Braemar Property Value Reports: January-February 2023 (NV Homes)

Braemar Property Value Reports: January-February 2023 (NV Homes)

Before we slide into the weekend, I thought I would share another Braemar Property Value Report. This particular installment focuses on houses built by NV Homes in our neighborhood and where we stand with the the first two months of the year behind us.

During the months of January and February, there was only one NV home that sold. Details of that sale are listed below.

Things that are great to see about this sale are that it sold just above its list price, gave no seller subsidy (closing cost help to buyer) and was under contract in only two days. While we may have ended 2022 with buyers in a less active state than we had seen in the previous years and even the beginning of last year, 2023 has definitely started with more buyer activity. It seems buyers have absorbed the higher mortgage interest rates as the new normal and going about business as usual.

When taking the sale from this reporting period and combining it with all the Braemar NV home sales dating back to March 2022, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, the first thing I notice is that both six month values are significantly below their corresponding twelve month values. Last report, the six month median had fallen below the twelve month median, but the six month average was still a tad above the twelve month average. If buyer behavior had not turned around this year and brought us back to quick, decisive action and well prepared homes getting multiple offers, I would be concerned that we were at the beginning of a down turn. I suspect we will see this gap between six and twelve month sold price groupings narrow come next report.

Seller subsidy is still up in both six month values compared to their respective twelve month values. This is not surprising since mortgage interest rates have made home affordability tougher on buyers. Seller subsidy requests are much more common now. However, the extreme buyer demand coupled with lack of inventory may turn this trend around this year as well.

Days on market in the six month values is higher than the corresponding twelve month values. Again, not a real big shock. Buyer behavior, as discussed earlier in this report, changed once we got into summer last year and continued to be more deliberate and slower for the rest of 2022. This may be a trend we see reverse this year as well based on current buyer behavior.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it would be under contract in about two weeks. You should also not be surprised by seller subsidy requests. Of course, putting yourself in the absolute best position in any market starts with getting buyers excited about your home. Pricing properly, doing listing preparation so your home shows well and is in move-in ready condition, and hiring an agent that will market your listing professionally are all within your control. Market conditions in a seller’s favor should not be relied upon as the sole factor to a great outcome.

The next Braemar Property Value Report will be out in May. Until then, or at any time, when you want to know your specific home is worth in the current market, reach out to me for a no obligation consultation. 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


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