About cacleland

Chris Ann Cleland is an Associate Broker with Long & Foster REALTORS® in Manassas, VA. She specializes in listing residential property, and helping buyers find the right home, in the areas of Bristow, Gainesville and Haymarket. As a Braemar resident, she has a special knowledge of the homes in that particular community. In fact, Chris Ann has been tracking Braemar home values since 2005.

Braemar Piggyback Quarterly: April-June 2022 (2nd Quarter)

Braemar Piggyback Quarterly: April-June 2022 (2nd Quarter)

The second quarter of 2022 came to a close over two weeks ago and I am just sitting down to write this Braemar Piggyback Quarterly market report. If I had a whole bunch of things going on in my personal life precluding me from doing this task, that would be one thing. The reality is that the market that I keep hearing tales of crashing is keeping me intensely busy. In this edition of the Braemar Piggyback Quarterly we look back to the months of April, May and June to track the homes sold and compare our updated six and twelve month market markers. Should be interesting as this time frame was when we saw mortgage interest rates jump up just under six percent.

For those who do not know what a Braemar Piggyback townhouse is, they are the only two car garage option buyers have in attached homes in our neighborhood. These townhouses are attached side to side and back to back. What they lose in having a back yard is more than made up for in larger bedroom sizes than you would find in a traditional townhouse.

During the second quarter, four Braemar Piggyback townhouses sold. Details of those sales are seen below.

At a glance, these all look like very healthy sales. Only one of the four didn’t sell above list price. None gave seller subsidy, more commonly known as closing cost help to buyers. And they were all under contract in less than one week. It is when the six and twelve month data points are pulled from the Braemar Piggyback sales going back to the third quarter of 2021 that we get to see which way our market is trending.

Starting in the sold price column, we still find both the six month average and six month median sold prices are higher than their respective twelve month values. However, the lift from the six month to the twelve month values is not as high as it was last report. This is consistent with what I am hearing from trustworthy experts and seeing with my own eyes. Inventory is still not meeting demand, but rising mortgage interest rates has tamped down the rampant buyer frenzy. Homes are still going to be gaining value, but not in the leaps and bounds they saw since 2020. We are now looking at more measured growth. Braemar Piggyback townhouses are still gaining value.

Seller subsidy has not been a factor for Braemar Piggyback sellers except for one out of ten in the last twelve months. This actually surprises me a bit. As mortgage rates have increased, I have noticed sellers elsewhere offering some closing cost assistance toward mortgage rate buy down. It is certainly the exception and not the rule right now. It will not surprise me to see seller subsidy come back as we move through the rest of the year. However, my feeling is that it will be modest amounts we see.

Days on market shows a trend of decreasing marketing times. Just when you thought Braemar Piggyback townhomes couldn’t go under contract any faster, they are. The six month average marketing time decreased one day compared to the already super fast twelve month marketing time. And the six month median marketing time is the lowest you can go at one day, compared to the twelve month median marketing time of four days.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect to go under contract in less than a week. These numbers indicate you could expect to give nothing in closing cost help. As stated above, my gut tells me we will start seeing modest requests from buyers struggling with affordability as mortgage rates rise. You could also expect that, even though demand is still high and inventory is low, buyers are acting much more deliberately now. They are not in a frenzy. Multiple offers, while happening on some properties, is not something you can bank on. Buyers are also no longer waiving inspections or offering low appraisal guarantees. The market is steadying out to more typical buyer behavior.

As market conditions shift, the way to top of market price is still the same equation as it has always been. Proper listing preparation and professional marketing are what drives buyer enthusiasm. When buyers are excited about what they see online, and it matches what they find in person, they are more likely to act quickly and decisively. Having a top notch negotiator on your side who knows true market conditions is just as important. Already, I am seeing my sellers getting offers from buyer agents spewing doom and gloom. My sellers are able to cut through that nonsense and negotiate from a position of what is actually happening.

The next Braemar Piggyback Quarterly will be out in October. Until then, if you want to investigate the sale of your Piggyback townhouse, get in touch to schedule your complementary consultation. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Patio Quarterly: April-June 2022 (2nd Quarter)

Patio Home in Braemar

Braemar Patio Quarterly: April-June 2022 (2nd Quarter)

July is a busy month for this Braemar Real Estate Agent. It is one of the months that my quarterly market reports, semi-annual market reports and my bi-monthly market reports are all due. Is there anyone holding me accountable for their due date? Yes. ME! Preparing and sharing Braemar real estate market reports is something I choose to do. It is a commitment I made in 2005 to stay on top of our neighborhood market and to keep my fellow Braemarians informed of it. That type of accountability is what makes me a top producing agent. And if I am this dedicated to my market reports, imagine how strongly I advocate for my clients.

Today’s market report is the Braemar Patio Quarterly. Patio homes in Braemar are the two level attached homes that are also known as quads. They are attached on the side and at the back and have a one car garage. Unlike traditional townhouses, they have no back yard, however, they do have side yards that be fenced in for privacy. What they have a lot of is storage space. They also have very generously sized bedrooms. Of the two floor plans offered by the builder, one of them offers a main level bedroom and full bathroom. What a great option for buyers looking to downsize and age in place, or a multi-generational family with an elder that can not handle stairs.

During the second quarter of 2022, there was only one Braemar Patio home that sold. One of those main level bedroom floor plans. The details of that sale are listed below.

What is great to see is that it sold for list price, gave no seller subsidy (closing cost assistance to the buyer) and was under contract in just over a week. Taking this second quarter 2022 sale and combining with all the Braemar Patio home sales that have happened since the third quarter of 2021, there is an entire year’s worth of sales from which I pull out updated six and twelve month data points. This is where we find our market trends.

Starting with the sold price column, having both the six month average and six month median values higher than their respective twelve month values is a good thing. However, there’s been a slight dip in the lift the six month values have over their twelve month values since last report. At worst, values have slipped a tad. At best, they are holding steady. We’ll know a lot more come October when the third quarter report is out. The steep increase in mortgage interest rates in the second quarter undoubtedly is playing a hand in what we are seeing. The most likely buyer for Braemar Patio home is a first time buyer. These are the buyers most affected by the squeeze of rising prices on one end and rising interest rates on the other. Another symptom of this is evident in the next column as well.

Seller subsidy is more commonly known as closing cost help to buyers. Going through 2020 and 2021, seller subsidy was more rare. Well, it is making a come back in some price ranges. Here in the Braemar Patio Quarterly we see that the six month average seller subsidy and the six month median seller subsidy are higher than they were last report. Significant amounts of closing cost help in both time frames are contributing to it. One sale out of three in the last six months, and three out of eight in the last twelve months gave seller subsidy. Still, more than half of Braemar Patio home sellers in both time frames gave none. Odds still favor not giving any, but the real estate market is not fueled by luck. First time buyers with those affordability problems are helped tremendously by seller subsidy when used toward interest rate buy downs. This may become something sellers offer if values continue to increase. There is only so much squeezing at both ends a first time buyer can take before they have to pull out of the buying market all together.

Days on market is still very fast. The six month average marketing time is faster than the twelve month average marketing time by three days. Meanwhile, the median values in both time frames are holding steady at five. Clearly, buyers are still outnumbering homes available and are gobbling them up when they hit the market. July and August tend to be slower times of the year, despite the common belief that the best time to put your home on the market is when school is out. That’s when families go on vacation! I point this out because our marketing times may increase due to this seasonal disconnect between buyers and sellers.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You should also not be surprised if a buyer requests seller subsidy. You are likely to see a lot of traffic, but will be lucky to get two offers. Buyers are acting much more deliberately now. The days of the frenzied multiple offer scenarios are gone. Home inspection contingencies are back. And low appraisal guarantees have disappeared. The market is normalizing, but still favors sellers.

The same principles always apply, despite market conditions. Hire an agent that will give you the best preparation advice to make the home appeal to the broadest range of buyers. Make sure it is professionally marketed. Buyers don’t get excited by crooked, dark or blurry photos they see online. Relying on market conditions is not the way to the top of the market. Favorable first impressions are what drives buyer enthusiasm. Having an experienced, local agent that knows your value proposition in the market and can negotiate strongly for you is the second half of the equation.

The next Braemar Patio Quarterly will be out in October. Until then, if you want to investigate what a sale would mean for you before the end of the year, get in touch for your complementary consultation. Professional marketing of your home is essential in getting the absolute best terms the market will bear. I’ve been doing that for my Braemar sellers for a very long time. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Condo Quarterly: April-June 2022 (2nd Quarter)

Braemar Condo Quarterly: April-June 2022 (2nd Quarter)

Summer is officially here. No doubt there is plenty of fun in the sun happening at the Braemar community pools. Summer in the world of this full-time Bristow real estate agent means lots of home tours and getting homes primped for market. Deals are getting made every day between buyers and sellers. Frankly,talk of a market crash is wishful thinking. Yes, homes have become even more expensive as prices are still increasing and so are mortgage interest rates. In this edition of the Braemar Condo Quarterly we look back at the second quarter of 2022, when mortgage interest rates jump up steeply, and see how it has affected the Braemar condo market.

During the second quarter there were two Braemar condos that sold. The details of those sales are listed below.

At a glance, these sales indicate a healthy market. They sold at list price or above, gave no seller subsidy (closing cost help to buyers) and were under contract in five days or less. When we take the second quarter of 2022 and combine it with all the Braemar condo sales going back to the third quarter of 2021, our six and twelve month data points are updated. This is where we find trend information.

Starting with the sold price column, we find both the six month average and six month median values are higher than their respective twelve moth values. The increases are an improvement given that last report we saw no movement in the median values and the six month average had dipped slightly below the twelve month average. Talk of a market crash can have a negative impact, but only for a short while. Supply is still not meeting buyer demand. We are still experiencing a seller’s market.

Seller subsidy was only a factor in the twelve month average value. Three sales in the last twelve months gave closing cost help. However, none in the last six months. The better news for would-be Braemar condo sellers is that more than half of the sellers in both time frames gave nothing in seller subsidy. This may not continue if buyers, struggling with affordability of rising values and rising interest rates, need some buy down help. Time will tell.

Days on market shows the health of the Braemar condo market improving. The time it took to go under contract actually decreased in both six month values compared to their respective twelve month values. We are most definitely still enjoying a seller’s market.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in less than a week, if not days. You could also expect to give nothing in closing cost help. As far as inspection contingency waivers and low appraisal guarantees, buyers are acting much more deliberately now. They are not making reactive decisions to pounce on properties. They are not giving up every contingency to win. And honestly, we are not seeing the overload of offers we saw last year. A seller might get one or two offers, but it only takes one great one to hit the spot. That’s where creating buyer enthusiasm is essential.

The next Braemar Condo Quarterly will be out in October. Until then, enjoy your summer. And if the need or want to sell your Braemar condo arises, get in touch with me to schedule your complementary consultation and find out how proper listing preparation and my professional marketing drive that buyer enthusiasm level to its peak. I am so proud to help my Braemar sellers hit the top of whatever market they are selling in. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Dunbarton Duplex Report: January-June 2022

Dunbarton Duplex Report: January-June 2022

Welcome to the very first edition of the Dunbarton Duplex Report. These homes have been in high demand in my business for over a decade. For 2022 I decided to add two market reports for Dunbarton to my business. The Dunbarton Single Family Home Report is compiled quarterly. The Dunbarton Duplex Report is compiled semi-annually. This is work I do myself. It is not computer generated. That’s the dedication I have to our local market.

This opening edition is covering the first half of 2022. In addition to detailing sales from the first half of the year, six and twelve month data points will show us market trends. Let’s get right to it.

There were four Dunbarton duplexes that sold in from the beginning of January to the end of June. Being a smaller subset of homes in the neighborhood, this is not unusual. The details of all those sales are displayed below.

The range of final sold prices was $449,900 to $480,000. Not one had a basement, a rather rare find in the neighborhood. None gave any seller subsidy, more commonly known as closing cost assistance to buyers. And every listing was under contract in one week or less.

Taking these four sales and combining them with the second half of sales from 2021, the six and twelve month market markers are extracted.

Starting in 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 values. The lift seen in the six month average is about two percent above the twelve month average. The six month median is one percent higher than the twelve month median. Dunbarton duplexes are continuing to gain value despite substantial increases in mortgage interest rates early in the spring. Surprised? Don’t be. Most buyers in Dunbarton are bringing a substantial down payment, if they are not buying entirely with cash. Having sold a family home, these buyers are equity rich and not susceptible to being priced out of the market by mortgage rate increases.

Seller subsidy is zero down the line. In the last year, probably longer, not one Dunbarton duplex seller gave any closing cost help. In a market with more buyers than homes to buy, this is not unusual. Dunbarton duplexes are a highly sought after product and I am often contacted by buyers who are anxious to find one. I’ve written letters to many Dunbarton duplex owners over the years and reached out to the Dunbarton home owners I know to see if anyone is selling a duplex in the near future. Off market sales are a strong possibility, but the ones that come to market are the ones that will get the highest return because they are exposed to the market.

Given how in demand Dunbarton duplexes are, the time it takes to go under contract should be no surprise. In all the average and median market markers above, there is nothing longer than five days. Of course, maximizing your profit means coming to market with something that lifts buyer enthusiasm. Proper listing preparation and professional marketing are the tools I use to make sure my sellers reach the top of the market. Believe it or not, money can be left on the table in a seller’s market. Relying on the market conditions alone for maximizing return is a poor strategy. You only get one chance to sell your largest asset. Make it count.

If you placed your Dunbarton duplex on the market, priced to current conditions, you could expect it to be under contract in a handful of days. You could also expect to give nothing in seller subsidy.

The next Dunbarton Duplex Report will be out in January. Hard to believe, but it will be here before you know it. Until then, enjoy your summer, fall and year end holidays. If the time comes for you to make a move, get in touch to schedule your confidential listing consultation. It would be my pleasure to put my skills to work to make you the absolute most the market will bear.

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Dunbarton Single Family Home Report: April-June 2022 (2nd Quarter)

Dunbarton Single Family Home Report: April-June 2022 (2nd Quarter)

If you have been watching the news, no doubt you are hearing of increased mortgage rates and predictions of a real estate crash. In this edition of the Dunbarton Single Famly Home Report, we will take a look back at the second quarter of the year, which is when the steep mortgage interest rate increases took effect. Specifics on the detached home sales in the neighborhood from April to June will be shared as well as a look back at the six and twelve month data points that indicate market trends. Let’s get right to it.

Between the beginning of April and end of June, there were seven single family detached homes that sold in Dunbarton. Final sold prices ranged from $501,000 to $665,000. The details of all seven sales are listed below.

The sale in pink type was a seller I represented. I was so pleased to help the seller of 13248 Ormond Drive from listing preparation advice to light staging and professional marketing that resulted in far more than she ever dreamed she could get for her home. And she got it only one offer! That’s when you know you have driven up buyer enthusiasm to the top of the market. What makes me just as happy, though you don’t see it represented in the list above, is that six out of seven of these sellers were represented by my chosen brokerage of Long & Foster Real Estate. Being affiliated with such a well respected, local firm has been paramount to my own success in the real estate industry. It is nice to see that Dunbarton sellers also appreciate a quality brokerage with top notch agents.

Taking the seven Dunbarton single family detached home sales and combining them with the sales going back to the third quarter of 2021, our six and twelve month data points are updated. Those market markers are posted below.

Starting the sold price column, the health of Dunbarton single family detached home values is evident when comparing the six month average and six month median values to their respective twelve month values. Each of the six month value is substantially higher than their twelve month counterpart. This means Dunbarton home values are continuing to push up. Not a surprise to those professional, local agents who know that the majority of buyers in the market for one of these homes is coming with a substantial down payment on a small mortgage, or with one hundred percent cash. Mortgage interest rate increases do not affect the qualification of the vast majority of Dunbarton buyers.

Seller subsidy, also known as closing cost help to buyers, is rare in Dunbarton. Most home sellers are never faced with having to give any closing cost help. However, one seller out of seven in the last quarter gave $2,500. Looking at that listing online, it is likely due to some outdated finishes in the home that needed attention. There is only so much buyers are willing to pay a premium for in a seller’s market. Homes do best when they are freshened up prior to listing. Then again, it could have been a repair credit. Another seller in the last six months gave $375. That is an amount commensurate with a home inspection repair. The overall message to would be Dunbarton single family home sellers is that in the last twelve months, only two sellers out of twenty-three have had to give anything to their buyers for closing cost help. It is unlikely any Dunbarton seller would have to give any seller subsidy, particularly if properly prepared for market.

Days on market tells us how long it took Dunbarton single family home sellers to go under contract. The median marketing times in both time periods is stable at four days. However, the six month average is a day longer than the twelve month average and registers at six days. Again, looking at the most recent sales, there is only one seller out of the bunch that didn’t get above list price, gave seller subsidy and took twenty days to go under contract. Listing preparation and professional marketing are so important.

If you placed your Dunbarton single family home on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also expect to give nothing in seller subsidy. Furthermore, rising mortgage interest rates (still historically low, by the way) are not affecting the Dunbarton real estate market.

The next Dunbarton Single Family Home Report will be out in October. Until then, if you find yourself in a position to sell, do not hesitate to reach out for your no obligation consultation. The market for Dunbarton home sales is not at all seasonal. There are buyers looking year round. The key to maximizing the sale of your home is to hire a professional, local agent who will give you advice on proper listing preparation and professionally market your home. I am happy to put my years of experience and marketing skills to work for you.

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Townhouse Report: March-April 2022

Braemar Townhouse Report: March-April 2022

Today is one of those days where I am more than happy to sit in an air conditioned office and type up this Braemar Townhouse Report. It is brutally hot outside. As is typical in Northern Virginia, the more temperate seasons, spring and fall, tend to be short lived. Summer and winter feel like they are all but two months of the year.

Is the Braemar real estate market as hot as the weather? In this edition of the Braemar Townhouse Report we look to the sales of traditional townhouse sales in the neighborhood during the months of March and April. For the purposes of this report, a traditional townhouse is defined as one attached only on one or two sides, has three levels and a fenceable back yard.

During our current reporting period there were five Braemar townhouses that sold. Sold prices ranged from $420,000 to $520,000. Details of those sales are listed below.

A quick glance at the sales and it seems that all but one of these sales sold above list price, none gave seller subsidy (closing cost help to the buyer) and they all went under contract in four days or less.

Taking all of the past twelve months worth of Braemar townhouse sales from May 2021 to April 2022, our updated six and twelve month data points are updated. Let’s see what they reveal.

Starting with the sold price column, we see the six month average is significantly higher than the twelve month average. This suggests the continuation of very health increases. What gives me pause is that the six month median sold price is barely higher than the twelve month median sold price. This is more of a sign of what we are feeling in the current marketplace as of May. We will have to wait for next report to see if we are truly steadying out in value due to rising interest rates. Demand is still high and inventory is still low.

Seller subsidy is very low in the six and twelve month averages. Better yet, the six and twelve month median values are at zero. That tells that the vast majority of Braemar townhouse sellers in both time frames gave nothing in closing cost help. This is likely to continue. As stated above, there are still more buyers than homes available for them to buy. Writing seller favored offers is must to get under contract.

Days on market reveals a quickening of the average marketing time from the twelve month average to the six month average. The median market times are identical in both time frames at four days. Braemar townhouses are selling very fast.

If you placed your Braemar townhouse 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. Lately, buyers are more consistently asking for home inspection contingencies, even if they are right to void only. The hike in mortgage interest rates have made buyers more deliberate in their actions.

The next Braemar Townhouse Report will be out in July. Until then, if you would like to investigate a 2022 sale of your townhouse, get in touch to schedule your complementary consultation. It is with great pride that I help Braemar sellers achieve the top of the market prices, even in a seller’s market. The combination of the proper listing prepartion, professional marketing and unparalleled neighborhood knowledge are what increase your bottom line. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Property Value Report: March-April 2022 (Ryan Homes)

Braemar Property Value Report: March-April 2022 (Ryan Homes)

You can almost feel the excitement in the air. A long weekend is just around the corner and summer will be unofficially underway. Is the excitement still in the air in the Braemar real estate market? In this edition of the Braemar Property Value Report we look back at what happened with the houses built by Ryan Homes in our neighborhood for the months of March and April. We will also get a chance to see the updated six and twelve month market markers. Let’s get right to it.

There were only two Ryan homes that sold during our current reporting period. There wasn’t a huge gap in sold price with one selling at $690,000 and the other selling at $710,000. Details of both sales are listed below:

The happiest things for would-be Ryan home sellers to see is that seller subsidy (closing cost help to buyers) is at zero in both and days on market is a week or less in both.

Taking these sales and combining them with Ryan home sales in Braemar going back to May 2021, our updated six and twelve month market markers are updated and may indicate a slight shift in the market.

Starting with the sold price column we find that the six month average sold price has increased about one percent from the twelve month average. Increases in six month value are what we have been seeing in the seller’s market conditions of late. However, the six month median sold price has fallen below the twelve month median sold price. We will have to see what next report shows us, because recent multiple offer scrums in the neighborhood tell me we are still seeing very high buyer demand.

Seller subsidy is where we learn how much closing cost help sellers gave buyers. In the case of Ryan home sellers, the amount of closing cost help has been nothing in recent sales. However, the six month average seller subsidy is a little higher than the twelve month average. Not to worry, the six and twelve month median seller subsidy values remain at zero. This means more than half of Braemar Ryan home sellers gave nothing in closing cost help in both time frames.

Marketing time has increased in both six month values compared to their respective twelve month values. This are not big increases. Buyers are being more deliberate in their actions as mortgage interest rates have increased. They are not as susceptible to pouncing on listings immediately.

If you placed your Ryan home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could also expect to give nothing in seller subsidy. Home inspection contingencies are making a come back, but largely seem to be of the right to void variety from what I am experiencing.

The next Braemar Property Value Report will be out in July. Until then, if you would like to investigate what a 2022 sale would mean for you, don’t hesitate to reach out for a confidential consultation. I have made it my business to be the most informed agent in the neighborhood. And I consider it my best talent to create buyer enthusiasm around my listings, maxing out my seller’s profit. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Maplewood Carriage Home in Braemar Just Sold for a Record High Price

What an honor it was to list 9477 Cromarty Court. Walking in to the listing appointment I knew I had a gem on my hands, which was going to be immensely helpful. Being a Maplewood model carriage home, it is the smallest square footage one could have in Braemar and still be considered a single family home. The sellers were all too aware of the very limited living space and had made some very wise renovations to the home to give what is essentially a detached townhouse, a roomier feel. One of my favorite renovations was the removal of a cabinet to open up the galley kitchen to the family room. They also added a live edge cherry breakfast bar so the breakfast nook could be more open space.

The thing that would make buyers fall in love and make the limited space work was going to be the lot. It was the only unobstructed water view in the neighborhood.

This charming home, with farmhouse decor throughout, hit the market on April 22nd priced at $584,000. The market around us was on fire. The original list price was going to be a tad lower. After watching the activity on Cromarty with a couple other listings, we upped the price before hitting the MLS as a Coming Soon listing.

The very first day on the market the first buyers through made an appointment. An offer was in my email within hours of that showing. With the sellers out of town and an offer deadline set for Monday, April 25th, that offer survived competiting with five additional offers. And today, those very happy buyers were able to close the deal on this gorgeous home. The final sold price was $620,000. That is a new record sold price for a Maplewood model in Braemar….EVER. The closest before this was one in February (just a few months ago) that sold for $576,000.

Did the highest offer win in the multiple offer situation? No. It is not always how high someone will bid, but how much of a low appraisal guarantee they can swallow if the home doesn’t appraise. In the case of the winning buyers, their offer was $10,000 lower than a competing offer, but they offered $50,000 more in a low appraisal coverage than those buyers did. That meant, not matter what, the home would sell for $620,000. With the highest sold price to date at $576,000, a low appraisal was a real concern. As it turns out, it happened not to be a concern. I make sure to arm appraisers with as much information as a I can even when appraisal is something a buyer will deal with in the event of a low outcome. It’s not a win, if it’s not a win for everyone.

At the closing table, it was obvious that the new owners are going to love the natural surroundings by this pond as much as the sellers did. There was talk of turtle eggs that will be hatching by the pond and a birds nest where eggs are found every season. The new buyers were delighting in hearing of their new outdoor neighbors.

It was a smooth road to closing with zero bumps in the road. Best of all, my sellers gave me a closing gift that made me smile from ear to ear.

The sellers had been receiving my Braemar Property Value Reports for years and that is why they chose to list with me. The fact that they gave me this personalized Yeti mug could not have been a better compliment. Now I’ll be taking this coffee mug with me to listing appointments in the neighborhood and letting folks know that sellers that hit a record high sold price for a Maplewoood gave it to me. Let me know if I can be of assistance to you.

Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Property Value Report: March-April 2022 (NV Homes)

Braemar Property Value Report: March-April 2022 (NV Homes)

What a gorgeous, sunny weekend! Summer is just around the corner, but the temperatures today make it feel like it is in full swing already. Before we get too far removed mentally from spring, let’s take a look back at the Braemar real estate market as it relates to houses built by NV Homes in our neighborhood. In this edition of the Braemar Property Value Report, we look back to the sales activity from March and April and check in on our updated six and twelve month data points.

There were two NV homes that sold between the beginning of March and end of April. Their sold prices are vastly different at $675,000 and $799,900.

How does a home with more square footage, an additional bathroom and loft level sell for $124,000 less than its competitor? The obvious answer to me is that it never hit the open market, instead taking a sight unseen offer. It sold from coming soon status. This happens sometimes when the sellers don’t want to be troubled with showings. However, if you put a price tag on what showings might mean to their bottom line, sellers will often bite the bullet and go to market. It is unlikely that an unfinished basement vs. a finished basement in Braemar has hit a delta of $124,000. Typically, that difference is a max of $40,000 or $50,000. It could also be that the home would not have shown well and selling from coming soon status was a blessing. We will never know why, we will only know that that a cul-de-sac lot home with four levels, one of which being an unfinished basement, sold for a lot less than a smaller, somewhat updated competitor.

Taking the past twelve months of NV home sales dating back to May 2021 to April 2022, our six and twelve month data points are updated as seen below.

Starting with the sold price column, we see that both six month sold prices are above their respective twelve month values. This means that NV homes in Braemar are continuing to gain value, despite the early year mortgage interest rate increases.

Seller subsidy (closing cost help to buyers) is zero in all values except the twelve month average. This is a result of one NV home seller out of thirteen in the past twelve months that gave $2,300 in closing cost help. Likely this was a credit in lieu of requested repairs. Certainly, with limited inventory continuing, buyers must write seller favored terms to have their offers accepted.

Days on market, though showing the most minimal increases in both the six month values compared to their twelve month counterparts, remains in single digits. NV homes are continuing to sell fast.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also still expect to give nothing in closing cost help. That may change if mortgage interest rates continue to increase. For now, they are steadied out around five and a quarter percent.

The next Braemar Property Value Report will be out in July. Until then, I hope you enjoy all kinds of sun in the fun. Of course, if the need to sell your Braemar home arises, I would love to consult with you and show you what my proven listing process can do to increase your bottom line buy stepping up buyer enthusiasm. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Property Value Report: March-April 2022 (Heritage Series)

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!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com