Braemar Property Value Report: May-June 2022 (Heritage Series)

12607 Cessford Drive Listed for $675,000 on July 20, 2022

Braemar Property Value Report: May-June 2022 (Heritage Series)

It is time for another Braemar Property Value Report. This one focuses on the sales of Heritage Series homes in our neighborhood. If you are not familiar with what constitutes a Heritage home in Braemar, 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.

During the months of May and June there were five Heritage homes that sold in Braemar. Details of those sales are listed below.

At first glance, what I notice about these sales is that every one of them sold above their original list price. (List price in a good number of instances was changed after the properties were under contract, which I find to be one of the worst ideas ever.) None of these sellers have to give any seller subsidy (closing cost help to buyers,) and all but one sold in less than a week.

Combining these sales with all of the Braemar Heritage home sales dating back to July 2021, our one year’s worth of sales yields us updated six and twelve month data points. Those are pictured below.

The sold price column shows both six month values well above their respective twelve month values. This means Heritage homes in Braemar are continuing to increase in value despite the steep increase in mortgage interest rates. We are still in a seller’s market where inventory is outnumbered by the amount of buyers house hunting.

Seller subsidy shows nominal amounts in both average values. In the last six months, one Heritage home seller in eleven gave seller subsidy In the last twelve months, five sellers out of twenty-six gave some. Obviously, this is not an issue in the most recent sales. And in both time frames, more than half of sellers gave nothing in closing cost help.

Days on market shows Braemar Heritage homes are selling very quickly. They are even selling faster than they did last report. News of a market crash is definitely not accurate. Want the best result when you sell? Don’t hire an agent complaining about a shift. Hire one that is too busy selling houses to complain about it.

If you placed your Braemar Heritage home on the market, based on current market conditiosn you could expect it to be under contract in less than one week. July and August are months where it may take longer. That’s because sellers think the best time to sell is when school is out. Unfortunately, buyers are worn out from the market find it the best time to go on vacation. As for seller subsidy, odds are in your favor you wouldn’t have to give any. Hire an outstanding listing agent with negotiation skills and your odds of giving none improve dramatically.

The next Braemar Property Value Report will be out in September. Until then, if you know someone looking for a mid-sized single family home in our neighborhood, check out my latest listing at 12607 Cessford Drive. And if the sale of your Braemar home is the horizon, get in touch to schedule your complementary consultation. My Braemar sellers get top of the market through proper listing preparation, professional marketing and top notch negotiation skills. Let me get you the same results. Since 2005, No One Knows Braemar Better!

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


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