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

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

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

Before we get started, it is important to define Braemar Heritage homes. They are the mid-sized single family homes, built by Brookfield Homes.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.

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

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

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

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

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

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You could also reasonably expect to give no seller subsidy. As stated earlier, you could expect your offer(s) to include the typical contingencies like financing, appraisal and home inspection.

The next Braemar Property Value Report will be out in March. It will be interesting to see how our trends are shaping up then. In the meantime, if a sale is in your 2022 future, it is never too early to consult listing agents and make a hiring decision. So much of what we do is to consult on listing preparation that increases buyer enthusiasm. Professional marketing, combined with proper preparation are essential to getting the most for your home. And my unparalleled neighborhood knowledge is just more icing on your max profit cake. Since 2005, No One Knows Braemar Better!

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

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

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

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

Today’s Braemar Property Value Report is focused on the sales of Heritage homes in our neighborhood for the months of September and October. Heritage homes are mid-sized single family homes, built by Brookfield Homes.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.

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

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

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

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

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

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

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

The next Braemar Property Value Report will be out in January. Until then, I wish you all a very happy holiday season. And of course, when the need arises to sell your Braemar home, I encourage you to reach out to me for a no obligation consultation. As unbelievable as it may be, money can be left on the table even in a seller’s market. The key to success is creating and maintaining buyer enthusiasm. My unparalleled neighborhood knowledge, combined with my marketing and negotiation skill sets, get my Braemar sellers the absolute max the market will bear. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: July-August 2021 (Heritage Series)

Braemar Property Value Report: July-August 2021 (Heritage Series)

Welcome to another edition of the Braemar Property Value Report. This particular report focuses on sales of Heritage Series 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. This edition looks back to the last two months of summer.

During the months of July and August there were nine Braemar Heritage homes that sold. Their sold prices ranged from $571,234 to $675,000. As you look through the total number of bedrooms, bathrooms and the basement finishes below, you will see a wide variety. This report sale three, three bedroom homes sold and three homes with unfinished basements sold. Both of those of those factors are not what we typically see in the Heritage home sales. The details of all nine are listed below:

Taking all nine sales and combining them with the entire past twelve months of Braemar Heritage home sales, the six and twelve month data points are updated as reflected below:

Looking at the sold column we see an average increase in value from twelve months to six months of 4%. The median increase in value from twelve months to six months is 5%. Summer certainly slowed the pace of our growth. Just last report, the average growth in six months was 8% and the median growth in six months was 11%. Though we are still in a seller’s market, the summer months saw a cooling off of the buyer frenzy as many focused on enjoying summer vacations. Meanwhile, more sellers jumped into the market. That meant fewer offers from buyers where sellers had been seeing a dozen or more earlier in the year. Nonetheless, growth is growth and buyers are still outnumbering sellers.

Seller subsidy is where we learn what buyers were able to negotiate from their Braemar Heritage home sellers. The answer overall is not much, if anything at all. Of the nine sales listed for this reporting period, one buyer got $300. All else received nothing. The six month average and twelve month average seller subsidy numbers are very low as well. The median seller subsidy for both time frames being at zero means that more than half of sellers gave nothing in closing cost help as buyers competed for homes.

Marketing time is as steady as it can be and still remains in the single digits they have been. A quick scan of the nine sales above reveals only one seller that took nearly three weeks to go under contract. It was a three bedroom Yardley with an unfinished basement. Definitely not the most sought after home in our neighborhood. And it was only one of two sales this report period that took less than list price.

The next Braemar Property Value Report will be out in November. At that time, we will have a great idea if the fall selling market lifted buyer demand again. I suspect it will. Our market enjoys a the majority of its workers being Federal employees, directly or indirectly. The Federal budget year starts fresh every October 1st. That means raises and more jobs. The year end market can be a powerful one for sure. If you are interested in hearing more about it, get in touch with me. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: May-June 2021 (Heritage Series)

Braemar Property Value Report: May-June 2021 (Heritage Series)

Another late July day is coming to an end and I find myself doing what I love most, keeping up with the Braemar real estate market. That’s what top Braemar real estate agents like myself do… they eat, sleep and breathe real estate. So at this moment, I bring you another Braemar Property Value Report. This one focuses on the Heritage Series home sales in our neighborhood for May and June. Note: 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 seven Heritage home sales between the beginning of May and end of June. They all happened to sell in May. Details of the seven sales are listed below:

At first glance, you can see that every one of the seven sold prices start with a six. That’s quite an achievement in and of itself as you will see by the updated six and twelve month data points in the next graphic.

Starting with the sold price column it is evident that the six month average and median sold prices have leapt up substantially compared to their respective twelve month values. Braemar Heritage homes have been gaining significant equity in this market with little inventory and frenzied buyer demand.

The seller subsidy column is where we learn how much closing cost assistance Braemar Heritage home buyers were able to negotiate from their sellers. In the six month average and six month median, even the twelve month median value, seller subsidy is zero. The twelve month average has a small value as a result of nine of forty sales in the past twelve months that gave seller subsidy. Of those nine sales, six sellers gave significant amounts of closing cost help, three gave amounts that would lead an experienced agent to think they were repair credits. No seller has given seller subsidy since Ocober 2020.

Days on market reflects exactly what I have been experiencing as a listing and buyers agent. The highest days on market is the twelve month average at one week. In fact, looking at the most recent sales, only one of the seven was double digits.

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 less. You could also expect to give nothing in closing cost help.

The next Braemar Property Value Report will be out in September. Until then, if you have been considering the sale of your Braemar home, get in touch with me. Listing preparation and professional marketing are key to creating the buyer enthusiasm that gets top of the market, no matter what marketing conditions you are facing. Believe it or not, even seller’s in a seller’s market can leave money on the table. Don’t let that be you. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: March-April 2021 (Heritage Series)

Braemar Property Value Report: March-April 2021 (Heritage Series)

Despite the gas shortage scare, it has been a very busy weekend in the world of Bristow real estate. Of course, what happened this weekend won’t be evident in my Braemar Property Value Reports for a few months. In the meantime, I bring you the latest edition of the Braemar Property Value Report for 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.

During the current reporting period of March and April, there were five Heritage homes that sold in Braemar. Details of those sales are listed below:

Every home above sold for more that its list price. You will also notice that none of them gave seller subsidy (closing cost help to buyer) and they all sold in a matter of days. That’s the current seller’s market for you. For more of a comparison, taking the entire past twelve months and parsing it out into six and twelve month data points you can see how our seller’s market in Braemar Heritage homes has developed.

Starting with the sold price column we see huge increases when comparing the six month values to their respective twelve month values. It is not at all unusual to see Braemar Heritage homes getting seven to ten percent above list price when they are well prepared and professionally marketed.

Seller subsidy shows zeros in all but the twelve month average. Taking a behind the curtain look at the twelve months worth of Heritage homes sales in Braemar, there were forty-one total. Only eleven gave seller subisdy. The last time we saw seller subsidy was in the fall last year. Buyers are having to forego seller subsidy requests in multiple offer situations just to have a shot at being accepted.

Days on market reveals already fast twelve month marketing times shrinking in the six month values. There is so much demand for houses in our area that as soon as they come active, they are gobbled up by the market.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it be under contract in a handful of days. You could also expect to give no seller subsidy and possibly even land a buyer that has absolutely no contingencies.

The next Braemar Property Value Report will be out in July. Until then, if you are ready to sell, get in touch with me to get your home well prepared and professionally marketed. That’s what creates the buyer enthusiasm lifting prices up to ten percent above list. No matter the market, preparation and marketing are key to getting the absolute 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: January-February 2021 (Heritage Series)

Braemar Property Value Report: January-February 2021 (Heritage Series)

Despite a little cooler temperatures today, it has been very pleasant outside. Having been out showing property all day, I can tell you that even more buyers are entering the market place as we thaw from winter to spring. Hopefully more sellers will too. In this edition of the Braemar Property Value Report we’ll look back at the activity from January and February and see how Heritage homes have been impacted by our frenzied seller’s market. 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.

In the first two months of the year, there were three Braemar Heritage homes that sold. The details of their sales are listed below.

Seeing a Yardley sold price get close to $600,000 is definitely something that is surprising. Seeing that same home selling for $26,000 over list price is not unusual in the current market. Buyer demand is so high that getting offers well over list price is becoming commonplace.

Taking the three sales from our current reporting period and combining them with the entire past twelve months of Heritage home sales, the six and twelve month data points update as seen below.

Starting with the sold price column, we find the six month average sold price is substantially higher than the twelve month average sold price. The six month median sold price is also higher than the twelve month median sold price. This means Braemar Heritage homes are continuing to increase in value in this seller’s market.

The seller subsidy column shows us how much closing cost assistance buyers were able to negotiate from their Braemar Heritage home sellers. The six month average seller subsidy is about thirty percent of the twelve month average seller subsidy. Meanwhile, it is not surprising to see that in the six and twelve month median values big fat zeros. That means more than half of the Braemar Heritage home sellers in both time frames gave absolutely nothing in closing cost help. Seller subsidy is a tough request when a buyer is faced with a multiple offer scenario.

Days on market shows single digits down the line. The six month average marketing time is half what the twelve month average marketing time was. The six and twelve month median marketing times are identical at five days. Homes are getting under contract fast!

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in four or five days. You could also expect multiple offers, thus making seller subsidy requests unlikely.

The next Braemar Property Value Report will be out in May. Until then, if you want to investigate the sale of your Braemar home in this seller’s market, get in touch with me for a free consultation. Just because homes are selling fast doesn’t mean all sellers are getting the maximum the market will allow. Buyer enthusiasm is what creates the momentum to go higher and with better terms. That starts with professional marketing and my unparalleled knowledge of the neighborhood. 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 (Heritage Series)

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

Holiday Mondays have a tendency to throw my internal work schedule off. And with a typical Monday being my favorite day of the week, I’ve decided that this Top Braemar Real Estate Agent is just going to plow through the day, business as usual. And part of business as usual for me is compiling Braemar Property Value Reports. Today’s installment covers sales of the 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 three Braemar Heritage homes that sold in the last two months of 2020. The details of those sales are listed below:

The difference is sold price between the top sale on Conveyor and the other two sales on Erroll is about $100,000. That’s huge. However, bear in mind that the Exeter on Conveyor is the smallest in the Heritage Series. By contract, the Waverly model is one of the largest. And the ones on Erroll are also in the last area completed by Brookfield homes. This is one of the reasons we look at six and twelve month averages. When combined with the Heritage home sales from 2020, our six and twelve month data points are updated as seen below:

Both the six month average and six month median sold prices are higher than their respective twelve month sold prices. This means that Heritage homes in Braemar are continuing to rise in value. It’s likely we’ll see them peak in value late this year or early next, but we’ll only know we have hit the peak when values decline from that point in future reports.

The seller subsidy column is where we get to see how much closing cost help buyers negotiated in their purchase contracts with Braemar Heritage home sellers. What is surprising is that the six month average seller subsidy is a little higher than the twelve month average seller subsidy. Don’t get me wrong. It’s not by leaps and bounds, but a move in an unlikely direction, particularly when you look at the median values in seller subsidy. Both the six and twelve month median seller subsidy values being at zero means that in both time periods, more than half of Braemar Heritage home sellers gave nothing in closing cost help. Even the three most recent sales above all indicate nothing given in seller subsidy. It’s a tough market to negotiate closing cost help for buyers as they are in multiple offer situations on virtually every property. Sellers have the upper hand.

Finally we get to days on market. The six month average marketing time was six days shorter than the twelve month average marketing time. The six month median marketing time was one day shorter than the twelve month median, but both of them are in single digits.

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 so. You could also reasonably expect to give absolutely nothing in closing cost help.

The next Braemar Property Value Report will be out in March. Until then, know that our market is still experiencing extreme buyer demand and very limited inventory. If you have ever wanted to sell when you could make the most for your home, now would be the time. And when you list with me, you get top notch, professional marketing along with an unparalleled understanding our neighborhood market that will net you the absolute max in your sale. 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 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