Braemar Property Value Report: July-August 2022 (Heritage Series)
It is officially the fall season. Being in the latter half of September is the cue to this Braemar Real Estate Agent to get out her Braemar Property Value Reports. Today I bring you the most recent report for the Heritage Series homes in our neighborhood. If you are not familiar with what constitutes a Heritage home in Braemar, 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.
During the last two months of summer there were six Heritage homes in Braemar that sold The details of those sales are listed below.
At a glance there is a wide range in the way of final sold prices from $641,000 to $730,000. Amazingly, the highest sold price on this list comes form one of the smallest models with an unfinished basement. Meanwhile, one of the largest models listed got the lowest sold price this go round. Seller subsidy (closing cost help to buyers) was zero until near the end of August. Days on market is all over the place.
Combining the most recent sales from July and August with all the Braemar Heritage home sales dating back to September 2021, our six and twelve month data points are updated and still reflect a seller favored market.
Starting with the sold price column, both the six month average and six month median sold prices are still above their respective twelve month values. This means that values are continuing to increase. Home values are certainly not rising in the dramatic we have seen over the last two years, but upward growth is still being seen. Now it is just becoming more measured.
Average values for seller subsidy are very low. What is more important is that in both the six and twelve month time frames, as seen by the median values, more than half of Braemar Heritage home sellers gave no seller subsidy. A well prepared, properly priced and professionally marketed home has the best chance of creating the buyer enthusiasm necessary to avoid this expense. Remember, as buyers are getting pinched with the steady upward growth of homes prices, they are also contending with increasing mortgage interest rates. Seller subsidy requests are not going to be all together unseen in our market going forward.
Days on market is a mixed picture in the most recent sales. The six month average and median marketing times are still in single digits and faster, though only by one day, compared to their respective twelve month values. July and August are not the fastest moving months for real estate. Buyers tend to be more focused on fun in the sun. We will have to wait and see if our marketing times continue to increase as we move into the fall months.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract in about two weeks, hopefully less. You could also expect the odds to be in your favor that you would not have to give seller subsidy. Increasing those odds can be done by increasing buyer enthusiasm through a well prepared home, professionally marketed and properly priced. Multiple offers are not the norm anymore. Getting buyers excited about your home is a must to take the top of the market.
The next Braemar Property Value Report will be out in November. Until then, when you want to get a leg up on your listing preparation if a sale is in your future in the next six to twelve months, don’t hesitate to reach out. Consultations are complementary. Helping Braemar sellers reach the top of the market is what I do. Since 2005, No One Knows Braemar Better!