Braemar Property Value Report: May-June 2022 (NV Homes)

Braemar Property Value Report: May-June 2022 (NV Homes)

As I prepare the latest Braemar Property Value Report for NV Homes in our neighborhood, I realize that I have up close and personal knowledge of the majority of homes sold this go round. That means you will be getting more information than usual. Let’s get right to it.

During the months of May and June, there were three NV Homes in our neighborhood that sold. Details of those sales are listed below, but there is more than meets the eye on two of them.

For starters, the most obvious visual difference is that there is one sale highlighted in blue type. That is a sale where I represented the buyers. They were initially interested in the home at 12667 Arthur Graves Jr., despite the home showing in worn condition. At that time, when 12667 Arthur Graves Jr. was brand new to the market, it was priced at $795,000. My buyers were willing to go in full list price just for the size of the home. Mind you, at the time the sellers were offering a $15,000 credit to refinish the hardwood floors. Nonetheless, my buyers were waved off as they had a home sale contingency. Somewhere along the line, the deal for 12667 fell through after my buyers were under contract with the very well prepared 12689 Arthur Graves Jr. (Side note, the floors at 12689 also needed to be refinished, but the home was fresh and clean, staged and no credit offered. It was also a smaller home.)

When it comes to the first home on the list at 10029 Three Sisters, that home appears to have sold above list price just like 12667 Arthur Graves, but when you consider their original list price was $810,000, it is up to your own judgment whether it did or did not sell above list.

What I do know from the sales above is that the market is still busy in Braemar and there are more buyers out there than homes for sale. In both Arthur Graves Jr. homes, I had a front row seat to multiple offer scenarios. After my own buyers lost in the first go round at Arthur Graves Jr., I helped a colleague write an offer on 12667 in the second round of offers at the improved price of $765,000. The market isn’t crashing for well priced homes. Well prepared homes are still doing very well.

With all that information, let’s now take a look at our updated six and twelve month data points.

When it comes to the average and median sold prices, there is still upward growth from the six month values compared to their respective twelve month values. However, looking at the six month median lift above the twelve month median, the growth is not as exuberant as we saw last report. Still, upward growth continues in this seller’s market. Clearly, the way to get the most for your home is to make sure it is properly prepared and professionally marketed to increase buyer enthusiasm.

Seller subsidy (closing cost help to buyers) is a factor in both average values. In the last six months, two out of eight sellers gave closing cost help. In the last year, three out of sixteen gave closing cost help. Take heart in knowing that way more than half of sellers in both time frames gave nothing. Not only does proper preparation help your bottom line, but so does skilled negotiation.

Days on market is a little higher down the line compared to last report, but day one and two days. NV Homes in Braemar are selling very fast.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in a week, maybe two. It may take a little longer in July and August. Sellers think this is the best time to sell since kids are out of school. Buyers are worn out and are more focused on vacation and summer fun. As mentioned above, seller subsidy seems to be more an issue with homes not properly prepared or professionally marketed. And while there are still instances of multiple offer situations, buyers are acting more deliberately these days. Sellers still have the upper hand. Just be prepared to see the typical contingencies in your offer(s.) Home inspections are rarely waved lately and low appraisal guarantees are all but forgotten.

The next Braemar Property Value Report will be out in September. Until then, when it is time to sell your Braemar home, don’t rely solely on market conditions for the best outcome. Reach out to me for your complementary consultation. I will be happy to show you what proper preparation and my professional marketing can mean to your bottom line. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

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