Braemar Townhouse Report: March-April 2019

Braemar Townhouse Report: March-April 2019

It is hard to believe that May is nearly over, school is almost out and summer is upon us.  While we enjoy our sunny summer days, it is time for the latest edition of the Braemar Townhouse Report.  This one features traditional townhouse sales in Braemar during the spring months of March and April.

There were nine Braemar townhouses that sold during our current reporting period.  Oddly enough, there were all one car garage townhouses.  That hasn’t happened that I can recall in the time I’ve been putting these reports since 2005.  The details of those sales are listed below:

Taking these nine sales and combining them with the entire last twelve months of Braemar townhouse sales, our updated six and twelve month data points are as follows:

Let’s start by taking a look at the category that interests all Braemar townhouse owners the most:  sold price.   Even though all but one or two of the nine current sales are above the six month average and median values, the six month value markers have both fallen below their respective twelve month value markers.  Given the aforementioned sold prices from March and April, this is likely a hiccup and nothing to indicate falling values. Time will tell when the next Braemar Townhouse Report is published in July.

Seller subsidy, also known as closing cost assistance to buyers, is largely unchanged when looking at the six month values compared to their twelve month counterparts.  Clearly, the majority of Braemar townhouse buyers are expecting some amount of closing cost help.

Finally we come to days on market, or marketing time as I like to call it.  Here we see a definite increase when comparing the six month average to the twelve month average, and also when we compare the six month median with the twelve month median.  If we hadn’t changed MLS systems in November, which calculates days on market differently, this would concern me.  It doesn’t right now.  And when we sit down to look at the Braemar market when you are ready to sell your townhouse, one thing I do is manually calculate how long it takes homes to go under contract.  Until the MLS days on market is a reliable value, that’s what any Top Braemar Listing Agent should be doing.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about one month.  You could also expect to give about 1.5% of the sales price in seller subsidy.

As noted above, the next Braemar Townhouse Report will be out in July.  Until then, if the need or want arises for your to sell your townhouse, give me a call for the most accurate market analysis of your home’s value in the current Braemar marketplace.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Braemar Property Value Report: March-April 2019 (Ryan Homes)

Braemar Property Value Report: March-April 2019 (Ryan Homes)

As I type this edition of the Braemar Property Value Report, featuring sales of houses in Braemar built by Ryan Homes, Memorial Day Weekend is coming to an end.  I hope everyone is out there enjoying every minute.  Back to work and school on Tuesday is definitely going to be a rude awakening for a lot of folks.  For me, I love what I do as a Top Braemar Real Estate Agent.  Going back to work is a pleasure.

So let’s get to this Braemar Property Value Report for Ryan Homes.  There was only one sale of a Ryan Home between March and April.  It was a Rosemont model for $499,000.  Details of the sale are listed below.

When combined with the entirety of the previous twelve months of Ryan Home sales in Braemar, the updated six and twelve month data points are as follows:

Starting with the six month average and median sold prices we see that both are above the respective twelve month values.  This means that Ryan Homes are still gaining value.

A trend not favorable to Ryan Home sellers in Braemar is found in the seller subsidy column.  The six month average seller subsidy (closing cost assistance to buyers) is just about doubled what it is when we look at the twelve month average.  That’s a big jump in the short term.  What tempers this increase is seeing that the six month median seller subsidy only went up by 50% compared to the twelve month median seller subsidy.  Whether or not a Braemar seller is going to find themselves in a position to give closing cost help to a buyer depends on the circumstances.  If buyer demand keeps up and inventory remains sparse, it is likely that seller subsidy will not be a huge factor for most Ryan Home sellers.

Days on market, or marketing time as I like to call it, is almost unchanged in the six month average compared to the twelve month average.  Meanwhile, the six and twelve month median marketing times are still at only seven days.  The six month average may even be lower.  As you recall, our MLS  changed to a new system in November last fall that calculates this figure differently.  When out on listing appointments, I actually calculate these figures by hand for the most accurate information.

If you placed your Ryan Home on the market, priced to current conditions, you could expect it to be under contract in as little as a week, or as much as five weeks or so.  You could also expect to give about 1% of the sales price in closing cost help, if any at all.

The next Braemar Property Value Report will be out in July.  Until then, when the need to sell your Braemar home arises, give me a call for the most accurate analysis of your home’s worth in our current market.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

 

Braemar Property Value Report: March-April 2019 (NV Homes)

Braemar Property Value Report: March-April 2019 (NV Homes)

As I type this on the gorgeous Saturday of Memorial Day Weekend, I can close my eyes and picture the giggles and splashing happening at the Braemar pools.  Summer is here, even if it isn’t official on the calendar.

Right now, it is time for another Braemar Property Value Report featuring sales of NV Homes in our neighborhood during the months of March and April.  As it turns out, there were only two NV Homes that sold during that time frame.  Final sold prices were $539,900 and $582,000.  The details of those sales are listed below:

Taking these two NV Homes sales and combining them with the previous twelve months of NV Homes sales, the six and twelve month data points are updated as follows:

Starting with sold prices, we see the six month average and median values are the same, and both significantly above their respective twelve month values.  This mean NV Homes are gaining value.

Seller subsidy, also known as closing cost assistance from seller to buyer, is an area not so seller friendly.  Both the six month average and median seller subsidy values are significantly above their twelve month counterparts.  Unfortunately, this means on average, NV Homes sellers are giving more in closing cost help to their buyers in recent history.

Days on market is going to be unreliable until we get to the reports coming out in January.  Our new MLS, which we switched to in November last year, stops counting days on market when contingencies are removed if sellers are still willing to accept showings in pursuit of back up offers.  Therefore, it is not surprising to sell the six month days on market numbers nearly double the twelve month days on market.  Not to worry. When the time comes to sell, when I am looking at comps, I hand calculate how long it has been taking comparable homes to go under contract.  One day our MLS will understand that is the only number sellers care about.

If you placed your NV Home on the market, priced to current conditions, you could reasonably expect to be under contract and well on your way to settlement in a little less than two months.  You could also expect to give about 2% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in July.  Until then, when the time to sell your home is on the horizon, reach out and let’s start talking.  My unparalleled knowledge of the neighborhood and marketing expertise is the perfect combination to get you the absolute most for your Braemar home.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

 

Braemar Property Value Report: March-April 2019 (Heritage Series)

Braemar Property Value Report: March-April 2019 (Heritage Series)

12146 Millbill Court sold for $499,800 on April 16th, 2019.

Graduation time is approaching and I know several families with seniors at Patriot High School that are excited to see this time come for their kids.  Of course, the excitement is tempered with a bit of sadness.  Time flies and when something like a graduation marks exactly how much time has gone by, it can give you pause.  Take time to enjoy the moments and celebrate safely.

Speaking of time, enough has passed to present you with another Braemar Property Value Report.   The various editions of the Braemar Property Value Report come out every two months and tracks sales of particular home types in our neighborhood, tracking values along the way.  This report focuses on sales of Braemar Heritage Series homes.   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.

Tied with Braemar townhouses for the most sales in the months of March and April, Heritage homes saw nine sales in our current reporting period.  That’s a lot of sales activity!  The sales are detailed below.

The sales ranged in final sold price from $442,000 to $550,000.  I was pleased to sell 12146 Millbill Court, highlighted in pinkish-purple above.  It is the oldest home on the list and sold above list price, with multiple offers, for the highest price of any of those built in the 1990’s.  And despite the marketing time listed above, it was under contract in two days.  It took twenty-two days to remove the contingencies.  That means our new MLS is still reporting marketing time in a manner in-congruent with what we had been used to, making marketing time above unreliable.

Taking these sales and combining them with the entire past twelve months of Heritage home sales, we get new six and twelve month data points.   Those figures are listed below.

Starting with sold price, it is fantastic to see both the six month average and median sold prices above their twelve month counterparts.  This means values of Braemar Heritage homes are still increasing.

When it comes to seller subsidy, also known as closing cost assistance sellers give buyers, the six month average is below the twelve month average, while both the six and twelve month median values are zero.  In the seller’s market, many buyers have been having to forego closing cost help, or settle for lower amounts, to win out in multiple offer situations.  More good news for Braemar Heritage home owners.

Marketing time, as mentioned above when discussing the sale of 12146 Millbill Court, is a number that is not counted the same as it used to be in our old MLS.  Previously, as soon as a home went under contract, no matter variety of contract status was published, the days on market counter stopped in our old MLS. However, in November, we switched to an MLS that only stops the days on market counter if you choose the contract status indicating there are no contingencies in the contract.  It’s a mess.  So when I see that marketing time has increased in both the six month values compared to their twelve month counterparts, I am not at all panicked.  Braemar Heritage homes are going under contract fast!

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 closing in fifteen to twenty days.  You could also expect to pay 1/2% of the sales price in closing cost help, if any at all, to your buyer.

The next Braemar Property Value Report will be out in July.  Until then, rest assured that when the time comes for you to sell your Braemar home, I will hand calculate marketing times during our meeting.  I know you don’t care how long it takes to get contingencies removed, but how long it takes to make a deal with a buyer.  And my unparalleled knowledge of our neighborhood and top notch marketing, will get your home under contract for the maximum amount of money in short order.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

Braemar Property Value Report: March-April 2019 (Courtyard Series)

Braemar Property Value Report: March-April 2019 (Courtyard Series)

If you are a Courtyard home owner in Braemar and wondering what your property might be worth in the current market, this Braemar Property Value Report is for you.  This particular edition breaks down sales of Braemar Courtyard homes during the months of March and April.  Of course, if you don’t know what defines a Braemar Courtyard home, they are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Ballston and Clarendon.

There were three Braemar Courtyard homes that sold between the beginning of March and end of April.  Their final sold prices ranged from $430,000 to $441,000.  The details of those sales are as follows:

When we take these three sales and combine them with the entirety of the last twelve month’s worth of Braemar Courtyard home sales, our updated six and twelve month data points are as follows:

Starting with the sold price column, it is good news to see both the six month average and median sold prices above their twelve month counterparts.  That means that Braemar Courtyard homes have been gaining value in the last six months.  And looking at the three most recent sales above, you can see they are all above the six month average and median sold prices.  That indicates that the upward trend in Braemar Courtyard home values will continue.

Not all trends in this report are good news for sellers.  In the seller subsidy column we see that both the six month average and median seller subsidy values are higher than their twelve month counterparts.  This means in the last six months of sales, Braemar Courtyard buyers are getting more closing cost assistance.

Finally, we get to day on market.  Please remember, our new MLS is calculating days on market differently than our previous MLS.  The change over happened in November, so until we get to the November/December report this year, we won’t have an apples to apples comparison. Right now, it appears as though it is taking longer for Braemar Courtyard homes to sell when we see the six month marketing times being longer than the twelve month marketing times.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract and well on your way to closing in five to seven weeks.  You could also expect to give an average of 1.5% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in July.  Until then, if the sale of your Courtyard home is on the horizon, give me a call for the most accurate market analysis.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

Braemar Property Value Report: March-April 2019 (Carriage Series)

Braemar Property Value Report: March-April 2019 (Carriage Series)

Here we are in the middle of May. School will be out before you know it.  Summer vacations are on the horizon.  And likely, there are some Braemar home sellers that will soon be hitting the market.  While we can’t predict what the market holds, we can look to the most recent sales history and see what has been happening.

Right now, it is time for the Braemar Property Value Report detailing sales of Carriage homes between the months of March and April.  Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were three Braemar Carriage home that sold between March and April.  Final sold prices ranged from $395,000 to $435,000.  The details of those sales are listed below:

Refreshing the six and twelve month data points by including these most recent sales into the rolling year’s worth of Braemar Carriage home sales, here is what we find:

Let’s take a look at the sold prices.  The six month average and median sold prices have fallen below the twelve month average and median sold prices.  Our last few reports have had conflicting trends when comparing these six month values to their twelve month counterparts.  One would indicate increasing values.  The other would indicate a softening of values.  While not a big difference, the fact that both six month values are below the twelve month values could be the beginning of softening Carriage home values.  We’ll only know when we get a look at the next Carriage home report.

Another trend that does not favor Braemar Carriage home seller is that seller subsidy (closing cost help to buyers) is higher in both six month values over the twelve month values.

Days on market (marketing time) gives us a mixed bag and still having apples to oranges comparisons until we get to the fall with one year’s worth of days on market data from our new MLS, these numbers may not be entirely reliable.  As they present, the six month average marketing time is longer than the twelve month average marketing time.  Meanwhile, the six month median marketing time is shorter than the twelve month median marketing time.  Rest assured, when it comes to figuring out long it will actually take to sell your Braemar Carriage home, I will calculate recent marketing times by hand during our listing appointment.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract, and well on the way to settlement, in three to eight weeks.  You could also 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 July.  Until then, let me know when you are getting ready to sell your Braemar Carriage home.  Maximizing your profits is a job I do very well.  It all comes from outstanding marketing, negotiating and unparalleled neighborhood market knowledge. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Braemar Property Value Report: March-April 2019 (Arista Series)

Braemar Property Value Report: March-April 2019 (Arista Series)

A rainy weekend is always a great time for this Top Braemar Real Estate Agent to crunch numbers for new Braemar Property Value Reports.  The first report in the series is for the Arista Series.  Why? From the inception of this report, I have start with detached homes, alphabetical by the series.

In the event you are unfamiliar with what exactly an Arista Series home in Braemar is, they are the three largest single family homes built by Brookfield Homes in our neighborhood.  The floor plans are the Allister, Buckingham and Canterbury.  If you aren’t sure what floor plan your Braemar home is, feel free to send me an email with your address and I’ll be happy to let you know.

During the months of March and April, there were two Braemar Arista homes that sold.  The details of those sales are below:

Unfortunately, the sale at 9530 Laurencekirk was a foreclosure in rough shape.  Having personally toured it, I wondered why the bank would not even bother with a simple house cleaning.  There was filth that left your mind to imagine all kinds of horrible scenarios in the master bathroom and the kitchen.  The powder room on the main level must have had a water issue because the drywall on the lower half of the framing had been removed.  It was such a sad sight.  And honestly, I’m shocked anyone paid $463,000 for the home with the amount of work that needed to be done.

When I updated the six and twelve month data points with our newest sales in the rolling twelve months of Arista home sales, here is what I came up with:

The six month average and median sold prices are both below their twelve month counterparts. I would love to tell you that this is due to that very sad foreclosure sale, but the truth is that Arista homes haven’t had six month values above the twelve month values since our September/October 2018 report.  It seems that Arista home values have been trending down, despite the frenzy of buyer demand in our area.  Buyers are gobbling up homes under $500,000.  The larger homes are not experiencing the same conditions.

When it comes to seller subsidy (closing cost assistance to buyers,) there is good news.  It seems that buyers are getting less in seller subsidy in the six month values than we see in the twelve month values.  That’s a good trend for Braemar Arista home owners.

Days on market, is one where we see no change in the six month median to twelve month median values.  However the six month average marketing time is a little shorter than the twelve month average marketing time.

If you placed your Arista home on the market, priced to current conditions, you could expect it to be under contract in about two months.  You could also expect to give a minimal amount in closing cost help, if the current trend holds.

The next Braemar Property Value Report will be out in July.  Until then, if you want to know what your Braemar Arista home is worth in the current market, give me a call or send me an email.  Selling Braemar homes is my specialty.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com