Braemar Property Value Report: January-February 2019 (Heritage Series)
Anticipation and excitement of the spring season on my part is usually hampered by the allergic reaction to pollinating trees, shrubs and flowers popping up in Bristow. It’s an easy enough problem to solve with some Zyrtec. As a Top Braemar Listing Agent, this is the time of year when more than just flowers are blooming. So are listings, which will be a relief for buyers looking for homes in Braemar.
This edition of the Braemar Property Value Report focuses on sales of homes in the Heritage Series. Heritage Series homes are mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.
During the first two months of the year, there were two Heritage homes that sold. Final sold prices for these two Yardleys could not be more different.
The sale for $414,000 was a bank owned home, having been to foreclosure. The market didn’t care for the property at the list price of $449,900. The other sale at $485,000 was a recently renovated Yardley that, as you will see, sold $10,000 above it’s asking price.
Taking these two sales together with the previous year’s worth of Heritage home sales, the updated six and twelve month value points give us a sense of current market conditions.
Both the six month average and median sold prices are below the twelve month average and median sold prices. This indicates a softening of values in the Heritage Series. We’ll have to wait and see what next report tells us. The demand for these homes is incredible.
When it comes to seller subsidy, there’s a clear trend when you see the six month average and median values higher than the twelve month values. That means buyers are requesting and getting higher amounts of closing cost help from sellers.
Days on market (marketing time) is a slightly longer in the six month values compared to their twelve month counterparts. However, due to the change to a new MLS system in November that calculates this value differently, we won’t have apples to apples comparisons until we have an entire year’s worth of data under the new system.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in a little over two to three weeks. You could also expect to pay about 1.5% of the sales price in closing cost assistance to your buyer.
The next Braemar Property Value Report will be out in late May. Until then, when the time comes to sell your Braemar home, give me a call for your specific home’s value in the current marketplace. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate