Braemar Property Value Report: July-August 2020 (Heritage Series)
The arrival of fall is one of my favorite things in a calendar year. Like many, I am anxious to see the brilliant display of fall foliage that is on the way. In the meantime, allow me to share with you the most recent Braemar Property Value Report. This one details sales of homes in the Heritage Series. 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.
During the months of July and August, there were fourteen Heritage homes that sold. That’s a lot, but still not enough to meet our current buyer demand. Details of those sales are listed below:
Taking these fourteen sales and combining them with the entire past twelve months of Heritage home sales in Braemar, our six and twelve month data points are updated as seen below:
Starting with the sold price column, we see increased values in the six month average and median sold prices over the twelve month average and median sold prices. This means Braemar Heritage homes are continuing to increase in value. That’s the beauty of a seller’s market.
In the seller subsidy column, we learn how much closing cost help Braemar Heritage home sellers are giving in their transactions. The great news is that it is not much, if anything at all. The six month average seller subsidy has been whittled down about one thousand dollars from the twelve month average. Meanwhile, the median values still show us that more than half the sales, in the last six months and during the last year, are giving nothing in seller subsidy.
Days on market is another column where we see the seller’s market condition in full swing. The six month average marketing time is less than half the twelve month average marketing time. Meanwhile, the six month median days on market is exactly that same as the twelve month median. Heritage homes in Braemar are selling quickly!
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract in about a week or less. You could also expect that you would have enough leverage in negotiations to not give anything in closing cost help.
The next Braemar Property Value Report will be out in November. Until then, if you want to take advantage of the peaking values this seller’s market is producing, know that the year end market is going to push them even higher. Why? There are even fewer sellers this time of year and I can tell you, the buyers are still out looking for homes. Give me a call and let’s look at what a year end sale would mean for you. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate