Braemar Property Value Report: November-December 2022 (Ryan Homes)
January is passing by fast and I’m down to my last two Braemar market reports. Today the focus is on houses built by Ryan Homes in our neighborhood. In this edition of the Braemar Property Value Report for Ryan Homes we will see how values, and other telling stats, ended the year.
During the months of November and December there were two Ryan homes that sold. Their sold prices were nearly one hundred thousand dollars apart. Ryan Homes built a large variety of homes from mid-size single family to much larger homes. The details of those sales are right below this paragraph.
The first thing to note is that neither sold for their list price. List price in these reports is the original list price. The Bainbridge model on Moss Tower had one price reduction, took twenty-five days to go under contract and gave a $20,250 closing cost credit to the buyer. The Avalon model on Ballagan never reduced its price, was under contract in six days and gave nothing in seller subsidy. Setting the right list price is much more important now that the buyer frenzy is gone.
Taking these sales and combining them with all the Ryan home sales back to January 2022, the six and twelve month markers tracked in this report are updated.
In the sold price column we see that both six month values are above their corresponding twelve month values. This would be indicative of values still pushing up in what is still a seller’s market. Just because buyers aren’t acting in a frenzy with mutiple offers within days, there is not enough inventory to meet demand. The rise of mortgage interest rates just made buyers act more deliberately.
Seller subsidy (closing cost help to buyers) has definitely increased over the last six months. Both six month values are higher than their respective twelve month values. Some sellers are even offering seller subsidy while sitting on a list price the market is rejecting. My advice to my sellers on offering any concession in the MLS is clear–don’t do it! Your buyer may not need it, but once it is offered, they are taking it anyway. Believe me, if a buyer needs closing cost help, they will ask you.
Days on market is showing increases in the last six months, which is not a surprise with buyer behavior having changed. Sellers can still set themselves up for a faster, more profitable sale by making sure they are priced right, their home is properly prepared for the market and that their listing agent is committed to professional marketing. Getting buyers enthusiastic about your home is where you hit the top of the market.
If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in about two weeks. Seller subsidy requests are more likely these days, but remember, lifting buyer enthusiasm and making buyers fear they will miss out on a great find is where your negotiating power lies.
The next Braemar Property Value Report will be out in March. Between now and then, if you have been thinking of selling your home, let’s talk. I have been helping Braemar sellers reach the top of the market, no matter market conditions, for eighteen years. Put my considerable experience and well honed skills to work for you. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate