Braemar Property Value Report: May-June 2021 (Arista Series)

Braemar Property Value Report: May-June 2021 (Arista Series)

Welcome to another edition of the Braemar Property Value Report, focusing on sales of homes in the Arista Series in our neighborhood between May and June, then looking at updated six and twelve month data points. Arista homes, if you were not already aware, include the Allister, Buckingham and Canterbury models by Brookfield Homes. Let’s get right to it.

There were three Arista homes in Braemar that sold in the last two months. The details of those sales are listed below:

Each of the three sales were Canterbury models, which is the most prominent of the Arista Series in our neighborhood. Final sold prices ranged from $735,000 to $765,000. When combined with the entire past twelve months of Arista home sales, the six and twelve month data points are updated and, not surprisingly, tell the tale of a seller’s market.

Starting with the sold price column, there are significant jumps in value from the twelve month average and median sold prices to the six month average and median sold prices. Braemar Arista homes are in demand by many more buyers than are landing them, which is why prices are leaping upward. Seems the only mistake a seller can make in this seller’s market is pricing too high. Most listings are selling above list price. Price too high and you would be lucky to get your list price. Sellers in a seller’s market should never assume every home will sell above list and escalate their list price expecting even higher.

Seller subsidy is where we learn how much closing cost assistance buyers were able to negotiate from their sellers. Seeing zeros down the line, with the exception of the twelve month average being less than one-helf of one percent of the sales price is typical. Out of the twelve sales in the last year, only two gave seller subsidy. Both of those were within a week of one another at the end of July and beginning of August last year. Those seller subsidy amounts were significant. However, the norm right now is that buyers are having to pay their own closing costs, particularly when a home is in high demand.

Days on the market shows a bit of an uptick in the number of days it takes to go under contract from the twelve month values to their respective six month values. One or two days worth of increase in time on the market is nothing, and our average and median values down the column are all still single digits.

If you placed your Arista home on the market, priced to current conditions, you could expect it to be under contract in about a week or less. You could also expect to give nothing in closing cost help.

The next Braemar Property Value Report will be out in September. Until then, please know that no matter the market you are faced with when selling, creating buyer enthusiasm is critical. Getting advice on the right listing preparation projects and being professionally marketed is key to getting the most any market will bear, even a seller’s market. I’ve been helping Braemar sellers wring every penny out of their home sales for a long time. Get in touch with me and let’s talk. Since 2005, No One Knows Braemar Better!

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

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