Braemar Property Value Report: November-December 2021 (NV Homes)

Braemar Property Value Report: November-December 2021 (NV Homes)

Happy New Year, my fellow Braemarians. There is no doubt that many of you are wondering what the 2022 real estate market has in store for us. My experience in the market as top producing agent, as well as the time I take to create these market reports, keeps me head and shoulders above my colleagues. Most agents are happy to cut and paste statistics, some without even reading them. I take the time to collect the sales data and compile these reports myself. Real estate is a business of self-motivation. We are not required to do anything to keep our businesses going but to complete continuing education classes. I do these reports because I believe in keeping myself and my neighborhood informed.

This Braemar Property Value Report is focused on houses built by NV Homes. The sales detailed below are from the last two months of 2021.

The first thing I noticed about this sale was that the list price had been changed to match sales price AFTER it went under contract. This is a practice a lot of listing agents started to use in our crazy seller’s market in hopes of getting homes to appraise for sky high prices. I am not in agreement with the practice, only because I was trained by appraisers. They have all the same information I see in the MLS. You can’t fool them with a price increase. The best way to get a house to appraise is to have an appraiser package ready with comparable sales and lists of updates. I included the original list price above. It closed for $50,000 above in its sales price. Obviously, Braemar home sellers are still enjoying our seller’s market.

Taking all the NV home sales from 2021 and updating our six and twelve month data points, we get the best sense of how our market has been trending in the short term, compared to the long term.

Starting with the sold price column it is fantastic to see both six month values above their respective twelve month values. This means NV homes in Braemar are still gaining value. Not surprisingly, as the second half of 2021 cooled the all-out buyer frenzy we had been experiencing since early 2020, the growth rate slowed a bit. I figure that out by dividing the six month value by its respective twelve month value. In this report, the six month average growth rate was 3.1% and the six month median growth rate was 1.4%. Last report, those numbers were both 3.5%. Growth is growth. This year should see more, but at a more sustainable rate.

Seller subsidy, also known as closing cost help from seller to buyer, is super low in the averages and non-existent in the medians. The latter is more important. It means that in both time frames, more than half of NV home sellers gave no seller subsidy.

Days on market remains very fast for homes that are show ready and create buyer enthusiam. Lately, not all homes are going under contract in a matter of days, but the ones prepped and professionally marketed are. One day upticks in the average and medians are nothing.

If you placed your NV home in Braemar on the market, priced to current conditions, you could expect it to be under contract in less than a week. You also expect to give nothing in seller subsidy. As far as contract contingencies your offers are likely to have the three standards: financing, appraisal and inspection. With the frenzy gone, and a more reasonable seller’s market, buyers were more measured in their actions during the second half of the year.

The next Braemar Property Value Report will be out in March. Until then, if 2022 is the year you were thinking of selling, there is no time like the present to consult a local, professional agent like me. Getting Braemar sellers top dollar through exceptional listing preparation advice, professional marketing and unparalleled neighborhood knowledge is what I do best. Since 2005, No One Knows Braemar Better!

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

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