Braemar Property Value Report: November-December 2020 (NV Homes)

Braemar Property Value Report: November-December 2020 (NV Homes)

In my continuing quest to bring my fellow Braemar home owners the latest real estate market information pertaining to our neighborhood, I bring you this latest installment of the Braemar Property Value Report, focusing on sales of properties built by NV Homes. The reporting period will cover the last two months of 2020.

There were two NV Homes that sold between November and December. The details of those sales are listed below:

Given our intense buyer demand and very limited inventory, there are two things that stand out to me looking at those recent sales. The first is the high days on market for Marr Lodge. The second is the high seller subsidy for Chapeltown. Neither of these should be this inflated in a seller’s market, but seller complacency is starting to set in. One of these homes had absolutely unacceptable marketing photos, made worse by the fact that the home was not show ready…at least on picture day. The other had great marketing photos that displayed in high definition custom paint colors and finishes, and some possible wall paper, that the new owner would likely want to address in just about every room of the very large home. Rather than get either home in move-in ready condition, these sellers decided to let the seller’s market make it easy on them. Let’s see where that got us as we look at the updated six and twelve month value points for the entire year’s worth of NV Home sales.

Starting with the sold price column, we see that the six month average sold price has fallen below the twelve month average sold price. The same can be seen comparing the six month median sold price to the twelve month median sold price. This should not be happening in a seller’s market, but the less seller’s do to get their homes ready for market, the less buyers are going to be willing to pay.

When we get to the seller subsidy column we find out how much closing cost help NV Home buyers were able to negotiate from their sellers. The six month average seller subsidy more than doubled compared to the twelve month average. This is likely to the high closing cost help we see in one of the most recent sales. What I would expect to see in this seller’s market is displayed in the both median seller subsidy values. In both the six month and twelve month time frames, more than half of NV Home sellers gave nothing in closing cost help.

Finally, we get to days on market. It is not a good sign to see both the six month average and median marketing times having significantly lengthened compared to their respective twelve month values. Is it that demand for larger homes is cooling off, or that the seller complacency is biting sellers in these larger homes in the back side? Time will tell.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in three to four weeks. You could also expect to give nothing in closing cost help if you presented a move-in ready home to the buyers in the marketplace, or priced your home to reflect the lack of projects done.

The next Braemar Property Value Report will be out in March. Until then, when the time comes to sell your Braemar home, I would love to show you how my professional marketing and unparalleled knowledge of our neighborhood marketplace can net you more money in the sale of your home. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate

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