Braemar Property Value Report: July-August 2018 (NV Homes)
Did you know that as of today, there are twenty-one homes on the market in Braemar? They aren’t all single family homes, like the NV Homes in our neighborhood. In fact, single family homes priced over $450,000 in Braemar make up ten of those listings. And it is taking a while to get them under contract. A quick look at those ten single family home listings in Braeamr over $450,000 tells me that they are averaging thirty-four days on the market….and they haven’t even been chosen yet! One of the many reasons it is important to hire a Top Braemar Listing Agent.
Right now, this Top Braemar Listing Agent is going to update you as to what’s happened with NV Home resales in our neighborhood between July and August in this edition of the Braemar Property Value Report. I have made it part of my job to stay on top of our local market. I don’t know of any other real estate agent that serves Braemar that delves this deep into what’s happening in our neighborhood.
There was only one NV Home in Braemar that sold in during our current reporting period. It was a Rutherford that sold for $485,000, having been listed for $500,000. Details of that sale are below:
Not much can be determined by NV Home values by one sale. That’s why this sale is added to my rolling twelve month store of NV Home sales in Braemar, and six and twelve month values pulled out. When I do that, here’s what we find:
The trend you want to see in the sold price numbers is higher values in the six month average and median compared to their twelve month counterparts. That is definitely what we find with NV Home values in the six month values compared to the twelve month values. That means NV Homes are still pushing up in value.
When it comes to the seller subsidy (closing cost assistance) category, we want to see the opposite. The best trend for sellers here is to have lower figures in the six month values when compared to the twelve month. Once again, Braemar NV Home sellers in the last six months have been given less closing cost assistance to their buyers. Gotta love that.
Days on market, or marketing time, is another category where we like to see more recent numbers trending down, compared to the whole year. While the six month median value is two days longer than the twelve month median, the six month average value is thirty-one days shorter than the twelve month average. That big a decrease in average marketing time is a great thing to see. The two day increase in median value? Not to worry.
If you placed your Braemar NV Home on the market, priced to current conditions, this report indicates you could expect it to be under contract in two weeks. However, at the start of this report, you heard the average days on the market for larger single family homes was thirty-four days for home still lingering on the market. Who you hire to market your home matters and can affect marketing time and your final sold price. As for what you could expect to pay in closing cost help, that would be an average of less than 1% of the sales price.
The next Braemar Property Value Report will be out in November. Until then, when you are ready to sell your Braemar home, hire wisely. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster REALTORS®