Braemar Property Value Report: May-June 2022 (Arista Series)
The time for another Braemar Property Value Report focusing on sales of the Arista homes in our neighborhood has come. Since screwing up the initial reporting last time around, you better believe this report has been checked, double checked and checked again. It takes a confident agent to link to their own screw up. I’ve been at these reports and selling Braemar Real Estate for over seventeen years. That error was a first and a last.
In this edition of the Braemar Property Value Report for Arista homes in our neighborhood we look back at sales from May and June. Arista homes are the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans.
There were five Braemar Arista homes that sold during the months of May and June. The details of those sales are listed below.
Not a surprise to see five Canterbury models on the list. The Canterbury floor plan is by far and away the most prevalent of the Arista Collection floor plans in our neighborhood. That is likely because it was the builder’s model for the collection in our neighborhood. You either had to use your imagination on the Allister or Buckingham, or drive to another Brookfield community in the metro region to see them in person.
The quick observations are that all but one sold at or above list price. All but one sold in the $800K range. (The $774K sale never hit the market, maybe not a great idea give how much lower the sale was.) Two out of five gave significant amounts of seller subsidy (closing cost help to buyer.) And all the sales happened in ten days or less.
Taking these five sales and combining them with the Arista home sales going back to the second half of 2021, our six and twelve month data points are updated as seen below:
Starting with sold prices, we see both the six month average and six month median are higher than their respective twelve month values. Neither the six month average or six month median values have lifted as high above their respective twelve month value as they did last report. This is consistent with what we are seeing in the market as we continue to see demand outpacing supply, but mortgage interest rates increasing. Buyers are still facing seller market conditions, but are acting more deliberately. Gone are the days of insane multiple offers with buyers waiving every conceivable contingency. Buyers are more likely to offer list price and insist on appraisal and inspection contingencies, as we find in a more typical seller’s market. Low appraisal guarantees are nearly forgotten. Right to void home inspections are hanging on. Prices will continue to increase, but not by leaps and bounds as they have in the last couple years.
Seller subsidy is making a come back as buyers struggle with the pinch at two ends when it comes to affordability. With prices steadily increasing and now mortgage interest rates rising, buyers may be requesting seller subsidy to assist with mortgage interest rate buy downs. Remember, more than half of sellers in our most recent report gave none. Maximizing buyer enthusiasm through proper preparation and professional marketing is essential to setting the stage for success, even in a seller’s market. Strong negotiating skills are only going to be seen by experienced agents who have lived through more than the seller’s market we have recently lived through.
Finally, days on market continues to be short. Eight days is consistently seen in three of our average and median values. Eleven days marks the twelve month average marketing time. Braemar Arista homes are selling fast. Again, our Braemar real estate market is still experiencing seller market conditions.
If you placed your Braemar Arista home on the market, priced to current conditions you could expect it to be under contract in less than two weeks. July and August do tend to be slower months for home sales. Buyers tend to make summer vacations a priority when the kids are out of school, contrary to what many sellers believe happens this time of year. The seasonal disconnect between buyers and sellers is not new. You could also expect that a buyer may request closing cost help, but having a home buyers are enthusiastic about in this seller’s market can help tip negotiations in your favor.
The next Braemar Property Value Report will be out in September. If you would like to discuss what a sale in the near future would mean for you, please reach out for a complementary consultation. I love helping my Braemar sellers reach the top of the market with my well honed skill set. I also have the skinny on a limited opportunity mortgage program that is available to qualified buyers financing $400K or more and putting at least ten percent down. Let me know how I can help you. Since 2005, No One Knows Braemar Better!