Braemar Property Value Report: July-August 2021 (NV Homes)

Braemar Property Value Report: July-August 2021 (NV Homes)

It has been a string of gorgeous September days lately. Just the right temperature and beautiful blue skies, very similar to the sky in the picture above. While I would rather be out enjoying the day, work still needs to get done. For this Top Braemar Real Estate Agent, that means getting out another Braemar Property Value Report. Today’s report focuses on the sales of houses built by NV Homes in our neighborhood during the last two months of summer. Without further delay, let’s get to it.

During July and August there were six NV Homes that sold in Braemar. The details of those sales are listed below:

Wow! Very health sold prices in that sold price column. But how do the six and twelve month data points look?

Starting with the sold price column we see both the six month average and six month median values are most definitely higher than their twelve month respective values. This means NV Homes are still pushing up in value. This report the average was up 4% in six months. The median value was up 3% over six months. Compared to last report, the average growth is down 3% and the median growth is up 2%. Only time will tell where values go from here. All I know is that the summer brought a slowing of the buyer frenzy we had been experiencing since 2020. Even with that slow down, it has remained a healthy seller’s market.

The seller subsidy column is where we learn how much closing cost help buyers were able to negotiate from their sellers. The answer in the six month and twelve month median values is none. That means more than half the sellers in both time frames gave absolutely nothing in closing cost help. However, NV Home sellers have been giving something since there are values in the six month and twelve month average values. One of those seller is represented in the most recent sales above with $2,300 in seller subsidy. That’s only one seller out of six that gave any closing cost help. It is a rarity these days as buyers are competing against other buyers to be the offer chosen.

Days on market is where we find out how quickly NV Homes are going under contract. Very fast. The six month average marketing time was only three days compared to the seven days seen in the twelve month average. Meanwhile, the six month median marketing time is only two days, which is even faster than twelve month median marketing time of three days.

If you placed your NV Home on the market, priced to current conditions, you could expect it ot be under contract in less than one week. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in November. Until then, if you have been considering the sale of your Braemar home, waiting until next spring may not be the most beneficial move. Our year end housing market in Braemar is a powerful one, fueled mainly by the fiscal year for the Federal government beginning October 1st. New jobs are created and raises abound. Meanwhile, fewer sellers tend to take this time of year seriously. The sellers that do tend to make out very well. Call me and find out what a year end sale could 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
www.ChrisAnnCleland.com

Braemar Property Value Report: May-June 2021 (NV Homes)

Braemar Property Value Report: May-June 2021 (NV Homes)

The end of the work week has arrived. TGIF! It’s been a long week. While there is no end of the work week for a Top Braemar Real Estate Agent like myself, the acknowledgement of the start of the weekend is still ingrained deep in my soul from school days.

Today’s Braemar Property Value Report focuses on the sales of houses built by NV Homes in Braemar during the months of May and June. During those two months, there were only two sales. The details of those sales are listed below:

These sales demonstrate the crazy buyer demand that was present in both months. Iona Sound sold well above list price in two days and Arthur Graves Jr. went under contract at a high list price before ever hitting the market. Was it a sight unseen offer? Based on the fact that there is no listing agent listed and no MLS photos, I think it was a private sale between two parties, the buyers represented by an agent.

Taking these two sales and combining them with the entire past twelve months of NV homes sales, the six and twelve month data points are updated to continue to show the impact of the seller’s market.

Starting in the sold price column, we see a big jump in value from the twelve month average sold price to the six month average sold price. However, the six median median sold price is only slightly higher than the twelve month sold price. Either way, the trend is up and that’s a good thing for NV home owners.

Seller subsidy is where we learn how much closing cost help buyers negotiated from their NV home sellers. In all except the twelve month average the answer was zero. And the twelve month average only has a value because two of twelve sales in the past twelve months gave seller subsidy. The most recent of those two sales was in December 2020. Seller subsidy requests so far in 2021 have been absent in winning bids on NV homes.

Days on market shows a dramatic change in both twelve month average and median values shrinking the in the six month average and median time frames. Selling an NV home is not a lengthy process these days.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in a few days. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in September. Until then, when it is time to sell your home, understand that creating buyer enthusiasm is the key to getting the top of the market price in any market conditions…even a seller’s market. Buyer enthusiasm comes from proper listing preparation and professional marketing…two things I help sellers with every day. Get in touch with me for a run down of what it takes to achieve top of the Baemar 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

Braemar Property Value Report: March-April 2021 (NV Homes)

Braemar Property Value Report: March-April 2021 (NV Homes)

Another gorgeous spring day in Braemar and the sound of a lawn mower is my background noise. Doesn’t bother me a bit. The sun is shining and the weather is warming up. The real estate market has been warm for some time. In fact, it is down right hot. Sellers could not be in a better position and in this edition of the Braemar Property Value Report, focused on the NV Homes resale market, you will see exactly what I mean.

During the current reporting period of March and April, there were four resales of NV homes in Braemar. The details of each of those four sales is listed below:

All but three of these homes sold well above their list prices. Only one took a week to go under contract at longest. None gave closing cost help. This is what the Braemar seller’s market looks like. Taking these sales and combining them with the entire past twelve months of NV home sales in Braemar, we see exactly how far home values have come in six months when comparing the six month data points to the twelve month data points.

The sold price column is the natural place to start. Here we see that the six month average and six month median sold prices are WAY higher than the twelve month average and median. NV homes in Braemar are eight to nine percent higher than they were a year ago. That’s substantial.

Seller subsidy is what is also known as closing cost assistance sellers give to buyers as part of the transaction. Honestly, this is the first report I have done in the March/April 2021 series were the six month average shows a value other than zero. Evidently, one NV home sale in the last six months gave a large amount of closing cost help. And looking back at the fourteen sales that make up the twelve months of NV homes data, only two gave seller subsidy at all. Zero is new norm as buyers face fierce competition when bidding on homes.

The days on market column shows the six month average marketing time two days shorter than the twelve month average. The six month median marketing time is three days shorter than the twelve month median. NV homes in Braemar have been selling faster more recently.

If you placed your NV home on the market, priced to current conditions in our Braemar marketplace, you could expect it to be under contract in less than a week. You could also expect to give nothing in seller subsidy as buyers compete to win in multiple offer scenarios. Those same buyers may even waive contingencies like home inspection, radon inspection, financing and appraisal.

The next Braemar Property Value Report will be out in July. Until then, if the need or want to sell arises know that even in a seller’s market, preparation and marketing matter. They create the buyer enthusiasm needed to lift your sales price higher than your competition. Creating buyer enthusiasm with a well prepared and professionally marketed listing is my specialty. 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 (NV Homes)

Braemar Property Value Report: January-February 2021 (NV Homes)

As usual, our transition from winter to spring has not been consistently in one direction. Warmer temperatures had us all ready to ditch our coats and shake off winter. Not so fast! Colder temperatures have arrived again. The one thing that has been consistently going in one direction is our Braemar real estate market. In this edition of the Braemar Property Value Report, I will examine the sales activity of houses built by NV Homes in our neighborhood during the months of January and February.

The first two months of the year yielded only one NV hgome sale in Braemar. The detail of that sale is listed below.

Taking this one sale and combining with the entire past twelve months of NV homes in Braemar, the six and twelve month data points are updated as reflected below:

Starting with the sold price column, it is great to see both the six month average and six month median sold prices higher than their respective twelve month values. This means NV homes in Braemar have been increasing in value. No surprise there from the seller’s market we have been experiencing.

In the seller subsidy column, I am surprised to see an increase in the amount of seller subsidy (closing cost help) from the twelve month average to six month average. In a seller’s market like ours, this is unusual. The six month median and twelve month median are more in line with what I expect to see in this market with intense buyer demand and limited inventory. More than half the sellers in both the six month and twelve month time frames gave nothing in closing cost help.

Days on market is also a column where we see unusual trends, inconsistent with a seller’s market. The six month average and six month median marketing times are higher than their respective twelve month values. Apparently there have been some NV homes that have lingered a little longer on the market . It certainly wasn’t the sale from this reporting period, which sold in four days.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect to give nothing in seller subsidy as buyers compete to win your home in multiple offer situations.

The next Braemar Property Value Report will be out in May. Until then, if you are interested in selling your NV home, get in touch with me for a free consultation. It may be a seller’s market, you can still leave money on the table. My professional marketing and unparalleled market knowledge will create the buyer enthusiasm needed to squeeze the absolute maximum out of your home 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: November-December 2020 (NV Homes)

Braemar Property Value Report: November-December 2020 (NV Homes)

In my continuing quest to bring my fellow Braemar home owners the latest real estate market information pertaining to our neighborhood, I bring you this latest installment of the Braemar Property Value Report, focusing on sales of properties built by NV Homes. The reporting period will cover the last two months of 2020.

There were two NV Homes that sold between November and December. The details of those sales are listed below:

Given our intense buyer demand and very limited inventory, there are two things that stand out to me looking at those recent sales. The first is the high days on market for Marr Lodge. The second is the high seller subsidy for Chapeltown. Neither of these should be this inflated in a seller’s market, but seller complacency is starting to set in. One of these homes had absolutely unacceptable marketing photos, made worse by the fact that the home was not show ready…at least on picture day. The other had great marketing photos that displayed in high definition custom paint colors and finishes, and some possible wall paper, that the new owner would likely want to address in just about every room of the very large home. Rather than get either home in move-in ready condition, these sellers decided to let the seller’s market make it easy on them. Let’s see where that got us as we look at the updated six and twelve month value points for the entire year’s worth of NV Home sales.

Starting with the sold price column, we see that the six month average sold price has fallen below the twelve month average sold price. The same can be seen comparing the six month median sold price to the twelve month median sold price. This should not be happening in a seller’s market, but the less seller’s do to get their homes ready for market, the less buyers are going to be willing to pay.

When we get to the seller subsidy column we find out how much closing cost help NV Home buyers were able to negotiate from their sellers. The six month average seller subsidy more than doubled compared to the twelve month average. This is likely to the high closing cost help we see in one of the most recent sales. What I would expect to see in this seller’s market is displayed in the both median seller subsidy values. In both the six month and twelve month time frames, more than half of NV Home sellers gave nothing in closing cost help.

Finally, we get to days on market. It is not a good sign to see both the six month average and median marketing times having significantly lengthened compared to their respective twelve month values. Is it that demand for larger homes is cooling off, or that the seller complacency is biting sellers in these larger homes in the back side? Time will tell.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in three to four weeks. You could also expect to give nothing in closing cost help if you presented a move-in ready home to the buyers in the marketplace, or priced your home to reflect the lack of projects done.

The next Braemar Property Value Report will be out in March. Until then, when the time comes to sell your Braemar home, I would love to show you how my professional marketing and unparalleled knowledge of our neighborhood marketplace can net you more money in the sale of your home. 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 (NV Homes)

Braemar Property Value Report: September-October 2020 (NV Homes)

Showing property on a rainy day can be messy. Thank goodness for hooded rain jackets with deep pockets. Helps to not have to carry an umbrella. All part of being prepared when you are Top Real Estate Agent in the area. Another part of being a Top Agent, at least as far as I am concerned, is having a grasp on market data. One of the things that started me doing these Braemar Property Value Reports back in 2005 was a want to know what was happening my neighborhood. Being able to compile these reports and share them with you is something I take pride in.

Today’s Braemar Property Value Report focuses on the NV Homes in our neighborhood. During the months of September and October, there was only one NV Home that sold. The details of that sale are listed below.

Combining that one sale with the entire past twelve month of NV Home sales in Braemar, the six and twelve month data points are updated as reflected below.

Looking first at the sold price column, what indicates rising values are six month values higher than their respective twelve month values. In the case of this NV Home report, those six month values are falling below their twelve month counterparts. Having seen this in the Arista Home report, of equivalently large single family homes are featured, I’m not necessarily surprised by this. Could be a blip. Could be we are seeing the softening of the real estate market start here in the larger single family homes. When we had our slide in 2008, that’s where it started was larger single family home values. Unfortunately, all we can do is wait for the next report to see if this was a blip, or if the same happens next report.

The seller subsidy column is where we learn how much closing cost help sellers gave to their buyers. Her we find exactly what I would expect to find in the strong seller’s market we have been experiencing. The six month average seller subsidy has decreased more than half of what the twelve month average seller subsidy was. And the six and twelve month median values are in agreement at zero. This latter one is more telling because it means more than half the sellers in both time frames gave nothing in closing cost help.

Marketing time is showing conflicting information. The six month average days on market was two days shorter than the twelve month average days on market. That indicates that NV homes were selling faster in the shorter term. Meanwhile, the six month median has doubled compared to the twelve month median. However, the six month average and six month median marketing times are in agreement.

If you placed your NV Home on the market, priced to current conditions, you could expect it be under contract in two weeks. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in January and will detail how we ended 2020. In the meantime, I wish you every happiness this holiday season. And if the need arises to sell your Braemar home, don’t hesitate to call me. Our year end selling season is one of the most powerful times of the year to sell and I would be happy to tell you why. 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 (NV Homes)

Braemar Property Value Report: July-August 2020 (NV Homes)

Another late September day, another Braemar Property Value Report to share.  This one focuses on the sales of houses built by NV Homes in our neighborhood and covers the activity from July and August.

There were two NV homes that sold during our current reporting period.  Their sold prices were very close to each other at $552,000 and $565,000.  Looking at the details below, on paper it seems the only difference is one had a walk out basement exit and the other didn’t have an exit at all.  That $13,000 difference in sales price, if all else is equal, is what appraisers call a market extraction.  That’s how appraisers determine values of different upgrades or structural differences.  Find two that are mostly alike except for one thing  and figure how much that one thing the higher priced home had is worth.  There isn’t just a list of values for basement exits, extra bedrooms, bathrooms, upgraded kitchens, etc.  It’s all determined by market extraction and why values for upgrades and structures change so frequently.  It’s one of the reasons that hiring a listing agent that understands this principle is so important.  They may be able to find a higher extraction and raise your value.

Enough with the market extraction lesson, the details of those NV home sales are listed below:

As is my practice, I take these most recent sales and combine them with the rolling twelve months of NV home sales and extract six month and twelve month value points to tell us how our market is trending.  The updated values can be found below:

Starting with the sold price column we see that the six month average is a tad higher than the twelve month average sold price.  Meanwhile, the six month median is nearly $10,000 higher than the twelve month median.  While NV home values are still pushing up, their rate of gain is not as pronounced as we see in lower price ranges.  The higher price ranges in our market have not been seeing the frenzied activity of the low $500K and below homes.  Still, upward pressing values is still a good thing.

The seller subsidy column shows us how much closing cost help NV home sellers have been giving on average.  The six month average has fallen below the twelve month average by more than half.  And the six month median and twelve month median remain at zero.  The latter means that more than half of buyers for NV homes are foregoing closing cost requests, or having them negotiated away, in their transactions.  We do see in the two sales above that one seller gave nothing and the other gave $3,000.  Seeing $15,000 in closing cost help is going to be exceptionally rare in this seller’s market.

Days on market is where we find out how long it is taking NV homes to sell in Braemar.  Though only up by one day each, the six month average is higher than the twelve month average and so is the six month median compared to the twelve month median.  The two most recent sales show days on market of over three weeks.  As I stated earlier, the higher price ranges are not as fast as the lower priced single family homes in our market.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks.  You could also expect to give minimal closing cost help, if any at all.

The next Braemar Property Value Report will be in out in November.  Until then, I hope you all enjoy the fall season’s upcoming display of brilliant color.  Of course, if you have been thinking of taking advantage of the peaking prices in our neighborhood, or find yourself in a position where a move is inevitable, know that our year end market is one of my favorites in which to sell.  Demand is always there, but inventory is very low.  This year, that difference will be even more pronounced with higher buyer demand than we have seen many fall markets.  Give me a call and let’s see 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 (NV Homes)

Braemar Property Value Report: May-June 2020 (NV Homes)

The month of July is flying by.  Seems I’ve been viewing property with buyers just about every day of the month too.  With the limited inventory available, whenever something pops on the market you must spring into action.  And with COVID showing restrictions not allowing for overlapping showings, if a property is popular enough, you can end up not being able to book a showing if all the slots fill up early.

This afternoon, however, I am enjoying some much needed desk time in my home office.  That is what is allowing me to bring you this most recent Braemar Property Value Report for the NV Homes in our neighborhood, with sales from May and June.  Let’s get right to it.

There were four NV Homes that sold in our neighborhood during the months of May and June. The details of those sales are listed below.

Taking all four of these sales and combining them with the entire past twelve months of NV Home sale data, our six and twelve month value points are updated as reflected below.

Looking first at the sold price column, the trend is that values are increasing in the six month data points vs. the twelve month data points.  NV Home values are continuing to rise.

The seller subsidy column is where we see how much closing cost help NV Home sellers have been giving to buyers.  Not surprisingly, the six month average seller subsidy is lower than the twelve month average seller subsidy.  And the six and twelve month median values are the same at zero.  In fact, if you look at the most recent sales listed above, not one Braemar NV Home seller had to give closing cost help.

Finally, when we get to days on market we see that our already fast marketing times in the twelve month value points has shortened a bit more in the six month data points.  NV Homes are selling even faster!

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 or two weeks.  You could also expect to give minimal, if any, closing cost help.

The next Braemar Property Value Report will be out in September.  Until then, if the time comes to sell your NV Home, give in touch with me for the most accurate analysis of your home’s value and top notch marketing to maximize your profit.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Braemar Property Value Report: March-April 2020 (NV Homes)

Braemar Property Value Report: March-April 2020 (NV Homes)

When I am preparing Braemar Property Value Reports, normally I like to space out the reports to appear online every other day.  However, this month has been rockin’ and rollin’.  I’ve got a listing in Braemar that is getting a ton of traffic, one in New Bristow Village that is getting even more and a Braemar listing coming up that I am staging this weekend.  Add to that three listings under contract, one in Haymarket, a townhouse in Braemar and another in Gainesville and there is much to be done.  Meeting appraisers, negotiating home inspections, presenting offers….you get the picture.  So while I have time, I’m putting out another Braemar Property Value Report. This one focuses on the single family homes built by NV Homes in our neighborhood.

Typically, as with other large single family homes in our neighborhood like the Arista Series, there aren’t very many sales in any one reporting period.  In our current reporting period of March and April 2020, there were six NV Homes that sold.  Details of those sales are listed below.

Taking these six sales from the past two months and combining them with the ten months worth of NV Home sales we saw before this reporting period, we get an entire year of sales data.  Our updated six and twelve month data points are pictured below.

Starting with sold price we see that the six month average sold price is over $10,000 more than the twelve month average sold price.  Tempering that great news, we do find that the six month median sold price is $1,500 below the twelve month median sold price.  All in all, it looks like NV Homes in Braemar are continuing to gain value.

Next up is the seller subsidy column, or what is also known as closing cost assistance from seller to buyer.  Both the six month average and median values here are well below their respective twelve month values.  Even in the six sales that occurred in our current reporting period, only one-third of home sellers gave any closing cost help, and when they did, it was minimal.  Clearly, sellers are giving less in seller subsidy thanks to the very competitive market we are experiencing.

Finally, days on market…or as I like to call, marketing time.  Here we have mixed information, but with such slight variation it hardly worth much attention.  The six month average marketing time is two days longer than the twelve month average marketing time.  Meanwhile, the six month median marketing time is one day shorter than the twelve month median marketing time.  This about as stable as you can get.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect ti to be under contract in about two and a half weeks.  You could also expect to pay very little in closing cost help, if anything.

The next Braemar Property Value Report will be out in July.  Until then, the question I am getting asked a lot right now is, “How is the pandemic affecting our real estate market?”  If you couldn’t tell from this market report, it doesn’t seem to have affected our Braemar real estate market at all.  Buyer demand is still very strong, making this a seller’s market.  It’s no surprise when you consider the thousands of jobs being added by the Micron expansion in Manassas and the historically low mortgage interest rates.

If you want to take advantage of our current seller’s market conditions in Braemar, give me a call.  There are added measures I am taking to make sure you sell your home safely, while still getting top dollar in 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

Braemar Property Value Report: January-February 2020 (NV Homes)

Braemar Property Value Report: January-February 2020 (NV Homes)

It is time for another Braemar Property Value Report.  As the social distancing that has been happening for over a week is beginning to wear on us, I am thankful to have tasks like this to do.  These reports have been part of my bi-monthly routine since the middle of 2005.  This particular report focuses on property values of single family homes built by NV Homes in Braemar.

There were two NV Homes that sold in the first two months of 2020.  The details of those sales are listed below.

Taking these two sales and adding them to the entire past twelve months of NV Home sale data, our six and twelve month data points are updated as seen below.

Looking first at the sold price column, it is good to see the six month average sold price higher than the twelve month average sold price.  In a conflicting trend, we see that the six month median sold price is lower than the twelve month median.   Hard to say which way values are heading.  Our most recent sales have a wide price gap at $561,500 and $651,000.  We will have to wait and see where we go next report.

The seller subsidy column shows a definite trend.  Both the six month average and six month median sold prices are well below their respective twelve month values.  This means that buyers have been foregoing or limiting requests for closing cost help from sellers in the competitive market that buyers are facing.

Days on market shows very stable average marketing times in the six month value compared to the twelve month value.  Just under two weeks to get an NV Home under contract in both.  Meanwhile, the six month median marketing time is half the already low twelve month marketing time of eight days.  NV Homes are selling quickly.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect it would take no more than two weeks to go under contract.  You could also expect to pay minimal amounts of seller subsidy, if any.

Will the pandemic we are facing of COVID-19 affect our Braemar real estate market?  Perhaps in the very short term, but likely not as bad as you may think.  Fearful buyers and sellers that do not have to relocate may pull back and put off their real estate plans.  However, there are plenty of buyers coming to our market with the expansion of Micron in Manassas.  Did you know that Micron’s expansion is bringing more jobs to our local area than Amazon’s move to Virginia did to the entire area?  Buyer demand will continue to be there for any seller wanting, or needing to capitalize.

One thing that will change is mortgage interest rates.  We are seeing them begin to increase.  The reason being that mortgage rates are based on the value of ten year treasury bonds.  Whenever a Federal government bailout happens, it is money being borrowed against those ten year treasury bonds, raising mortgage interest rates.  The good news for the market in general is that mortgage interest rates had been so low anyway, it won’t be so damaging.

The next Braemar Property Value Report will be out in May.  By then we will know what affect COVID-19 has had on our market in the months of March and April.  Until then, if the need arises for you to sell, give me a call.  No matter the market condition, I am here to help you maximize your Braemar home’s value.  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