Braemar Property Value Report: November-December 2022 (Ryan Homes)

Braemar Property Value Report: November-December 2022 (Ryan Homes)

January is passing by fast and I’m down to my last two Braemar market reports. Today the focus is on houses built by Ryan Homes in our neighborhood. In this edition of the Braemar Property Value Report for Ryan Homes we will see how values, and other telling stats, ended the year.

During the months of November and December there were two Ryan homes that sold. Their sold prices were nearly one hundred thousand dollars apart. Ryan Homes built a large variety of homes from mid-size single family to much larger homes. The details of those sales are right below this paragraph.

The first thing to note is that neither sold for their list price. List price in these reports is the original list price. The Bainbridge model on Moss Tower had one price reduction, took twenty-five days to go under contract and gave a $20,250 closing cost credit to the buyer. The Avalon model on Ballagan never reduced its price, was under contract in six days and gave nothing in seller subsidy. Setting the right list price is much more important now that the buyer frenzy is gone.

Taking these sales and combining them with all the Ryan home sales back to January 2022, the six and twelve month markers tracked in this report are updated.

In the sold price column we see that both six month values are above their corresponding twelve month values. This would be indicative of values still pushing up in what is still a seller’s market. Just because buyers aren’t acting in a frenzy with mutiple offers within days, there is not enough inventory to meet demand. The rise of mortgage interest rates just made buyers act more deliberately.

Seller subsidy (closing cost help to buyers) has definitely increased over the last six months. Both six month values are higher than their respective twelve month values. Some sellers are even offering seller subsidy while sitting on a list price the market is rejecting. My advice to my sellers on offering any concession in the MLS is clear–don’t do it! Your buyer may not need it, but once it is offered, they are taking it anyway. Believe me, if a buyer needs closing cost help, they will ask you.

Days on market is showing increases in the last six months, which is not a surprise with buyer behavior having changed. Sellers can still set themselves up for a faster, more profitable sale by making sure they are priced right, their home is properly prepared for the market and that their listing agent is committed to professional marketing. Getting buyers enthusiastic about your home is where you hit the top of the market.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in about two weeks. Seller subsidy requests are more likely these days, but remember, lifting buyer enthusiasm and making buyers fear they will miss out on a great find is where your negotiating power lies.

The next Braemar Property Value Report will be out in March. Between now and then, if you have been thinking of selling your home, let’s talk. I have been helping Braemar sellers reach the top of the market, no matter market conditions, for eighteen years. Put my considerable experience and well honed skills to work for 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: November-December 2022 (NV Homes)

Braemar Property Value Report: November-December 2022 (NV Homes)

Happy Monday! This is my favorite day of the week. It helps that I absolutely love my job as real estate agent. I do remember dreading Mondays in virtually every job I held before finding my calling.

In today’s Braemar Property Value Report the focus is on houses built by NV Homes in our neighborhood and the sales activity from the last two months of 2022. During November and December, there was only one NV Home that sold. Details are listed below.

It hadn’t been an issue in deciding which list price to choose in 2019 to late last year because homes sold so quickly that sellers were not faced with lowering their prices. That’s not to say that sellers were able to get any price they slapped on a property. Some still had to come down in price, but none that I took note of in my BPVRs. Recently, as mortgage interest rates have gone up, and seller expectations are having a hard time catching up, I find myself in a position to make a determination when choosing list price. I decided it would be best to go with original list price.

In the sale above, it really does show how over pricing from the beginning can hurt a seller. Sellers may hear that they will be lucky to get a full list price offer then decide that they will go with a higher list price. Some think they need negotiation room. Believe me, there is no need for negotiation room in a market where buyer demand is still outpacing supply. This seller chose to list at $825,900. After twenty-seven days on the market and two significant price reductions, this home made a deal for $752,900 and the seller ended up giving seller subsidy (closing cost help.) Racking up days on the market is not a good thing. It makes buyers wonder what is wrong with a home if a property sits longer than two weeks.

Taking this sale and all the NV Home sales in Braemar that happened in 2022, the six and twelve month data points are updated as seen below.

The six month average sold price is slightly higher than the twelve month average sold price. This would be great if echoed by the six month median being higher than the twelve month median. Unfortunately, the six month median sold price has fallen significantly below the twelve month median sold price. It is far too soon to say that prices are softening. More information is needed. The market has definitely shifted away from buyer frenzy to more deliberate buyer actions.

Seller subsidy is higher in both six month values compared to their respective twelve month values. This is not surprising given the mortgage interest rate increases. Closing cost help is not an uncommon request from buyers struggling with affordability from both high prices and rising interest rates. However, a well prepared and professionally marketed home that is priced right will always set a seller up for the best negotiating position, possibly even avoiding seller subsidy.

Days on market have crept up significantly in the six month values compared to their corresponding twelve month values. With buyer behavior having changed, and some sellers still employing tactics of overpricing, the result is sitting on the market longer. Again, sellers hiring an agent who has experience beyond 2020 and 2021 and that buyer frenzy will stand a much better chance at not making mistakes that would have them linger on the market and sell for less than list price.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it to be under contract in two weeks to one month. (More likely two weeks if you hire an experienced, local agent.) You can expect seller subsidy requests. You are also unlikely to be working with more than one offer at at time. The key to getting buyers off the fence is creating buyer enthusiasm.

The next Braemar Property Value Report will be out in March. Until then, if you want to investigate what a sale in 2023 could mean to you, please reach out and let’s talk. With over eighteen years experience getting Braeamar sellers top of the market (no matter the market) I would love to do the same for 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: November-December 2022 (Heritage Series)

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

Before the weekend, booked with showings for my buyer-clients, I am getting out this most recent Braemar Property Value Report focused on Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood.  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 (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

This report looks back to November and December 2022. During that time there were three Heritage homes that sold. Details are listed below.

First thing that pops out to me is that every one of these listings sold below their original list price. It seems as though sellers have been overly optimistic recently and feel they need room to negotiate. Unfortunately, if a listing is overpriced when it hits the market, you can bet on the fact that as the days on market kees going up, buyers are wondering what is wrong with the home. Pricing right from the beginning is the best strategy. Accumulating too many days on the market doesn’t equate to making more money in the long run, but less.

When combining these three sales and combine them with all the Heritage home sales in Braemar for 2022, the six and twelve month data points tracked herein are updated and reveal a shift in the market.

In the sold price column we find that both the six month sold prices have fallen below their respective twelve month sold prices. This is the first time we have seen this in a long time. Could be the beginning of softening values, but we need to see more sales in the next reports. Believe it or not, despite how it may feel, we are still in a seller’s market based on the fact that there are more buyers in our market looking than homes available to buy.

Seller subsidy (closing cost help to buyers) requests are more likely now due to the increase of mortgage interest rates we saw in the last six months of the year. Two out three of the most recent sales gave seller subsidy. Perhaps the best news is that with both median seller subsidy values at zero, more than half of sellers in both time frames did not give any seller subsidy.

Days on market are creeping up in both six month values compared to their corresponding twelve month values. Buyers are no longer acting in a frenzy, but are more deliberate when house hunting now.

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. As for whether or not you would have to give seller subsidy, a lot of that depends on the negotiating position you put yourself in. Setting a list price that isn’t over reaching, making sure your home is properly prepared for the market and having a local, full-time agent like myself that is committed to professional marketing is what gets buyers enthusiastic about your listing. And when buyers are afraid they are going to miss out on a home, you can get them to act quicker and ask for less in their offers for fear of losing a great property.

The next Braemar Property Value Report will be out in March. Between now and then, if you want to know what a 2023 sale would mean for you, I would love the chance to consult with you. With over eighteen years experience in this business, it is my pleasure to put my skills to work for my fellow Braemarians and get them the max the market will allow. 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 2022 (Courtyard Series)

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

It is my pleasure to bring you the latest Braemar Property Value Report, focused on sales of Courtyard homes in our neighborhood. Braemar Courtyard homes are located on Orland Stone, Pentland Hills and Playfair.  Five detached 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 bedroom sizes.

Like many times in the past, the reporting period of November and December shows no Braemar Courtyard homes sold. There was simply not a lot of inventory available at the end of year, despite buyers still out searching. Nonetheless, when taking the entire year’s worth of sales and breaking out the six and twelve month data points, our updated values are seen below.

For the first time in a long time, both six month sold prices are below their corresponding twelve month sold prices. Only two sales made up the six month values, compared to nine making up the entire year’s worth of Braemar Courtyard home sales. While this could be the softening of Braemar Courtyard home prices, we will need to see more sales before that determination can be made. Buyer behavior certainly has changed. They are no longer acting in a frenzy, fearful of losing homes. However, there still is not enough on the market to meet demand. In other words, we are still in a seller’s market.

Seller subsidy (closing cost help to buyers) certainly made a come back in the last six months of the year. This is expected since mortgage interest rates rose so steeply and suddenly on buyers. Again, it doesn’t seem to hampering their demand for homes. Interest rates would have to go up a lot more than they have to make a measurable downward impact on our market.

Days on market is also something we saw lengthen in the last six months of the year. It goes back to the change in buyer behavior. They are acting more deliberately now that rates are higher. Marketing time growing from one week to two weeks is not the end of the world.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in about two weeks, maybe less. You could also put yourself in the best negotiating position by making sure your listing creates buyer enthusiasm. When buyers are afraid of missing out on your home, that is where the money is made and closing cost help may not even be requested from buyers. Buyer enthusiasm is created by setting a reasonable price, doing proper preparation to your home and the professional marketing that an experienced, local agent like me brings to the table.

The next Braemar Property Value Report will be in March. Until then, if you want to find out how much preparation you face when it is time to sell, don’t hesitate to reach out. It’s never too early to get an idea of the projects that may need attention. And as a full-time broker with over eighteen years experience, one of my greatest thrills is getting the max the market has to offer for my sellers. 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 2022 (Carriage Series)

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

Being well into 2023, it is time to take a look back at the end of 2022 and the Braemar real estate market as it pertains 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.

This edition of the Braemar Property Value Report looks back at the Carriage home sales from November and December. During that time period, for only the third time since I have started this report in 2005, there were no Braemar Carriage homes that sold. That is not because they were languishing on the market and not being chosen. There were none listed.

Despite not having sales to report, dropping the November and December Carriage homes sales from 2021, our year’s worth of Braemar Carriage home sales now breaks down to these updated six and twelve months values.

Starting in the sold price column, it is unusual to see both six month sold prices below their corresponding twelve month sold prices. This could be an indication that Carriage home values are softening, but more sales data is needed before that can be determined. From my experience in the market, I think this is an anomaly. Our Braemar market is still experiencing high demand and very little inventory.

Seller subsidy (closing cost help to buyers) is present only in the six and twelve month average values, not in either of the median values. This means that more than half of Braemar Carriage home sellers in both time frames gave nothing in closing cost help. Certainly, creating buyer enthusiasm and getting them to act decisively and quickly on your home for fear of missing out, is what gets some sellers great results and lack of that enthusiasm has others lingering on the market.

Days on market lengthened in both six month values compared to their respective twelve month values. Overall, this is not concerning. With the limited inventory and high demand, Braemar homes are still selling relatively quickly.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also put yourself in the best negotiating position possible by having enlisted the help of a seasoned, local agent like myself to guide you in listing preparation and pricing, and provide you with professional marketing to get buyers excited about your home.

The next Braemar Property Value Report will be out in March. Until then, if you would like to talk about a possible 2023 sale, it would be my pleasure to meet with you. Helping Braemar sellers get the top of the market is something 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 2022 (Arista Series)

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!

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 2022 (Ryan Homes)

Braemar Property Value Report: September-October 2022 (Ryan Homes)

On this Thanksgiving Eve I am pleased to bring you the last of the Braemar Property Value Reports focusing on single family home sales in our neighborhood. This report looks at the sales of houses built by Ryan Homes in our neighborhood. Let’s get right to it.

There were two Ryan homes that sold in Braemar during the months of September and October. The details of those sales are listed below.

You may be wondering, why is one sale in pink type? That is because it was my listing. On the surface you may also wonder, how does a home with a walk out basement sell for less than a home with no exit from the basement. If you take a look at 9528 Ballagan, you will notice that there was a lack of kitchen and bathroom updates. The hardwood floors were not in the greatest condition, but time was tight getting the home on the market as the sellers had already gone under contract on the home of their choice. Instead of cosmetic updates, the sellers did some deferred maintenance issues, including rebuilding a deck. By the time they hit the market, they had just three days to get their home under contract to remove their home sale contingency in their purchase contract. It got done and without having to complete any inspection repairs on their list side or give any seller subsidy, which the other sale gave. It was a success for the sellers. There are always buyers that will be able to see beyond basic, or outdated, finishes at the right price.

Taking these two sales and combining them with the Ryan home sales in Braemar going back to November 2021, the year’s worth of sales data marches forward two months and the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, both the six month values are still above their corresponding twelve month values. However, compared to last report, the gap between the six month and twelve month sold prices is narrowing. This is something seen in the majority of single family home reports I have compiled for Braemar this reporting period. Buyer behavior has changed with rising mortgage interest rates. They are not acting in a frenzy. Multiple offers is no longer something you can expect. One buyer at a time is what most sellers are encountering. As a result, the growth in value by leaps and bounds has become much more steady, but hopefully, more sustainable.

Seller subsidy (closing cost help to buyers) has increased in the six month average compared to last report, but decreased in the twelve month average when looking at last report. More importantly, with both the six and twelve month median values at zero means more than half of sellers in both time frames gave none. This is good news, as many agents and lenders are advising sellers to advertise seller subsidy to help with buying down the rate for a buyer’s mortgage. My professional opinion, as my sellers know well, is not to offer anything in seller subsidy. If a buyer needs it, they will ask. If they don’t need it, you will never know as you are giving it regardless if you offered.

Days on market, not surprisingly with buyer behavior changing, is creeping up compared to last report. While there are still not enough homes to meet buyer demand, we are still in a seller’s market. However, there are plenty of agents out there thinking we have entered a buyer’s market. That understanding on an agent’s behalf would result in lower offers on behalf of their buyers, or poor advice to their sellers, like lowering list price if their home hadn’t sold in five days.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in two weeks or so. Seller subsidy requests are certainly becoming more common, but every choice made about preparing your home for market, how to price and whether or not you hire a listing agent that believes in professional marketing, it is going to affect buyer enthusiasm. The more excited buyers are about your home in any market, the more likely you are to sell faster than your competitors and get terms that favor you.

The next Braemar Property Value Report will be out in January. I do hope you enjoy Thanksgiving and the rest of our year end holidays, spending time with friends and family. And if a move looks like it is on your horizon, know that my business runs year round. Get in touch and set up your complementary consultation whenever the the need arises. In fact, the more time you have to plan listing projects the better. In other words, you can not contact me too early. 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 2022 (NV Homes)

Braemar Property Value Report: September-October 2022 (NV Homes)

In this short week before the Thanksgiving holiday arrives, I am proud to bring you another Braemar Property Value Report. Being at the top ecelon of Braemar real estate agents gives me tremendous satisfaction. There are a any number of cut and paste market reports that pertain to Bristow. However, no strictly computer generated report will never be able to put a market report together for Braemar due to how convoluted the developer made this community when it came to recording our various legal subdivisions. Here are a few of our legal subdivisions that you may not even realize make up Braemar: Rivenburg, Albrite Property, Ducharme and Saybrooke (not to be confused with the neighborhood of Saybrooke that is legally registered as Villlages at Saybrooke and The Villages at Bristol.) Those are the “legally registered” subdivisions that make up our neighborhood, in addition to those properly registered as Braeamar. Taking the time to put this reports together myself gives you the most accurate information about what’s happening in our neighborhood and keeps me on top of our market trends.

Today’s report focuses on the houses built by NV Homes in our neighborhood. Brookfield Homes was the developer of Braemar and built the majority of homes here. However, when it comes to single family homes, they did sell some lots to NVR, which includes NV Homes and Ryan Homes. These two companies within the umbrella of NVR brought two very different feeling home styles and trim levels to Braemar. That is why I still report these two builders in separate reports.

During the months of September and October, there was only one NV home that sold. Details of that sale are listed below.

Taking a quick look at this sale, we see that it sold for less than its original list price, gave seller subsidy (closing cost help to the buyer) and took just under one month to go under contract. The market has been experiencing a shift due to rising mortgage interest rates. Buyers are no longer acting in a frenzy, though demand still is outpacing supply, which technically makes it a seller’s market. However, the shift in buyer behavior is noticeable and feels as though we are moving out of a seller’s market. We are not. Conditions are stabilizing.

When this sale from September and October is combined with all the NV home sales dating back to November 2021, the updated six and twelve month value points tracked in this report are updated as seen below.

Looking first at the sold price column, it is good to see the six month average sold price above the twelve month average sold price. This report, compared to last report, there was even a larger gap between the two, in favor of the six month average. This is an indicator that values are still trending up. However, our six and twelve month median sold prices reporting the same $790,000, is actually a lower six month median value than we saw last report. And if you look to last report, you will notice the sales that closed in August started the trend of sellers closing below original list price. Is that something to be concerned about? Not necessarily. Some sellers are still pricing optimistically.

Seller subsidy is definitely moving in a buyer favored direction and it is no surprise. Both the six and twelve month average values are higher than they were last report, with the six month average above the twelve. This means more closing cost help has been given in the last six months. However, the six and twelve month median seller subsidy values are still at zero. This means that more than half of sellers in both time frames didn’t have to give any. With the more than doubling of mortgage interest rates this year, buyers had their affordability squeezed at two ends. Many buyers requested seller subsidy to help with interest rate buy down. Still if a home has created enough buyer enthusiasm, there is a shot that buyers would dive in and offer without requesting any closing cost help, for fear another buyer would swoop in with better terms. Again, our market still doesn’t have enough homes to meet demand.

Days on market shows an increase in both average values since last report, with the six month average being nearly two weeks. The six and twelve month median marketing times are still just over a week at eight days. This means more than half of sellers in both time frames sold in eight days or less. As I am watching more and more houses taking two weeks or more to sell, I suspect days on market will continue to increase in these six and twelve month measurements next report.

If you placed your NV home on the market, priced to current conditions in Braemar, you could reasonably expect to be under contract in two to three weeks. Sellers are no longer seeing multiple offers, but dealing with one buyer at a time. Seeing seller subsidy requests should no longer be a shock, but is avoidable if buyers are excited about your home. That starts with having a well prepared property that is properly priced and professionally marketed. These are the keys that get my Braemar sellers top of whatever market conditions in which they are listing.

The next Braemar Property Value Report will be out in January. Between now and then, enjoy your holiday season. In the meantime, whenever a home sale want or need arises for you, my business is open year round. Get in touch and let’s set up a time to talk so we can find the right strategy to suit your time frame and needs. 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 2022 (Heritage Series)

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

It certainly did get bone chillingly cold in short order. And if you listen to talking heads about what rising mortgage interest rates are doing to the real estate market, you may see a metaphor coming. Not from me. Buyer activity has changed, but we are still in a seller’s market. In this edition of the Braemar Property Value Report, focused on Heritage homes in our neighborhood, the news will be one-hundred percent local, analyzed by me, who actually works full-time in the field.

Before we begin, let me clarify what qualifies a house in Braemar as a Heritage home. They are the mid-sized single family homes, built by Brookfield Homes in our neighborhood.  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 (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

During the current reporting period of September and October, there were two Heritage homes that sold in Braemar. Both were Yardleys with partially finished basements. Details of those sales are below.

The sale highlighted in pink text was my listing. I was surprised to see another Yardley sell for more just days later, but once I saw the difference in the home, I understood. In fact, the difference between these two sales is a great lesson in “market extraction,” the method appraisers use to determine what an upgrade or feature in a home is worth. First, they must find homes similar. One without the feature(s) and one with the feature(s.) The difference is the “market extraction” for the feature or upgrade. In this case, if an appraiser wanted to know what hardwood floors on the entire main level and a walk-up exit from the basement were worth, that would be $22,000. While my listing did go under contract quickly for what was happening at the time, and get a great price, it did not have an exit from the basement and there were three types of flooring on the main level: hardwood in the foyer and dining room, carpet in the living room and family room and a one sheet vinyl installation in the kitchen and breakfast nook. We did talk about lifting the value with updating the flooring to LVP throughout, but what they would have spent would not have made up for it. They still didn’t have an exit from the basement. They got what they had in great shape and did very well on the market.

Taking these sales and combining them with the Heritage home sales dating back to November 2021, the six and twelve month data points are updated and still show a seller favored market.

Starting with an examination of the sold price column, both six month values are higher than their respective twelve month values. However the gap between them, compared to last report, is narrowing. The steep increase in mortgage interest rates has affect buyer behavior, but demand is still outpacing supply. Buyers are simply no longer prone to a feeding frenzy that has them bidding above list and waiving contingencies. Our values are still trending up, just not steeply.

Seller subsidy (closing cost assitance from seller to buyer) is surprisingly absent from the six month median values, unlike a lot of reports I have prepared for the same time period. It is not surprising to see small values in the six and twelve month average values. Mortgage interest rate buy downs are being requested by buyers, and in some cases, offered by sellers in lieu of lowering list prices.

Days on market shows a two day uptick in the six month average marketing time compared to the twelve month average marketing time. Meanwhile, the six and twelve month median marketing times are the same at six days. Despite the change in buyer behavior, homes are not taking very long to go under contract.

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. You could also expect buyers to not be shy about asking for seller subsidy. You don’t need to offer it. If your home is well prepared, properly priced and professionally marketed, it should create enough buyer enthusiasm that a buyer may act without asking for closing cost assistance. Getting buyers excited about a listing in any market is the key to getting the best terms in the shortest amount of time.

The next Braemar Property Value Report will be out in January and will let us know how we ended the year. In the meantime, I hope you enjoy this upcoming holiday season. If a move pops up on your horizon, know that my business is open year round, connecting buyers and sellers no matter the season. Get in touch and let me know when you are planning to list so we can get a head start on creating that buyer enthusisam. 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 2022 (Courtyard Series)

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

Thanks for joining me for another Braemar Property Value Report. Before we begin, let’s talk seasonal business. Have you taken time to winterize your hose bibs yet? Temperatures are dropping and you don’t want to find out in the spring that you have a plumbing leak that could have been prevented. If you haven’t yet completed that task, there is no time like the present, while your local neighborhood expert is nagging you. Now let’s get to the real area of my expertise, the Braemar real estate market.

Today’s report focuses on the sales of Courtyard homes in our neighborhood. If you are not familiar with what constitutes a Braemar Courtyard home, they are located on Orland Stone, Pentland Hills and Playfair.  Five detached 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 bedroom sizes.

During the current reporting period of September and October, there was only one Courtyard home that sold in Braemar. Details of that sale are listed below.

Right off the bat I am delighted to see that this Braemar Courtyard home sold at its list price. I am disappointed for Braemar Courtyard home owners to report that the sellers of this home gave 2.5% in seller subsidy (closing cost help to the buyer.) As mortgage interest rates have increased and home values are still trending upward as well, just not as steeply, buyers are feeling the pinch. This money likely went to a mortgage interest rate buy down to make the mortgage less expensive for the buyer. Some sellers are actually advertising incentives for mortgage rate buy downs rather than lowering their price. It is not a strategy I encourage as market value is still market value, no matter the incentive offered. If a buyer needs closing help, they will ask you for it. Price right from the beginning.

When combined with all the Courtyard home sales in Braemar dating back to November 2021, 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 to see that both six month values are still higher than their respective twelve month values. Home prices are not increasing by leaps and bounds, but with market conditions surrounding inventory and demand favoring sellers, values are still trending up. What I am noticing is that the gap between the six month value compared to its corresponding twelve month value is narrower than it was last report. It’s still a wider gap than I have seen in some reports I have prepared this reporting period.

Seller subsidy is definitely different than we saw last report. The average values in the last report were below one thousand dollars and the median values were both at zero. Now we have substantial figures to report in the average values and even the six month median value is registering seller subsidy. It won’t be too many more reports before the twelve month median value is reporting seller subsidy given in more than half the sales as well.

Days on market still shows the six month average being faster than the twelve month average, but not by as many days as we saw last report. More interesting to this Braemar Real Estate Agent is that the six month median is noted at thirteen days. That means more than half the sellers in six months took thirteen days or longer to sell. The increase of mortgage interest rates have changed buyer behavior. They are acting more methodically and deliberately. The days of frenzied buying in 2022 are over. Maybe it will return in the New Year if rates drop as many in the industry are expecting.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You should prepare yourself to not see multiple offers and expect that odds favor your buyer asking for seller subsidy. You can put yourself in the best position to avoid this, make the most money and not linger on the market by making sure your property creates buyer enthusiasm. It starts by getting proper preparation and pricing advice and hiring an agent, like me, that will professionally market your home. It’s hard to get excited by photos taken by a cell phone and not edited for perfection in post production, when that is exactly what your listing is competing with. When a buyer is excited about a home and doesn’t want to lose it, they figure out ways to make their offer more attractive to you.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best this holiday season. Know that if a move pops up on your horizon, my business operates every month of the year. No matter the season, it is my pleasure to help my Braemar sellers reach the top of the market. 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