Braemar Property Value Report: September-October 2020 (Heritage Series)

Braemar Property Value Report: September-October 2020 (Heritage Series)

A rainy fall day is a good day to bring you another Braemar Property Value Report. Of course, from where I sit as a Top Braemar Real Estate Agent, I think any day is a good day for Braemar Property Value Report. Today’s report focuses on Heritage homes in our neighborhood. 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.

Looking back to September and October, there were eight Heritage homes that sold in our neighborhood. The details of those sales are listed below:

At a glance, we see that sold prices ranged from $515,000 to $586,000. Only three of eight sellers gave any seller subsidy and there is only one double digit days on market (DOM.) Taking these eight sales and combining them with the entire twelve months of Braemar Heritage home sales, our six and twelve month data points are updated as seen below:

Starting with the sold price column, we find both the six month average and six month median sold prices are higher than their respective twelve month sold prices. This means Heritage homes in Braemar are still gaining value. No surprise in our scarce inventory/high demand market.

Next up is the seller subsidy column, where we learn how much closing cost assistance sellers gave to buyers in their transactions. The six month average seller subsidy is slightly lower than the twelve month average seller subsidy. The six month median and twelve month median seller subsidy values are in agreement at zero. That means in both those time period of sales, more than half the sellers gave nothing in closing cost help.

Days on market shows an already healthy twelve month average marketing time shrinking by one week in the six month average. As for the median values, they are both at five days. That means more than half the sellers in each of those time frames got under contract in five days or less.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect that you would not have to give any seller subsidy.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness this upcoming holiday season. Of course, if the need arises to sell your Braemar home between now and next report, don’t hesitate to get in touch. Our year end market is incredibly powerful and may be just what you need. I am happy to conduct a free consultation to explain what a year end sale could mean to you. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Property Value Report: July-August 2020 (Heritage Series)

Braemar Property Value Report: July-August 2020 (Heritage Series)

The arrival of fall is one of my favorite things in a calendar year.  Like many, I am anxious to see the brilliant display of fall foliage that is on the way.  In the meantime, allow me to share with you the most recent Braemar Property Value Report.  This one details sales of homes in the Heritage Series.  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.

 

During the months of July and August, there were fourteen Heritage homes that sold.  That’s a lot, but still not enough to meet our current buyer demand.  Details of those sales are listed below:

Taking these fourteen sales and combining them with the entire past twelve months of Heritage home sales in Braemar, our six and twelve month data points are updated as seen below:

Starting with the sold price column, we see increased values in the six month average and median sold prices over the twelve month average and median sold prices.  This means Braemar Heritage homes are continuing to increase in value.  That’s the beauty of a seller’s market.

In the seller subsidy column, we learn how much closing cost help Braemar Heritage home sellers are giving in their transactions.  The great news is that it is not much, if anything at all.  The six month average seller subsidy has been whittled down about one thousand dollars from the twelve month average.  Meanwhile, the median values still show us that more than half the sales, in the last six months and during the last year, are giving nothing in seller subsidy.

Days on market is another column where we see the seller’s market condition in full swing.  The six month average marketing time is less than half the twelve month average marketing time.  Meanwhile, the six month median days on market is exactly that same as the twelve month median.  Heritage homes in Braemar are selling quickly!

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract in about a week or less.  You could also expect that you would have enough leverage in negotiations to not give anything in closing cost help.

The next Braemar Property Value Report will be out in November.  Until then, if you want to take advantage of the peaking values this seller’s market is producing, know that the year end market is going to push them even higher.  Why?  There are even fewer sellers this time of year and I can tell you, the buyers are still out looking for homes.  Give me a call and let’s look at what a year end sale would mean 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

 

 

Braemar Property Value Report: May-June 2020 (Heritage Series)

Braemar Property Value Report: May-June 2020 (Heritage Series)

When I prepare the various editions of the Braemar Property Value Report, I am always excited to see how any listings I had compared with other sales of similar properties.  In this edition of the Braemar Property Value Report for the Heritage Series homes, I have a chance to do that.  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 eight Heritage homes in our neighborhood that sold during the months of May and June.  My listing is highlighted in the detailed sales below in pink.

At first glance, my listing at 9658 Granary Place was the third lowest sold price in all the sales above.  However, when you look at it compared to the other unfinished basement home sales, it was the highest sold price.  My sellers got $17,000 over what was, at the time, a reasonable list price.  In fact, they set a record for the highest sold price for an unfinished basement home sale in the Heritage Series since probably 2005 or 2006.

Taking these eight sales and combining them with the entire previous twelve months of Heritage home sales, our six and twelve month data points are updated as reflected below.

Starting with the sold price column, we see that both the six month average and six month median sold prices are above their respective twelve month sold prices.  That means Braemar Heritage homes are continuing to move up in value.

When it comes to seller subsidy we see how much Braemar Heritage home sellers have been giving in closing cost help summarized with the average and median values.  The six month average seller subsidy is less than the twelve month average seller subsidy.  Not surprising considering buyers are having to write stronger and stronger offers more recently to even be considered.  The six month and twelve month medians are the same at zero.  That means half or more of Braemar Heritage home sellers are not giving any seller subsidy.

Days on market shows a surprise uptick in marketing time.  The six month average marketing time was four days longer than the twelve month average marketing time.  However the most recent sales above show no longer marketing time than fourteen days.  That means the sale(s) bringing up the average are not ones that happened in the two most recent months.  Meanwhile, the six and twelve month median marketing times are identical at six days.

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 expect to pay very little, if anything, in closing cost help.

The next Braemar Property Value Report will be out in September. Until then, there may never be a better time to cash out for max profit when selling your Braemar home.  There is no question that our circumstances of intense buyer demand and not enough homes to meet it, has created a bubble.  When will it burst?  We’ll only know when values start their downward trend.  If you want to know where your value may be with a sale in the near future, call me for the most accurate analysis of your Braemar home’s value and let’s set another record high sold price.  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

Braemar Single Family Home Sold Above List Price

Braemar Single Family Home Sold Above List Price

In the early days of the COVID quarantine, I met with the sellers of 9658 Granary Place They had purchased another home and were in a position to sell, regardless of the pandemic.  We looked at numbers and came to a number for a list price that was optimistic, but took into account the unfinished basement.  That list price was $485,000.

The sellers signed up with me the same day as our meeting.  That was April 2, 2020.  The home was vacant, lightly staged and professionally photographed by May 26th, when the listing became active on the market.  This was the first mid-sized single family home I had put on the market since the pandemic had hit our area.  I had been a bit nervous as to what kind of response it would get.  Larger homes were still taking a bit longer to sell.  Not this one.  The market response was overwhelming.  It felt like I had started a feeding frenzy in shark infested waters.

Within the span of three days, we had received five offers, and there were still interested buyers ready to throw their offers on the pile.  What they didn’t know, but I did, was the pile was amounting to a steep number thanks to the escalation clauses.  When we hit a pie in the sky number, the listing was pulled temporarily off the market to put a halt to the madness.  The sellers had decided they had enough offers to make a decision.

When the pie in the sky offer ($525,000) withdrew after cold feet and a good talking to from their dad who was providing the down payment, it was really down to two offers.  One that escalated to $503,500 and another that escalated to $502,000.  Neither had asked for closing cost help.  Numbers alone would have you pick the first one.  But what you need to know is the $502,000 did two smart things.  1) They had a home inspection with the right to void in a very quick time frame.  2) They offered a low appraisal guarantee of $7,000.  If the home didn’t appraise for $502,000, they would make up to $7K of difference.  That extra $1,500 sounded good, but didn’t come with any kind of assurance the buyers there would put money out of their own pocket if the home didn’t appraise at sales price.

The $502,000 offer was chosen and it was the smoothest rode to settlement I’ve had in Braemar yet this year.  No issues with termites, inspection, HOA or appraisal.  Today, 9658 Granary Court sold for $502,000, which was $17,000 above its list price.

To say there is limited inventory in our market is an understatement.  We may be living through unprecedented and scary times, but this is a seller’s market.  If you want top dollar for your Braemar home, call me and we can discuss marketing it safely while achieving that max profit 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

Braemar Property Value Report: March-April 2020 (Heritage Series)

Braemar Property Value Report: March-April 2020 (Heritage Series)

What a gorgeous start to the Memorial Day Weekend.  Doesn’t get any better than blue skies, sun and warm temperatures to kick off a long weekend.  While my fellow Braemar home owners are likely getting stocked up on hamburgers and hot dogs for holiday cookouts, I’m going to share with you another Braemar Property Value Report.  This one focuses on sales of Heritage homes in our neighborhood.  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 six Braemar Heritage homes that sold during the months of March and April.  The details of those sales are listed below:

Final sold prices ranged from $460,000 to $556,000.  You will notice that the $556,000 sale on Millbill is highlighted in pink.  It’s highlighted because I was the listing agent on that home.  While I am here like clockwork every other month bringing you property value reports, I also like to share that I do, in fact, list and sell homes in the neighborhood.  My sellers enjoy fantastic results.

Taking these six sales and combining them with the entire last twelve months of Heritage home sales, we get updated six and twelve month data points, as shown below:

Looking first at the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values.  This means Braemar Heritage homes are still gaining value.

Seller subsidy (also known as closing cost assistance to buyer from seller) doesn’t show as clear a trend.  While the six month average seller subsidy is lower than the twelve month average, the six month median seller subsidy is higher than the twelve month median.  Still, looking at the highest number in this column, we see that seller subsidy is very modest in the current seller’s market.

Marketing time currently shows a trend in one direction.  Both the six month average and six month median marketing times are longer than the twelve month average and median marketing times.  This means it has taken a bit longer for Heritage homes to go under contract in the last six months.  Of course, looking at the most recent sales from March and April, it is likely the trend for marketing time will decrease 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 as little as a week, as long as a month.  You could also expect to pay less than half of 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in July.  Until then, the question I get asked most often right now is how the pandemic is affecting our real estate market.  Right now, it doesn’t seem to be affecting anything but HOW we list and tour houses.  Braemar is still experiencing a strong seller’s market thanks to historically low mortgage interest rates, the expansion of Micron in Manassas bringing thousands of jobs to our back yard and the Federal government being the largest economic force in our area.

If you have been considering the sale of your Braemar home, but have been hesitant because of the pandemic, let’s talk.  With my professional marketing and unparalleled knowledge of our market, we can list and sell your home safely and for top dollarSince 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

Another Braemar Single Family Home Sold Above List Price!

Another Braemar Single Family Home Sold Above List Price!

You never know where your next listing will come from, but as a Top Braemar Listing Agent I am never surprised when I get to interview for a listing owned by friends or neighbors of former clients.  That was the case with 12157 Millbill Court.  My foot got in the door thanks to the sellers of 12146 Millbill who I had helped sell in 2019.  What got me the job was my in depth knowledge of the neighborhood, recent experience selling a home on a similar lot at 12181 Cheshire and most importantly, my approach to looking at the numbers.  Apparently, out of three agents that were interviewed, I was the only one that gave the sellers a ball park of where their home would sell.

The home at 12157 Millbill, as you can tell by looking at the virtual tour by clicking the link above, was very nicely updated and sure to please a buyer.  Even though it was a drizzly, cloudy day when the photographer came out to the property, the home still showed beautifully.  It wasn’t a surprise when it got an offer the first day on the market.  A few days later and it had a total of three offers.

The owners had been following the estimated value of their home by frequenting sites like Zillow, Redfin and Realtor.com.  When we first met, they were convinced they would be overpriced to list higher than $525,000.  Those sites are so often so far off the mark it is silly.  In this case, they were low.  I was only able to get the sellers up to $537,500 when we did the listing paperwork.  Thankfully, right before we hit the market as a coming soon property, they saw what I had been seeing and decided my $549,000 suggest list price was not off base.

After those three offers, the sellers chose one of two nearly identical offers.  They chose a no down payment buyer with a stronger motivation to buy.  Someone relocating for a job.  It ended up being the absolute best choice.  Buyers were dropping out of deals once the pandemic really hit the U.S. and impacted the stock market.  My sellers’ deal, meanwhile, was solid.

Today, April 30th (2020,) 12157 Millbill went to settlement for $556,000.  Because of the competitive situation and well qualified buyers, they did not have to give a dime of closing cost help.

Despite the precautions in our market to stay at home due to COVID, many buyers are still looking for homes.  Interest rates are low and people need places to live, particularly the multitude of buyers who relocate to our area for work.  If you want to know how to safely sell your home while still maximizing profit, l can get you great results.  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

 

 

Braemar Property Value Report: January-February 2020 (Heritage Series)

Braemar Property Value Report: January-February 2020 (Heritage Series)

Another day of self-isolation presents another fantastic opportunity to present another Braemar Property Value Report.  Of course, whether we are living in times of self-isolation or business as usual, this Top Braemar Real Estate Agent strives to get these reports to you every other month to keep you apprised of your Braemar home values.

Today’s report is focused on Heritage homes in Braemar.  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 during the current reporting period of January and February.  The details of those five sales are listed below:

Taking these five sales and adding them to the entire past twelve months of Braemar Heritage home sales, our updated six and twelve month data points are updated as shown below.

Looking first at the sold price column, we see a slight dip in both the six month average and median sold prices when compared to their twelve month respective values.  What gives me a bit of hope that this is not a trend is seeing that four of the five most recent sales are above both the six month values represented in the table.

Seller subsidy (closing cost help to buyers,) is trending up in the six month average and median values compared to their twelve month counterparts.  However, looking at the five most recent sales, two of the five gave no seller subsidy and one gave a lower amount to suggest it may have been a repair credit.  The remaining two gave very large amounts of seller subsidy.  These seller subsidy figures in our six month average and six month median values are still a lot lower than they could be.

Days on market shows increasing marketing times in the six month average and median values compared to their twelve month respective values.  And when looking to the five sales above, I am baffled by the thee sales above with 87 days to 140 days marketing time.  They were all regular sales, not foreclosures or short sales. They hit the market between July and September and all lowered their list prices before going under contract.  Someone unfamiliar with our market may look at these and think that the market is beginning to crash.  My experience as a Top Braemar Real Estate Agent gives me evidence over and over that marketing times like this should not be…at least not when you price your property correctly and marketing it professionally.  My most recent experience with a Braemar Heritage home at 12157 Millbill Court, backing to Linton Hall Road, was that my sellers got multiple offers during a few days on market.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a month.  You could also expect to pay under 1% of the sales price, on average, in seller subsidy.

A note about the current market in the age of COVID-19 is in order.  What we are living through in terms of crisis management to this pandemic is unprecedented.  And despite the fear of the known and unknown in this time, sellers are still putting their homes on the market and buyers are still looking for homes.  It is important to remember that our local market is experiencing tremendous demand, and will continue to, as a result of the Micron expansion in Manassas.  It is bringing more jobs to our local area than Amazon did!

The next Braemar Property Value Report will be out in May.  Until then, when the need or desire to sell arises, give me a call for the most thorough market analysis of our market and your home’s value in it.  My professional marketing will get you the most money for your home no matter what 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

 

 

Another Braemar Home Under Contract After Multiple Offers

Another Braemar Home Under Contract After Multiple Offers

On March 6th (2020,) I had the pleasure of introducing 12157 Millbill Court to the market.  The sellers had done kitchen and bathroom updates in the last two years.  Before listing they had new carpet installed and worked on de-cluttering and staging the home so would be ready for its professional photo shoot.

While Mother Nature gave us a drizzly and cloudy day for the photo shoot, it didn’t matter.  The interior of the home was smiling widely.  The listing was put in the MLS as “coming soon” and the throng of buyers and their agents was unleashed on my cell phone.

There is no getting into a “coming soon” listing before it becomes “active.”  A listing agent who allows anyone to tour a listing that is coming soon can be subject to a $5,000 fine in our marketplace. 

On Friday, March 6th, the listing rolled to active and the showings commenced.  The very first schedule request we had, toured the property on the 6th and wrote an offer as soon as they left.  Even having an offer that first day, my sellers wanted to wait to review offers until the weekend was over.  By that time, they had three offers.

To say there is intense buyer demand in Bristow is an understatement.  At present, the coronavirus has only impacted our market in that mortgage interest rates are getting even lower, heightening buyer demand even more.  Of course, the Micron expansion in Manassas continues to be a major economic force, bringing more employees to the area.

This Braemar home will go to settlement on April 30th.  You’ll have to stay tuned to this blog for the final sold price.  In the meantime, if you want to sell during this time of intense buyer demand while prices are soaring, I am here to help.  Call me for a free consultation on how to get the best results.  Even in a seller’s market, the agent you hire makes a difference to your bottom line.  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

 

Coming Soon: Updated Four Bedroom Single Family Home for $549,000

Coming Soon: Updated Four Bedroom Single Family Home for $549,000

On Friday, March 6th (2020,) showings will start at 12157 Millbill Court in Braemar.  Located at the end of a cul-de-sac in an often forgotten part of our Braemar community, this gem is ready for its next owners.  With three finished levels, updated kitchen and bathrooms, and new carpet, there is not much for the next owner to do but move in.

Hardwood flooring takes you throughout the main level with the exception of a carpeted family room and tiled laundry room and powder room.  The kitchen is sure to please with updated appliances, fixtures and granite counters.  Personally, I love the fact that the kitchen is open to the sun room, a breakfast nook and the enormous family room.

Upstairs you find three generously sized secondary bedrooms and an updated hall bath.  The master suite itself will bring a smile to even the pickiest buyers’ faces…just take a look at the updated spa-like bathroom.

The basement is mostly finished and boasts a walk out level exit.  In fact, there is an unfinished room with a full window that can be finished for a legal fifth bedroom.  The recreation space is expansive and there is even a third full bathroom on this level.

Outdoor space includes a patio under the deck and a fire pit in the back yard.  

Deck

The back yard of this home is much larger than most homes in Braemar.   Yes it backs to the sound wall off of Linton Hall Road, but don’t let that deter you from seeing this fantastic Braemar home.  By the time you are done with your home tour, you won’t be thinking about that sound wall, but the privacy it gives you to enjoy your back yard.

If you haven’t yet hired an agent to help you in your home search and want to take a look this weekend, give me a call.  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

Braemar Property Value Report: November-December 2019 (Heritage Series)

Braemar Property Value Report: November-December 2019 (Heritage Series)

We are well into first month of the New Year and that, to this Top Braemar Listing Agent, means it is time for another Braemar Property Value Report.  This particular edition focuses on sales of Heritage Series homes in our neighborhood between the months of November and December 2019.  Heritage Series 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.

Let’s dive right in.  During the last two months of the previous year, there were three Heritage homes that sold.  Their final sold prices ranged from $425,000 to $524,900.  The details of those sales are listed below.

 

 

 

Taking these three sales and combining them with the full twelve months of sales from 2019, our six and twelve month data points are updated.  Those are listed below.

Looking at the sold price column first, both the six month average and six month median sold prices are above their respective twelve month values.  This means that the most recent six months of sales had Braemar Heritage home values continuing to push up in value.  What concerns me a bit is that the two of three most recent sales from November and December are well below all of these average and median values.  We’ll see what is revealed in our next report.

Next up in seller subsidy (closing cost assistance to buyers,) we see that both the six month average and median values are above their respective twelve month values.  This means that buyers have been asking for, and receiving, more closing cost help from sellers.  Even still, the six month average seller subsidy was still  low considering a buyer could ask for 3% of the sales price, or in some cases, more.

Finally, the days on market numbers are also higher in the six month average and median values compared to the respective twelve month values.  This means it’s been been taking a bit longer, on average, to get Heritage homes 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 to pay an average of about 1% of the sales price, or less, in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, if you think the spring 2020 market is when you would like to sell, the time to get started is now.  Real estate spring happens a lot sooner than Mother Nature’s spring.  Give me a call and let’s about about pricing, timing and marketing.  Getting top dollar for your Braemar home 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