Braemar Property Value Report: November-December 2021 (Ryan Homes)

Braemar Property Value Report: November-December 2021 (Ryan Homes)

The picture above felt all too appropriate for this edition of the Braemar Property Value Report. Though we are here and now in 2022, this particular installment looks back to the last two months of 2021 for the most recent sales activity for Braemar houses built by Ryan Homes. After that, a brief look at the six and twelve month data points will tell us how Ryan homes in Braemar are trending. I still remember selling that Ryan Home in eight days in a much different market.

There were two sales of Ryan homes in Braemar in November and December. The details of each are listed below:

Neither of these sales is overly impressive. Then again, one was essentially an owner representing himself, but paying for MLS (multiple listing service) placement and the other was a home with amateur marketing. The Ballagan home was the limited service agent/owner self-representation. He sold $20,000 below list price, gave $10,000 in closing cost help and it took him nearly a month to do it. Not good, nor indicative of what our fourth quarter market had to offer. The other sold $100 above list price, but gave $15,000 in closing cost help. (gulp) I have done several Braemar Property Value Reports for this same time period. These are the only two single family homes to give seller subsidy in the last two months of November. Professional marketing agents are worth what they charge for what they bring to the table. Say a seller paid 1% more for an agent that did professional marketing on the second home, they would likely have still saved that $15,000 in closing cost help request. A net win! The description of the home tells the tale of a cul-de sac home with roof and appliances only three years old. Sellers get the marketing and representation they pay for. Who knows how good a deal the first home could have had with an agent negotiating on their behalf? No seller subsidy and probably closer to list price. Both more than worth it. Buyer enthusiasm doesn’t exist for no reason. You need to create it.

Taking all the sales from 2021 and parsing out the six and twelve month data points I follow in this report, here is what we get:

Starting with the sold price column, the good news for Ryan home owners is that values are still rising, in spite of the most recent sales. Look for the rate of increase to slow in 2022, as myself and other are predicting the 2022 growth will be very modest.

Seller subsidy values, despite the very large amounts given in the recent sales, on average are still very low. Obviously, the six month average is elevated from the twelve month average because of the two sales from November and December. However, the fact that the six and twelve month median values are at zero tell us that more than half of Ryan home sellers in both time frames gave nothing in closing cost help. Hire the best negotiators and get the best results.

Days on market, again…despite the two most recent sales, is still very fast when it comes to average and median values. Hire professional marketing agents and your home will sell quickly.

If you placed your Ryan home in Braemar on the market, priced to current conditions, you could reasonably expect it to be under contract in a week. You could expect to give nothing in closing cost help. However, buyers have been coming back with the typical contingencies in their offers since the second half of 2021. Those are financing, appraisal and home inspection.

The next Braemar Property Value Report will be out in March. Until then, if 2022 is the year you think you may want to sell, now is the time to start talking to your real estate professional. Give me a shout. My unparalleled neighborhood knowledge (and pride,) combined with my professional marketing make my Braemar sellers very happy. 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: November-December 2021 (NV Homes)

Braemar Property Value Report: November-December 2021 (NV Homes)

Happy New Year, my fellow Braemarians. There is no doubt that many of you are wondering what the 2022 real estate market has in store for us. My experience in the market as top producing agent, as well as the time I take to create these market reports, keeps me head and shoulders above my colleagues. Most agents are happy to cut and paste statistics, some without even reading them. I take the time to collect the sales data and compile these reports myself. Real estate is a business of self-motivation. We are not required to do anything to keep our businesses going but to complete continuing education classes. I do these reports because I believe in keeping myself and my neighborhood informed.

This Braemar Property Value Report is focused on houses built by NV Homes. The sales detailed below are from the last two months of 2021.

The first thing I noticed about this sale was that the list price had been changed to match sales price AFTER it went under contract. This is a practice a lot of listing agents started to use in our crazy seller’s market in hopes of getting homes to appraise for sky high prices. I am not in agreement with the practice, only because I was trained by appraisers. They have all the same information I see in the MLS. You can’t fool them with a price increase. The best way to get a house to appraise is to have an appraiser package ready with comparable sales and lists of updates. I included the original list price above. It closed for $50,000 above in its sales price. Obviously, Braemar home sellers are still enjoying our seller’s market.

Taking all the NV home sales from 2021 and updating our six and twelve month data points, we get the best sense of how our market has been trending in the short term, compared to the long term.

Starting with the sold price column it is fantastic to see both six month values above their respective twelve month values. This means NV homes in Braemar are still gaining value. Not surprisingly, as the second half of 2021 cooled the all-out buyer frenzy we had been experiencing since early 2020, the growth rate slowed a bit. I figure that out by dividing the six month value by its respective twelve month value. In this report, the six month average growth rate was 3.1% and the six month median growth rate was 1.4%. Last report, those numbers were both 3.5%. Growth is growth. This year should see more, but at a more sustainable rate.

Seller subsidy, also known as closing cost help from seller to buyer, is super low in the averages and non-existent in the medians. The latter is more important. It means that in both time frames, more than half of NV home sellers gave no seller subsidy.

Days on market remains very fast for homes that are show ready and create buyer enthusiam. Lately, not all homes are going under contract in a matter of days, but the ones prepped and professionally marketed are. One day upticks in the average and medians are nothing.

If you placed your NV home in Braemar on the market, priced to current conditions, you could expect it to be under contract in less than a week. You also expect to give nothing in seller subsidy. As far as contract contingencies your offers are likely to have the three standards: financing, appraisal and inspection. With the frenzy gone, and a more reasonable seller’s market, buyers were more measured in their actions during the second half of the year.

The next Braemar Property Value Report will be out in March. Until then, if 2022 is the year you were thinking of selling, there is no time like the present to consult a local, professional agent like me. Getting Braemar sellers top dollar through exceptional listing preparation advice, professional marketing and unparalleled neighborhood knowledge is what I do best. 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: November-December 2021 (Heritage Series)

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

The first month of our New Year underway. New beginnings are filled with expectations. What should we expect of our local real estate markeet in 2022? My general predictions can be found in this article. Of course, the best information any Braemar home owner can get is hyperlocal, meaning neighborhood focused. In this edition of the Braemar Property Value Report, I bring you the last two months of Heritage home sales in our neighborhood and bring you updated data points to determine our most likely, near future trend.

Before we get started, it is important to define Braemar Heritage homes. 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.

The only Heritage home sale to report for the months of November and December was actually located in Braemar Northgate. Details are listed below.

Taking the entire past year’s worth of Braemar Heritage home sales, the six and twelve month data points are updated as seen below.

Starting in the sold price column, the good news is that both six month values are above their respective twelve month values. This means that Braemar Heritage homes are still pushing up in value. However, it is plain to see that the average and median growth rate of these homes is becoming more modest. The six month average growth rate is one-half of one percent this report, compared to two perecent last report. The six month median growth rate is only two-hundrendths of one perecent this report, compared to just under four percent last report. Not surprisingly since the last half of 2021 was a completely different pace than their first half. The all-out buyer frenzy that created dozens of offers from buyers willing to waive every possible contingency and go seven to ten percent higher than list price in the first six months of the year, while still seller favored, changed to a more reasonable seller’s market in the last six months of the year. Typical contingencies were seen in just about every offer. And as you can see from the one sale from the last two months of the year, sellers considered themselves fortunate to get their list price and were thrilled if they got anything above.

Seller subsidy (closing cost help from seller to buyer) increased in the six month average compared to the twelve month average. However, with the six and twelve month median seller subsidy values at zero, we know that more than half of sellers in both time frames gave no closing cost help at all. Despite getting lower than list price, the most recent Heritage home seller did not have to choke up any closing cost help.

Days on market is increasing ever so slightly in both six month numbers compared to their repsective twelve month numbers. The sale from December took longer than all of those figures to go under contract. In my professional opinion, it would be a mistake to blame the yearend market for that circumstance. In my career selling Braemar real estate, I have noticed the yearend market to be a powerful one and even had my own yearend selling success in Braemar again last year.

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 two. You could also reasonably expect to give no seller subsidy. As stated earlier, you could expect your offer(s) to include the typical contingencies like financing, appraisal and home inspection.

The next Braemar Property Value Report will be out in March. It will be interesting to see how our trends are shaping up then. In the meantime, if a sale is in your 2022 future, it is never too early to consult listing agents and make a hiring decision. So much of what we do is to consult on listing preparation that increases buyer enthusiasm. Professional marketing, combined with proper preparation are essential to getting the most for your home. And my unparalleled neighborhood knowledge is just more icing on your max profit cake. 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: November-December 2021 (Courtyard Series)

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

January is always filled with anticipation, particularly for those with plans to buy or sell in the New Year. Even in the midst of the 2021 holiday season, many asked what I thought the local real estate market had in store for 2022. In a recent online article, I did make some real estate market predictions for 2022. Obviously, the more local the information, the better. And since looking back, helps us see where we are headed, I make it my priority to keep my fellow Braemarians informed of our neighborhood real estate market through my Braemar Property Value Reports.

Today’s Braemar Property Value Report is focused on how Courytard homes fared last year. Braemar Courtyard homes are single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

There were two Braemar Courtyard homes that sold in November and December. The details of those sales are listed below:

There are two indicators in the recent sales that our Braemar Courtyard sellers may be seeing a cooling of the seller’s market. The first is the fact that neither home sold above list price. This is something we saw more of as we moved through the second half of 2021. Sellers maintained the market advantage, but the all out buyer frenzy has calmed down. The second indicator of change is the increased marketing times for these sales. You might dismiss those time frames are being long because of the holiday season. I am here to tell you that Braemar homes of all sizes sell in November and December. In fact, I listed and sold a Braemar townhouse in those two months.

When the sales listed above are combined with all of the Braemar Courtyard home sales from 2021, the six and twelve month data points outlined in every Braemar Property Value Report are updated.

Starting with the sold price column, the good news is that both the six month average and median values are above their respective twelve month values. Braemar Courtyard homes are continuing to gain value. The growth rate is likely to slow down in 2022, but I don’t think we will be looking at losses anytime in the near future.

Seller subsidy is where we find out how much closing cost assistance buyers were able to negotiate from their Braemar Courtyard home sellers. Despite even higher days on market in recent sales, the answer is zero and remains zero in all the six and twelve month data points.

Overall, the longer marketing times seen in November and December have not yet impacted the six and twelve month numbers. They are largely the same. The real question will be how we get off the starting blocks in 2022. If Braemar Courtyard homes continue to take longer to sell, we will see overall increases in the six month average and median time frames.

If you placed your Braemar Courtyard home on the market, priced to current conditions, this report’s average and median values indicate that you would be under contract in two weeks or less. The most recent sales in November and December make me wonder if that time frame might be longer. As for seller subsidy, you could expect to pay out nothing. Finally, you should be prepared to see buyers with home inspection contingencies again. This started to go back to normal in the second half of 2021 when our buyer frenzy calmed.

The next Braemar Property Value Report will be out in March. Until then, if a move is in your future, don’t wait to get the conversation started. My unparalleled neighborhood knowledge and professional marketing create buyer enthusiasm for all my Braemar listings, making my Braemar sellers thrilled. Getting you absolute max profit from your largest invesment is a job I take very seriously. 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: 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: November-December 2021 (Arista Series)

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!

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 (Ryan Homes)

Braemar Property Value Report: September-October 2021 (Ryan Homes)

The end of the holiday weekend is upon us. With company gone and having no desire to delve into the set up of my Christmas tree, I have decided to publish the next Braemar Property Value Report instead. You know a Braemar real estate agent loves their job when they willingly sit down to put together a market analysis versus any number of other non-work related activities. Loving what I do is truly a blessing.

In this edition of the Braemar Property Value the focus in on detached houses built by Ryan Homes in Braemar. During the current reporting period of September and October, there were five Ryan homes that sold. The details of those five most recent sales are detailed below:

Unlike last report where all but one of ten Ryan home sold prices was well above list price, this report shows three of five sold above list price. The second half of the year there was a shift in demand taking place. And though the all-out buyer frenzy has chilled, it is still a seller’s market. Demand is still outpacing supply.

Taking these five most recent sales and combining them with the entire past twelve months of Ryan home sales in Braemar, the six and twelve month data points tracked in this report are updated as seen below.

Starting in the sold price column we see both the six month average sold price and six month median sold price much higher than their respective twelve month values. Ryan homes are still gaining value.

Seller subsidy (closing cost help negotiated by buyers from sellers) is a non-factor with zeros down all the relevant time markers. This means not one Ryan home seller in twelve months has given closing cost help.

Days on market is single digits down the line, and only one digit off in the twelve month average. Ryan homes are continuing to sell fast.

If you placed your Ryan home on the market, priced to current conditions in our Braemar market, you could expect it to be under contract in about a week. You could also expect to give nothing in seller subsidy. Not represented in the stats of this report, however, you could expect to see home inspection and appraisal contingencies in your offers. As the buyer frenzy has quieted, buyers are less likely to waive all contingencies like they had been doing in the first half of the year.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best the holiday season has to offer. Of course, whenever the need to sell your Braemar home arises, I would love the opportunity to consult with you about the sale of your home. Despite the season or market conditions, creating and maintaining buyer enthusiasm is what it takes to make the absolute most the market will bear. And with my unparalleled neghborhood knowledge, my professional marketing and superior negotiation skills are even better at achieving both. Helping my Braemar neighbors sell is always among my greatest pleasures. 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 (NV Homes)

Braemar Property Value Report: September-October 2021 (NV Homes)

The turkey and traditional sides induced over-full state has subsided and it is back to work for this Braemar Real Estate Agent. Back to work means actually doing the research and producing this Braemar Property Value Report focused on properties built by NV Homes in our neighborhood. That’s right, I don’t cut and paste reports for you. I run the sales, crunch the numbers and give you my analysis. That is why my wealth of knowledge of our Braemar real estate market is unparalleled. I do the work to understand our market.

In the months of September and October, there was only one NV home that sold. The details of that sale are listed below:

Having only one sale for the current reporting period doesn’t mean that we don’t have updated six and twelve month data points. This sale gets tossed in with the previous sales of NV homes for the previous year and the sales from September and October last year are dropped. The updated six and twelve month data points used in this report are then updated as seen below:

Starting with the sold price column there are healthy increases in both six month values compared to their respective twelve month values. NV homes are continuing to increase in value. And unlike what I have seen with other home types this reporting period, NV homes have lost only one half of one percent in the average six month growth rate compared to last report. They have lost no ground in median six month growth rate.

When we get to the seller subsidy column, we get to see how much closing cost help Braemar buyers were able to negotiate from their NV home sellers. The answer is nothing more than they had before. The most recent sale gave no seller subsidy. And with the six month average seller subsidy decreasing compared to the twelve month average, it seems more and more sellers are giving nothing, bringing that average number down. The six and twelve month median values being at zero means more than half of NV home sellers in both time periods gave no closing cost help. This is the mark of buyer competition being strong for these homes.

Days on market has come down in both six month values compared to their respective twelve month values. This is also contrary to what I have found in preparing other Braemar Property Value Reports for the same time period. The most recent sale going under contract in only four days is fantastic.

If you placed your Braemar NV 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 very little, if anything in closing cost help. And based on trends I am seeing in the market, there is a shift away from the all-out buyer frenzy in our real estate market. Buyers are more likely to ask for home inspections and not waive appraisal. That doesn’t mean we are entering a buyer’s market. Supply is still not keeping up with demand. Buyers are not as many in number and not feeling the need to give away every possible contingency to get under contract.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best this holiday season. Of course, if the need arises to sell your Braemar home, I am here for you no matter the season. Creating buyer enthusiasm and maintaining it throughout the transaction is what makes keeps my sellers at the max the market will allow. My knowledge of our community is what gets my Braemar sellers the advantage over their competition. Feel free to reach out any time of year for a no obligation consultation. It is my pleasure to serve my neighbors. 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 (Heritage Series)

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

The day before Thanksgiving may be a day of food preparation for a lot of folks, but for this Braemar Real Estate Agent it is a day of putting together another in my string of Braemar Property Value Reports. Staying on top of the Braemar real estate market is essential and actually putting together these marketing reports gives me market insights that simply pulling market data and slapping it online or in a postcard never would.

Today’s Braemar Property Value Report is focused on the sales of Heritage homes in our neighborhood for the months of September and October. Heritage homes are 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.

There were five Heritage homes that sold from the beginning of September to the end of October. That’s four less than happened last report. Details of the most recent sales are listed below:

There are three things that stand out looking at these sales. First, none of them sold above their list price. Second, more sellers than not gave seller subsidy (closing cost assistance.) Third, days on market before going under contract is going into double digits in most of these sales.

Taking these five sales and combining them with the entire past twelve months of Heritage home sales in Braemar, the six and twelve month data points that are central to this market report are updated as seen below. Let’s delve into each data point in more detail.

Starting with sold price, the good news is that both six month values are higher than their respective twelve month values. Braemar Heritage homes have gained in value again. However, the rate of increase has slowed down. Last report, the six month average rate of increase in value was 4% and the six month median rate of increase was 5%. This report, the six month average rate of increase has been cut by half at 2%. The six month median rate of increase is less dramatic a decrease at 4%. If this were the only indicator of a shifting market, it would be less compelling.

Seller subsidy is a column were we see very little change in the six month average to the twelve month average. And the six month and twelve month median values being at zero tells up that in those time periods, more than half of sellers gave no closing cost help. What is concerning is that the majority of sales that happened in September and October gave seller subsidy. Seems that buyers are less likely to waive the request, and for that matter, they are also no longer waiving inspections. The market has definitely shifted since the first half of the year, but conditions still favor sellers. The all-out buyer frenzy has cooled though.

Marketing time in the six and twelve month value points doesn’t show cause for alarm. There are only slight increases in both six month values compared to their twelve month counterparts. What is concerning is the days on market racked up by the most recent sales. If that trend keeps up, the six month average and median will be increasing more significantly in the next report.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or so. You could also expect to see offers from buyers that include closing cost help and inspection contingencies.

The next Braemar Property Value Report will be out in January. Until then, I wish you all a very happy holiday season. And of course, when the need arises to sell your Braemar home, I encourage you to reach out to me for a no obligation consultation. As unbelievable as it may be, money can be left on the table even in a seller’s market. The key to success is creating and maintaining buyer enthusiasm. My unparalleled neighborhood knowledge, combined with my marketing and negotiation skill sets, get my Braemar sellers the absolute max the market will bear. 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 (Courtyard Series)

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

Wind sure can make fifty degree weather feel colder than it may otherwise feel. I suppose the same is true for an all-out buyer frenzy making a seller’s market feel even more heated than a typical seller’s market may be. In this edition of the Braemar Property Value Report, focusing on sales of Courtyard homes in our neighborhood, we will take a look back at the months of September and October and see the state of our seller’s market. Before we go any further, if you don’t know what Braemar Courtyard homes are, they are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

There was only one Braemar Courtyard home that sold between the beginning of September and end of October. The details of that sale are listed below:

Immediately I see that this home sold barely above its list price. Unusual compared to last report when all four Courtyard home sales were significantly above list price. What is great to see is no seller subsidy (closing cost assistance) and single days on market for marketing time. When this sale is combined with the entire past twelve months of Braemar Courtyard home sales, the six and twelve month data points followed in this report are updated as seen below:

Starting with the sold price column we see increases in both six month values compared to their respective twelve month values. Braemar Courtyard homes have gained in value yet again. Looking back to last report, the six month average and median growth rate was the same at 2.4% each. This report, those six month growth rates have come down a bit. The six month average growth rate is now 1.7% and the six month median growth rate is 1.6%. Only time will tell if the growth rate continues to come down or go up.

The seller subsidy column shows nothing but zeros all the way down. In one year’s worth of Braemar Courtyard home sales, not one seller has had to give any closing cost assistance. In other reports for this same reporting period, I am starting to see seller subsidy requests coming back. Not in the Courtyard homes. We will see next report if it continues that way.

Days on market is as steady and fast as can be. The six and twelve month averages are the same at seven days. The six month median of six days is one day longer than the twelve month median. Braemar Courtyard homes are going underr contract fast.

If you placed your Braemar Courtyard 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 closing cost help while buyer demand is outpacing supply.

The next Braemar Property Value Report will be out in January. In the meantime, if the need arises to sell your Courtyard home, don’t panic. The year end sales market in Braemar is a powerful one. The emotions surrounding “home for the holidays” and lack of inventory make for some very motivated and serious buyers. Just remember that no matter the market, even a seller’s market, you can leave money on the table through lack of preparation and poor marketing. It is my pleasure to help my Braemar sellers max out their profit by putting my skill set to work for them. It’s all about creating buyer enthusiasm. My unparalleled neighborhood knowledge and professional marketing are always a recipe for success when selling in Braemar. 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