Braemar Reflection Quarterly: October-December 2022 (4th Quarter)

Reflection Series Home

Braemar Reflection Quarterly: October-December 2022 (4th Quarter)

Welcome to another edition of the Braemar Reflection Quarterly. This report focuses on the semi-detached/semi-attached homes located on Tarvie Circle behind Safeway. These homes are attached to one neighbor and only at the rear load garage.

Unfortunately, for the second report in a row, there were no Reflection homes that sold in Braemar. Not at all unusual considering these homes make up such a small portion of the the larger neighborhood.

Below are the updated six and twelve month data points tracked this report.

With no six month values to compare to the twelve month values, let’s just talk a bit about what is happening in the market.

Braemar is still experiencing a seller’s market. It is not the frenzied mess we saw in 2020 and 2021. However, supply is still not meeting demand. Sellers who price their homes right, prepare them for market and hire a listing agent that markets them professionally, are getting great outcomes. The pitfall for sellers right now is that so many are still stuck in the mindset of the ten percent over list price offers, and multiple offers, that they are overpricing their homes despite changing behavior of buyers.

Buyers are acting much more deliberately since mortgage interest rates have climbed up a bit and threaten to climb more. However, properties that lift buyer enthusiasm are still hitting values consistent with upward growth.

Just the other day, I placed a Braemar townhouse on the market. Since then, there have been ten showings scheduled. I will not be surprised if the sellers have more than one offer to choose from, but I don’t think setting an offer deadline is in order at this time.

If you have been considering what the sale of your Braemar home may mean in 2023, get in touch with me for your complementary consultation. It is one of my greatest business pleasures to get my Braemar neigbhors the top of whatever market in which they are selling. 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 Reflection Quarterly: July-September 2022 (3rd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: July-September 2022 (3rd Quarter)

The Braemar real estate market is shifting as mortgage interest rates climb. Suprisingly, home values, while not steeply increasing as they had done since 2020, are still seeing upward growth. In this edition of the Braemar Reflection Quarterly, the focus is on the semi-attached/semi-detached homes located off of Tarvie Circle.

During the third quarter of 2022, there were no Reflection homes that sold. Having no Reflection sales to report is not that unusual. These homes make up a very small percentage of homes in our overall Braemar community. What is new information is the updated six and twelve month data points tracked in this report. This is information based on two sales in the past year.

Starting with the sold price column, the six month average and median values are higher than the corresponding twelve month values. Completely in line with what I am finding throughout the vast majority of my Braemar market reports thus far. Home values have not begun to drop at this point in our market shift. We are really just seeing more deliberate actions by buyers. They are not prone to acting in a frenzied manner.

Seller subsidy (closing cost help to buyers) was zero down the line. While this also the majority of cases in Braemar sales recently, as mortgage interest rates increase, this will likely become a request from Braemar buyers who are looking to buy down their mortgage interest rate.

Days on market was single digits down the line. Had there been more recent sales in the third quarter, they would likely have shown about two weeks on market before going under contract.

If you placed your Braemar Reflection home on the market, priced to current conditions, you would be looking at approximately two weeks marketing time. You are also not likely to be dealing with multiple offers, but one buyer at a time. Waiving contingencies is not a thing anymore. Buyers are coming in with inspection contingencies, appraisal contingencies, and in some cases, home sale contingencies. As the market shifts, it is going to be more critical to get back to the basics and not assume any house will sell despite marketing or preparation. Proper pricing, preparing your home for market and making sure it is professionally marketed will all lift buyer enthusiasm.

The next Braemar Reflection Quarterly will be out in January. Right now, it looks like there may be no sales to report, but there is still time. Don’t be surprised if this report turns into a semi-annual report if that trend continues.

Between now and January, if you have a need to sell your Braemar home, get in touch with me for a complementary consultation. We can discuss your potential takeway from the current market, how long it would take to achieve that and what projects would be advised prior to list. It is always an honor to help my Braemar neighbors. 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 Reflection Quarterly: April-June 2022 (2nd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: April-June 2022 (2nd Quarter)

Have you been hearing of doom and gloom in the real estate market? Well, not everyone who opens their mouths on the topic should be considered trusted resources. There are plenty of talking heads ranting about a market crash on the horizon. From where I sit as a full-time Braemar Real Estate Agent, I am just not seeing it. I know buyers would love to believe it is true, but prices keep going up and now, mortgage interest rates are going up too. There is certainly an affordability pinch happening, but that doesn’t mean we are headed for a crash.

In this edition of the Braemar Reflection Quarterly, we will look back at the second quarter’s sales activity for the semi-attached/semi-detached single family homes located on Tarvie Circle. They are the single family homes that are attached to one neighboring home at the rear load garage only.

There was only one Reflection home that sold between the beginning of April and end of June. The details of that sale are listed below.

This home closed in mid April, before interest rates shot up to just below six percent. It sold for forty-thousand more than its list price and gave no seller subsidy (closing cost help.) It only took seven days for it to go under contract. All in all, a very healthy sale.

Taking this sale and combining it with all three Reflection home sales that happened since the beginning of the third quarter of 2021, the updated six and twelve month data points show us the continuing trend of a seller’s market.

Starting with the sold price column, it is great to see both the six month average and six month median sold prices above their respective twelve month values. This means home values have gone up again in the more recent sales. The lift the short term values are seeing above the longer term values is not as high as we saw last report. This is what we expect to see as inventory remains an issue, but buyers are squeezed by mortgage interest rate increases. Home values will continue to push up, but at slower, more steady pace.

Seller subsidy is a column that shows absolutely none given in either time frame. That’s a symptom of buyers having to remain competitive in a market with not enough homes. We might see seller subsidy make a come back as buyers may want additional help buying their mortgage rate down.

Days on market shows a slight improvement, though none was needed, to the time it takes to go under contract. Both six month values are faster than their twelve month counterparts. Another indicator of the continuing seller’s market.

If you placed your Braemar Reflection 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. As far as multiple offers, you may not see those, but it only takes one serious buyer to make a deal. Buyers are acting much more deliberately than they were in the all out frenzy we were seeing from 2020 to early 2022. Gone are the days of waiving every conceivable contingency and offering low appraisal guarantees. We are experiencing more normal offers. Don’t get me wrong. Buyers still need to be competitive to go under contract. And if they are represented by agents who believe the market is crashing, the only thing that may crash if their own hopes of buying a home. You can’t will a market crash into existence with low offers.

The next Braemar Reflection Quarterly will be out in October. Until then, if you would like to investigate what a sale in 2022 would mean for you, I am happy to discuss it. Get in touch for your complementary consultation. You will be sure to hit the top of the market with my listing preparation advice, professional market, expert negotiation and unparalleled knowledge of our neighborhood. Since 2005, No One Knows Braemar Better!

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

Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Reflection Series Home

Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Welcome to another edition of the Braemar Reflection Quarterly. This report details sales of the semi-attached/semi-detached homes on Tarvie Circle. While they look like detached single family homes from the curb, in the back they are attached to one neighbor in a duplex-like fashion, only at the garage. These homes make up only forty-four of the over two-thousand, eight hundred properties in Braemar, so sometimes it feels like quarterly reports are even too frequent. If we go too many quarters without a sale this year, I may make this a semi-annual report.

We get to start off the year examining the sale of one Reflection Series home that sold in January. Details are listed below.

There are many thing about this sale that show the presence of the seller’s market. Selling above list price is one of them. Two others are giving no seller subsidy (closing cost help to buyer) and going under contract in only two days.

When combined with the Reflection home sales from the second, third and fourth quarter of 2021, we have a total of only three sales. However, taking the six and twelve month data points from that pool of data our market markers are updated.

Being the only sale in the last six month, our most recent Reflection home sale makes up both the six month average and median values. Compared to the twelve month average and twelve month median sold price, we still see upward growth in home values. Not surprising since our market continues to have very high demand and limited inventory.

Seller subsidy is zero down the line in all but the twelve month average. That is because one sale out of three in the last year gave $8,000 in closing cost help. One out of three sales giving closing cost help is not great, but still keeps the median values at zero. Your odds of having to give closing cost help if you sell your Reflection home have been slim, but with rising interest rates, don’t be surprised to see seller subsidy increase this year.

Days on market shows that Reflection homes are selling even faster. Again, this is due to high demand and very little inventory.

If you placed your Reflection home on the market, priced to current conditions, you could expect to be under contract within a week. And whether or not you gave any seller subsidy may depend on large part who you hire to represent you. Relying solely on seller market conditions and hiring low rate agents who do very little to drive up buyer enthusiasm will cost you more than you save in commission every time. Even in a seller’s market, you can leave money on the table. Creating buyer enthusiasm through proper listing preparation and professional marketing keep you at the top of what any market will bear.

The next Braemar Reflection Quarterly will be out in July. Until then, if you would like to investigate the 2022 sale of your Braemar home, get in touch for a no obligation analysis. We can discuss current demand and how rising interest rates may or may not be a factor for you in your next purchase. 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 Reflection Quarterly: October-December 2021 (4th Quarter)

Reflection Series Home

Braemar Reflection Quarterly: October-December 2021 (4th Quarter)

The first Monday of 2022 means it is time for the Monday-Friday employees among us to get back to work, though for many it will be virtual thanks to Mother Nature’s gift of snow. It won’t surprise many of you to know that, as a Top Braemar Real Estate Agent, I worked putting together quarterly market reports all weekend. Real estate is a self-motivated career. As independent contractors, we each have the ability to do as much, or as little as we want to keep our businesses going. I choose to go above and beyond the typical norm in our area and inform my fellow Braemarians of property values regularly.

Today I bring you the fourth quarter report for Reflection Series homes in our neighborhood. Reflection Homes in Braemar are located off of Tarvie Circle. They are the semi-attached/semi-detached homes that are attached to one neighborhoring property at the rear load garage.

Because Reflection homes make up a very small number of homes in the overall Braemar community, home sales are not as common as they are in other types of homes. This report has been done quarterly in hopes that is the appropriate interval to notice changes. I will be paying attention in 2022 and may adjust this report to be the only semi-annual if need be. For now, we’ll end the year the way we went through it, with a quarterly report.

There were no Reflection homes that sold in the last three months of 2021. That means the six and twelve month data points relied on in this installment were made up of only the other remaining sales from 2021. Both were in the last six months, making six and twelve month values the same.

This market report then is relying on my experience in preparing the other market reports and my extensive knowledge in working with two dozen buyers and sellers in 2021.

Market prices have been going up, but the growth rate is not as steep as it had been earlier in 2021.

Seller subsidy (closing cost help buyers negotiate from sellers) has seen a bit of a comeback. It’s still not the norm to see the majority of sellers giving any seller subsidy, but it is not absent from the market at large either.

Marketing times are not changing greatly, but I have noticed some sales taking way longer than they should. Poor marketing is usually the culprit. Even in a seller’s market, having a properly prepared home and professional marketing is the only way to get buyers enthusiastic about your home.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks. You could also expect to get away with no seller subsidy if your home has created that all important buyer enthusiasm. You could also expect your buyer to have a home inspection contingency. These made a come back in the second half of 2021.

The next Braemar Reflection market report will be out next spring. Until then, if you would like to read my real estate market predictions for 2022, you can do that by clicking here. If you have been thinking that 2022 is the year that you want to make a move, there is no time like the present to have that initial conversation. Get in touch and let’s chat. 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 Reflection Quarterly: July-September 2021 (3rd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: July-September 2021 (3rd Quarter)

The time has come for another Braemar Reflection Quarterly. This is the Braemar market report for the semi-attached homes located only on Tarvie Circle in our neighborhood. These homes are unique in that they are only attached at the rear load garage to one neighboring home. In this edition we look back on the third quarter of 2021 to see what happened in the zReflection market.

Between the months of July, August and September, there was only one Braemar Reflection home that sold. Not unusual for only one sale of these homes in a three month span. That’s why this is only a quarterly report. The details of the third quarter sale for 2021 are listed below:

The sold price of $640,000 is certainly the highest we have seen in the last year of Reflection homes. The one sale from the second quarter was just over the $600K mark. We are well into the six hundreds with this one.

Taking the past year’s worth of Braemar Reflection home sales and parsing them down to six and twelve month data points, this is the result:

The six month average and six month median sold prices are identical. Nonetheless, they are both way above their respective twelve month values. The growth rate in the six month average sold price this report is 12%. The six month median sold price growth this report is even higher at 14%. Compared to the second quarter’s average growth rate of 15% and the median growth of 23%, these third quarter growth rates are lower. While we are still in a seller’s market, it seems the all out buyer frenzy has cooled a bit, but not ended.

Now to the seller subsidy column where we learn how much closing cost assistance Braemar Reflection home buyers were able to negotiate from their sellers. While the most recent sale is none, the six month average and median at $4,000 tells us that last report seller subsidy was a factor. The more telling number are the median values being $4,000 as well tells us that more than half the seller’s in both time frames gave at least $4,000.

When it comes to days on market, the magic number seems to be eight. All values are in agreement at eight days marketing time except the twelve month average of nine days.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in a little over a week. You could also expect you may have to give some seller subsidy.

The next Braemar Reflection Quarterly will be out in the New Year. Until then, when the need or want to sell your Reflection home in Braemar arises, I would love the chance to talk to you about how I help my sellers get maximum profit by increasing buyer enthusiasm. Even in a seller’s market, it matter. My professional marketing combined with my unparalleled knowledge of Braemar never ceases to make my Braemar sellers extremely happy. 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 Reflection Quarterly: April-June 2021 (2nd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: April-June 2021 (2nd Quarter)

Today I bring you the last of the Braemar quarterly property value reports for the second quarter of 2021. This edition of the Braemar Reflection Quarterly focuses on the sales of Reflection homes in Braemar located off of Tarvie Circle that are single family homes, attached only at the garage, and adjoined as such to one neghboring property.

There was only one Reflection home that sold in the second quarter. That’s actually good news because the last time there was any Reflection home sales to report was the fourth quarter of 2020. The details of the second quarter 2021 sale is listed below:

Seeing a jump from a list price to sold price of $10,000 is nice to see. It offsets the $8,000 seller subsidy request (closing cost help to buyer.) Taking this quarter’s sale and combining it with the last three quarters of sales, the six and twelve month data points are updated as seen below:

Because there was only one sale in the six month data range, both the six month average and median data points are identical. The sold price price column does show an increase from both the twelve month average and twelve month median sold prices compared to the six month values. Like everything else in this seller’s market impacting Braemar, Reflection homes are continuing to increase in value.

The seller subsidy column is where things are bit different for Reflection homes. In just about every other report I have compiled for Braemar property values, average and median seller subsidy is absent in the six month values and might be around $1,000 or less in the twelve month average as buyers ask less and less of sellers just to get under contract with so liittle inventory on the market. The Reflection homes are still seeing substantial seller subsidy requests.

Days on market is a literally a day or two longer in average and median values in other Braemar property reports. Still six to eight days is not a long time to be on the market. My guess is that buyers are weighing a semi-attached home against detached options that may be available at the time. It is an unusual configuration and clearly, not enough to stall buyers for too long.

If you placed your Reflection 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 pay about 1.5% of the sale price in seller subsidy.

The next Braemar Reflection Quarterly will be out in October. Until then, when the time comes to sell your home, the preparation and marketing will be critical in creating buyer enthusiam. It is buyer enthusiasm that wrings every penny and the absolute best terms the market will bear out of your home. Outstanding listing preparation advice (lowest dollar outlay for the biggest bang on the market) and professional marketing are standard in my business no matter 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

Braemar Reflection Quarterly: January-March 2021 (1st Quarter)

Reflection Series Home

Braemar Reflection Quarterly: January-March 2021 (1st Quarter)

Bringing up the rear of my Braemar quarterly market reports is the Braemar Reflection Quarterly for the first quarter of 2021. Reflection homes are single family homes located only off of Tarvie Circle and are attached to one neighboring home at the garage.

This report is going to be fairly quick. There were no sales of Braemar Reflection homes in the first quarter. And since during the last four quarters there were only two sales in the fourth quarter of 2020, our six and twelve month value points are identical when updated for this report.

Since all of our values are the same, let’s talk market generalities. Sold prices are climbing across the board. It’s not unusual for homes to be listed reasonably against recent homes sold and still get escalated seven to ten percent above list price with buyers waiving all contingencies.

Seller subsidy is no longer a consideration for any serious buyer looking to get under contract. Highest and best offers in multiple offers need to be clean and ask for nothing, including closing cost help, to even have a shot a winning.

Days on market is most definitely single digits unless you have over priced or been poorly marketed.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to under contract in less than a week and have to give nothing in seller subsidy.

The next Braemar Reflection Quarterly will be out in July. Until then, if a sale of your Braemar home is in the near future, be in touch with me. Even in a seller’s market, you can leave money on the table. Buyer enthusiasm is gained by being well prepared and professionally marketed, and that’s what gets you the highest price. Since 2005, No One Knows Braemar Better!

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

Braemar Reflection Quarterly: October-December 2020 (4th Quarter)

Braemar Reflection Quarterly: October-December 2020 (4th Quarter)

Reflection Series Home

Wrapping up the Braemar market reports for this weekend, I bring you the Braemar Reflection Quarterly. This report focuses on the sales of the semi-detached homes located on Tarvie Circle that are attached to one other home only at the rear load garage. This particular edition covers the activity from the fourth quarter of 2020.

Thankfully, there were two sales of Braemar Reflection homes in the last three months of the year. There were two quarters of absolutely no Reflection home sales in 2020. The details of the fourth quarter sales are listed below:

The first thing you may notice is that the first home, with one more bedroom and bathroom on the loft level, sold for a little less than a home without a loft bedroom/bathroom. It is important to note that one, located at 9560 Tarvie, was a bank owned property. It was not in great condition.

Taking these fourth quarter sales and adding them in with the only other Reflection home sale that happened during 2020, we have a total of three Reflection home sales from which to pull our updated six and twelve month data points. They are listed below:

Starting with the sold column we see that the six month average sold price is well above the twelve month average sold price. However, the six month median sold price is a little over $200 above the twelve month average. At worst, this means semi-detached homes in Braemar are holding steady in value. At best, it means they are gaining value. Only more sales in 2021 will tell us which is correct, but I would place my money on values going up giving the low inventory and intense buyer demand that our marketplace is experiencing right now.

In the seller subsidy column we get to see how much closing cost help buyers negotiated from sellers. With the bank sale above giving an enormous amount of closing cost and only parsing these numbers from three Reflection home sales for 2020, these numbers are higher than what I am finding in other Braemar market reports. While the six month average seller subsidy here is higher than the twelve month average, it is probably more fair to look at median seller subsidy in the twelve month time range. This tells us that two of three of the Braemar Reflection home sellers (traditional home owners, not banks) gave absolutely nothing in closing cost help. Because of the nature of the home sale that gave that enormous seller subsidy being a bank sale, it is not going to be a comparable sale for any traditional equity sale where a home owner sells their property. I only hope that bank owned properties don’t start popping up more frequenting in the market.

When it comes to the days on market (DOM) column we see both the six month average and median values are longer than their respective twelve month values. Clearly, the marketing time of nineteen days taken by the banked owned sale is skewing these figures, Looking to the twelve month median days on market, we see that two of three semi-detached Braemar home sellers had their homes under contract in five days or less last year.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract a week or less. You could also expect, if higher buyer demand and limited inventory continue in 2021 (which is exactly what we are finding right now) to pay nothing in seller subsidy as buyers compete to win your home.

The next Braemar Property Value Report will be out in April. That’s when we will know what kind of a start our Braemar Reflection home market got off to in 2021. Until then, if you want to investigate the sale of your home while our Braemar home values are peaking this year, get in touch with me. Since 2005, No One Knows Braemar Better!

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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 Reflection Quarterly: July-September 2020 (3rd Quarter)

Braemar Reflection Quarterly: July-September 2020 (3rd Quarter)

Reflection Series Home

Today I bring you the last of the Braemar quarterly property value reports. This one is focused on the Reflection homes in Braemar. For those who are unfamiliar with what defines a Reflection home, they are the homes on Tarvie Circle and are attached to one neighbor at the rear load garage.

Between July and September (the 3rd quarter of 2020,) there were no Braemar Reflection homes that sold. For that matter, there were no Reflection homes that sold between April and June (the 2nd quarter of 2020.) That makes our average and median six month value point non-existent, but we still have our twelve month average and median value points that we can use to get a sense of where Reflection home values may be.

The twelve month average and median sold prices for Reflection homes are close in value. And while our market demand has seen values pushing up, most home types are not jumping up in value by leaps and bounds. Maybe an average projected sales price for the current market would be $475,000 or so.

In the seller subsidy column we learn how much closing cost help Reflection home sellers gave to buyers. Even information seven to twelve month’s old shows that seller subsidy was minimal in the average and nothing in the median value. The market has been so flooded with buyers and very little inventory, very little closing cost help has been zeroing out in a lot of home sales lately.

Days on market in the twelve month stats are a little high at eighteen days in the average. The twelve month median at eight days is more likely close to what may happen in the current market if a Reflection home hit the market.

The next Braemar Reflection Quarterly will be out in January. Maybe by then we’ll have some sales of Reflection homes to report. Until then, if you are contemplating taking advantage of this extreme buyer demand, get in touch with me. Since 2005, No One Knows Braemar Better!

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