Braemar Property Value Report: November-December 2017 (Courtyard Series)

Braemar Property Value Report: November-December 2017 (Courtyard Series)

While bitter cold days are ones I typically like to spend devoted to doing things at my home office, like this Braemar market report, that wasn’t all I was destined to do today.  This devoted Braemar Real Estate Agent was out and about showing property, writing an offer, keeping a deal together for the sale of my own mother’s home and teaching a class to new agents.  Even with all that, I didn’t want to get too behind on my Braemar market updates.  So last task of my day is this report.

This particular Braemar Property Value Report focuses on sales of Courtyard homes.  If you don’t know, Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Clarendon and Ballston.

There were two Braemar Courtyard homes that sold during the last two months of 2017.  The details of those sales are as follows:

When we take these two sales and put them in with our rolling six and twelve month Courtyard home sale pool, we find some mixed news.  On the one hand, six month median and average sold prices are higher than the twelve month median and average sold prices.  All alone, this would indicate rising prices for sellers.  But we must also look at what’s happened in seller subsidy (closing cost help to buyers.)

The six month average and median seller subsidy is substantially higher than the twelve month average and median seller subsidy.  This means that NET sold prices are likely to be much the same, or maybe a tad lower.  After all, it is what a seller walks away with that matters most.  If a seller gets $419,000, but has to pay $12,000 in closing help, they only walked away with $407,000.

Marketing time (DOM) has also gone up a bit in the short term values compared to the longer term.  That means it is taking a little longer for Braemar Courtyard homes to sell.  Not all that surprising at the end of the year to see this trend up.

If placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about a month.  You could also expect to pay 2% to nearly 2.5% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in March and will focus on sales from January and February.  I know we’ll already have one sale in there, because I sold it on January 5th.  Until then, they when you are ready to sell your Braemar Courtyard home, 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

 

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Braemar Property Value Report: November-December 2017 (Carriage Series)

Braemar Property Value Report: November-December 2017 (Carriage Series)

Braemar is back in the freezer today, after a respite a few days ago where I actually turned on my A/C.  Of course, cold weather days are great days to at my desk, with a cup of coffee and tell you what’s happening the Braemar real estate market.  Today I’m going to catch you up on what happened in November and December with Braemar Carriage homes.  In case you don’t know what defines a Braemar Carriage home, 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 home sales in the last two months of 2017.  All of them were the smaller two models that Brookfield Homes offered in the Carriage Series.  Details of those sales are below:

Because we take these sales and throw them into the rolling six and twelve month average and median values, spikes and dips in values when we do have larger or smaller homes making up the majority of one single report don’t swing our Braemar Carriage home value reporting wildly.  The short term (six month) average and median sold prices are higher than longer term (twelve month) sold prices.  That means that values of Braemar Carriage homes continue to push up.  Meanwhile, the short term seller subsidy (closing cost assistance) shows higher and lower values compared to the long term.  The average is slightly more in the short term, the median is a $1,000 less than the long term.  As for marketing time (DOM,) it is nearly identical in the short term and long 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 one to three weeks.  You could also expect to pay out an average of about 1% of the sales price, or a little more, in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, if you want to know how these sales have affected your specific home’s value, give me a call.  Since 2005, No One Knows Braemar!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Property Value Report: November-December 2017 (Arista Series)

Braemar Property Value Report: November-December 2017 (Arista Series)

We made it past the holidays in Braemar.  Perhaps the most inconvenient part of the 2017 Christmas and New Year’s Day holidays were that they both occurred on our regularly scheduled recycling pick up day.  While our disposal companies all schedule alternate days to pick up the recycle, word getting out about it was not great.

Now that we are past the end of 2017, I can fill you in on what’s been happening with values in the Arista Series homes during this Braemar Property Value Report.  Arista Series homes are the large, single family homes built by Brookfield Homes.  Floor plans include the Allister, Buckingham and Canterbury.

There was one sale of an Arista home in Braemar during the months of November and December.  Details are as follows:

When we take this sale and put it in with our rolling six and twelve month values, what we find is that shorter term sold values (six month) are lower than the longer term sold values (twelve month.)  This could indicate that values for these larger homes are slipping, but it will certainly take more activity in the market to truly make that determination.  Meanwhile, seller subsidy and marketing time (DOM) are also heading in the wrong direction in the short term.  More recent Arista home sales are taking longer and sellers are giving more closing cost help.

If you placed your Allister, Buckingham or Canterbury on the market, priced to current conditions, it may take more than a month and a half to go under contract.  You could also expect to pay an average of over 2% of the sales price in closing cost help to your buyer.

The next Braemar Property Value Report will be out in March.  Until then, know that our Braemar real estate market is hungry for homes.  If you have been wondering what your home may be worth, let’s set up a time to meet.  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

The First Braemar Home Sold in 2018

The First Braemar Home Sold in 2018

When I met with the sellers of 10119 Orland Stone Drive on October 11, 2017 there was a lot of trepidation on the part of the sellers.  They wanted their home sold early in January, or in late December.  After going over recent sales of other Braemar Courtyard homes, we discussed pricing.  What market comps showed, and what the sellers wanted, were slightly different.  I expressed that if we went with the price the sellers wanted, $417,000, we would have to get the home in tip top shape.  That meant new carpet, painting the entire home and getting it staged.  Their budget didn’t allow for all of those items.  We brought in a stager, consulted over budget and the owners bought all new carpet, had the master bedroom painted and the home staged.

Listing a home is not as easy as getting a signed agreement, snapping some photos and slapping it online.  The sellers were so worried that they were losing valuable marketing time during the prep. Each day that ticked by on the calendar made them more and more nervous.  And when we finally ready to get photos done, a perpetual rain storm parked itself over Bristow.  The photo shoot was rescheduled once or twice,, but the rain continued.  Photos were taken on a cloudy, drizzly day, but it turns out that cloudy days are best for exterior shots of the Courtyard homes.  Sunshine cast some pretty awkward shadows with those homes being laid out so close to one another.

This Ballston model, with new HVAC and three finished levels hit the market on November 9th, priced at $417,000.  We had a lot more showings than I anticipated, which was encouraging to the sellers. However, it was when another Ballston model, with a walk out basement that ours didn’t have, went under contract while listed at $417,000, I knew it was time to look again at the comps with the sellers.  You simply can’t sell for more when you have less, and their finished basement didn’t have any exit.  So the sellers lowered their price to $409,850 on December 1st. Eight days later, the sellers were under contract and slated to schedule in early January.

Oddly enough, there was a second buyer that showed up at an opportune time for my sellers.  Apparently, the original buyers were going to take every day of their twelve day inspection contingency to get to my sellers with repair requests.  While it might be considered rude to do so, it was within the contractual rights of the buyers.  Meanwhile, the Christmas holiday was looming closer.  The sellers felt they were being set up to give more than they had already agreed in closing cost help.  Who could possibly get quotes within 3 days of getting home inspection requests mere days before the Christmas holiday?

Back to the other interested buyer.  I gave the go ahead for that buyer’s agent to show him the home.  That buyer submitted a written offer, slightly better than the one in hand, and gave the sellers something they were pleased to have–LEVERAGE.  They didn’t have to make one home inspection concession.  If the current buyers didn’t like it, their only recourse was to walk away.  My sellers were protected with another offer they could immediately go to.  It netted them slightly more money, which would cover the cost of settling later in January.

The first buyers in remained in the deal and the transaction closed on January 5th at $415,000.  The sales price was negotiated up to help cover the closing cost credit of $8,200 that the buyers requested from the sellers.  It settled in the sellers’ desired time frame, making them believers in the power of the year end Bristow real estate market that I had been preaching from the beginning.

When you are ready to sell your Braemar home, any time of the year can work.  If you want an agent that works tirelessly to give you the upper hand in negotiations, 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 Reflection Quarterly: October-December 2017 (4th Quarter)

Braemar Reflection Quarterly: October-December 2017 (4th Quarter)

After a long day out of the house in this bone chilling wind, I decided to make myself a cup of hot chocolate (complete with marshmallows) before typing up today’s Braemar real estate market report. This report focuses on sales activity of the Reflection Series homes in Braemar in the fourth quarter of 2017.  Before we get to it, let’s first define a Reflection Series home in Braemar.  These are the homes located off of Tarvie Circle that are semi-detached homes. They attach to one other home only at the rear entry garage.

In the fourth quarter, there was only one sale of a Braemar Reflection home.  Here are the details:

Because the Reflection homes make up such a small number of the overall Braemar real estate market, it is no surprise that only one sale was registered in the fourth quarter.  Nor is it jaw dropping that only two Reflection homes sold in Braemar during all of 2017.  So our six month rolling average and median values are only including the sale above.  The twelve month rolling average and median values include both.

Being that only two sales are present in the entire year, when I look at these stats, I also take in mind what I see with the overall Braemar single family home real estate market.  Home values are steady.  Buyer demand is healthy.

If you placed your Braemar Reflection home on the market, priced to current conditions, this report indicates it may take nearly four month for you to sell your home.  If that’s the case, you might have called the wrong real estate agent.  These homes should be going under contract, when priced and marked properly, within a month or less.  You could also expect to pay about 2% of the sales price in closing cost help to your buyer.

The next Braemar Reflection Quarterly will be out in April.  Until then, stay warm and treat yourself to your favorite warm drink.  And when the time comes to find out what the market will bear if you sold, 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 Piggyback Quarterly: October-December 2017 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2017 (4th Quarter)

The New Year is off to a great start.  Better still, the end of 2017 was nothing to sneeze at when it comes to the Braemar real estate market.  Right now, it is time for another Braemar Piggyback Quarterly.  To begin, let’s define a Braemar Piggyback home.  These townhouses are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses.  They also have two car garages.

There were three Braemar Piggyback townhouses that sold in the fourth quarter of 2017.  The sales are detailed below:

When you take these sales from the fourth quarter and throw them into our rolling six and twelve month values, we find that values are fairly steady.  The six month average sold price is higher than the twelve month average, but the twelve month median is a tad lower than the twelve month median.  This is stability.  It is also seen in the seller subsidy and DOM (days on market.)

If you were to put your Braemar Piggyback townhouse on the market, you could expect it to be under contract in about a month.  You could also expect to give about $2,000 in closing cost help to your buyer, maybe a bit more.

The next Braemar Piggyback Quarterly will be out in April.  Until then, give me a call if you want to know the value of your own Braemar Piggyback townhouse.  Since 2005, No One Knows Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Patio Quarterly: October-December 2017 (4th Quarter)

Braemar Patio Quarterly: October-December 2017 (4th Quarter)

Two days into the New Year and it is time for another Braemar market report.  This particular report, the Braemar Patio Quarterly, is focusing on the sales of Braemar Patio homes between the months of October and December.

Unlike our third quarter report when there were no sales, there was at least one to report in the fourth quarter.  The details of that sale are below:

When we take this sale and put it with the rolling six and twelve month values, we find that the six month values are only from this particular sale above.  The twelve month values are made of this reported sale and two others.  I would say that values are more than likely holding steady.  This most recent sale was right in the middle of the two other sales of Braemar Patio homes in the last year.

If you placed your Braemar Patio home on the market, you could reasonably expect it to be under contract in one to three weeks.  You could also expect to pay out 1.5% to 3% of the sales price in seller subsidy (closing cost help to buyer.)

The next Braemar Patio Quarterly report will be out in April.  Until then, give me a call if you have been thinking of selling your Braemar Patio home.  Our market is definitely short of inventory right now and there’s no need to wait until spring to land a buyer.

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