Braemar Townhouse Report: January-February 2018

Braemar Townhouse Report: January-February 2018

Nothing like cutting it down to the wire.  Being a Top Bristow Real Estate Agent, the best laid plans can go awry when you are dealing with multiple offers on listings during the week of Spring Break.  Normally, I try to get all of my Braemar market reports out by the end of the odd months.  Before I roll out for a family function, I am determined to keep my Braemar readers up to date with this Braemar Townhouse Report.  Let’s get to it.

There were four Braemar townhouses that sold during the first two months of the year.  Their sold prices ranged from $289,900 to $360,000.  Details of these sales are below:

When we take these sales for the first two months of the year and add them into our bank of sales from the last twelve months, here’s what we find:

The six month average sold price is a little higher than the twelve month average sold price.  This would indicate values are still pushing up.  However, the six month median value is below the twelve month median.  That would indicate values may be leveling out.  Only time is going to tell what is happening with values.  Meanwhile, the six month values in seller subsidy, compared to the twelve month values, shows buyers are getting more in closing cost help from sellers.  And while this does show that marketing time is taking longer in the short-term, I’m here to tell you that we have very little inventory when it comes to Braemar townhouses and strong buyer demand.  NOW, is the time to put your Braemar townhouse on the market.  Waiting until school is out is essentially waiting for buyers to be on vacation.

The next Braemar Townhouse Report will be out in May.  Until then, give me a call when you are ready to sell your townhouse.  I’m seeing more and more out of the area agents under pricing homes because they don’t know the selling features, or demand, in our neighborhood. I promise not to under price your Braemar home. 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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Another Braemar Carriage Home Under Contract

Another Braemar Carriage Home Under Contract

Something I’ve been doing since 2005 is reporting on Braemar Carriage home values.  When I list Braemar Carriage homes, I tend to nail the list prices.  The story of this Braemar Carriage home at 13802 Tartan Hill Parkway may be a harbinger of things to come, or the effects of the hiring practices of home owners in our market.  Let me explain.

In a Bristow market begging for inventory, I listed this Parkdale model on February 21st.  I ran comps for these sellers the same way I’ve run comps for sellers in our neighborhood for years.  We came to a pretty high list price, contingent on some improvements that needed to be done prior to list.  Not every home owner has the time or capital to do all the improvements to get the top of the market.  The owners did what they could, but we had to re-evaluate list price.  The home needed carpet.  The owners added granite counters, a deck and had the roof replaced, but the basement was unfinished.  Still no Carriage homes on the market.  Shoot, hardly anything on the market.  Those are conditions to push a tad higher.  So we adjusted our price to $439,000 as our opening list price. Lower than comps showed, but high based on the condition in which we would be listing.

The market was not having it.  Other houses popped up, pristine and ready to go and left the market quickly.  Sadly, some of those homes were priced lower than my comps would indicate a Braemar Carriage should sell.  And those were the listings that drove my sellers to two price reductions, leading them to a list price of $419,000.

In addition to agents being hired to list property in our neighborhood that some of them may feel is the boonies compared to their normal market area frame of reference and under pricing listings, buyers are not willing to settle for less than move-in ready.  If they have to carpet, it’s a deal breaker unless you slash your price.  One buyer interested in this home felt it was worth $400,000 because it didn’t offer the latest and greatest HGTV finishes.  The space of the home meant little to those particular buyers. That’s the mindset of today’s buyer.

The Master Bathroom didn't have the sought after separate shower and tub buyers were looking for.

Hopefully, this house taking thirty-six days to go under contract is not a harbinger of a past peak market that is heading down.  Market reports have indicated that values may be slipping slightly in our neighborhood, at best holding steady.  Here’s what I can tell you as a Braemar home owner.

If you have thought you would like to sell while the market is hot and equity is high, now may be your exit.  That’s what the owners at 13802 Tartan Hills wanted.  We only know we have reached peak when values start to soften.  That may be happening.  Interest rates are on the rise, and that affects prices.  Of course, maybe it just agents unfamiliar with our market under pricing homes.  Maybe those agents are pulling comps from neighborhoods in proximity but going to different schools, like Sheffield Manor.  Even if it is the later, it is affecting all home values.  When you want to sell your Braemar home, hire someone who knows the neighborhood and why it is demand.   Doing otherwise could have you leaving money on the table.

Details such as final sold price on this home will be out when it closes in late April.  Until then, demand is still high.  If you are ready to sell, give me a call. I will NOT under price your home.  I will fight for every dime of value.  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 Open House, Sunday, March 25th (2018,) 12pm-2pm, 13802 Tartan Hills Parkway

Braemar Open House, Sunday, March 25th (2018,) 12pm-2pm, 13802 Tartan Hills Parkway

What’s a top Braemar listing agent do when they are having a light weekend?  Schedule an open house for one of their listings, of course!

Join me Sunday, March 25th (2018,) 12pm-2pm at 13802 Tartan Hills Parkway.  See what $419,000 buys you in the Braemar single family home market.  It’s probably a lot more than you expected.  Four bedrooms, two and a half bathrooms, an open main level floor plan, formal living and dining rooms and a two car detached garage on a rare corner lot.

Did I mention there is an unfinished basement that is framed and has a rough-in for a full bathroom?  Do with it what you want.  Home theater.  Exercise room. Game room.

Come by and see the potential at 13802 Tartan Hills Parkway on Sunday, March 25th (2018,) from 12pm-2pm.   I’ll be there to answer all of your questions.

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 Property Value Report: January-February 2018 (Ryan Homes)

Braemar Property Value Report: January-February 2018 (Ryan Homes)

It’s easy to tell which properties face north as you drive through Braemar, two days after our March snow storm.  They are the ones with snow chunks still in their yards.  My north facing yard may have snow chunks throughout the weekend.

Right now, it is time for another Braemar Property Value Report.  This one focuses on sales of homes built by Ryan Homes in our neighborhood.  Let’s get to it.

Unfortunately, there were no sales of Ryan Homes during the first two months of the year in Braemar.  That’s not from lack of demand.  That’s from lack of inventory.  Trust me.  This top Braemar listing agent was busy getting homes under contract at the end of the year.

When we update the values of Ryan Homes to reflect activity in the last six and twelve months, here is what we find:

Braemar Property Value Report:  January-February 2018 (Ryan Homes)

There is hardly any change in the twelve month median value to the six month median value.  The average value has dipped a little when you look at the twelve month compared to the six month.  In fact, even the seller subsidy (closing cost help to buyers) looks stable.  What doesn’t is the marketing time.  That is inching up in the short term, which makes zero sense based on the buyer demand I am personally encountering in the Braemar real estate market.

If you placed your Ryan Home on the market, priced to current conditions, this report indicates that it could take two and a half months to go under contract.  I have to say, I don’t think that is accurate for the demand we are seeing now.  You could, however, expect to pay about 1.5% of the sales price in closing cost help to the buyer.

The next Braemar Property Value Report will be out in May.  Until then, call me when you are ready to sell.  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

 

Price Improved to $465,000 at 10143 Broadsword Drive

Price Improved to $465,000 at 10143 Broadsword Drive

Here’s your change to nab one of the most updated Parkdales I have encountered since beginning my real estate career in 2005–10143 Broadsword Drive.  Hardwoods on the main level, staircase and upper level hall.  Custom granite breakfast bar with seating for four.  Stacked stone fireplace.  Home theater in the walk up basement. Best of all, enjoy sunrise on the covered porch and sunsets on the patio.

Come see it for yourself on Saturday, March 24th (2018,) 12pm-2pm.  With the recent price improvement, all of these upgrades just got a little more affordable.

Call me for directions, or more information.  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

Price Improved at 13802 Tartan Hills Parkway, Now $419,000

Price Improved at 13802 Tartan Hills Parkway, Now $419,000

I’m not sure what buyers are waiting for on this four bedroom Carriage home in Braemar.  We’ve had lots of potential buyers through, but none of them seem ready to pull the trigger.  Maybe it’s the unfinished basement that is making buyers pause.  That’s fine.  You can grab yourself a finished basement in the Parkdale at 10143 Broadsword Drive, and a boatload of other upgrades, but it’s going to cost you significantly more…$475,000 to be correct.

Why not take a second look at this Parkdale and it’s newly improved price of $419,000?  Same layout with very little to do to improve the home.  The basement is framed and ready for drywall and flooring.  Want new carpeting?  That’s low dollar stuff.  The granite in the kitchen has been done for you, but you might desire a higher end floor in there.  Low dollar for the space.  And though it isn’t as sexy as the granite counters, the roof is new.

If you want to wait for a home that has everything done for you, you are going to pay a premium for it.  Sellers expect reimbursement for going the extra mile on renovations and improvements.  This is the lowest dollar single family home in Braemar the space you get.  If you don’t have the money to finish the basement, ask me about an FHA 203K Streamline Renovation Loan.  This home being all you want it to be is a lot less expensive than you think.

Call for your tour today.  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 Property Value Report: January-February 2018 (NV Homes)

Braemar Property Value Report: January-February 2018 (NV Homes)

It is the second day of spring and the residents of Braemar are experiencing a snow day.  Seems nuts, but it happens.  I’m a lifelong resident of Northern Virginia. March snow storms are not completely out of the ordinary.  They don’t happen every year, but every five or eight years, you get hit with one.

For a top producing Braemar Real Estate Agent, a snow day is a great time to put together another Braemar Property Value Report.  Today’s “snow day” report focuses on homes built by NV Homes in Braemar.

Unfortunately, for the first two months of the year, there were no NV Homes that sold.  However, that doesn’t mean we can’t get a look at what the updated six and twelve month values tell us.

When we look at the six month median and average sold price values, we find that they are lower than the twelve month median and average sold values.  That’s not great news.  Then again, we are really going on only two months of home sales making up the six month values.  Those were in November and December.  We can’t truly determine a pattern until we consistently have more information.

What we can determine from those six month values is that if you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in a week or so.  It might take a tad longer, but I doubt it would take the 109 days showing in the six month average. That number is skewed by an NV Home that lingered due to poor marketing and too high a price.  You could also expect to pay about 1.5% of the sales price in closing cost to the the buyer (seller subsidy.)

The next Braemar Property Value Report will be out in May.  Until then, when you are ready to sell your NV 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