Braemar Property Value Report: July-August 2022 (Carriage Series)

Braemar Property Value Report: July-August 2022 (Carriage Series)

Welcome to another edition of the Braemar Property Value Report. This particular edition focuses on the sales of Carriage homes in our neighborhood between the months of July and August. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

During the last two months of summer, there were four Braemar Carriage homes that sold. Details of those sales are listed below.

Final sold prices are all over the place, but so are the features of these homes. Half have no garage. Half are only three bedroom homes, the other half four bedroom homes. Three of them had no exit from the basement. The only thing they all have in common is that they gave no seller subsidy (closing cost help to buyers.) Taking these four sales and combining them with the Braemar Carriage home sales dating back to September 2021, the six and twelve month market markers tracked in this report are updated.

Starting with the column on everyone’s mind, let’s begin with the sold prices. Compared to last report, the six month average and median sold prices are down a bit, not much. However, compared to their respective twelve month values within this report, both the six month average and median sold prices are higher. That still means Carriage homes in Braemar are continuing to gain value compared to last year.

Seller subsidy, despite none of the four most recent sales giving none, still has average values. The six and twelve month average values are lower than they were last report. All this means is that Braemar Carriage home sellers in both time frames gave closing cost help. The more important measurement here are the six and twelve month median seller subsidy values. This means that more than half of Braemar Carriage home sellers in both time frames gave nothing. It is a safe bet a Braemar Carriage home seller would not have to relent to giving seller subsidy if their home was priced right, properly prepared and professionally marketed. Those things are what increase buyer enthusiasm.

Finally, the days on market column shows six days down the line. Even in our most recent sales above, we see that some Braemar Carriage homes are taking longer than that to sell. However, the average and median marketing times is six days.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. Buyers have become slower to act as they are pinched between rising prices and increasing mortgage interest rates. However, demand is still not meeting supply. And as stated above, if your home was hitting the mark in maxing out buyer enthusiasm, you could expect to give nothing in seller subsidy. Be aware, as values continue to rise, it will become more common to see seller subsidy requests from buyers.

The next Braemar Property Value Report will be out in November. Until then, if a move may be on the horizon for you, it is never too early to reach out and get a handle on listing preparation projects. Interviewing agents two weeks or a month before you wish to hit the market may leave you crunched for time on suggested improvements prior to listing. It is my pleasure to help my Braemar sellers reach the top of the market. You can reach out to me anytime for 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 Property Value Report: May-June 2022 (Carriage Series)

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

Summer is heating up. Is the Braemar real estate market still hot? In this edition of the Braemar Property Value Report the answer to that question and the general health of our real estate market will be addressed as it relates to Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

During the months of May and June, there were six Carriage homes that sold in Braemar. Details of those sales can be found below.

At first glance, I notice that four out of six are the smaller of the four floor plans in the Carriage Series. All sold above list price and very quickly. Only one gave any seller subsidy, also known as closing cost help. The sale highlighted in pink was my listing at 9477 Cromarty Court. I was so pleased to get the highest sold price on record for the smallest floor plan (the Maplewood) in the Carriage Series with this one. The sellers did a fantastic job updating the home and making the small kitchen space more useful. That, the lot and the professional marketing that I offer all of my Braemar sellers did the trick in creating buyer enthusiasm and driving up the price. And if you can believe it, the sellers didn’t pick the highest offer! It’s not always about price to a seller.

Taking all six of these sales and combining them with the Braemar Carriage home sales going back to the beginning of the third quarter of 2021, one year’s worth of sales data is broken down into six and twelve month data points.

Looking first at the sold price column, we see both six month values are higher than their respective twelve month values. This means Braemar Carriage homes are continuing to gain value. The lifts each six month value has above its twelve month value is not as high as it was last report. This is consistent with what we are seeing as the seller’s market with limited inventory and high buyer demand, is dealing with steep mortgage interest rate increases. Buyers are not as frenzied as they had been going back to 2020. Their actions are more deliberate. We will continue to see values increase, but not as quickly. Expect more steady growth going forward.

Seller subsidy is more of a factor than it was last report. One sale out of seven in the past six months gave the substantial amount of seller subsidy we see in the details of the recent sales. Over the twelve month period, three out of sixteen Carriage home sellers gave seller subsidy. This is also something we are likely to see change as mortgage rates further squeeze affordability for buyers. Best news right now is that more than half of Braemar sellers in both time frames gave none. Don’t want to give up seller subsidy when you sell? Hire an agent that knows how to drive up buyer enthusiam through professional marketing and negotiate skillfully on your behalf.

Days on market is remaining as fast as it has been. These in demand Carriage homes in Braemar are getting gobbled up by the market in a week or so max. This may increase as there is a seasonal disconnect between buyers and sellers in July and August. Sellers rush to market thinking it is a great time to list when the kids are out of school. Buyers, who have been searching since the early part of the year are weary and think it’s a great time to go on vacation. It’s a seasonal wobble that happens almost every year.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or so and if you hired an agent that is professionally marketing your property, give nothing in closing cost help. You could also expect to see two offers if you are lucky. The glut of multiple offers is over as buyers are acting more deliberately. You will likely see home inspection contingencies and appraisal contingencies again. Our market is normalizing in that respect.

The next Braemar Property Value Report will be out in September. Until then, enjoy the rest of your summer with some fun in the sun. And if you want to investigate what a sale in the near future would mean to your bottom line, or how it would choreographed with your next purchase, get in touch for your complementary consultation. It’s my pleasure to help my Braemar sellers reach the top of the market with my many years worth of well honed skills. I also represent plenty of Braemar buyers. Maybe my new listing at 12607 Cessford Drive will hit the spot. 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 (Carriage Series)

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

Graduations and proms are the talk of social media. Spring has most definitely sprung. In this edition of the Braemar Property Value Report, we will look at how the Carriage home market is our neighborhood is doing against the back drop of sharp mortgage interest rate increases. If you are not familiar with what makes up a Carriage home in Braemar, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There was only one Braemar Carriage home that sold during the current reporting period of March and April. Details are listed below.

Should you be concerned that there was only one Carriage home sale in the months of March and April? No. During that time period, I was pleased to list 9477 Cromarty Court. That gave me a first hand look at the activity for homes like these. The demand is out of control for affordable homes in our neighborhood. (Yes, affordable single family homes in 2022 are in the low to mid six hundred thousands.) If more Carriage homes had hit the market in the early part of the year, there would be more sales to report.

Taking a freshened up twelve months of Braemar Carriage home sales from May 2021 to April 2022, our six and twelve month data points are updated as follows:

The sold price column is looking very healthy and reflective of continued seller market conditions, despite rising mortgage interest rates. Both the six month average and six month median sold prices are substantially higher than their respective twelve month values. Braemar Carriage homes are definitely continuing to gain value in this market.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their Braemar sellers. The only number not at zero is the twelve month average seller subsidy. Two sales out of a total of sixteen in the past year’s worth of Braemar Carriage home sales gave closing cost help. One gave $12,500. The other gave $2,000. How do you avoid giving closing cost help as a seller? Make sure your home creates buyer enthusiasm so buyers must put their best foot forward to win amongst their competitors.

Days on market shows single digits down the line. Braemar Carriage homes are selling very quicky as buyer demand continues to outpace homes coming on the market.

If you placed your Braemar Carriage 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 closing cost help if your home was properly prepared for the market and professionally marketed.

The next Braemar Property Value Report will be out in July. Until then, if you would like to take advantage of a home sale while the buyers are still outnumbering available inventory, get in touch with me for a no obligation consultation. No matter the market, my listing services start with preparation advice as far out as you want to discuss readying your home. Details matter. I also invest my sellers’ success with professional marketing. My Braemar sellers also get my unparalleled neighborhood knowledge, having called this neighborhood home and served the HOA for over seventeen years. 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

The Braemar Carriage Home with a Water View is Now Under Contract

9477 Cromarty Court Listed on April 22, 2022 for $584,000

The Braemar Carriage Home with a Water View is Now Under Contract

The only carriage home in Braemar with a water view is now under contract. Yes, the Maplewood located at 9477 Cromarty Court, listed on April 22nd for $584,000 sure did spike a lot of interest. There were several buyers through the two open houses held during the weekend. Having hosted one of them, I can tell you the upgardes inside were as popular as the water view itself.

Ultimately, six buyers were bold enough to step and make offers on this lovely home. Every single offer was above list price. Not surprising when you have sellers that have left no detail unattended. The home showed like a shiny new penny.

Did the market give any indication of shifting during the three days that sellers allowed showings? None that I could tell. I have heard talk of a shift in buyer demand, but the sellers who do listing preparation and hire professional marketing agents are not noticing the slow down.

Tonight there are five disappointed buyers who will be looking for the next opportunity in the neighborhood. Will you be the next seller to hit the market with this experienced, top notch listing agent who knows Braemar like the back of her hand? If so, you are going to love the results when you heed the preparation advice given to increase buyer enthusiasm. Homes don’t have to have unobstructed, natural water views to get buyers excited. Get in touch today for your listing 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

Famhouse Chic Carriage Home with Water View Now Open For Showings

9477 Cromarty Court Listed on April 22, 2022 for $584,000

When I posted about this Maplewood Carriage home at 9477 Cromarty Coming Soon on April 17th, I could not wait to share more about the inside of this home. Whether I realized it or not, my experience with this particular home started when one of the new owners popped into one of my open houses in the neighborhood about four years ago. She told me the home that she had purchased and that she and her husband were fixing it up. Even then I remember, when finding out which home she bought, thinking they had a job on their hands. It hadn’t been my listing, but was on the market the same time as one I had sold on the street. (Looking back at that listing while grabbing this link, I can’t believe I didn’t hire a professional to take my photos. My business and my marketing have come a long way. Even then, my listing was head and shoulders above the presentation of 9477 Cromarty at the time.)

The thing that can’t be duplicated about 9477 Cromarty is the lot. It sides to a pond where heron, fox, deer, turtles and frogs frequent. There are unobstructed water views from the patio and driveway, kitchen sink and dining room. Now let’s look at some of the interior improvements.

The kitchen is farmhouse chick at its best. Gray quartz counters with white marbling and glistening specs are the perfect complement to the white cabinets. A live edge cherry breakfast bar and exposed wood shelving to open up this galley kitchen to the family room.

My favorite part of the home is where the pantry was transformed into a bar with space for a notebook computer and a stool. The pandemic had many home owners scrambling for additional office spaces in 2020 and this is one of the most imaginative I have seen. It beats a closet any day and when work is done, you can shut the notebook and enjoy an adult beverage.

The family room now has a farmhouse chandelier, which makes it a great accent for a gathering area, or maybe a perfect dining room. Swap the actual dining room, with the view of the pond, for your gathering area and let it flow into the living room across the foyer entry.

Refinished hardwood floors on the main level give way to a hardwood staircase that lead you to the engineered hardwood floors upstairs. While done with a papered accent wall, the owner’s bedroom brings you right back to farmhouse chic.

Even the owner’s bathroom, with wood-like tile brought in natural wood edges above the dual sinks.

You can see everything in the virtual tour. The last area I am going to highlight here as a major improvement is the stamped concrete patio between the home and the detached garage. Pergola conveys, but lighting will go with the owners.

This is the perfect lot for outdoor entertaining or enjoying your own bit of quiet by natural surroundings. The extensive driveway can park many vehicles. There is a two car garage and three parking spaces at the end of the driveway that don’t even interfere with the garage entry. And if you were looking for a fenced yard, this one does offer a gate that shut across the driveway.

Come see all this stunning home has to offer on Saturday, April 23rd or Sunday, April 24th. Both days the home will be open from 1pm-3pm. If you don’t have an agent and need one to represent you, give me a call and I will connect you with a top notch professional out of our Long & Foster offices.

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

Coming Soon: The Only Natural, Unobstructed Water View in Braemar

9477 Cromarty Court in Bristow will be listed at $584,000 and available for showings 4/22/2022

As I sit and prepare to tell you about a very special home coming soon to the Braemar real estate market, I realize that I should enjoy every minute of this lazy Easter Sunday because as soon as 9477 Cromarty Court goes active on Friday for $584,000, my weekend will be frantic. When you love what you do, it is hard not to work, even on a holiday weekend. So today, consider me the Easter Bunny, dropping by with a great opportunity for buyers looking in the neighborhood.

Enjoy sunsets from the covered front porch

Located at the end of Cromarty Court, this Braemar Maplewood Carriage home has so much to offer inside and out. Three bedrooms and two full bathrooms on the upper level make it much like what you would find in a townhouse. Formal living and dining rooms in the front of the home, however, are more in line with what you would find in a Braemar single family home.

Updates abound as you tour this home. Refinished hardwood floors are found throughout the main level. Plantation shutters in the front of the home and 3-D roller shades in the back give you privacy and style. The galley kitchen, typically cut off from view from the family room has been renovated to remove one cabinet which was converted to open shelving, giving that openness lacking in most Maplewoods. Quartz counter tops with their modern shimmer flow nicely to a live edge cherry breakfast bar. Even the pantry was re-imagined when the doors were removed and it was set up as a bar. (Easily undone if you prefer pantry storage.) There is even a stikwood accent wall here giving the feel of a cabin. I can’t wait to show you.

Hardwood stairs to the upper level continue the cabin feel with more finishes to evoke the feeling of a modern cabin. Engineered hardwood floors throughout the bedrooms and wood-like ceramic tile in the bathrooms work perfectly together. Faucens and fixtures have been replaced. No detail has been overlooked.

Head down to the basement, finished to offer a carpeted rec area with an updated full bathroom. This is also the level where you find the laundry room.

The only natural, unobstructed water view in Braemar belongs to 9477 Cromarty Court

The updates inside this home could be done to any Maplewood. What makes this particular Maplewood unique is the lot. This home enjoys the only natural, unobstructed view of a neighborhood pond. Enjoy it while at the kitchen sink or enjoying a meal in the dining room. Spending time outside on the stamped concrete patio sure is more enjoyable when you have turtles sunning themselves on logs, the sounds of frogs and sighting of rabbits, fox and deer in the woods surrounding the pond.

An extensive private driveway gives you plenty of room for guest parking. In addition to your two car garage, there are three parking spaces at the end of the driveway that do not interfere with the garage. If you are hosting a gathering, the entire length of the driveway if there for your guests or maybe, a game of corn hole while you enjoy that amazing view.

There is a trail that goes around the lake less than ten steps from the property. It is so close you can see the home as you sit on the community bench.

It will be my pleasure to share professional photos of the interior when I have them on April 21st. Until then, if you think you may be interested in this home, don’t hesitate to set up your appointment to see it, or stop by the Open House on Saturday April 23rd (2022) from 1pm-3pm. This is a truly unique opportunity to own a water view in Braemar.

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 2022 (Carriage Series)

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

On a rainy, drizzly or foggy day, the Sounds of Freedom can be heard and felt in our neighborhood. I certainly wish I had been paying closer attention to the Howitzer training schedule at Quantico. Given current world events, when awoken from my slumber to the sound of mortars, I was uneasy. Thank goodness we don’t often have that much noise from the Marine base. Weather conditions have to be just right for that much noise to make it our way.

Turns out it is just another Thursday in our Braemar neighborhood and the real estate market is still trending up. Too many buyers for too few homes creates a great time to sell. In this edition of the Braemar Property Value Report the focus is on sales of Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

In this report, which covers only the first two months of 2022 for sales, only one Braemar Carriage home sold. Details are listed below:

Those are not typos in the list and sold price. This Maplewood, the smallest of the Carriage homes in our neighborhood, sold for $51,000 over list price. That is most certainly an attention getter. It gave no seller subsidy and was under contract in five days. Bear this in mind because the six and twelve month data points compiled from the entire past twelve months of Braemar Carriage home sales is not showing super strong trends for sellers. Our market the second half of 2021 was certainly not as crazed as the first half and that is playing into the six month data. Let’s take a look.

Starting in the sold price column we see the six month average sold price is slightly above the twelve month average. Meanwhile, the six month median sold price is below the twelve month median sold price. Contradictory information can be an indicator of shifting trends, but I don’t think that is the case here. As mentioned above, the second half of 2021 was not as frenzied as the first half. The second half of the year in regard to the Braemar Carriage home market was also three bedroom model heavy. Smaller homes selling may be skewing this data as well.

Seller subsidy is any closing cost help negotiated by buyers from their Braemar sellers. The six month average seller subsidy ticked up substantially compared to the twelve month average. Both the six and twelve month median values being at zero tell us that more than half of sellers in both time frames gave no seller subsidy. And with the recent sale giving none, it is safe to assume this trend will continue as more buyers compete for fewer homes.

Days on market shows us how long it took Braemar Carriage homes to go under contract. Both six month values are slightly longer than their respective twelve month values. However, even the highest number represented by this data is single digits. That trend is continuing as we move through the early months of 2022.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it be under contract in a week or less. You could also expect to have enough buyers competing for your listing that seller subsidy should be a non-factor. Buyers are back to waiving contingencies like home inspection and when possible, appraisal. Did I mention it is a great time to sell?

The next Braemar Property Value Report will be out in May. Until then, if you would like to see what a 2022 sales would mean for you, I am happy to have that conversation. Get in touch for a no obligation market analysis. Even in a seller’s market, my commitment to professional marketing creates undeniable buyer enthusiasm that leads to record setting prices. Who you hire to sell your home matters. After all, you only get one chance to liquidate your largest asset. Since 2005, No One Knows Braemar Bettter!

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: November-December 2021 (Carriage Series)

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

Happy New Year! I hope you all are enjoying the fresh start in 2022 and taking in some of the beauty the winter weather has brought. Snow can certainly be a pain, but I suggest enjoying the views while you can.

The New Year for this Braemar Real Estate Agent means getting a chance to wrap up 2021 with my Braemar Property Value Reports. Today I am bringing you the latest on Carriage homes in neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

In the last two months of 2021, there were two Braemar Carriage homes that sold. The details of those sales are listed below:

For homes that are very close to the same size, with same number of bedrooms and bathrooms and even basement finishes and exits, the final sold price difference is HUGE. Taking a virtual stroll through both listings, they were both professionally photographed and presented well online. What the Darnaway home had were some very specfic color choices on the walls, basic finishes throughout the ktichen and bathrooms and had no garage. However, it had an additional kitchen in the basement, making it a perfect in-law suite. Airedale ws updated throughout with not even a scrape of carpet on any floor. Top of the line finishes were used in the kitchen and owner’s bathroom. Furthermore, it was neutral throughout. Skipping listing preparation like painting and doing some modest flooring updates can leave money on the table. There should not be a $100,000 difference between these homes.

Taking these two sales and combining them with all the Braemar Carriage home sales from 2021, our six and twelve month data points are updated and continue to reflect a seller’s market.

Starting with the sold price column we see that both six month values are above their respective twelve month values. That’s good news. However, it should be noted that the rate of increase this report in the average is 2.7% and median is 1.8%. Last report, the average rate of value increase was 3.5% and the median rate of value increase was 4.5%. The second half of 2021 really cooled the all out buyer frenzy that had been happening since 2020, but that doesn’t mean that we aren’t still in a seller’s market. There is still not enough homes to meet buyer demand, but buyers are not going nuts when competing for homes now.

Seller subsidy is where we find out how much closing cost assistance Braemar Carriage home buyers were able to negotiate from their sellers. The six month average shows an increase in seller subsidy over the twelve month average. More importantly, the six and twelve month median values beiing at zero means that more than half of sellers in both time frames gave nothing in seller subsidy.

Days on market shows a one day uptick in marketing time in the both six month values compared to their respective twelve month values. Still, Braemar Carriage homes are going under contract in a matter of single digit days.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in about one week. You could also still reasonably expect to give nothing in seller subsidy if your home has created enough buyer enthusiasm to make it in demand enough for buyers to compete. With the cooling off of the buyer frenzy, you could also expect to see a home inspection contingency in whatever offer you accept.

The next Braemar Property Value Report will be out in March. Until then, if you are considering a move in 2022, it is never too early to consult with a local expert. My unparalleled neighborhood knowledge and professional marketing have been making my Braemar sellers the absolute max the market will allow for year. 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: September-October 2021 (Carriage Series)

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

The year end holidays are rapidly approaching and for so many, things slow down a bit this time of year. Does it slow down in the world of Braemar real estate? Not as much as you may think. In this edition of the Braemar Property Value Report I will show you how Carriage homes in Braemar fared in the months of September and October. If you are unfamiliar with what constitutes a Braemar Carriage home from any other home in our neighborhood, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were three Braemar Carriage homes that sold during the current reporting period. Coincidentally, that is the same number of Carriage home sales that happened in the previous reporting period. Details of the sales from September and October are listed below:

At first glance, the things that stand out to me in the sales above are that only one of the three sold significantly above its list price. One of three gave a significant amount of closing cost help. And one of the three took longer than single digits to sell. When combined with the entire previous twelve months of Braemar Carriage home sales, the six and twelve month data points are updated as seen below:

Starting with the sold price column, we still see significantly higher prices in both six month values when compared to their respective twelve month values. Increases in value are always great news to Braemar Carriage home owners. However, the six month growth rates seem to have waned a bit. Last report, the six month average growth rate was 7% and the six month median growth rate was 10%. In this report, the month average growth rate has dropped to 5%. The six month median growth rate is also at 5% this report. Could it be that the market is shifting? Only time will tell so looking to future Braemar Property Value Reports will give more of an indication of any trends. For now, the trend is still upward growth in value.

Seller subsidy is where we learn how much closing cost help Braemar buyers were able to negotiate from their Carriage home sellers. Seeing one Braemar Carriage home sale this report with nearly 2% seller subsidy is certainly unusual. In the entire past twelve months of Braemar Carriage homes sales there have been only two of twenty that have given any seller subsidy. Timing wise, it was one sale this report and one sale last report. This definitely indicates a cooling of the buyer frenzy we have seen throughout 2020 and in the first half of 2021. While conditions still favor sellers, the herd of buyers is thinning out and the ones remaining are not as quick to act, and able to ask for more.

Days on market is really very stable. The six and twelve month average marketing times are five days, while the six and twelve month median marketing times are at four days. Braemar Carriage homes are selling very quickly.

If you placed your Braemar Carriage home on the market, priced to current conditons, you could expect it to be under contract in one week, maybe two max. You could also expect to have some seller subsidy requests. The amount you are able to knock it down will largely by determined by the negotiation strength of your listing agent.

The next Braemar Property Value Report will be out in the New Year. Until then, if the need arises to sell your Braemar Carriage home, know that the year end market is one of the most powerful a seller can encounter. Inventory shortage along with strong emotions regarding “home for the holidays” with serious buyers are factors that can equate to a very profitable sale. Of course, hiring a local, professional marketing agent like myself is a key to maxing your profit when selling. Even in a seller’s market, money can be left on the table through lack of preparation and poor marketing, which do not create buyer enthusiasm. Don’t let that happen to you. Get in touch with me for a no obligation 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