Dunbarton Single Family Home Report: April-June 2022 (2nd Quarter)
If you have been watching the news, no doubt you are hearing of increased mortgage rates and predictions of a real estate crash. In this edition of the Dunbarton Single Famly Home Report, we will take a look back at the second quarter of the year, which is when the steep mortgage interest rate increases took effect. Specifics on the detached home sales in the neighborhood from April to June will be shared as well as a look back at the six and twelve month data points that indicate market trends. Let’s get right to it.
Between the beginning of April and end of June, there were seven single family detached homes that sold in Dunbarton. Final sold prices ranged from $501,000 to $665,000. The details of all seven sales are listed below.
The sale in pink type was a seller I represented. I was so pleased to help the seller of 13248 Ormond Drive from listing preparation advice to light staging and professional marketing that resulted in far more than she ever dreamed she could get for her home. And she got it only one offer! That’s when you know you have driven up buyer enthusiasm to the top of the market. What makes me just as happy, though you don’t see it represented in the list above, is that six out of seven of these sellers were represented by my chosen brokerage of Long & Foster Real Estate. Being affiliated with such a well respected, local firm has been paramount to my own success in the real estate industry. It is nice to see that Dunbarton sellers also appreciate a quality brokerage with top notch agents.
Taking the seven Dunbarton single family detached home sales and combining them with the sales going back to the third quarter of 2021, our six and twelve month data points are updated. Those market markers are posted below.
Starting the sold price column, the health of Dunbarton single family detached home values is evident when comparing the six month average and six month median values to their respective twelve month values. Each of the six month value is substantially higher than their twelve month counterpart. This means Dunbarton home values are continuing to push up. Not a surprise to those professional, local agents who know that the majority of buyers in the market for one of these homes is coming with a substantial down payment on a small mortgage, or with one hundred percent cash. Mortgage interest rate increases do not affect the qualification of the vast majority of Dunbarton buyers.
Seller subsidy, also known as closing cost help to buyers, is rare in Dunbarton. Most home sellers are never faced with having to give any closing cost help. However, one seller out of seven in the last quarter gave $2,500. Looking at that listing online, it is likely due to some outdated finishes in the home that needed attention. There is only so much buyers are willing to pay a premium for in a seller’s market. Homes do best when they are freshened up prior to listing. Then again, it could have been a repair credit. Another seller in the last six months gave $375. That is an amount commensurate with a home inspection repair. The overall message to would be Dunbarton single family home sellers is that in the last twelve months, only two sellers out of twenty-three have had to give anything to their buyers for closing cost help. It is unlikely any Dunbarton seller would have to give any seller subsidy, particularly if properly prepared for market.
Days on market tells us how long it took Dunbarton single family home sellers to go under contract. The median marketing times in both time periods is stable at four days. However, the six month average is a day longer than the twelve month average and registers at six days. Again, looking at the most recent sales, there is only one seller out of the bunch that didn’t get above list price, gave seller subsidy and took twenty days to go under contract. Listing preparation and professional marketing are so important.
If you placed your Dunbarton single family home on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect to give nothing in seller subsidy. Furthermore, rising mortgage interest rates (still historically low, by the way) are not affecting the Dunbarton real estate market.
The next Dunbarton Single Family Home Report will be out in October. Until then, if you find yourself in a position to sell, do not hesitate to reach out for your no obligation consultation. The market for Dunbarton home sales is not at all seasonal. There are buyers looking year round. The key to maximizing the sale of your home is to hire a professional, local agent who will give you advice on proper listing preparation and professionally market your home. I am happy to put my years of experience and marketing skills to work for you.
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
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