Braemar Property Value Report: May-June 2022 (Carriage Series)
Summer is heating up. Is the Braemar real estate market still hot? In this edition of the Braemar Property Value Report the answer to that question and the general health of our real estate market will be addressed as it relates to Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.
During the months of May and June, there were six Carriage homes that sold in Braemar. Details of those sales can be found below.
At first glance, I notice that four out of six are the smaller of the four floor plans in the Carriage Series. All sold above list price and very quickly. Only one gave any seller subsidy, also known as closing cost help. The sale highlighted in pink was my listing at 9477 Cromarty Court. I was so pleased to get the highest sold price on record for the smallest floor plan (the Maplewood) in the Carriage Series with this one. The sellers did a fantastic job updating the home and making the small kitchen space more useful. That, the lot and the professional marketing that I offer all of my Braemar sellers did the trick in creating buyer enthusiasm and driving up the price. And if you can believe it, the sellers didn’t pick the highest offer! It’s not always about price to a seller.
Taking all six of these sales and combining them with the Braemar Carriage home sales going back to the beginning of the third quarter of 2021, one year’s worth of sales data is broken down into six and twelve month data points.
Looking first at the sold price column, we see both six month values are higher than their respective twelve month values. This means Braemar Carriage homes are continuing to gain value. The lifts each six month value has above its twelve month value is not as high as it was last report. This is consistent with what we are seeing as the seller’s market with limited inventory and high buyer demand, is dealing with steep mortgage interest rate increases. Buyers are not as frenzied as they had been going back to 2020. Their actions are more deliberate. We will continue to see values increase, but not as quickly. Expect more steady growth going forward.
Seller subsidy is more of a factor than it was last report. One sale out of seven in the past six months gave the substantial amount of seller subsidy we see in the details of the recent sales. Over the twelve month period, three out of sixteen Carriage home sellers gave seller subsidy. This is also something we are likely to see change as mortgage rates further squeeze affordability for buyers. Best news right now is that more than half of Braemar sellers in both time frames gave none. Don’t want to give up seller subsidy when you sell? Hire an agent that knows how to drive up buyer enthusiam through professional marketing and negotiate skillfully on your behalf.
Days on market is remaining as fast as it has been. These in demand Carriage homes in Braemar are getting gobbled up by the market in a week or so max. This may increase as there is a seasonal disconnect between buyers and sellers in July and August. Sellers rush to market thinking it is a great time to list when the kids are out of school. Buyers, who have been searching since the early part of the year are weary and think it’s a great time to go on vacation. It’s a seasonal wobble that happens almost every year.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or so and if you hired an agent that is professionally marketing your property, give nothing in closing cost help. You could also expect to see two offers if you are lucky. The glut of multiple offers is over as buyers are acting more deliberately. You will likely see home inspection contingencies and appraisal contingencies again. Our market is normalizing in that respect.
The next Braemar Property Value Report will be out in September. Until then, enjoy the rest of your summer with some fun in the sun. And if you want to investigate what a sale in the near future would mean to your bottom line, or how it would choreographed with your next purchase, get in touch for your complementary consultation. It’s my pleasure to help my Braemar sellers reach the top of the market with my many years worth of well honed skills. I also represent plenty of Braemar buyers. Maybe my new listing at 12607 Cessford Drive will hit the spot. Since 2005, No One Knows Braemar Better!