Braemar Property Value Report: January-February 2021 (Heritage Series)

Braemar Property Value Report: January-February 2021 (Heritage Series)

Despite a little cooler temperatures today, it has been very pleasant outside. Having been out showing property all day, I can tell you that even more buyers are entering the market place as we thaw from winter to spring. Hopefully more sellers will too. In this edition of the Braemar Property Value Report we’ll look back at the activity from January and February and see how Heritage homes have been impacted by our frenzied seller’s market. 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.

In the first two months of the year, there were three Braemar Heritage homes that sold. The details of their sales are listed below.

Seeing a Yardley sold price get close to $600,000 is definitely something that is surprising. Seeing that same home selling for $26,000 over list price is not unusual in the current market. Buyer demand is so high that getting offers well over list price is becoming commonplace.

Taking the three sales from our current reporting period and combining them with the entire past twelve months of Heritage home sales, the six and twelve month data points update as seen below.

Starting with the sold price column, we find the six month average sold price is substantially higher than the twelve month average sold price. The six month median sold price is also higher than the twelve month median sold price. This means Braemar Heritage homes are continuing to increase in value in this seller’s market.

The seller subsidy column shows us how much closing cost assistance buyers were able to negotiate from their Braemar Heritage home sellers. The six month average seller subsidy is about thirty percent of the twelve month average seller subsidy. Meanwhile, it is not surprising to see that in the six and twelve month median values big fat zeros. That means more than half of the Braemar Heritage home sellers in both time frames gave absolutely nothing in closing cost help. Seller subsidy is a tough request when a buyer is faced with a multiple offer scenario.

Days on market shows single digits down the line. The six month average marketing time is half what the twelve month average marketing time was. The six and twelve month median marketing times are identical at five days. Homes are getting under contract fast!

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in four or five days. You could also expect multiple offers, thus making seller subsidy requests unlikely.

The next Braemar Property Value Report will be out in May. Until then, if you want to investigate the sale of your Braemar home in this seller’s market, get in touch with me for a free consultation. Just because homes are selling fast doesn’t mean all sellers are getting the maximum the market will allow. Buyer enthusiasm is what creates the momentum to go higher and with better terms. That starts with professional marketing and my unparalleled knowledge of the neighborhood. Since 2005, No One Knows Braemar Better!

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

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