Braemar Property Value Report: July-August 2022 (Ryan Homes)
The last weekend of September has brought partly sunny skies and cooler temperatures. Fall is definitely in the air and many of our Braemar residents are enjoying Braemar Day at Clareybrook Park today. Thank goodness it is isn’t raining.
Before the end of the month, this Braemar Real Estate Agent is finishing up my Braemar Property Value Reports. Not many real estate agents are motivated to put together their own market reports and present them like this. Our industry is one where the individual agents are able to determine how much they will and won’t do for their prospective clients. Personally, I love knowing the ins and outs to the most specific detail in our Braemar real estate market. My colleagues consider me a real estate geek and I am fine with that. The devil is always in the details.
Today’s Braemar Property Value Report is focused on houses built by Ryan Homes in our neighborhood. I was so happy to represent sellers earlier this month with a Ryan home that beat the expectations of marketing time. However, you won’t hear about that sale until next report, as it closes next month. Right now, we are looking back to the Ryan home sales from July and August. Those sales are detailed below.
What a difference in outcomes. One home sold well above its list price. The other sold over $100,000 below its original list price. Yikes! I would think it was a typo, but there were price reductions along the way vs. one change to put a seven as the lead number. What’s the difference between these two? Proper pricing, having a well prepared listing and professionally marketing it. Sadly, some sellers are stuck in the mindset that, while this is still a seller favored market, they have to do very little to prep their home for sale and can get the top of the market no matter who they hire. If Top Gun Maverick was filmed with a home movie camera, it wouldn’t be a top grossing film. Not all agents are the same, because not all agents approach the listing process the same.
Taking these two sales and combining them with the Ryan home sales dating back to September 2021, the six and twelve month data points followed in this report are updated as seen below.
Starting in the sold price column, we see that both the six month average and six month median sold prices are significantly higher than their respective twelve month values. This means Ryan homes in Braemar are still climbing in value. It may not be by huge leaps and bounds, but upward growth is upward growth. Inventory is still not meeting buyer demand. The factor that is giving us more modest appreciation is the increase of mortgage interest rates. They were at 6.5% for a thirty year fixed conventional loan when I checked them on Friday. Jumbo loans were at 5.875%. These increases are pinching buyers affordability.
Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their sellers. In the sales above, the one that sold so much lower than their original list price gave over ten thousand in seller subsidy. I am not surprised being that one of the opening photos was of carpet colors for a buyer to choose. Proper listing preparation and professional marketing can help minimize this expense to sellers. The six month average and twelve month average values are higher than last report.The best news is that in both the six and twelve month time periods represented in this report, more than half of Braemar Ryan home sellers gave none.
Days on market appears unchanged in the average and median values comparing time frames. Looking at the most recent sales above, six days is a fast sale given that July and August are not times when buyers are as engaged in the market. They tend to focus on fun in the sun. However, it should not take any Braemar seller that is well prepared, properly priced and professionally marketed forty-five days to sell.
If you placed your Ryan home on the market, priced to current conditions in Bramear, you could expect it to take two weeks or less to go under contract. Seller subsidy requests are not uncommon, but avoidable if your home is creating buyer enthusiasm. The days of multiple offers is over. You are more likely to be dealing with one buyer at a time, but you can still make sure that buyer is ready to make a serious deal.
The next Braemar Property Value Report will be out in November. Until then, I hope you enjoy the beauty of this fall season. No matter what time of year, I am here to help you size up the listing process and take the market head on to maximize your profit. It is never too early to talk. When a move in on the horizon, get in touch for your free consultation. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate
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