Braemar Property Value Report: January-February 2020 (Heritage Series)
Another day of self-isolation presents another fantastic opportunity to present another Braemar Property Value Report. Of course, whether we are living in times of self-isolation or business as usual, this Top Braemar Real Estate Agent strives to get these reports to you every other month to keep you apprised of your Braemar home values.
Today’s report is focused on Heritage homes in Braemar. Heritage 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.
There were five Heritage homes that sold during the current reporting period of January and February. The details of those five sales are listed below:
Taking these five sales and adding them to the entire past twelve months of Braemar Heritage home sales, our updated six and twelve month data points are updated as shown below.
Looking first at the sold price column, we see a slight dip in both the six month average and median sold prices when compared to their twelve month respective values. What gives me a bit of hope that this is not a trend is seeing that four of the five most recent sales are above both the six month values represented in the table.
Seller subsidy (closing cost help to buyers,) is trending up in the six month average and median values compared to their twelve month counterparts. However, looking at the five most recent sales, two of the five gave no seller subsidy and one gave a lower amount to suggest it may have been a repair credit. The remaining two gave very large amounts of seller subsidy. These seller subsidy figures in our six month average and six month median values are still a lot lower than they could be.
Days on market shows increasing marketing times in the six month average and median values compared to their twelve month respective values. And when looking to the five sales above, I am baffled by the thee sales above with 87 days to 140 days marketing time. They were all regular sales, not foreclosures or short sales. They hit the market between July and September and all lowered their list prices before going under contract. Someone unfamiliar with our market may look at these and think that the market is beginning to crash. My experience as a Top Braemar Real Estate Agent gives me evidence over and over that marketing times like this should not be…at least not when you price your property correctly and marketing it professionally. My most recent experience with a Braemar Heritage home at 12157 Millbill Court, backing to Linton Hall Road, was that my sellers got multiple offers during a few days on market.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a month. You could also expect to pay under 1% of the sales price, on average, in seller subsidy.
A note about the current market in the age of COVID-19 is in order. What we are living through in terms of crisis management to this pandemic is unprecedented. And despite the fear of the known and unknown in this time, sellers are still putting their homes on the market and buyers are still looking for homes. It is important to remember that our local market is experiencing tremendous demand, and will continue to, as a result of the Micron expansion in Manassas. It is bringing more jobs to our local area than Amazon did!
The next Braemar Property Value Report will be out in May. Until then, when the need or desire to sell arises, give me a call for the most thorough market analysis of our market and your home’s value in it. My professional marketing will get you the most money for your home no matter what the market. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate