Braemar Property Value Report: November-December 2021 (Heritage Series)
The first month of our New Year underway. New beginnings are filled with expectations. What should we expect of our local real estate markeet in 2022? My general predictions can be found in this article. Of course, the best information any Braemar home owner can get is hyperlocal, meaning neighborhood focused. In this edition of the Braemar Property Value Report, I bring you the last two months of Heritage home sales in our neighborhood and bring you updated data points to determine our most likely, near future trend.
Before we get started, it is important to define Braemar Heritage homes. They are the 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.
The only Heritage home sale to report for the months of November and December was actually located in Braemar Northgate. Details are listed below.
Taking the entire past year’s worth of Braemar Heritage home sales, the six and twelve month data points are updated as seen below.
Starting in the sold price column, the good news is that both six month values are above their respective twelve month values. This means that Braemar Heritage homes are still pushing up in value. However, it is plain to see that the average and median growth rate of these homes is becoming more modest. The six month average growth rate is one-half of one percent this report, compared to two perecent last report. The six month median growth rate is only two-hundrendths of one perecent this report, compared to just under four percent last report. Not surprisingly since the last half of 2021 was a completely different pace than their first half. The all-out buyer frenzy that created dozens of offers from buyers willing to waive every possible contingency and go seven to ten percent higher than list price in the first six months of the year, while still seller favored, changed to a more reasonable seller’s market in the last six months of the year. Typical contingencies were seen in just about every offer. And as you can see from the one sale from the last two months of the year, sellers considered themselves fortunate to get their list price and were thrilled if they got anything above.
Seller subsidy (closing cost help from seller to buyer) increased in the six month average compared to the twelve month average. However, with the six and twelve month median seller subsidy values at zero, we know that more than half of sellers in both time frames gave no closing cost help at all. Despite getting lower than list price, the most recent Heritage home seller did not have to choke up any closing cost help.
Days on market is increasing ever so slightly in both six month numbers compared to their repsective twelve month numbers. The sale from December took longer than all of those figures to go under contract. In my professional opinion, it would be a mistake to blame the yearend market for that circumstance. In my career selling Braemar real estate, I have noticed the yearend market to be a powerful one and even had my own yearend selling success in Braemar again last year.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You could also reasonably expect to give no seller subsidy. As stated earlier, you could expect your offer(s) to include the typical contingencies like financing, appraisal and home inspection.
The next Braemar Property Value Report will be out in March. It will be interesting to see how our trends are shaping up then. In the meantime, if a sale is in your 2022 future, it is never too early to consult listing agents and make a hiring decision. So much of what we do is to consult on listing preparation that increases buyer enthusiasm. Professional marketing, combined with proper preparation are essential to getting the most for your home. And my unparalleled neighborhood knowledge is just more icing on your max profit cake. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
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