Braemar Property Value Report: March-April 2022 (Heritage Series)
Welcome to another Braemar Property Value Report, focusing on sales of Heritage Series homes in our neighborhood. If you are not familiar with what constitutes a Heritage home in Braemar, they are the mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.
During the months of March and April, there were four Braemar Heritage homes that sold. The details of those sales are listed below.
With sold prices ranging from $662,000 to $740,000 and all four selling at or above their list price, the Braemar Heritage home market is looking very health. Further support of this, with a quick look, is seeing no seller subsidy (closing cost help to buyers) in any of the sales and all of these homes going under contract in a week or less.
When taking these sales and combining them with the Heritage home sales in Braemar dating back to May 2021, the six and twelve month market markers tracked in this report are updated.
Starting with the sold price column we see that both the six month average and six month median sold prices are higher than their respective twelve month sold prices. This is evidence of the continuation of the seller favored market, despite rising mortgage interest rates.
Seller subsidy went down in the six month average compared to the twelve month average. Not surprising given that the most recent sales gave none at all. Of more importance is that more than half of sellers in both the six month and twelve month time frames gave nothing in closing cost help. When buyers are competing over limited inventory, they are having to write seller favored terms to get their offers accepted.
Days on market is holding steady down the line in single digits. Again, limited inventory and many more buyers competing for it is what is driving this market. The mortgage interest rate increase seems to have had little impact so far.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to give nothing in seller subsidy.
For the best outcome, even in a seller’s market, having strong representation on your side is a must. It starts with getting the proper listing preparation advice. A well prepared home is one that buyers will be enthusiastic about, especially if it is professionally marketed. Hiring strictly based on the lowest commission and relying on the market conditions for a great outcome is a poor strategy. Sellers employing this technique believe they increase their bottom line by saving commission. They actually leave money on the table with buyers being less enthusiastic about poorly prepared and half-heartedly marketed homes.
The next Braemar Property Value Report will be out in July. Until then, when the time comes for you to sell your Braemar home, I would love to talk with you about how my listing process can increase your bottom line. My Braemar sellers have been hitting the top of the market for many years. Let’s get you to the top of the market too. Since 2005, No One Knows Braemar Better!