Braemar Property Value Report: March-April 2023 (Arista Series)

Posted on May 10, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Arista Series)

The spring weather has finally decided to stay, but if I know the Bristow and the larger Northern Virginia area well (and I should, I am a NoVa native) we will be complaining about hot summer days in a matter of weeks, if not days. The mild temperatures of the fall and spring are fleeting, enjoyable for a relatively short time before we begin experiencing the extreme temperatures of the season.

On this gorgeous spring day I bring you the latest Braemar Property Value Report for homes in the Arista Series. These are the largest homes built by Brookfield Homes in our Braemar community and include the following three floor plans: Allister, Buckingham and Canterbury. This particular edition focuses on the sales activity from the months of March and April. Unfortunately, during those past two month, there were no Arista home sales to report. Not because they were on the market and lingering without buyer activity. On the contrary, our Braemar market is experiencing an extreme lack of inventory.

Despite there being no Arista home sales to report from March and April, the six and twelve month data points tracked in this report are still updated as March and April 2022 are dropped from the continuous monitoring of home sale data. The updated six and twelve month data points cover from May 2022 to April 2023 and can be seen below.

For starters, let’s talk a look at the sold price column. Both the six month average and six month median sold prices are still above their respective twelve month sold prices, but not by much. In the absence of recent sales for March and April, this could lead one to believe our market is shifting and prices are softening. Based on what I am personally seeing in the marketplace, the severe lack of inventory is not having a negative impact on values. Rather, homes are selling quickly right now and, at least for the homes I’ve had the pleasure to help buyers purchase or those that I have listed for sellers, the market all over Northern Virginia is hot, hot, hot where sellers are concerned. I would not lose a moment’s rest over the tightening gap between these sets of sold prices.

Seller subsidy (closing cost help to buyers) is now present in three of the four data points, where it had only been present in two last report. The six month average has gone up since then and now we have a six month median value. The only true statements I can make that are uplifting is that only three of the eight sellers making up the twelve months worth of Arista home sales gave any seller subsidy. Therefore the reason there is a zero in the twelve month median seller subsidy is that more than half of the Arista home sellers in the last year gave none. Seller subsidy may or may not be a factor for an Arista home seller in the near future. It depends on many factors, not the least of which is how much buyer enthusiam there is about a listing.

Days on market shot up in both six month values due to a single sale in the last report that took 108 days to go under contract. With only two sales having happened in the last six months, and one of them having that abnormally long marketing time, the six month values may be skewed even next report. Near the end of summer that sale will fall to the twelve month values. For now, most sales are still hapenning quite quickly.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two or three weeks. You may get seller subsidy requests from buyers, but if your home is properly priced, well prepared and professionally marketed, it is reasonable to assume you could negotiate the number down or have multiple offers to choose from, some which may not have that seller subsidy request.

The next Braemar Property Value Report will be out in July. Until then, if you are curious as to what your Braemar home is worth in the current market, please reach out for a complementary consultation. It is my pleasure to discuss our real estate market with you and help you find your place in it. One of the things that gives me the most pride is making sure my Braemar sellers hit the top of whatever market conditions in which they are selling. 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: January-February 2023 (Arista Series)

Posted on March 2, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Arista Series)

There is no doubt that spring is here. Flowers are blooming, trees are budding and as far as the real estate market is concerned, buyers are out in full force. Let’s dive into this Braemar Property Value Report, focused on Arista homes in our neighborhood, and see how 2023 got started. For the sake of clarification, Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is the most common in Braemar.

There was one Canterbury sold during the last two months. Details of that sale are listed below.

This sale tells the tale of what was happening in late summer to the end of last year. This home was originally listed in August 2022. After two price decreases from $860,000, it landed at $825,000. That listing was pulled in November and relisted with a different MLS number in late November. It went under contract twice in December, the last of which went to closing last month. Sellers at that time were having a hard time digesting the buyer behavior change and the fact that the steep increase in mortgage interest rates made listing higher than the last sale in the neighborhood not a great idea.

Taking this one sale and combining it with the entire past twelve months of Arista home sales, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, it is good news that both six month sold prices above their corresponding twelve month sold prices. This indicates, despite the latter half of 2022 being a more stable seller’s market, that Arista home prices have been steadily increasing. It isn’t by leaps and bounds as we saw in 2020 and 2021, but any upward growth is positive.

Seller subsidy (closing cost help to buyers from sellers) has actually come down in the six month average compared to the twelve month average. That, I must say, was unexpected. It seems buyers have settled into the six to seven percent mortgage interest rates as being the new normal. What is more important is that with both median values being zero, more than half of Arista home sellers in Braemar gave no closing cost help in the last six months and the last twelve months.

Days on market is really the only place we see a significant change not in favor of sellers. The six month average marketing time is more than double the twelve month average marketing time. When talking averages, a high days on market sale like the one detailed in this report will skew data. Looking at median values, the six month median is still longer than the twelve month median. Buyers in the last six months have been acting much more deliberately.

Based on the findings in this report, if you placed your Braemar Arista home on the market, priced to current conditions, you could expect it be under contract in about two weeks. The pace is picking up though. Buyer activity is starting to rival what we saw in 2021 and once again, our market doesn’t have enough inventory to meet demand. Still, it would not be startling to see offers with seller subsidy requests. Sellers can decrease the odds of those requests and increase the odds of top dollar by pricing right, doing the proper preparation and hiring an agent that professionally markets their home. Those are the things that increase buyer enthusiasm.

The next Braemar Property Value Report will be out in May. In the meantime, if you want to know what your house would be worth in the current market, or what projects you might need to take on prior to listing for best results, get in touch for your no obligation consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2022 (Arista Series)

Posted on January 15, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (Arista Series)

It is a sunny, but windy and cold Sunday in Braemar today. I am quite happy to be sitting at my desk and typing up this latest Braemar Property Value Report. In this edition the focus is on sales of the Arista homes in our neighborhood during the months of November and December. Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is by far the most commonly seen in Braemar.

During the last two months of 2022, there was only one Braemar Arista home that sold. Detials of that sale are posted below.

It is great to see that this Canterbury, with a finished basement, five bedrooms and five and a half bathrooms sold at list price. This was a rare occurrence in our neighborhood of a home having a pool as well. Just as good to see as a full list price sale is the fact that the sellers gave no seller subsidy (closing cost help to the buyer.) And it was under contract quickly in six days.

Taking that sale and combining it with all the Arista home sales in Braemar dating back to January 2022, the year’s worth of sales is broken out into the six and twelve month data points tracked in this report.

It is good to see that sold prices are still going up. It may not be by leaps and bound, but upward growth is upward growth. This is discerned by seeing both the six month sold prices above their corresponding twelve month sold price. This is indicative of still being in a seller’s market.

Seller subsidy is absent in all values except the twelve month average value. This tells us two things. Braemar Arista home sellers in the last six months have given no closing cost help. And in the last twelve months, more than half of Braemar Arista home sellers gave none. Pretty amazing to see despite the increase we have seen in mortgage interest rates. Another sign of a continued seller’s market where demand is higher than supply. Frenzied buyer behavior is the only thing has changed to be more deliberate. The days of multiple offers going ten percent or more over list price are gone.

Days on market are creeping up a bit, as evidenced by both six month values being longer than their respective twelve month values. Nothing here to panic about, just note the change in buyer behavior again. Buyers are acting much more deliberately than they did in 2020 and 2021.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect that it would be under contract in two weeks or less. Just based on the buyer demand I see happening now in January, you may be under contract in a week. You may also get away with not giving closing cost help, but your property had better be properly prepared for market and professionally marketed to lift buyer enthusiasm. The goal is to get a buyer so excited to act that they don’t delay and don’t over-ask in their offer for fear of losing your home.

If you have considered buying an investment property in our neighborhood, or have a friend or family member looking for a townhouse in Braemar, please stop by he open house at my new listing at 10158 Pale Rose Loop today, Janaury 15th (2023) from 1pm-3pm.

The next Braemar Property Value Reports will be out in March. Until then, it does seem that the beginning of this year will be strong for sellers. If you want to investigate what a sale would mean for you, please reach out for your complementary consultation. With over eighteen years experience in our market, it is my pleasure to put my skills to work in getting you the top of the market. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: September-October 2022 (Arista Series)

Posted on November 11, 2022 by cacleland

Braemar Property Value Report: September-October 2022 (Arista Series)

November and the switch back to standard time sure did seem to get here sooner than my internal calendar was telling me it should. Yet another circumstance of life that is beyond our control. All we can do is adjust our surroundings and attitude. Leaving a lot more lights on at home and starting a vitamin D supplement are great plans of attack for those who feel themselves internally sinking this time of year.

Staying focused on my work as a Top Producing Braemar Real Estate Agent keeps me going at all times. Today I bring you the first in the latest series of Braemar Property Value Reports, all researched and produced by me. I am a real estate geek through and through. This report details recent sales with the Arista Series. These are the largest single family houses built by Brookfield Homes in our community and include three floor plans: Allister, Buckingham and Canterbury. By far and away, the Canterbury is the most prevalent in Braemar. Let’s dive right in.

There was only one Arista home that sold during the current report period of September and October 2022. Details of that sale are listed below.

This particular sale, given the steep rise in mortgage interest rates that happened in the third quarter, is actually filled with good news. It sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in fifteen days. Fifteen days may feel like forever compared to the three to five days we had been seeing during the buyer frenzy of the seller’s market of the past two to three years. However, having done the research for each of the Braemar Property Value Reports yet to be published, I can tell you this was a sale that occurred in a very reasonable time frame.

Combined with the Arista home sales going to back to November 2021, the six and twelve month data points presented in this report are updated as seen below.

Starting in the sold price column, the gap is narrowing between the six month value and their corresponding twelve month values compared to last report, but six month values are still higher. Our Braemar real estate market is not experiencing decreasing prices at this time, but a leveling out at worst or a more sustainable rate of growth. With mortgage interest rates more than doubling since the start of 2022, home values were not going to follow suit and gain ten percent in a matter of a month or two.

Seller subsidy is something I am seeing in the overall market, but not really represented in the Arista Series average values here. Don’t expect that to continue if mortgage rates continue to climb. Good news at this moment is that rates have come down from the sevens and are back in the sixes.

Days on market is in a good overall place for Arista homes. The six month average marketing time is actually faster than the twelve month average marketing time. And the median values are identical at eight days. Single digits is not something I expect to continue seeing in future reports, but how long it takes to sell a home involves a lot of factors. Our buyer demand is still high enough to be considered seller favored. As we continue to build inventory, this may shift to a more stable market.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or so. You may be able to get away with giving no seller subsidy, but you better be offering a home that builds buyer enthusiasm. That can be achieved with proper preparation and professional grade marketing. Of course, landing the right list price given the current conditions is more important now.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness the year end holidays have to offer. If a move is something you find on your short term horizon, don’t panic. Our market moves year round and our year end selling season is a very powerful one. It would be my pleasure to help you take advantage of it. Since 2005. No One Knows Braemar Better!

Typed with this gorgeous girl resting on my arm.

Braemar Property Value Report: May-June 2022 (Arista Series)

Posted on July 19, 2022 by cacleland

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!

Braemar Property Value Report: January-February 2022 (Arista Series)

Posted on March 8, 2022 by cacleland

Braemar Property Value Report: January-February 2022 (Arista Series)

We are into the third month of 2022 and the market is definitely feeling different than when I left you in January with the wrap up from 2021. In this edition of the Braemar Property Value Report, we will look back at the months of January and February and see what happened with the Arista homes in our neighborhood. These homes were the largest built by Brookfield Homes and include the following floor plans: Allister, Buckingham and Canterbury.

During the first two months of the New Year, only one Arista home sold. It was a three level Canterbury that listed and sold for $799,000. More details on that sale are listed below:

Taking this sale and combining it with the entire past twelve months of Arista home sales in Braemar we get the most reliable data in our six and twelve month data points. These show us how the short term compares to the long term. Let’s take a look.

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 values. This is a good sign and means Arista homes in Braemar are continuing to push up in value.

Seller subsidy, also known as closing cost help from seller to buyer, has unfortunately gone up in both six month values compared to their respective twelve month values. The only thins redeeming here is that the most recent sale, though it only sold for list price and took three weeks to get an offer, gave nothing. Perhaps we will see better news in the next report.

Days on market reveals lengthening time frames to go under contract when looking at the six month values compared to their corresponding twelve month values. Sad to see that the most recent sale took even longer. Given what I am personally experiencing in the market at the moment, I think we have woken from the second half slumber of 2021 and buyers are ready to buy. Unfortunately, too few sellers are selling, which makes our buyer demand so crazy.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two weeks max. You could also expect to see minimal closing cost help requests, but given demand, you may see none. Time will tell on this one. Buyers right now are back to the position of having to waive every conceivable contingency just to get their offers accepted.

The next Braemar Property Value Report will be out in May. Until then, if you want to investigate the possibility of a 2022 sale for your Braemar home, get in touch with me for a no obligation analysis. I am an agent that believes in doing all it takes to get you the max profit. Even in a seller’s market it matters. And you only get one chance to liquidate your largest asset. Who you hire matters. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2021 (Arista Series)

Posted on January 5, 2022 by cacleland

Braemar Property Value Report: November-December 2021 (Arista Series)

Happy New Year and welcome to the most recent edition of the Braemar Property Value Report (BPVR) for Arista homes in our neighborhood. I simply could not resist putting up a photo taken of our own Allister after one of a few storms during snowmaggedon of 2009-2010. The snow in the wee hours of Monday morning certainly did catch a lot of folks off base. Thankfully, at least in Braemar, there seem to be only some downed trees to contend with and some hastily plowed streets.

In this edition of the BPVR the focus is on the last two months of sales activity for the largest homes built by Brookfield Homes in our neighborhood. Those are the Arista Series homes and include the following floor plans: Allister, Buckingham and Canterbury. Unfortunately, there were no sales to report in the last two months of 2021, but with updated six and twelve month data points looking back at all the sales from 2021, we do get to see how the year for Arista home values in Braemar ended.

Looking first at the sold price column, the best news is that both six month values are higher than their respective twelve month values. This means Braemar Arista homes ended the year still gaining value. Granted, the rate of increase slowed since last report, but not by too much. Growth rate decreased by 0.4% on average and 0.6% median. Predicitons for 2022 are that homes will continue to rise in value, but by about 3% for the whole year.

Seller subsidy is where we learn how much closing cost help Arista home buyers were able to negotiate from their sellers. The six month average seller subsidy has increased compared to the twelve month average, which means there have been some seller subsidy requests increasing that. However, with both the twelve month average and median being at zero, we know that more than half of Arista home sellers in both time frames gave nothing in closing cost help.

Days on market ticked up in both six month values compared to their respective twelve month values. The latter half of 2021 did see some momentum shift, but the advantage in the market is still with sellers.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also expect a better than fifty percent shot at not having to give any seller subsidy. You should also be prepared for buyers to have home inspection contingencies. The buyer frenzy has chilled to a point where these are back in the norm.

The next Braemar Property Value Report will be out in March. Until then, if 2022 is the year a move may be in your future, it is never too early to consult with a listing agent. My Braemar sellers reap the benefits of my listing preparation advice, professional marketing, advanced negotiation skills and unparalleled neighborhood knowledge. No matter the market, it is import to create buyer enthusiasm and keep it throughout the transaction if you are going to get the maximum amount from the sale of your largest asset. Give in touch to set up your free, no obligation consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: September-October 2021 (Arista Series)

Posted on November 18, 2021 by cacleland

Braemar Property Value Report: September-October 2021 (Arista Series)

November is flying by. Thanksgiving is rapidly approaching and I have some property value reports to publish. Today I bring you the Braemar Property Value Report for Arista Series homes in our neighborhood. Arista homes are the largest single familiy homes built by Brookfield Homes in Braemar and include the Allister, Buckingham and Canterbury models.

During the current reporting period of September and October 2021, there were four Braemar Arista homes that sold. The details of those sales are listed below:

Taking this information and combining it with the entire past twelve months of Arista home sales, the six and twelve month data points tracked in this Braemar Property Value Report are updated, as seen below.

Starting with the sold price column, it is great to see higher numbers in both six month values compared to their respective twelve month values. This means values for Braemar Arista homes are continuing to increase. Furthermore, the growth rate in six months this report is a tad higher than the growth rate from last report. This is great news.

Making it to the seller subsidy column, it is a sign of change in the marketplace that we even have anything to report. Seller subsidy, as you may already know, is closing cost assistance to the buyer from seller. In the first half of 2021, seller subsidy requests from buyers were non-starters if they wanted their offers accepted. In the four sales listed above for September and October, it is shocking to see three out of four sales gave seller subsidy at all. That’s why we have a six and twelve month average seller subsidy number. Obviously, the bigger deal is that majority of more recent Arista home sales have had a seller subsidy component. Buyer demand definitely cooled a bit since July and August, but this may show us a bit more cooling in the higher price ranges than I had realized.

Finally, the days on market column shows longer marketing times in both six month values compared to their respective twelve month values. That means that in the last six months, Arista homes have been taking longer to sell. Another indicator of a changing market. The good news is that most of the four most recent sales sold in eleven days or less. However, one home took forty-six days to sell. That one sale had been listed with a different agent for over forty days with poor marketing. The second listing agent got the job done quickly after professional photos and marketing.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect your home to be under contract in under two weeks. You could also expect to pay some seller subsidy since the buyer frenzy has cooled off.

The next Braemar Property Value Report will be out in January. Until then, when the time comes to sell your home, get in touch with me to find out how I can create the buyer enthusiasm that will lift your property to its absolute max profit. Professional marketing combined with local expertise is what my Braemar sellers have been enjoying for years. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: July-August 2021 (Arista Series)

Posted on September 1, 2021 by cacleland

Braemar Property Value Report: July-August 2021 (Arista Series)

As I type this, Tropical Storm Ida is making this day in Bristow perfectly miserable. Bands of wind and rain have been broken by the ocassional glimpse of sunshine. Days like this always remind me why I gave up on umbrellas and now opt for hooded rain jackets. There is never a substitute for the best preparation for anything in life, real estate included.

Today I bring you the first in the July-August 2021 Braemar Property Value Reports. This one focuses on sales of Arista Series homes in our neighborhood. Arista homes are the largest single familiy homes built by Brookfield Homes in Braemar and include the Allister, Buckingham and Canterbury models. Let’s get right to it and see what happened during the last two months of summer.

During July and August there were three Arista homes that sold in Braemar. They were all Canterbury models with three to four fully finished levels. The details of each of those sales is detailed below:

Quite a difference in sold prices to see a six bedroom, five and a half bathroom Canterbury sell for $729,000 while two others with one and two fewer bedrooms, and one fewer full bathrooms, sold for $790,000 and $791,000. What’s the difference? The $729,000 sale was a little more basic inside in terms of finishes (Corian counter tops, for instance in the kitchen,) but the glaringly obvious fact to an agent like myself on that lower sale was the lot. That home backed to the middle school and the water tower. Location matters tremendously in real estate.

By comparision, the $790,000 and $791,000 sales backed to trees. One was very well kept with a finished loft in addition to the basement. That was the $790,000. The $791,000 backed to the same tree line, lacked a finished basement, but had an in ground pool. Pools are great, but should not be counted upon in the Bristow market to bring you more in your sale. In this case, it seems the pool was equivalent in markekt value to a finished loft that added an additional bedroom, bathroom and open space.

Taking all three of these sales and combining them with the entire past twelve months of Arista home sales in Braemar, the six and twelve month data points provide us information that suggest the market may be slowing down.

To start with, the sold price column doesn’t show tremendous increases in sold prices from the six month average and median compared to the twelve month average and median. The highest increase was comparing the averages and only accounted for abourt 1% average increase in six months. The median sold prices are much more telling, as they show an increase of only $500 in six months. Our last report showed much larger increases.

Seller subsidy, also known as closing cost help to buyers, was zero down the line. This is something we have been seeing as buyers compete for fewer homes. Asking for closing cost help in an offer is a one way ticket to not getting your offer accepted in multiple offer situations these days.

Days on market reveals more data that inidcates a slowing pace to the frenzied seller’s market. Both the six month average and six month median marketing times were longer than their respective twelve month values. Nine days is still not a long time to market a home by any means, but it is an indcator that the market is changing to see marketing time getting longer.

If you placed your Arista home on the market, priced to current conditions, you could expect it to be under contract in more than a week and less than two weeks. You could also expect to not have to give any seller subsidy.

The market slow down in this report from July and August is likely an impact of summer vacations. So many families missed out on them in 2020 and were adamant about taking them this year. Buyers took time away from the market for summer and sellers who thought that summer vacation while the kids are out of school is the best time to list, provided a lot more inventory, giving the fewer buyers more choices. Obviously, it is still a seller favored market. Only time will tell if the buyer frenzy that drove prices up steeply this year returns in the fall.

The next Braemar Property Value Report will be out in November. We’ll have a good idea by then if the buyer frenzy has returned. Until then, if you want an in depth market analysis of what a sale could mean for you, get in touch with me. Listing preparation and professional marketing are the keys to not leaving money on the table, no matter the market. And my added expertise on our neighborhood add even more the professional marketing of your home. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: May-June 2021 (Arista Series)

Posted on July 18, 2021 by cacleland

Braemar Property Value Report: May-June 2021 (Arista Series)

Welcome to another edition of the Braemar Property Value Report, focusing on sales of homes in the Arista Series in our neighborhood between May and June, then looking at updated six and twelve month data points. Arista homes, if you were not already aware, include the Allister, Buckingham and Canterbury models by Brookfield Homes. Let’s get right to it.

There were three Arista homes in Braemar that sold in the last two months. The details of those sales are listed below:

Each of the three sales were Canterbury models, which is the most prominent of the Arista Series in our neighborhood. Final sold prices ranged from $735,000 to $765,000. When combined with the entire past twelve months of Arista home sales, the six and twelve month data points are updated and, not surprisingly, tell the tale of a seller’s market.

Starting with the sold price column, there are significant jumps in value from the twelve month average and median sold prices to the six month average and median sold prices. Braemar Arista homes are in demand by many more buyers than are landing them, which is why prices are leaping upward. Seems the only mistake a seller can make in this seller’s market is pricing too high. Most listings are selling above list price. Price too high and you would be lucky to get your list price. Sellers in a seller’s market should never assume every home will sell above list and escalate their list price expecting even higher.

Seller subsidy is where we learn how much closing cost assistance buyers were able to negotiate from their sellers. Seeing zeros down the line, with the exception of the twelve month average being less than one-helf of one percent of the sales price is typical. Out of the twelve sales in the last year, only two gave seller subsidy. Both of those were within a week of one another at the end of July and beginning of August last year. Those seller subsidy amounts were significant. However, the norm right now is that buyers are having to pay their own closing costs, particularly when a home is in high demand.

Days on the market shows a bit of an uptick in the number of days it takes to go under contract from the twelve month values to their respective six month values. One or two days worth of increase in time on the market is nothing, and our average and median values down the column are all still single digits.

If you placed your Arista home on the market, priced to current conditions, you could expect it to be under contract in about a week or less. You could also expect to give nothing in closing cost help.

The next Braemar Property Value Report will be out in September. Until then, please know that no matter the market you are faced with when selling, creating buyer enthusiasm is critical. Getting advice on the right listing preparation projects and being professionally marketed is key to getting the most any market will bear, even a seller’s market. I’ve been helping Braemar sellers wring every penny out of their home sales for a long time. Get in touch with me and let’s talk. Since 2005, No One Knows Braemar Better!

Selling Braemar

Braemar Real Estate Information Courtesy of Chris Ann Cleland, Associate Broker, Long & Foster Real Estate

Category Archives: Arista Homes