Braemar Property Value Report: March-April 2020 (Heritage Series)
What a gorgeous start to the Memorial Day Weekend. Doesn’t get any better than blue skies, sun and warm temperatures to kick off a long weekend. While my fellow Braemar home owners are likely getting stocked up on hamburgers and hot dogs for holiday cookouts, I’m going to share with you another Braemar Property Value Report. This one focuses on sales of Heritage homes in our neighborhood. 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 six Braemar Heritage homes that sold during the months of March and April. The details of those sales are listed below:
Final sold prices ranged from $460,000 to $556,000. You will notice that the $556,000 sale on Millbill is highlighted in pink. It’s highlighted because I was the listing agent on that home. While I am here like clockwork every other month bringing you property value reports, I also like to share that I do, in fact, list and sell homes in the neighborhood. My sellers enjoy fantastic results.
Taking these six sales and combining them with the entire last twelve months of Heritage home sales, we get updated six and twelve month data points, as shown below:
Looking first at the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Heritage homes are still gaining value.
Seller subsidy (also known as closing cost assistance to buyer from seller) doesn’t show as clear a trend. While the six month average seller subsidy is lower than the twelve month average, the six month median seller subsidy is higher than the twelve month median. Still, looking at the highest number in this column, we see that seller subsidy is very modest in the current seller’s market.
Marketing time currently shows a trend in one direction. Both the six month average and six month median marketing times are longer than the twelve month average and median marketing times. This means it has taken a bit longer for Heritage homes to go under contract in the last six months. Of course, looking at the most recent sales from March and April, it is likely the trend for marketing time will decrease next report.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in as little as a week, as long as a month. You could also expect to pay less than half of 1% of the sales price in seller subsidy.
The next Braemar Property Value Report will be out in July. Until then, the question I get asked most often right now is how the pandemic is affecting our real estate market. Right now, it doesn’t seem to be affecting anything but HOW we list and tour houses. Braemar is still experiencing a strong seller’s market thanks to historically low mortgage interest rates, the expansion of Micron in Manassas bringing thousands of jobs to our back yard and the Federal government being the largest economic force in our area.
If you have been considering the sale of your Braemar home, but have been hesitant because of the pandemic, let’s talk. With my professional marketing and unparalleled knowledge of our market, we can list and sell your home safely and for top dollar. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate