed your NV Home on the market, priced to current conditions, you could expect to give about $7,000 in closing cost help. You could also expect to be under contract in about four to five weeks time.
The next Braemar Property Value Report will be out in late September. Until then, if you
want to know how these most recent sales are affecting your home’s value, give me a call at 703-402-0037. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA