Braemar Property Value Report: January-February 2023 (Courtyard Series)
On this gorgeous spring day, this dedicated Braemar Real Estate Agent is bringing you another Braemar Property Value Report. This report is for Courtyard home owners in our our neighborhood. Braemar Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedroom sizes.
During the first two months of 2023, there was only one Braemar Courtyard home that sold. Details of that sale are listed below.
The unfortunate things about this sale are that is sold below its list price and that it involved a significant amount of seller subsidy (closing cost help to the buyer.) The good thing to see is that this home was under contract in only six days.
Combining this sale and the eight other Courtyard home sales in Braemar dating back to March 2022, the six and twelve month data points tracked in this report are updated as reflected below.
Starting with the sold price column, we see that both six month sold prices are below their respective twelve month sold prices. This is the second report in which we have seen this, as it was present last report as well.
Seller subsidy has shot up in both six month values compared to their corresponding twelve month values. Not at all surprising given that mortgage interest rates rising so steeply last summer did cause an immediate affordability problem for buyers.
Marketing time has lengthened only slightly when comparing the six month numbers to their twelve month counterparts. Again, not surprising to have added time in the last six months of marketing time given the change in buyer behavior brought on by those increased mortgage interest rates.
None of these things are alarming given the changing market landscape that mortgage interest rates caused. As mentioned above, when interest rates more than doubled last year, buyers were taking longer to consider their options because prices were not falling. Buyers began asking for seller subsidy and stopped waiving contingencies. However, in February this year there has been a return of frenzied buyer behavior like we saw in 2020 and 2021. Mortgage rates fell a bit from their high last year and buyers have adapted to this increase as the new normal. Once again we are dealing with extremely limited inventory that cannot meet buyer demand. Buyers are back to waiving contingencies, going above list price and not requesting seller subsidy. This is not across all properties! Those that are priced properly, well prepared and professionally marketed are the ones creating the buyer enthusiasm resulting in multiple offers.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in a week, maybe two. You still should not be surprised at seller subsidy requests. As mentioned above, you can create the best outcome by getting buyers excited about your home. Market conditions alone do not guarantee results.
The next Braemar Property Value Report will be out in May. If at any time you want to know what your specific Braemar home is worth in the current market, do not hesitate to reach out for your free consultation. Helping my Braemar sellers get the top of the market is my mission. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate