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:
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!
Associate Broker-Licensed in VA
Long & Foster REALTORS®