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

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

Before the weekend, booked with showings for my buyer-clients, I am getting out this most recent Braemar Property Value Report focused on Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  The homes built by Coscan (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

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

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

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

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

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

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

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

The next Braemar Property Value Report will be out in March. Between now and then, if you want to know what a 2023 sale would mean for you, I would love the chance to consult with you. With over eighteen years experience in this business, it is my pleasure to put my skills to work for my fellow Braemarians and get them the max the market will allow. Since 2005, No One Knows Braemar Better!

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

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

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

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

Before we begin, let me clarify what qualifies a house in Braemar as a Heritage home. They are the mid-sized single family homes, built by Brookfield Homes in our neighborhood.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  The homes built by Coscan (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

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

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

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

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

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

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

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

The next Braemar Property Value Report will be out in January and will let us know how we ended the year. In the meantime, I hope you enjoy this upcoming holiday season. If a move pops up on your horizon, know that my business is open year round, connecting buyers and sellers no matter the season. Get in touch and let me know when you are planning to list so we can get a head start on creating that buyer enthusisam. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: July-August 2022 (Heritage Series)

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!

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

What’s One of the Most Popular Floor Plans in Braemar Worth in Late 2022?

12607 Cessford Drive in Braemar Sold for $675,000 on September 9, 2022

What’s One of the Most Popular Floor Plans in Braemar Worth in Late 2022?

The housing prices in Braemar, just like the surrounding area, have been going through the roof since 2020. Slow and steady growth was trampled when inventory availabe to purchase did not come close to meeting buyer demand in 2020 and 2021. Even the beginning of 2022 felt like it was going to be more of the same with bidding wars putting buyers in a position to give up practically every conceivable contingency and escalate above already high list prices, just to have a chance at winning a home.

July 2022 saw a slowing down of the buyer frenzy. In addition to increased mortgage interest rates in the spring, the seasonal slow down that tends to happen in our Bristow market in July and August was what my sellers at 12607 Cessford were facing as they hit the market on July 19th. Of particular concern was the same floor plan listed just a block away that had started at the same list price of $675,000 that had dropped their list price to $625,000 before going under contract just days before. Yikes! Our market was building inventory.

Being a full-time agent specializing in Braemar since I moved here in 2005, I gave the same advice I give every seller–make sure the home is de-cluttered, clean and let my professional marketing do its work. After the listing preparation of a neutral paint on the walls throughout was complete, photo day was nearing. A quick run through the home and it became evident that my sellers had taken my de-cluttering advice extremely seriously. I brought in some staging items to warm up rooms and give a little life with pops of color.

Within nine days, the sellers were under contract with buyers that saw the value of the home at list price. Given the price reductions that happened around the corner, they were elated. Even the buyers’ request for closing cost help didn’t throw them into a panic. They negotiated the amount down to about one percent of the sales price and were very happy when the buyer accepted.

The road to closing was largely uneventul. There were no appraisal problems here, despite lower comps around us. That’s the advantage of hiring a full-time local agent like myself. You don’t just get a contract sales price that is satisfactory. You get the appraised value to match so you don’t have to lower your price further into the process. That’s because I do everything in my power to give the appraiser information on updates, special features and hand selected comps.

Today, September 9th (2022) this Yardley went to closing for its list price of $675,000. While it may seem insignificant to those who have been reading of above list price sales for two plus years, it is a substantial win in a slow sales season with buyers facing affordability issues with rising mortgage interest rates.

No matter the market, or season in which you sell, the goal is to get you the best terms. My professional marketing and pre-listing preparation advice increases buyer enthusiasm to that end. My skill set that has been honed as a full-time Braemar Real Estate Agent for over seventeen years is what keeps it there come appraisal time. When you are ready to sell, please reach out for your complementary consultation. It is my honor to help my neighbors hit the top of the market. Since 2005, No One Knows Braemar Better!

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

How Many Days Does it Take a Single Family Home in Braemar To Go Under Contract in July?

How Many Days Does it Take a Single Family Home in Braemar To Go Under Contract in July?

On July 19th (2022) I brought 12607 Cessford Drive to the market. The sellers had been putting the finishing touches on their listing preparation as quickly as possible. Yours truly, the one that has been keeping you updated on the Braemar real estate market for over seventeen years, cautioned that July and August are slower than usual due to buyers being on vacation. Is it better to hit the market quickly and ill prepared when facing less motivated buyers or should the listing preparation get done no matter how much time it delays you getting on the market? The sellers wondered. My answer, get prepared.

The sellers had the entire home painted a neutral, on trend color. They de-cluttered everywhere and allowed me to come in and help stage the home. The day after professional photos were taken, we were on the market. Then the test of patience began.

Waiting for a buyer to act during a typical seasonal slow down is sometimes hard enough. Add in the far more deliberate actions of buyers amidst rising mortgage interest rates during that seasonal slow down and the passage of time can feel ten times slower than normal.

After eleven days and fifteen showings, the feedback was great. The home showed very well and buyers liked it. They just wanted to be sure before writing an offer. Then, last night, out of practically nowhere, an offer came in. My sellers were thrilled. Those eleven days felt like a lifetime. Of course, the Braemar real estate geek in me wants to know, how did we do? I practice what I preach. Did it make a difference to be properly prepared and professionally marketed with a full-time local agent?

Well, in the last thirty days, the homes in Braemar that have gone under contract have taken on averagge seventeen days to go under contract. The median days on market for Braemar single family homes that went under contract in July was a little lower at thirteen. Eleven is better than average and the median.

Meanwhile, of the available single family homes to purchase in Braemar, their average days on market today is twelve. Median days on market, fourteen. Those days continue to roll until the homes are chosen by buyers.

When you are ready to sell your Braemar home, get in touch with me for your complementary consultation. It is my pleasure to get my sellers top of market, no matter the season or the market conditions. I would love to be put to work doing the same for you. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: May-June 2022 (Heritage Series)

12607 Cessford Drive Listed for $675,000 on July 20, 2022

Braemar Property Value Report: May-June 2022 (Heritage Series)

It is time for another Braemar Property Value Report. This one focuses on the sales of 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 months of May and June there were five Heritage homes that sold in Braemar. Details of those sales are listed below.

At first glance, what I notice about these sales is that every one of them sold above their original list price. (List price in a good number of instances was changed after the properties were under contract, which I find to be one of the worst ideas ever.) None of these sellers have to give any seller subsidy (closing cost help to buyers,) and all but one sold in less than a week.

Combining these sales with all of the Braemar Heritage home sales dating back to July 2021, our one year’s worth of sales yields us updated six and twelve month data points. Those are pictured below.

The sold price column shows both six month values well above their respective twelve month values. This means Heritage homes in Braemar are continuing to increase in value despite the steep increase in mortgage interest rates. We are still in a seller’s market where inventory is outnumbered by the amount of buyers house hunting.

Seller subsidy shows nominal amounts in both average values. In the last six months, one Heritage home seller in eleven gave seller subsidy In the last twelve months, five sellers out of twenty-six gave some. Obviously, this is not an issue in the most recent sales. And in both time frames, more than half of sellers gave nothing in closing cost help.

Days on market shows Braemar Heritage homes are selling very quickly. They are even selling faster than they did last report. News of a market crash is definitely not accurate. Want the best result when you sell? Don’t hire an agent complaining about a shift. Hire one that is too busy selling houses to complain about it.

If you placed your Braemar Heritage home on the market, based on current market conditiosn you could expect it to be under contract in less than one week. July and August are months where it may take longer. That’s because sellers think the best time to sell is when school is out. Unfortunately, buyers are worn out from the market find it the best time to go on vacation. As for seller subsidy, odds are in your favor you wouldn’t have to give any. Hire an outstanding listing agent with negotiation skills and your odds of giving none improve dramatically.

The next Braemar Property Value Report will be out in September. Until then, if you know someone looking for a mid-sized single family home in our neighborhood, check out my latest listing at 12607 Cessford Drive. And if the sale of your Braemar home is the horizon, get in touch to schedule your complementary consultation. My Braemar sellers get top of the market through proper listing preparation, professional marketing and top notch negotiation skills. Let me get you the same 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
www.ChrisAnnCleland.com

Just Listed: Move-In Ready Yardley Model for $675,000

Just Listed: Move-In Ready Yardley Model for $675,000

Welcome to 12607 Cessford Drive in Braemar. This Yardley model is freshly painted, has new carpet and LVP (luxury vinyl plank flooring) on the upper level and an on trend kitchen with white cabinets, granite counters/island and stainless steel appliances. Move right in.

The Yardley model is one of the most popular floor plans for a mid-sized single family home in Braemar..and with good reason. The main level floor plan gives a slight twist to the typical Northern Virginia colonial. Formal living room and dining room are offset from one another, not open to each other. When you enter the foyer, the living room is the left, formal dining room around the staircase and to the right, and family room beyond the staircase ahead.

The kitchen contains a dining area/breakfast nook and is open to the family room. This configuration is very pleasing to buyers looking for an open concept floor plan.

Perhaps the best feature of the Yardley model is the upper level bedrooms, particularly when it has the fourth bedroom. The owner’s suite is always going to be the largest. It is no disappointment here. Two walk-in closets and an attached bathroom with soaking tub, dual sinks and stall shower give you all you need without eating up valuable space.

The smallest of the secondary bedrooms is still generous in size at eleven feet by thirteen feet. It is the fourth bedroom, originally an option for the new construction buyers, that is huge. It rvials the size of the owner’s suite at fourteen feet by thirteen feet.

Downstairs, a partially finished basement is home to a large recreation space. Laundry room is located just off the basement landing. More space can be finished (a den and full bathroom) or keep it the way it is and enjoy plenty of storage.

The lot is the part the sellers enjoyed the most. Having no next door neighbors on Cessford itself, this lot enjoys more privacy than most. It is situated near a gas line easement on the north side, making having another home impossible. To the east side, there just wasn’t enough room to build another home. Enjoy quiet nights on the deck. The rise of the lot works as a privacy buffer.

This Yardley model is listed for $675,000. Recent improvements not yet mentioned include a new front door and new slider with built-in blinds in 2022; a new roof in 2021, and new water heater and furnace in 2019. The a/c is not original, having been replaced at some point in the past, but not within the last five years. Great news is that it is still humming along.

If you would like to see this home, please get in touch with me for a tour. 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 2022 (Heritage Series)

Braemar Property Value Report: March-April 2022 (Heritage Series)

Welcome to another Braemar Property Value Report, focusing on sales of 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 months of March and April, there were four Braemar Heritage homes that sold. The details of those sales are listed below.

With sold prices ranging from $662,000 to $740,000 and all four selling at or above their list price, the Braemar Heritage home market is looking very health. Further support of this, with a quick look, is seeing no seller subsidy (closing cost help to buyers) in any of the sales and all of these homes going under contract in a week or less.

When taking these sales and combining them with the Heritage home sales in Braemar dating back to May 2021, the six and twelve month market markers tracked in this report are updated.

Starting with 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 sold prices. This is evidence of the continuation of the seller favored market, despite rising mortgage interest rates.

Seller subsidy went down in the six month average compared to the twelve month average. Not surprising given that the most recent sales gave none at all. Of more importance is that more than half of sellers in both the six month and twelve month time frames gave nothing in closing cost help. When buyers are competing over limited inventory, they are having to write seller favored terms to get their offers accepted.

Days on market is holding steady down the line in single digits. Again, limited inventory and many more buyers competing for it is what is driving this market. The mortgage interest rate increase seems to have had little impact so far.

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 seller subsidy.

For the best outcome, even in a seller’s market, having strong representation on your side is a must. It starts with getting the proper listing preparation advice. A well prepared home is one that buyers will be enthusiastic about, especially if it is professionally marketed. Hiring strictly based on the lowest commission and relying on the market conditions for a great outcome is a poor strategy. Sellers employing this technique believe they increase their bottom line by saving commission. They actually leave money on the table with buyers being less enthusiastic about poorly prepared and half-heartedly marketed homes.

The next Braemar Property Value Report will be out in July. Until then, when the time comes for you to sell your Braemar home, I would love to talk with you about how my listing process can increase your bottom line. My Braemar sellers have been hitting the top of the market for many years. Let’s get you to the top of the market too. 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 2022 (Heritage Series)

Braemar Property Value Report: January-February 2022 (Heritage Series)

Welcome to another edition of the Braemar Property Value Report, focusing on sales of Heritage homes in our neighborhood. Before we get started, it is important to know what constitutes a Braemar Heritage home. 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.

In our current reporting period covering January and February, there were only two Heritage homes that sold. Their final sold prices are very different. Take a look in the details below:

In addition to being well over $100,000 apart in price, I see two other factors that stand out. For starters, the lower sold price actually sold below its original list price. That is not a common occurrence in the seller market conditions we have been experiencing since 2020. That sale also gave seller subsidy (closing cost assistance from seller to buyer.) Again, an uncommon sight in a seller’s market. The homes were certainly different. One was a larger home with four upper level bedrooms, finished basement with a walk up exit and a very private lot with plenty of open space and trees behind it. The other was an odd lot that was positioned to see other homes from virtually every window, had only three bedrooms and no exit from the basement.

Taking these two sales and combining them with the Braemar Heritage home sales going back to March 2021, we get twelve months worth of sales. From that, our updated six and twelve month data points give us some interesting waypoints.

Starting with the sold price column, we see upward growth when comparing the twelve month average sold price to the six month average sold price. This is an indication that the seller’s market is still pushing values up. Tempering that is the fact that the six month median sold price has dipped noticeably below the twelve month median sold price. In the last report I shared thoughts on the second half of 2021 vs. the first half. I believe we are still seeing some lingering effects of the second half in this report. My professional experience in the market thus far in 2022 indicates that this year is starting off just like 2021 with that intense buyer demand.

Seller subsidy shows increases in both six month values compared to the their respective twelve month values. Even seeing closing cost help given in the two most recent sales is not a great sign. Negotiation points like these are minimized when you hire a strong negotiator and professional marketer like myself. The best news is that in twelve months of Heritage home sales, more than half of sellers gave no seller subsidy.

When it comes to days on market, the trend is clear that it has been taking longer in the more recent (last six months) sales compared to the past twelve months as a whole. And if close to two weeks is considered a long time, we have been very spoiled by our seller’s market. I suspect this trend will reverse in future reports, particularly since the marketing times for the most recent sales is lower than both the six month average and six month median time frames.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in what should be a week or less. Six month values indicate it could take longer, but my professional opinion is buyer demand won’t allow that if you are properly prepped and marketed. You would be unlikely to have to give any closing assistance is enough buyers were competing for your home, but clearly, seller subsidy seems to be coming back into the discussion.

The next Braemar Property Value Report will be out in May. Until then, if you think 2022 may be the year you sell, it is never too early to start the preparation conversation. Listing in a seller’s market is not a guarantee of getting top of the market price. Creating buyer enthusiasm remains a critical component. You don’t get a second chance to sell your largest asset. Who you hire to list you home matters. Get in touch and schedule your confidential consultation. 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 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