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

Posted on May 21, 2023 by cacleland

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

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

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

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

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

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

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

The next Braemar Property Value Report will be in July. Until then, I do hope you get to enjoy some fun in the sun. However, if you start to wonder what your home may be worth as a future sale looms, it is my pleasure to have that conversation with you. There is no obligation for me to review your property value in the current market. It is my pleasure to keep you informed and show you how my Braemar sellers hit the top of the market when they sell. Since 2005, No One Knows Braemar Better!

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

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

Posted on March 10, 2023 by cacleland

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

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

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

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

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

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

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

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

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

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

Braemar Property Value Report: November-December 2022 (NV Homes)

Posted on January 23, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (NV Homes)

Happy Monday! This is my favorite day of the week. It helps that I absolutely love my job as real estate agent. I do remember dreading Mondays in virtually every job I held before finding my calling.

In today’s Braemar Property Value Report the focus is on houses built by NV Homes in our neighborhood and the sales activity from the last two months of 2022. During November and December, there was only one NV Home that sold. Details are listed below.

It hadn’t been an issue in deciding which list price to choose in 2019 to late last year because homes sold so quickly that sellers were not faced with lowering their prices. That’s not to say that sellers were able to get any price they slapped on a property. Some still had to come down in price, but none that I took note of in my BPVRs. Recently, as mortgage interest rates have gone up, and seller expectations are having a hard time catching up, I find myself in a position to make a determination when choosing list price. I decided it would be best to go with original list price.

In the sale above, it really does show how over pricing from the beginning can hurt a seller. Sellers may hear that they will be lucky to get a full list price offer then decide that they will go with a higher list price. Some think they need negotiation room. Believe me, there is no need for negotiation room in a market where buyer demand is still outpacing supply. This seller chose to list at $825,900. After twenty-seven days on the market and two significant price reductions, this home made a deal for $752,900 and the seller ended up giving seller subsidy (closing cost help.) Racking up days on the market is not a good thing. It makes buyers wonder what is wrong with a home if a property sits longer than two weeks.

Taking this sale and all the NV Home sales in Braemar that happened in 2022, the six and twelve month data points are updated as seen below.

The six month average sold price is slightly higher than the twelve month average sold price. This would be great if echoed by the six month median being higher than the twelve month median. Unfortunately, the six month median sold price has fallen significantly below the twelve month median sold price. It is far too soon to say that prices are softening. More information is needed. The market has definitely shifted away from buyer frenzy to more deliberate buyer actions.

Seller subsidy is higher in both six month values compared to their respective twelve month values. This is not surprising given the mortgage interest rate increases. Closing cost help is not an uncommon request from buyers struggling with affordability from both high prices and rising interest rates. However, a well prepared and professionally marketed home that is priced right will always set a seller up for the best negotiating position, possibly even avoiding seller subsidy.

Days on market have crept up significantly in the six month values compared to their corresponding twelve month values. With buyer behavior having changed, and some sellers still employing tactics of overpricing, the result is sitting on the market longer. Again, sellers hiring an agent who has experience beyond 2020 and 2021 and that buyer frenzy will stand a much better chance at not making mistakes that would have them linger on the market and sell for less than list price.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it to be under contract in two weeks to one month. (More likely two weeks if you hire an experienced, local agent.) You can expect seller subsidy requests. You are also unlikely to be working with more than one offer at at time. The key to getting buyers off the fence is creating buyer enthusiasm.

The next Braemar Property Value Report will be out in March. Until then, if you want to investigate what a sale in 2023 could mean to you, please reach out and let’s talk. With over eighteen years experience getting Braeamar sellers top of the market (no matter the market) I would love to do the same for you. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: September-October 2022 (NV Homes)

Posted on November 21, 2022 by cacleland

Braemar Property Value Report: September-October 2022 (NV Homes)

In this short week before the Thanksgiving holiday arrives, I am proud to bring you another Braemar Property Value Report. Being at the top ecelon of Braemar real estate agents gives me tremendous satisfaction. There are a any number of cut and paste market reports that pertain to Bristow. However, no strictly computer generated report will never be able to put a market report together for Braemar due to how convoluted the developer made this community when it came to recording our various legal subdivisions. Here are a few of our legal subdivisions that you may not even realize make up Braemar: Rivenburg, Albrite Property, Ducharme and Saybrooke (not to be confused with the neighborhood of Saybrooke that is legally registered as Villlages at Saybrooke and The Villages at Bristol.) Those are the “legally registered” subdivisions that make up our neighborhood, in addition to those properly registered as Braeamar. Taking the time to put this reports together myself gives you the most accurate information about what’s happening in our neighborhood and keeps me on top of our market trends.

Today’s report focuses on the houses built by NV Homes in our neighborhood. Brookfield Homes was the developer of Braemar and built the majority of homes here. However, when it comes to single family homes, they did sell some lots to NVR, which includes NV Homes and Ryan Homes. These two companies within the umbrella of NVR brought two very different feeling home styles and trim levels to Braemar. That is why I still report these two builders in separate reports.

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

Taking a quick look at this sale, we see that it sold for less than its original list price, gave seller subsidy (closing cost help to the buyer) and took just under one month to go under contract. The market has been experiencing a shift due to rising mortgage interest rates. Buyers are no longer acting in a frenzy, though demand still is outpacing supply, which technically makes it a seller’s market. However, the shift in buyer behavior is noticeable and feels as though we are moving out of a seller’s market. We are not. Conditions are stabilizing.

When this sale from September and October is combined with all the NV home sales dating back to November 2021, the updated six and twelve month value points tracked in this report are updated as seen below.

Looking first at the sold price column, it is good to see the six month average sold price above the twelve month average sold price. This report, compared to last report, there was even a larger gap between the two, in favor of the six month average. This is an indicator that values are still trending up. However, our six and twelve month median sold prices reporting the same $790,000, is actually a lower six month median value than we saw last report. And if you look to last report, you will notice the sales that closed in August started the trend of sellers closing below original list price. Is that something to be concerned about? Not necessarily. Some sellers are still pricing optimistically.

Seller subsidy is definitely moving in a buyer favored direction and it is no surprise. Both the six and twelve month average values are higher than they were last report, with the six month average above the twelve. This means more closing cost help has been given in the last six months. However, the six and twelve month median seller subsidy values are still at zero. This means that more than half of sellers in both time frames didn’t have to give any. With the more than doubling of mortgage interest rates this year, buyers had their affordability squeezed at two ends. Many buyers requested seller subsidy to help with interest rate buy down. Still if a home has created enough buyer enthusiasm, there is a shot that buyers would dive in and offer without requesting any closing cost help, for fear another buyer would swoop in with better terms. Again, our market still doesn’t have enough homes to meet demand.

Days on market shows an increase in both average values since last report, with the six month average being nearly two weeks. The six and twelve month median marketing times are still just over a week at eight days. This means more than half of sellers in both time frames sold in eight days or less. As I am watching more and more houses taking two weeks or more to sell, I suspect days on market will continue to increase in these six and twelve month measurements next report.

If you placed your NV home on the market, priced to current conditions in Braemar, you could reasonably expect to be under contract in two to three weeks. Sellers are no longer seeing multiple offers, but dealing with one buyer at a time. Seeing seller subsidy requests should no longer be a shock, but is avoidable if buyers are excited about your home. That starts with having a well prepared property that is properly priced and professionally marketed. These are the keys that get my Braemar sellers top of whatever market conditions in which they are listing.

The next Braemar Property Value Report will be out in January. Between now and then, enjoy your holiday season. In the meantime, whenever a home sale want or need arises for you, my business is open year round. Get in touch and let’s set up a time to talk so we can find the right strategy to suit your time frame and needs. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: July-August 2022 (NV Homes)

Posted on September 23, 2022 by cacleland

Braemar Property Value Report: July-August 2022 (NV Homes)

Since the early morning hours on this gorgeous, sunny fall Friday I have heard remarks that it is cold outside. I suppose this is our first fall feeling day, with daytime temperatures below seventy and very brisk winds. When you go about your routine expecting what you had yesterday and put on shorts, of course it feels cold. Being prepared for whatever the current day is bringing is better than being caught unaware. When it comes to our Braemar real estate market, I take my job as a full-time, top producing agent very seriously and make sure my neighbors are well prepared. It has become my mission since starting these Braemar Property Value Reports in 2005 to keep home owners in the neighborhood apprised of current market conditions.

Today’s Braemar Property Value Report is looking at NV Homes in our neighborhood. Simply put, those are the houses built by NV Homes. Just like the other reports this month that have preceded this one, the scope of current sales activity is July and August. During that time, there were three NV homes in our neighborhod that sold. Details of these sales are listed below.

For starters, it needs to be made clear that the list price column above is the original list price when a home hit the market. This is the price the market first saw. During our frenzied seller’s market dating back to 2020, listing agents have developed a terrible habit of changing list price to a higher than list price contract price before closing. This, in my opinion, is a terrible idea. A listing agent wouldn’t change list price to reflect a lower than list price contract price. Further, appraisers have access to the same information agents do. Appraisers can see WHEN a list price changes. Doing so after changing the status to reflect a home is under contract simply tells us all the price it has in a contracted sales price, awaiting appraisal. It does zero good to actually GET the value in appraisal.

In the current market, we are actually seeing significant reductions from original list price like the home that dropped it’s price $120,000. Why would a home not see for more? Amateur marketing photos that don’t create any buyer enthusiasm is one observation. Another would be stating you are selling a home strictly as-is. Advertising that is not a great idea. The final thought might be it was way over priced to begin with. Who knows? Regardless, the home that sold so low below its list price it is definitely a punch in the gut for NV home owners. Another slap comes from seeing $7,800 in closing cost help in another sale. And as the summer months wore on, you can see marketing time increased.

When these three sales are combined with the NV Home sales dating back to September 2021, the updated six and twelve month value points are updated as seen below.

The sold price column shows a tightening gap between the twelve month values compared to their respective six month values. This indicates prices are not increasing as much as they had been. The six month values being higher than their corresponding twelve month values still indicates values are increasing, but not by leaps and bounds.

Seller subsidy (closing cost help to buyers) is definitely higher in the average values than seen last report. As interest rates continue to rise and values climb, buyers are finding their affordability pinched at two ends. As a result seller subsidy is starting to be a more common request.

Days on market, despite some higher actual marketing times in the most recent sales is still single digits in the average and median values down the line. However, both six month values are longer than their respective twelve month values. The summer months are never known as a time to sell quickly. Buyers are more interested in fun in the sun that house hunting in July and August. Marketing times may pick up in the fall, but it does appear that we may be in an inventory building phase of the market, which would start to shift us away from a seller favored market. For now, conditions still favor sellers.

If you placed your NV home on the market, priced to current conditions in Braemar, you could expect it to be under contract in about two weeks or less. You could also expect to be dealing with one buyer at a time. The frenzy of multiple offers seems to have gone away in most circumstances. When it does occur, it is because a home is well prepared, priced right and professionally marketed. For now, it seems seller subsidy is not a foregone conclusion as a seller expense, but don’t be shocked if you encounter offers with it. The 30 year fixed rate mortgage was 6.5% today and 5.85% for jumbo loans.

The next Braemar Property Value Report will be out in November. Between now and then, I do hope you enjoy the show Mother Nature is about to put on with the changing of the leaves. And if you are considering a sale, there is never a bad time, or time too soon, to reach out for listing preparation advice or a check in on the market. Certainly, conditions change, but the way to hit the top of any market is to be well prepared, priced right and professionally marketed. My sellers are counseled on all and reap the rewards. Get in touch for your consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: May-June 2022 (NV Homes)

Posted on July 27, 2022 by cacleland

Braemar Property Value Report: May-June 2022 (NV Homes)

As I prepare the latest Braemar Property Value Report for NV Homes in our neighborhood, I realize that I have up close and personal knowledge of the majority of homes sold this go round. That means you will be getting more information than usual. Let’s get right to it.

During the months of May and June, there were three NV Homes in our neighborhood that sold. Details of those sales are listed below, but there is more than meets the eye on two of them.

For starters, the most obvious visual difference is that there is one sale highlighted in blue type. That is a sale where I represented the buyers. They were initially interested in the home at 12667 Arthur Graves Jr., despite the home showing in worn condition. At that time, when 12667 Arthur Graves Jr. was brand new to the market, it was priced at $795,000. My buyers were willing to go in full list price just for the size of the home. Mind you, at the time the sellers were offering a $15,000 credit to refinish the hardwood floors. Nonetheless, my buyers were waved off as they had a home sale contingency. Somewhere along the line, the deal for 12667 fell through after my buyers were under contract with the very well prepared 12689 Arthur Graves Jr. (Side note, the floors at 12689 also needed to be refinished, but the home was fresh and clean, staged and no credit offered. It was also a smaller home.)

When it comes to the first home on the list at 10029 Three Sisters, that home appears to have sold above list price just like 12667 Arthur Graves, but when you consider their original list price was $810,000, it is up to your own judgment whether it did or did not sell above list.

What I do know from the sales above is that the market is still busy in Braemar and there are more buyers out there than homes for sale. In both Arthur Graves Jr. homes, I had a front row seat to multiple offer scenarios. After my own buyers lost in the first go round at Arthur Graves Jr., I helped a colleague write an offer on 12667 in the second round of offers at the improved price of $765,000. The market isn’t crashing for well priced homes. Well prepared homes are still doing very well.

With all that information, let’s now take a look at our updated six and twelve month data points.

When it comes to the average and median sold prices, there is still upward growth from the six month values compared to their respective twelve month values. However, looking at the six month median lift above the twelve month median, the growth is not as exuberant as we saw last report. Still, upward growth continues in this seller’s market. Clearly, the way to get the most for your home is to make sure it is properly prepared and professionally marketed to increase buyer enthusiasm.

Seller subsidy (closing cost help to buyers) is a factor in both average values. In the last six months, two out of eight sellers gave closing cost help. In the last year, three out of sixteen gave closing cost help. Take heart in knowing that way more than half of sellers in both time frames gave nothing. Not only does proper preparation help your bottom line, but so does skilled negotiation.

Days on market is a little higher down the line compared to last report, but day one and two days. NV Homes in Braemar are selling very fast.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in a week, maybe two. It may take a little longer in July and August. Sellers think this is the best time to sell since kids are out of school. Buyers are worn out and are more focused on vacation and summer fun. As mentioned above, seller subsidy seems to be more an issue with homes not properly prepared or professionally marketed. And while there are still instances of multiple offer situations, buyers are acting more deliberately these days. Sellers still have the upper hand. Just be prepared to see the typical contingencies in your offer(s.) Home inspections are rarely waved lately and low appraisal guarantees are all but forgotten.

The next Braemar Property Value Report will be out in September. Until then, when it is time to sell your Braemar home, don’t rely solely on market conditions for the best outcome. Reach out to me for your complementary consultation. I will be happy to show you what proper preparation and my professional marketing can mean to your bottom line. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: March-April 2022 (NV Homes)

Posted on May 21, 2022 by cacleland

Braemar Property Value Report: March-April 2022 (NV Homes)

What a gorgeous, sunny weekend! Summer is just around the corner, but the temperatures today make it feel like it is in full swing already. Before we get too far removed mentally from spring, let’s take a look back at the Braemar real estate market as it relates to houses built by NV Homes in our neighborhood. In this edition of the Braemar Property Value Report, we look back to the sales activity from March and April and check in on our updated six and twelve month data points.

There were two NV homes that sold between the beginning of March and end of April. Their sold prices are vastly different at $675,000 and $799,900.

How does a home with more square footage, an additional bathroom and loft level sell for $124,000 less than its competitor? The obvious answer to me is that it never hit the open market, instead taking a sight unseen offer. It sold from coming soon status. This happens sometimes when the sellers don’t want to be troubled with showings. However, if you put a price tag on what showings might mean to their bottom line, sellers will often bite the bullet and go to market. It is unlikely that an unfinished basement vs. a finished basement in Braemar has hit a delta of $124,000. Typically, that difference is a max of $40,000 or $50,000. It could also be that the home would not have shown well and selling from coming soon status was a blessing. We will never know why, we will only know that that a cul-de-sac lot home with four levels, one of which being an unfinished basement, sold for a lot less than a smaller, somewhat updated competitor.

Taking the past twelve months of NV home sales dating back to May 2021 to April 2022, our six and twelve month data points are updated as seen below.

Starting with the sold price column, we see that both six month sold prices are above their respective twelve month values. This means that NV homes in Braemar are continuing to gain value, despite the early year mortgage interest rate increases.

Seller subsidy (closing cost help to buyers) is zero in all values except the twelve month average. This is a result of one NV home seller out of thirteen in the past twelve months that gave $2,300 in closing cost help. Likely this was a credit in lieu of requested repairs. Certainly, with limited inventory continuing, buyers must write seller favored terms to have their offers accepted.

Days on market, though showing the most minimal increases in both the six month values compared to their twelve month counterparts, remains in single digits. NV homes are continuing to sell fast.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also still expect to give nothing in closing cost help. That may change if mortgage interest rates continue to increase. For now, they are steadied out around five and a quarter percent.

The next Braemar Property Value Report will be out in July. Until then, I hope you enjoy all kinds of sun in the fun. Of course, if the need to sell your Braemar home arises, I would love to consult with you and show you what my proven listing process can do to increase your bottom line buy stepping up buyer enthusiasm. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2022 (NV Homes)

Posted on March 17, 2022 by cacleland

Braemar Property Value Report: January-February 2022 (NV Homes)

On this St. Patrick’s Day 2022, I bring you the Braemar Property Value Report for NV Homes in our neighborhood. This edition looks back to the sales from January and February 2022. We also will get the opportunity to get market trend info from our updated six and twelve month data points.

There was only one NV Home that sold in Braemar during the first two months of the year. Details are listed below:

Immediately my agent eyes go to the biggest stand out factor. This NV home sold for over $50,000 more than its list price. The buyer frenzy that had quieted a bit in the second half of 2021 is back. I’ve witnessed it with my own Listing Agent eyes. Let’s see what market trends can be deciphered from the updated six and twelve month data points, which include NV Home sales in Braemar going back to March 2021.

Starting first in the sold price column it is great to see both six month values higher than their respective twelve month values. NV Homes in Braemar continue to push up in value as we progress through this seller’s market.

Seller subsidy is where we find out how much closing cost help Braemar buyers were able to negotiate from the NV Home sellers. With only the twelve month average having a value more than zero at $153, the answer is very little. Looking at the raw data of the fifteen sales of NV Homes in the past twelve months, only one seller gave any seller subsidy at all.

Days on market, while two to three days longer in the six month values compared to their respective twelve month values, is nothing alarming. In general, NV Homes are selling very quickly.

If you placed your NV Home on the market, priced to current conditions, you could expect your home to go under contract in less than a week. You could also expect to pay nothing in seller subsidy as so many buyers are out competing for very little available homes.

The next Braemar Property Value Report will be out in May. In the meantime, if the need arises to sell your home, I would love the opportunity to consult with you. Selling in a seller’s market is not a guarantee of making the max the market will bear. Sadly, I see observe sellers leaving money on the table every time I log into the MLS. My listing process is one that never cuts corners or gets lazy, relying on market conditions to do the work for me. Preparation and professional marketing are key to creating the essential ingredient to max profit--buyer enthusiasm. Skilled negotiation comes into play when vetting multiple offers and working with the buyer you choose. Consultations are confidential and free. Reach out and let’s schedule a conversation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2021 (NV Homes)

Posted on January 12, 2022 by cacleland

Braemar Property Value Report: November-December 2021 (NV Homes)

Happy New Year, my fellow Braemarians. There is no doubt that many of you are wondering what the 2022 real estate market has in store for us. My experience in the market as top producing agent, as well as the time I take to create these market reports, keeps me head and shoulders above my colleagues. Most agents are happy to cut and paste statistics, some without even reading them. I take the time to collect the sales data and compile these reports myself. Real estate is a business of self-motivation. We are not required to do anything to keep our businesses going but to complete continuing education classes. I do these reports because I believe in keeping myself and my neighborhood informed.

This Braemar Property Value Report is focused on houses built by NV Homes. The sales detailed below are from the last two months of 2021.

The first thing I noticed about this sale was that the list price had been changed to match sales price AFTER it went under contract. This is a practice a lot of listing agents started to use in our crazy seller’s market in hopes of getting homes to appraise for sky high prices. I am not in agreement with the practice, only because I was trained by appraisers. They have all the same information I see in the MLS. You can’t fool them with a price increase. The best way to get a house to appraise is to have an appraiser package ready with comparable sales and lists of updates. I included the original list price above. It closed for $50,000 above in its sales price. Obviously, Braemar home sellers are still enjoying our seller’s market.

Taking all the NV home sales from 2021 and updating our six and twelve month data points, we get the best sense of how our market has been trending in the short term, compared to the long term.

Starting with the sold price column it is fantastic to see both six month values above their respective twelve month values. This means NV homes in Braemar are still gaining value. Not surprisingly, as the second half of 2021 cooled the all-out buyer frenzy we had been experiencing since early 2020, the growth rate slowed a bit. I figure that out by dividing the six month value by its respective twelve month value. In this report, the six month average growth rate was 3.1% and the six month median growth rate was 1.4%. Last report, those numbers were both 3.5%. Growth is growth. This year should see more, but at a more sustainable rate.

Seller subsidy, also known as closing cost help from seller to buyer, is super low in the averages and non-existent in the medians. The latter is more important. It means that in both time frames, more than half of NV home sellers gave no seller subsidy.

Days on market remains very fast for homes that are show ready and create buyer enthusiam. Lately, not all homes are going under contract in a matter of days, but the ones prepped and professionally marketed are. One day upticks in the average and medians are nothing.

If you placed your NV home in Braemar on the market, priced to current conditions, you could expect it to be under contract in less than a week. You also expect to give nothing in seller subsidy. As far as contract contingencies your offers are likely to have the three standards: financing, appraisal and inspection. With the frenzy gone, and a more reasonable seller’s market, buyers were more measured in their actions during the second half of the year.

The next Braemar Property Value Report will be out in March. Until then, if 2022 is the year you were thinking of selling, there is no time like the present to consult a local, professional agent like me. Getting Braemar sellers top dollar through exceptional listing preparation advice, professional marketing and unparalleled neighborhood knowledge is what I do best. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: September-October 2021 (NV Homes)

Posted on November 27, 2021 by cacleland

Braemar Property Value Report: September-October 2021 (NV Homes)

The turkey and traditional sides induced over-full state has subsided and it is back to work for this Braemar Real Estate Agent. Back to work means actually doing the research and producing this Braemar Property Value Report focused on properties built by NV Homes in our neighborhood. That’s right, I don’t cut and paste reports for you. I run the sales, crunch the numbers and give you my analysis. That is why my wealth of knowledge of our Braemar real estate market is unparalleled. I do the work to understand our market.

In the months of September and October, there was only one NV home that sold. The details of that sale are listed below:

Having only one sale for the current reporting period doesn’t mean that we don’t have updated six and twelve month data points. This sale gets tossed in with the previous sales of NV homes for the previous year and the sales from September and October last year are dropped. The updated six and twelve month data points used in this report are then updated as seen below:

Starting with the sold price column there are healthy increases in both six month values compared to their respective twelve month values. NV homes are continuing to increase in value. And unlike what I have seen with other home types this reporting period, NV homes have lost only one half of one percent in the average six month growth rate compared to last report. They have lost no ground in median six month growth rate.

When we get to the seller subsidy column, we get to see how much closing cost help Braemar buyers were able to negotiate from their NV home sellers. The answer is nothing more than they had before. The most recent sale gave no seller subsidy. And with the six month average seller subsidy decreasing compared to the twelve month average, it seems more and more sellers are giving nothing, bringing that average number down. The six and twelve month median values being at zero means more than half of NV home sellers in both time periods gave no closing cost help. This is the mark of buyer competition being strong for these homes.

Days on market has come down in both six month values compared to their respective twelve month values. This is also contrary to what I have found in preparing other Braemar Property Value Reports for the same time period. The most recent sale going under contract in only four days is fantastic.

If you placed your Braemar NV 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 very little, if anything in closing cost help. And based on trends I am seeing in the market, there is a shift away from the all-out buyer frenzy in our real estate market. Buyers are more likely to ask for home inspections and not waive appraisal. That doesn’t mean we are entering a buyer’s market. Supply is still not keeping up with demand. Buyers are not as many in number and not feeling the need to give away every possible contingency to get under contract.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best this holiday season. Of course, if the need arises to sell your Braemar home, I am here for you no matter the season. Creating buyer enthusiasm and maintaining it throughout the transaction is what makes keeps my sellers at the max the market will allow. My knowledge of our community is what gets my Braemar sellers the advantage over their competition. Feel free to reach out any time of year for a no obligation consultation. It is my pleasure to serve my neighbors. Since 2005, No One Knows Braemar Better!

Selling Braemar

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

Category Archives: NV Homes