Braemar Property Value Report: March-April 2023 (NV Homes)

Posted on May 21, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (NV Homes)

As this beautiful May Sunday winds down, it is my pleasure to bring you the latest Braemar Property Value Report for the houses built by NV Homes in our neighborhood. This particular report looks back to the sales activity of March and April 2023 and the updated six and twelve month data points from NV home sales from May 2022 to April 2023.

Unfortunately, there were no NV home sales that happened in Braemar in March or April. This is not because homes were listed and not being chosen. On the contrary, virtually every house listed in our neighborhood has been gobbled up by the frantic buyers in our market in a matter of days. Buyer demand continues to be extremely high and buyers have returned to quick, decisive action. Inventory, on the other hand, has been harder to come by. Nonetheless, without recent sales, the six and twelve month data points tracks in this report are updated when March and April 2022 fall of off the cue of the past twelve months of sales.

It is not a great sign to see both six month sold prices (which happen to be identical to each other since only two sales happening in that six month time frame) below their respective twelve month sold prices. The last time both six month sold prices were above, or at least equal to their corresponding twelve month sold prices was the November-December 2022 report. The good news here is that since last report the difference between the six month median sold price and twelve month median sold price has closed nearly seven-thousand dollars. The difference in six month average sold price compared to the twelve month average sold price is about the same since last report. If there are NV homes that come on the market during this heightened buyer demand in the next month and a half, it is likely the sold prices in the six month values in future reports will continue to dig out of the deficit they have had against the the twelve month values lately.

Seller subsidy, also known as closing cost help to buyers, has gone down in both six month values this report compared to last report. Only one of the two sales making up the six month numbers in the sample above gave seller subsidy. Unfortunately, the twelve month average seller subsidy is higher than it was last report. Seller subsidy requests from buyers can certainly be avoided if more than one is competing to win your home. It is getting buyers to compete, or act quickly and decisively for fear of missing out, that professional marketing agents like myself can help you achieve.

Days on market have improved in nearly all the data points above this report compared to last report, the one exception being the six month median marketing time. As with all the values in this report, these six month values are coming from times when buyer behavior had changed to a more deliberate course, than the frenzy we are once again seeing.

If you placed your Braemar NV home on the market, priced to current conditions, you could reasonably expect to be under contract in a week, maybe a tad longer. And you could avoid seller subsidy requests by getting buyers excited about your home. That means being well prepared inside and out, pricing right and being professionally marketed to amp up buyer enthusiasm.

The next Braemar Property Value Report will be in July. Until then, I do hope you get to enjoy some fun in the sun. However, if you start to wonder what your home may be worth as a future sale looms, it is my pleasure to have that conversation with you. There is no obligation for me to review your property value in the current market. It is my pleasure to keep you informed and show you how my Braemar sellers hit the top of the market when they sell. 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 2023 (Heritage Series)

Posted on May 19, 2023 by cacleland

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

As we pass into the latter half of May, the time has come to look back to the months of March and April in another Braemar Property Value Report. This particular report focuses on sales of homes in the Heritage Series in our neighborhood. Heritage Series homes are the mid-sized detached homes built by Brookfield Homes. Their floor plans include the Exeter, Yardley, Waverly and Zachery. And since the community of Braemar started in Braemar North Gate with Coscan, before being acquired by Brookfield Homes, the floor plans that make up Braemar North Gate are also included in this report.

There was only one Braemar Heritage home that sold in all of Braemar during the months of March and April. That is one more home sale that some other home types saw in those two months. Our neighborhood, and overall market, has been experiencing a major inventory shortage. Details of that one sale are listed below.

A quick glance shows three components of a healthy seller’s market. This home sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in three months. Of course, when this sale is combined with the seventeen sales dating back to May 2022 of Heritage homes in Braemar, the six and twelve month data points tracked in this report show the effect that changing buyer behavior had on the last six months of homes sales.

Starting with the sold price column, for the third report in a row, we see that both six month sold prices are below their corresponding twelve month sold prices. The last time we saw six month values higher than twelve month values was in the September-October 2022 report. However, with the buyer behavior back to decisive and quick action, it is likely we will see this gap between the six month sold prices close in both the average and median data sets in future reports.

Seller subsidy has been climbing in these values for months…all but the twelve month median value that is, which has remained at zero. In this report, both six month values are lower than they were last report. Again, if buyer behavior keeps up and doesn’t lag going into the summer, this is another area where we likely to see even more improvement in the next report.

Days on market shows a trend that I was not expecting. Both six month marketing times are still longer than their respective twelve month marketing times. In particular, the six month median time seems to have jumped the highest since last report. The most recent sale doesn’t reflect that, and the market suggests we are past longer marketing times for now.

If you placed your Braemar Heritage home on the market, priced to current demand, you could expect it to be under contract in about a week. You could also minimize any seller subsidy requests and improve the odds of extremely seller favored terms in your offer(s) by creating buyer enthusiasm with your listing. Pricing right, being properly prepared and having your listing professionally marketed are the essentials to getting buyers to act quckly and decisively for fear of missing out on your home. Those are the homes where buyers compete and sellers get the best terms. Relying soley on market conditions for the best outcome is never a guarantee.

The next Braemar Property Value Report will be out in July. Until then, if you have been wondering what your home may be worth in our current market, please don’t hesitate to reach out. Helping my Braemar seller clients reach the top of the market is something that makes me very proud. It starts with a simple conversation. Since 2005, No One Knows Braemar Better!

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

Posted on May 16, 2023 by cacleland

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

The month of May is flying by. When spring hits, the time seems to go right
through the hands of this full-time Braemar Real Estate Agent. There are so
many scheduling demands come springtime…showing property, writing offers,
getting homes ready for market and, of course, finding time to prepare these
Braemar Property Value Reports and bring them to you. While I sell in many
Northern Virginia and exurb locations, Braemar will always be my first love.
After all, I chose it to call home too.

In this edition of the Braemar Property Value Report, the focus is on
Courtyard homes in our neighborhood. Courtyard homes are the homes located
off of Orland Stone, Pentland Hills and Playfair where five homes are situated
around a common courtyard entrance. They have very small lots which are great for
folks who want single family living without a lot of lawn care. The bedrooms
are also huge.Floor plans include the Arlington, Ballston and Clarendon.
Interesting that they are named for more urban areas close to DC, because I
offer refer to these homes as city homes in the suburbs.

Unfortuantely, as happens sometimes, there were no sales of Courtyard homes
in Braemar to report during March and April. A severe lack of inventory in our
neighborhood has seen more than just the Courtyard homes with no sales to
report this time around. That doesn’t mean we can’t take an updated look at the
six and twelve month data points tracked in this report. The numbers below are
taken from the Braemar Courtyard home sales that happened since May 2022 and
not going past April 2023.

courtyard-2023-03-04

The sold price column shows both six month values below their corresponding twelve month values. The difference between the six and twelve month values in each subset has grown since last report. Not anything terribly troubling since only one sale out of the six that happened since May 2022 happened during the last six months. Buyer demand right now is as strong as it has been going back to 2020 and 2021. The buyer hesitation on most homes is gone. Buyers are acting quickly and decisively, often resulting in multiple offer situations.

Seller subsidy (closing cost help to buyer) has gone up a lot in both six month values compared to their respective twelve month values. This is a little more troubling because when I look through the sales from most recent backward, seller subsidy had been increasing. Still, given the current state of the overall market, any seller could avoid seller subsidy requests by making sure their home was move-in ready, priced right and marketed professionally. That’s when the buyers compete over a home.

Days on market is the only positive change in the six month values compared to the twelve month values. The home that sold in the last six months took less than a week to go under contract.

Do not be dismayed by the lack of good news this report. A Braemar Courtyard home just sold in May 1st for $625,000 and it only took four days to go under contract. That sale, and any others that close before June 30th, will be featured in the next report.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a one or less. And as mentioned above, your best shot at avoiding seller subsidy would be making sure buyer enthusiasm for your home is maxxed out. Relying on market conditions alone is not a guarantee of exceedingly seller favored offers.

The next Braemar Property Value Report will be out in July. Between now and then if you want to know what your home is worth in the current market, let’s talk. Reach out for a no obligation consultation. You will quickly learn that getting my Braemar seller clients the max the market will allow is my pride and joy. 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 2023 (Carriage Series)

Posted on May 13, 2023 by cacleland

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

Despite the dreary weather this Saturday, the local real estate market is hopping. Showing houses during the misty precipitation today was a downer for a buyer-client who loves to see how much light a home gets. The second buyer-client of the day seemed unphased by the weather and had nothing but good things to say about the home she saw, even though it was decorated in a manner that didn’t suit her tastes. Beauty is in the eye of the beholder and a lot of things can influence that first impression, like a dreary day. Leaving lights on if you had showings on your listing on a dreary day is the best thing you can do.

That’s probbably more information than you expected in the open of this Braemar Property Value Report, focused on Carriage homes in our neighborhood. This edition looks back to the Carriage home sales from March and April. Carriage homes, I should clarify, are small to mid-sized detached homes 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 March and April there were two Carriage homes that sold in Braemar. The details of those sales are listed below:

In the most recent sales, one was the largest Carriage home floor plan available with a two car garage. The other was second to the smallest Carriage home floor plan with no garage. Each had a fully finished basement, but the larger was the only one with a basement exit. Neither gave seller subsidy (closing cost help to buyer) and they were both under contract in less than one week. Of course, they each sold well above their list prices.

When combined with all the Braemar Carriage home sales dating back to May 2022, the six and twelve month data points tracked in this report are updated as seen below:

Starting with the sold price column, this is the third straight report where both six month sold values are lower than their corresponding twelve month values. In a vacuum, that is not great news. However, the differential in both the average and median data sets is getting smaller compared to the Janaury/February 2023 report and the November/December 2022 report. Values are indeed headed back up and it is no surprise based on the severe inventory shortage our market is experiencing.

The seller subsidy column is showing improvement compared to what we saw last report. And with the two most recent sales detailed in this report, not one gave any seller subsidy. Given the high buyer demand and scarce inventory, the conditions are ideal to avoid seller subsidy requests all together. However, as mortgage interest rates drift up, it is not a given as buyers may legitimately need the assistance to buy. How your home is prepared for market, how it is priced and how it is marketed all matter in what your ultimate outcome will be when selling.

Days on the market have come back down compared to last report. Braemar Carriage homes are a hot item when they hit the market. They always have been. What we are seeing reflected in the six and twelve month values above is the change in buyer behavior that had waned a bit at the end of last year and beginning of this 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 less. You could also set yourself for avoiding seller subsidy requests by making sure buyer enthusiasm is as high as it can get on your home. That’s what full-time, professional marketing agents like myself do. It certainly helps to know this community like the back of hand, calling it home myself.

The next Braemar Property Value Report will be out in July. I suspect we will see even more favorable numbers next report. Until then, if you want to know what your Bramear home is worth right now, get in touch for a no obligation consultation. It is my pleasure to chat with you about our local market and how we can set you up to maximize your take when you sell. Since 2005, No One Knows Braemar Better!

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

Posted on May 10, 2023 by cacleland

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

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

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

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

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

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

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

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

The next Braemar Property Value Report will be out in July. Until then, if you are curious as to what your Braemar home is worth in the current market, please reach out for a complementary consultation. It is my pleasure to discuss our real estate market with you and help you find your place in it. One of the things that gives me the most pride is making sure my Braemar sellers hit the top of whatever market conditions in which they are selling. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2023 (Ryan Homes)

Posted on March 12, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Ryan Homes)

It is a quiet and dreary Sunday in Braemar, except for the excitement of a fleeting snowstorm. What a perfect way to experience snow. It fell rather heavily for about an hour, but never accumulated. Sitting in my home office sipping hot tea, it was a scene that soothed my soul. After a very busy Saturday showing property from Winchester to Stafford to different buyer-clients, bringing you another Braemar Property Value Report feels down right relaxing.

This particular report focuses on houses built by Ryan Homes in our neighborhood. This reporting period covers the first two months of the year in terms of resales and takes a look at updated six and twelve market markers to see where our market is trending. I’m here to tell you, the trends I have been seeing in most of the Braemar Property Value Reports I type are not ones that will be reflected in future reports, but we’ll get to that later.

During the months of January and February, there was only one Ryan home that sold in our neighborhood. Details of that sale are listed below.

It is rather discouraging, after the barnstorming buyer demand our market has experienced to see a single family home in Braemar sell for forty thousand below list and take thirty-seven days to go under contract. The positive in this sale, going by what we see in these stats, is that the seller gave no seller subsidy (closing cost help to buyer.) When you take a look at the listing photos, it is an appealing, albeit basic home lacking in professional grade marketing. Professional marketing is one of the key ingredients to lifting buyer enthusiasm. When buyers are excited about a home, they are more likely to act quickly and decisively. And sellers are certainly more likely to get a reasonable list price in an offer, if not more, when buyers are excited about the property.

Combining this sale with the Ryan home sales in Braemar dating back to March 2022, the six and tweleve month data points tracked in this report are updated as seen below.

The sold price column shows a trend I have seen in nearly all the Braemar Property Value Reports from this reporting period. Both six month sold prices have fallen below their twelve month sold prices. It is not by a lot and given the extreme amount of buyer demand we are experiencing since February, it is unlikely this trend will continue downward. Buyers have gotten used to the higher mortgage interest rates and are back in the market acting much more quickly and decisively. Multiple offers are being seen again, as well as the waiver of contingencies. Both of these things had fallen off in the vast majority of sales as of mid summer 2022.

Seller subsidy shows only values in the average data points. And it is no surprise to the see the six month value being higher than the twelve month value. What is nice to see is that both six and twelve month median seller subsidy numbers are zero. This means more than half of the Ryan home sellers in both time periods gave no closing cost help.

Days on market shows a slight increase in marketing time in both six month values compared to their corresponding twelve month values. Given the pause of the overwhelming buyer demand in the latter part of 2022 and even in January this year, this is not unexpected. I suspect six month marketing times will be coming down in future reports given current market conditions.

If you placed your Ryan home on the market, prriced to current conditions in Braemar, you could certainly expect to be under contract in a week. You should also not be alarmed at closing cost requests. However, as mentioned earlier in this report, the way to get the best outcome when you list for sale is to make sure you are properly priced, the home is well prepared and that it is professionally marketed. Market conditions alone are no guarantee of the best outcome.

The next Braemar Property Value Report will be out in May. If you would like to know what your specific home is worth at any time, don’t hesitate to reach out. It is my pleasure to walk through the ins and outs of our Braemar market and get you the most it will bear when you sell. Since 2005, No One Knows Braemar Better!

Braemar Property Value Reports: January-February 2023 (NV Homes)

Posted on March 10, 2023 by cacleland

Braemar Property Value Reports: January-February 2023 (NV Homes)

Before we slide into the weekend, I thought I would share another Braemar Property Value Report. This particular installment focuses on houses built by NV Homes in our neighborhood and where we stand with the the first two months of the year behind us.

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

Things that are great to see about this sale are that it sold just above its list price, gave no seller subsidy (closing cost help to buyer) and was under contract in only two days. While we may have ended 2022 with buyers in a less active state than we had seen in the previous years and even the beginning of last year, 2023 has definitely started with more buyer activity. It seems buyers have absorbed the higher mortgage interest rates as the new normal and going about business as usual.

When taking the sale from this reporting period and combining it with all the Braemar NV home sales dating back to March 2022, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, the first thing I notice is that both six month values are significantly below their corresponding twelve month values. Last report, the six month median had fallen below the twelve month median, but the six month average was still a tad above the twelve month average. If buyer behavior had not turned around this year and brought us back to quick, decisive action and well prepared homes getting multiple offers, I would be concerned that we were at the beginning of a down turn. I suspect we will see this gap between six and twelve month sold price groupings narrow come next report.

Seller subsidy is still up in both six month values compared to their respective twelve month values. This is not surprising since mortgage interest rates have made home affordability tougher on buyers. Seller subsidy requests are much more common now. However, the extreme buyer demand coupled with lack of inventory may turn this trend around this year as well.

Days on market in the six month values is higher than the corresponding twelve month values. Again, not a real big shock. Buyer behavior, as discussed earlier in this report, changed once we got into summer last year and continued to be more deliberate and slower for the rest of 2022. This may be a trend we see reverse this year as well based on current buyer behavior.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it would be under contract in about two weeks. You should also not be surprised by seller subsidy requests. Of course, putting yourself in the absolute best position in any market starts with getting buyers excited about your home. Pricing properly, doing listing preparation so your home shows well and is in move-in ready condition, and hiring an agent that will market your listing professionally are all within your control. Market conditions in a seller’s favor should not be relied upon as the sole factor to a great outcome.

The next Braemar Property Value Report will be out in May. Until then, or at any time, when you want to know your specific home is worth in the current market, reach out to me for a no obligation consultation. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!

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

Posted on March 8, 2023 by cacleland

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

The odd numbered months are always the busiest for this Braemar Real Estate Agent. Those are the months I compile the majority of my Braemar market reports. Today, the focus is on the 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.

During the reporting period of January and February 2023, there were no Heritage home sales to report. This is only the third time this has happened since I started authoring these reports in 2005. The first time was January and February 2008. The second time was November and December 2010. Every other reporting period has had at least one sale to report. There is usually always something going on in our market. Thankfully, we are not a spring-only market.

Despite the lack of recent sales, the opportunity to look at trends still exists as the months of January and February 2022 drop off the year’s worth of sales I track and updated average and median values are run.

Starting with the sold price column, both six month values are below their corresponding twelve month values. This was the case last report as well. If you click that link and look at the report for November and December, you will see the gap between the six and twelve month value sets was much larger. The good news this report, even with no sales to report, is that the gap is narrowing between the six and twelve month sold prices.

Seller subsidy (closing cost help to buyers) also shows both six month values higher than their respective twelve month values. These numbers are also larger than they were last report. Not surprising at all given that we are looking back in time. Two thirds of the way through 2022 is when mortgage interest rates more than doubled from where they had started that year. With values steady, this impacted affordability for buyers. Many had to ask for seller subsidy to assist with rate buy downs to keep shopping in the same price points. Believe it or not, mortgage interest rates have a much larger affect on affordability than prices. The good news is that interest rates did back down from their high of 2022 and buyers have settled into the new normal of rates in the sixes and sevens.

Days on market shows that it took longer to go under contract in both six month values compared to their twelve month counterparts. When mortgage interest rates rose, buyer behavior changed. Gone was the frenzy to get under contract and offer way above list. Buyers were in the mode to deliberate and go in with a well thought out offer. This appears to be changing.

January started off with a lot of buyer demand and extremely limited inventory. Sometime in mid-February, buyer behavior started to mimic what we saw in 2020 and 2021. Multiple offers in a matter of days, above asking price and with minimal or no contingencies. If you thought you missed the best market to sell, turns out, you have another chance.

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 should also not be surprised by seller subsidy requests, but they are avoidable. All the best offer terms come to sellers who have priced right, prepared their homes for market and hired an agent that professionally marketed the home. When buyers are excited about a property, no matter the price range, they compete. Market conditions alone (lots of buyers and not enough homes) are not something to be relied on solely for best results.

The next Braemar Property Value Report will be out in May. At any time, when you want to know what your Braemar home is worth in the current market, please don’t hesitate to get in touch and schedule a free consultation. Getting Braemar sellers the top of the market is my mission and it always starts with a friendly conversation. Since 2005, No One Knows Braemar Better!

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

Posted on March 6, 2023 by cacleland

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

On this gorgeous spring day, this dedicated Braemar Real Estate Agent is bringing you another Braemar Property Value Report. This report is for Courtyard home owners in our 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.

During the first two months of 2023, there was only one Braemar Courtyard home that sold. Details of that sale are listed below.

The unfortunate things about this sale are that is sold below its list price and that it involved a significant amount of seller subsidy (closing cost help to the buyer.) The good thing to see is that this home was under contract in only six days.

Combining this sale and the eight other Courtyard home sales in Braemar dating back to March 2022, the six and twelve month data points tracked in this report are updated as reflected below.

Starting with the sold price column, we see that both six month sold prices are below their respective twelve month sold prices. This is the second report in which we have seen this, as it was present last report as well.

Seller subsidy has shot up in both six month values compared to their corresponding twelve month values. Not at all surprising given that mortgage interest rates rising so steeply last summer did cause an immediate affordability problem for buyers.

Marketing time has lengthened only slightly when comparing the six month numbers to their twelve month counterparts. Again, not surprising to have added time in the last six months of marketing time given the change in buyer behavior brought on by those increased mortgage interest rates.

None of these things are alarming given the changing market landscape that mortgage interest rates caused. As mentioned above, when interest rates more than doubled last year, buyers were taking longer to consider their options because prices were not falling. Buyers began asking for seller subsidy and stopped waiving contingencies. However, in February this year there has been a return of frenzied buyer behavior like we saw in 2020 and 2021. Mortgage rates fell a bit from their high last year and buyers have adapted to this increase as the new normal. Once again we are dealing with extremely limited inventory that cannot meet buyer demand. Buyers are back to waiving contingencies, going above list price and not requesting seller subsidy. This is not across all properties! Those that are priced properly, well prepared and professionally marketed are the ones creating the buyer enthusiasm resulting in multiple offers.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in a week, maybe two. You still should not be surprised at seller subsidy requests. As mentioned above, you can create the best outcome by getting buyers excited about your home. Market conditions alone do not guarantee results.

The next Braemar Property Value Report will be out in May. If at any time you want to know what your specific Braemar home is worth in the current market, do not hesitate to reach out for your free consultation. Helping my Braemar sellers get the top of the market is my mission. Since 2005, No One Knows Braemar Better!

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

Posted on March 4, 2023 by cacleland

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

Spring may not be officially here, but the change of season is in the air. Trees were budding and flowers were blooming even in late February. Has the spring real estate market started? You bet it has. Since becoming a real estate agent in 2005, I can tell you that January is the month that buyers kick into action. As of right now (early March,) they are competing hard for the homes available to buy.

In this edition of the Braemar Property Value Report, the focus is on what has happened in the first two months of the year, where our six month data points are compared with our twelve month data points and what is projected in the world of Carriage homes. 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 January and February there were three Braemar Carriage homes that sold. This is great to see since there were no Carriage home sales in our neighborhood in November and December. Details of the sales from the first two months of the year are listed below:

All of these sales were of three upper level bedroom Carriage homes: Maplewood and Norwood floor plans. These are the two smaller of the four available Carriage homes in our neighborhood. Each sold at or above their list price. That was not the case in September and October as sellers were coming to grips with the fact that buyer behavior had changed as a result of the steep increases to mortgage interest rates. They each gave something in seller subsidy (closing cost help to buyers,) though only one gave what was probably close to all of the closing costs of that buyer at $12,800. Finally, two were under contract in a week or less, and one took about one month to find its buyer.

Taking all three of these sales and combining them with the entire past twelve months of Braemar Carriage home sales, the data points tracked in this report are updated as follows:

Starting with the sold price column it is disconcerting to see that both six month sold prices have fallen below their respective twelve month sold prices. This happened last report as well, but as there were no sales to report in November and December, it wasn’t as alarming. Being engaged full-time in our real estate market, I know first hand that values haven’t dropped as much as they are no longer accelarating wildly upward. Looking into the last six months of sales, two-thirds of them are the smaller three bedroom floor plans. The last twelve months of sales are as close as you can get to a fifty-fifty split with an odd number with three bedroom models having the one house advantage. My gut is telling me that this drop of six month sold prices below the twelve month prices is really just a reflection of smaller homes dominating the Braemar Carriage home market in the last six months.

Seller subsidy, in both six month values compared to their corresponding twelve month values, has gone up. This is not surprising. The rise of mortgage interest rates was steep and did fall back into the sixes and sevens after hitting the eights last year. Buyers have settled with this being the new normal, but it doesn’t make houses any more affordable as values really haven’t dropped noticeably. Closing cost help requests are much more common. However, as we hit mid-February, buyer behavior started to repeat what we saw in 2020 and 2021. I have personally represented a seller who received multiple offers in January, and represented buyers who competed in multiple offer situations in February. The difference a month makes is huge. Some buyers are back to waiving contingencies, offering above list and not requesting seller subsidy.

Marketing time in both six month values has increased when compared to their respective twelve month values. Again, not surprising given the buyer behavior change that came over the market in mid to late summer last year. I think we will see marketing times speed up again as buyers compete over limited inventory.

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. You should also not be shocked at seller subsidy requests. Avoiding the pay out of closing costs to buyers and getting top dollar in this seller’s market is not a secret formula. Pricing right, having properly prepared your home for market and hiring an agent that professionally markets is what drives up buyer enthusiasm. Buyers may need a home, but if they aren’t excited about yours, the time it takes to sell and terms you eventually see in offers are not going to be as seller favored as they could be.

The next Braemar Property Value Report will be out in May. Until then, if you felt remorse at having missed the sale of your home in 2020 or 2021, early 2023 presents a great opporunity. Find out what your specific home is worth in the current market. Get in touch for your complementary consultation. It is one of my greatest pleasures to help my Braemar neighbors hit the top of the market when they sell. Since 2005, No One Knows Braemar Better!

Selling Braemar

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

Category Archives: Detached Homes