Braemar Property Value Report: November-December 2017 (NV Homes)
Having been on two Braemar listing appointments this weekend, I have been digging into lots and lots of comps. That means really digging into MLS listings. It always troubles me that there are still agents that will barely fill out relevant information in the MLS when marketing a home. Things I’ve seen left out of pick list items include whether or not a home has a finished basement, deck, patio, fenced back yard and on and on. In my world the more information you give a buyer, the better, especially if the alternative is leaving OUT valuable information. That’s one of the reasons I believe so strongly in these market reports that I do for Braemar.
This particular Braemar Property Value Report included NV Homes sold between November and December 2017, of which there were three. The details of those sales are listed below:
If you are anything like me, the first thing that stands out is the first sale listed and its DOM (days on market.) That home was on the market just 51 days shy of one full year. That, in my Braemar real estate world, is unacceptable. It was a combination of poor listing prep, bad marketing photos and unrealistic asking price that started that had that listing languishing on the market. One thing I preach to my sellers is no one is going to over pay for a home. And even projects as simple as carpet and paint make a HUGE difference in buyer perception. And professional photography makes all the difference when it is show time.
Outside of that listing, we have two other NV Homes that sold in a week or less. That’s more like it. When we take all three sales and put them in with our rolling six and twelve month data, we find that prices have softened a bit in the short-term. Seller subsidy (closing cost help) has increased a bit in the short-term. And since the average marketing time is going to be thrown off by the anomaly of the 314 day guy, I’m choosing to focus my attention on median here, where we see that in the short-term, homes are selling faster.
If you placed your Braemar NV Home on the market, priced to current conditions, you could expect your home to be under contract in a week or two. You could also expect you would pay about 1.5% to 2% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in March. Until then, please give me a call if you have been thinking of selling your Braemar home. Our market has buyers just waiting to pounce on Braemar homes. And it’s my job to get you the absolute most for your sale. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®