Braemar Property Value Report: January-February 2022 (Heritage Series)

Braemar Property Value Report: January-February 2022 (Heritage Series)

Welcome to another edition of the Braemar Property Value Report, focusing on sales of Heritage homes in our neighborhood. Before we get started, it is important to know what constitutes a Braemar Heritage home. 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.

In our current reporting period covering January and February, there were only two Heritage homes that sold. Their final sold prices are very different. Take a look in the details below:

In addition to being well over $100,000 apart in price, I see two other factors that stand out. For starters, the lower sold price actually sold below its original list price. That is not a common occurrence in the seller market conditions we have been experiencing since 2020. That sale also gave seller subsidy (closing cost assistance from seller to buyer.) Again, an uncommon sight in a seller’s market. The homes were certainly different. One was a larger home with four upper level bedrooms, finished basement with a walk up exit and a very private lot with plenty of open space and trees behind it. The other was an odd lot that was positioned to see other homes from virtually every window, had only three bedrooms and no exit from the basement.

Taking these two sales and combining them with the Braemar Heritage home sales going back to March 2021, we get twelve months worth of sales. From that, our updated six and twelve month data points give us some interesting waypoints.

Starting with the sold price column, we see upward growth when comparing the twelve month average sold price to the six month average sold price. This is an indication that the seller’s market is still pushing values up. Tempering that is the fact that the six month median sold price has dipped noticeably below the twelve month median sold price. In the last report I shared thoughts on the second half of 2021 vs. the first half. I believe we are still seeing some lingering effects of the second half in this report. My professional experience in the market thus far in 2022 indicates that this year is starting off just like 2021 with that intense buyer demand.

Seller subsidy shows increases in both six month values compared to the their respective twelve month values. Even seeing closing cost help given in the two most recent sales is not a great sign. Negotiation points like these are minimized when you hire a strong negotiator and professional marketer like myself. The best news is that in twelve months of Heritage home sales, more than half of sellers gave no seller subsidy.

When it comes to days on market, the trend is clear that it has been taking longer in the more recent (last six months) sales compared to the past twelve months as a whole. And if close to two weeks is considered a long time, we have been very spoiled by our seller’s market. I suspect this trend will reverse in future reports, particularly since the marketing times for the most recent sales is lower than both the six month average and six month median time frames.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in what should be a week or less. Six month values indicate it could take longer, but my professional opinion is buyer demand won’t allow that if you are properly prepped and marketed. You would be unlikely to have to give any closing assistance is enough buyers were competing for your home, but clearly, seller subsidy seems to be coming back into the discussion.

The next Braemar Property Value Report will be out in May. Until then, if you think 2022 may be the year you sell, it is never too early to start the preparation conversation. Listing in a seller’s market is not a guarantee of getting top of the market price. Creating buyer enthusiasm remains a critical component. You don’t get a second chance to sell your largest asset. Who you hire to list you home matters. Get in touch and schedule your confidential consultation. Since 2005, No One Knows Braemar Better!

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

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