Braemar Property Value Report: January-February 2023 (Ryan Homes)

Posted on March 12, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Ryan Homes)

It is a quiet and dreary Sunday in Braemar, except for the excitement of a fleeting snowstorm. What a perfect way to experience snow. It fell rather heavily for about an hour, but never accumulated. Sitting in my home office sipping hot tea, it was a scene that soothed my soul. After a very busy Saturday showing property from Winchester to Stafford to different buyer-clients, bringing you another Braemar Property Value Report feels down right relaxing.

This particular report focuses on houses built by Ryan Homes in our neighborhood. This reporting period covers the first two months of the year in terms of resales and takes a look at updated six and twelve market markers to see where our market is trending. I’m here to tell you, the trends I have been seeing in most of the Braemar Property Value Reports I type are not ones that will be reflected in future reports, but we’ll get to that later.

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

It is rather discouraging, after the barnstorming buyer demand our market has experienced to see a single family home in Braemar sell for forty thousand below list and take thirty-seven days to go under contract. The positive in this sale, going by what we see in these stats, is that the seller gave no seller subsidy (closing cost help to buyer.) When you take a look at the listing photos, it is an appealing, albeit basic home lacking in professional grade marketing. Professional marketing is one of the key ingredients to lifting buyer enthusiasm. When buyers are excited about a home, they are more likely to act quickly and decisively. And sellers are certainly more likely to get a reasonable list price in an offer, if not more, when buyers are excited about the property.

Combining this sale with the Ryan home sales in Braemar dating back to March 2022, the six and tweleve month data points tracked in this report are updated as seen below.

The sold price column shows a trend I have seen in nearly all the Braemar Property Value Reports from this reporting period. Both six month sold prices have fallen below their twelve month sold prices. It is not by a lot and given the extreme amount of buyer demand we are experiencing since February, it is unlikely this trend will continue downward. Buyers have gotten used to the higher mortgage interest rates and are back in the market acting much more quickly and decisively. Multiple offers are being seen again, as well as the waiver of contingencies. Both of these things had fallen off in the vast majority of sales as of mid summer 2022.

Seller subsidy shows only values in the average data points. And it is no surprise to the see the six month value being higher than the twelve month value. What is nice to see is that both six and twelve month median seller subsidy numbers are zero. This means more than half of the Ryan home sellers in both time periods gave no closing cost help.

Days on market shows a slight increase in marketing time in both six month values compared to their corresponding twelve month values. Given the pause of the overwhelming buyer demand in the latter part of 2022 and even in January this year, this is not unexpected. I suspect six month marketing times will be coming down in future reports given current market conditions.

If you placed your Ryan home on the market, prriced to current conditions in Braemar, you could certainly expect to be under contract in a week. You should also not be alarmed at closing cost requests. However, as mentioned earlier in this report, the way to get the best outcome when you list for sale is to make sure you are properly priced, the home is well prepared and that it is professionally marketed. Market conditions alone are no guarantee of the best outcome.

The next Braemar Property Value Report will be out in May. If you would like to know what your specific home is worth at any time, don’t hesitate to reach out. It is my pleasure to walk through the ins and outs of our Braemar market and get you the most it will bear when you 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 Report: November-December 2022 (Ryan Homes)

Posted on January 24, 2023 by cacleland

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

January is passing by fast and I’m down to my last two Braemar market reports. Today the focus is on houses built by Ryan Homes in our neighborhood. In this edition of the Braemar Property Value Report for Ryan Homes we will see how values, and other telling stats, ended the year.

During the months of November and December there were two Ryan homes that sold. Their sold prices were nearly one hundred thousand dollars apart. Ryan Homes built a large variety of homes from mid-size single family to much larger homes. The details of those sales are right below this paragraph.

The first thing to note is that neither sold for their list price. List price in these reports is the original list price. The Bainbridge model on Moss Tower had one price reduction, took twenty-five days to go under contract and gave a $20,250 closing cost credit to the buyer. The Avalon model on Ballagan never reduced its price, was under contract in six days and gave nothing in seller subsidy. Setting the right list price is much more important now that the buyer frenzy is gone.

Taking these sales and combining them with all the Ryan home sales back to January 2022, the six and twelve month markers tracked in this report are updated.

In the sold price column we see that both six month values are above their corresponding twelve month values. This would be indicative of values still pushing up in what is still a seller’s market. Just because buyers aren’t acting in a frenzy with mutiple offers within days, there is not enough inventory to meet demand. The rise of mortgage interest rates just made buyers act more deliberately.

Seller subsidy (closing cost help to buyers) has definitely increased over the last six months. Both six month values are higher than their respective twelve month values. Some sellers are even offering seller subsidy while sitting on a list price the market is rejecting. My advice to my sellers on offering any concession in the MLS is clear–don’t do it! Your buyer may not need it, but once it is offered, they are taking it anyway. Believe me, if a buyer needs closing cost help, they will ask you.

Days on market is showing increases in the last six months, which is not a surprise with buyer behavior having changed. Sellers can still set themselves up for a faster, more profitable sale by making sure they are priced right, their home is properly prepared for the market and that their listing agent is committed to professional marketing. Getting buyers enthusiastic about your home is where you hit the top of the market.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in about two weeks. Seller subsidy requests are more likely these days, but remember, lifting buyer enthusiasm and making buyers fear they will miss out on a great find is where your negotiating power lies.

The next Braemar Property Value Report will be out in March. Between now and then, if you have been thinking of selling your home, let’s talk. I have been helping Braemar sellers reach the top of the market, no matter market conditions, for eighteen years. Put my considerable experience and well honed skills to work for you. Since 2005, No One Knows Braemar Better!

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

Posted on November 23, 2022 by cacleland

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

On this Thanksgiving Eve I am pleased to bring you the last of the Braemar Property Value Reports focusing on single family home sales in our neighborhood. This report looks at the sales of houses built by Ryan Homes in our neighborhood. Let’s get right to it.

There were two Ryan homes that sold in Braemar during the months of September and October. The details of those sales are listed below.

You may be wondering, why is one sale in pink type? That is because it was my listing. On the surface you may also wonder, how does a home with a walk out basement sell for less than a home with no exit from the basement. If you take a look at 9528 Ballagan, you will notice that there was a lack of kitchen and bathroom updates. The hardwood floors were not in the greatest condition, but time was tight getting the home on the market as the sellers had already gone under contract on the home of their choice. Instead of cosmetic updates, the sellers did some deferred maintenance issues, including rebuilding a deck. By the time they hit the market, they had just three days to get their home under contract to remove their home sale contingency in their purchase contract. It got done and without having to complete any inspection repairs on their list side or give any seller subsidy, which the other sale gave. It was a success for the sellers. There are always buyers that will be able to see beyond basic, or outdated, finishes at the right price.

Taking these two sales and combining them with the Ryan home sales in Braemar going back to November 2021, the year’s worth of sales data marches forward two months and the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, both the six month values are still above their corresponding twelve month values. However, compared to last report, the gap between the six month and twelve month sold prices is narrowing. This is something seen in the majority of single family home reports I have compiled for Braemar this reporting period. Buyer behavior has changed with rising mortgage interest rates. They are not acting in a frenzy. Multiple offers is no longer something you can expect. One buyer at a time is what most sellers are encountering. As a result, the growth in value by leaps and bounds has become much more steady, but hopefully, more sustainable.

Seller subsidy (closing cost help to buyers) has increased in the six month average compared to last report, but decreased in the twelve month average when looking at last report. More importantly, with both the six and twelve month median values at zero means more than half of sellers in both time frames gave none. This is good news, as many agents and lenders are advising sellers to advertise seller subsidy to help with buying down the rate for a buyer’s mortgage. My professional opinion, as my sellers know well, is not to offer anything in seller subsidy. If a buyer needs it, they will ask. If they don’t need it, you will never know as you are giving it regardless if you offered.

Days on market, not surprisingly with buyer behavior changing, is creeping up compared to last report. While there are still not enough homes to meet buyer demand, we are still in a seller’s market. However, there are plenty of agents out there thinking we have entered a buyer’s market. That understanding on an agent’s behalf would result in lower offers on behalf of their buyers, or poor advice to their sellers, like lowering list price if their home hadn’t sold in five days.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in two weeks or so. Seller subsidy requests are certainly becoming more common, but every choice made about preparing your home for market, how to price and whether or not you hire a listing agent that believes in professional marketing, it is going to affect buyer enthusiasm. The more excited buyers are about your home in any market, the more likely you are to sell faster than your competitors and get terms that favor you.

The next Braemar Property Value Report will be out in January. I do hope you enjoy Thanksgiving and the rest of our year end holidays, spending time with friends and family. And if a move looks like it is on your horizon, know that my business runs year round. Get in touch and set up your complementary consultation whenever the the need arises. In fact, the more time you have to plan listing projects the better. In other words, you can not contact me too early. Since 2005, No One Knows Braemar Better!

Selling a Braemar Single Family Home in October

Posted on October 4, 2022 by cacleland

Selling a Braemar Single Family Home in October

The Braemar real estate market has been shifting amid rising mortgage interest rates. What is happening in Braemar is no different than the surrounding Bristow/Gainesville market or the larger Northern Virginia market. Having been from Frederick County to Fairfax County representing sellers this year, I have to say that Western Prince William and our sweet spot of Braemar has been outperforming some other locales. Of course, a quick look in the MLS today at single family home activity in Braemar between September 1st to October 4th revealed that the success I had with 9528 Ballagan Court may not be what is now typical.

Since September 1st, there have been seven single family homes in Braemar sold. They average sixteen days on the market. There are two Braemar homes under contract, averaging eleven days on market. Currently available single family homes in Braemar are averaging twenty-one days on market…and there are two more Coming Soon listings that will be hitting the market soon. More concerning are the two Braemar single family homes that have been temporarily removed from active status and one home that was withdrawn from the market entirely. Mortgage interest rates increasing (most recently to 7.5%) has had a chilling effect. Yet, 9528 Ballgan Court went under contract in only two days on the market.

The sellers of 9528 Ballagan Court contacted me earlier in the summer about listing for sale. However, they had some home work to do. De-cluttering was a must. Installing new carpet upstairs and flooring in the basement was another must. Finally, a gorgeous, expansive deck needed to be refurbished or demolished. Refurbished was the best plan of action.

When all the work was done, the sellers allowed me to come in and spruce up a few areas with light staging prior to professional photos being taken. The result was the professional marketing that I love to present on behalf of all of my sellers that lifts buyer enthusiasm. Of course, not getting overly optimistic on price was another saving grace. The market for frenzied buyers had passed by the time this home hit the market. It was no the moment to press for a higher price in a home with little cosmetic updating. We looked over the numbers, found what we thought was a fair number and sure enough, a buyer in the market thought it was fair too. The deal was struck in only two days on the market.

My sellers were thrilled to give nothing in closing cost help and have to make absolutely no repairs from their home inspection. They were also relieved to get a rent back at no charge, allowing them to stay in the home until their next home can get to closing.

The Braemar real estate market is changing and anyone looking to sell needs to be sure to engage an actively engaged, full-time real estate agent in the area that knows the pace of the market at any given moment. Nothing makes me happier than getting my Braemar sellers properly prepped for the market, priced right and getting professional marketing behind the process. A home doesn’t need to be the most updated on the block, but a buyer must be able to picture themselves in the space.

When the time comes to sell your Braemar home, I would love to tell you how your home fits into the current resale landscape and how you can improve your takeaway. Since 2005, No One Knows Braemar Better!

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

Posted on September 24, 2022 by cacleland

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

The last weekend of September has brought partly sunny skies and cooler temperatures. Fall is definitely in the air and many of our Braemar residents are enjoying Braemar Day at Clareybrook Park today. Thank goodness it is isn’t raining.

Before the end of the month, this Braemar Real Estate Agent is finishing up my Braemar Property Value Reports. Not many real estate agents are motivated to put together their own market reports and present them like this. Our industry is one where the individual agents are able to determine how much they will and won’t do for their prospective clients. Personally, I love knowing the ins and outs to the most specific detail in our Braemar real estate market. My colleagues consider me a real estate geek and I am fine with that. The devil is always in the details.

Today’s Braemar Property Value Report is focused on houses built by Ryan Homes in our neighborhood. I was so happy to represent sellers earlier this month with a Ryan home that beat the expectations of marketing time. However, you won’t hear about that sale until next report, as it closes next month. Right now, we are looking back to the Ryan home sales from July and August. Those sales are detailed below.

What a difference in outcomes. One home sold well above its list price. The other sold over $100,000 below its original list price. Yikes! I would think it was a typo, but there were price reductions along the way vs. one change to put a seven as the lead number. What’s the difference between these two? Proper pricing, having a well prepared listing and professionally marketing it. Sadly, some sellers are stuck in the mindset that, while this is still a seller favored market, they have to do very little to prep their home for sale and can get the top of the market no matter who they hire. If Top Gun Maverick was filmed with a home movie camera, it wouldn’t be a top grossing film. Not all agents are the same, because not all agents approach the listing process the same.

Taking these two sales and combining them with the Ryan home sales dating back to September 2021, the six and twelve month data points followed in this report are updated as seen below.

Starting in the sold price column, we see that both the six month average and six month median sold prices are significantly higher than their respective twelve month values. This means Ryan homes in Braemar are still climbing in value. It may not be by huge leaps and bounds, but upward growth is upward growth. Inventory is still not meeting buyer demand. The factor that is giving us more modest appreciation is the increase of mortgage interest rates. They were at 6.5% for a thirty year fixed conventional loan when I checked them on Friday. Jumbo loans were at 5.875%. These increases are pinching buyers affordability.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their sellers. In the sales above, the one that sold so much lower than their original list price gave over ten thousand in seller subsidy. I am not surprised being that one of the opening photos was of carpet colors for a buyer to choose. Proper listing preparation and professional marketing can help minimize this expense to sellers. The six month average and twelve month average values are higher than last report.The best news is that in both the six and twelve month time periods represented in this report, more than half of Braemar Ryan home sellers gave none.

Days on market appears unchanged in the average and median values comparing time frames. Looking at the most recent sales above, six days is a fast sale given that July and August are not times when buyers are as engaged in the market. They tend to focus on fun in the sun. However, it should not take any Braemar seller that is well prepared, properly priced and professionally marketed forty-five days to sell.

If you placed your Ryan home on the market, priced to current conditions in Bramear, you could expect it to take two weeks or less to go under contract. Seller subsidy requests are not uncommon, but avoidable if your home is creating buyer enthusiasm. The days of multiple offers is over. You are more likely to be dealing with one buyer at a time, but you can still make sure that buyer is ready to make a serious deal.

The next Braemar Property Value Report will be out in November. Until then, I hope you enjoy the beauty of this fall season. No matter what time of year, I am here to help you size up the listing process and take the market head on to maximize your profit. It is never too early to talk. When a move in on the horizon, get in touch for your free consultation. Since 2005, No One Knows Braemar Better!

Under Contract in Two Days: A Tale of Unusually Fast Turnaround in Braemar

Posted on September 12, 2022 by cacleland

Under Contract in Two Days: A Tale of Unusually Fast Turnaround in Braemar

When 9528 Ballagan Court hit the market on Saturday, September 19th (2022,) I was cautiously optimistic that we would be under contract in less than two weeks. After all, my my most recent Braemar listing success had just closed the day before. That home at 12607 Cessford Drive had gone under contract in an impressive eleven days. Back in July, Braemar homes were lingering a bit longer.

The sellers on Cessford had done the pre-listing preparation and I put my professional marketing to work. Since the market hadn’t changed much for the better, I was thinking a similar time frame to Cessford would be fantastic. Low and behold, the first day on the market, the very first buyers through, were interested and wrote an offer. Woo-hoo! How did that happen?

Just like the sellers of Cessford, the sellers on Ballagan did the pre-listing preparation. It involved refurbishing a large deck, replacing carpet and putting LVP flooring in the basement, and doing the least favorite chore of every seller–de-cluttering. By the time the professional photographer was there, the house was smiling and saying cheese. That is the beginning of creating buyer enthusiasm.

When it’s time to sell your Braemar home, slow marketing times don’t have to be your marketing times. Reach out for your free consultation when a move is on your horizon. Helping Braemar sellers reach the top of the market is my speciality. Since 2005, No One Knows Braemar Better!

Just Listed: Three Fully Finished Level Braemar Home for $699,000

Posted on September 11, 2022 by cacleland

Just Listed: Three Fully Finished Level Braemar Home for $699,000

They say when one door closes, another one opens. Well, in my Braemar real estate business it certainly is true. On September 9th (2022) my listing at 12607 Cessford Drive went to closing. The very next day, I got to introduce this Braemar single family home to the market at 9528 Ballgan Court.

Prior to listing the sellers got brand new carpet and installed LVP (luxury vinyl plank) flooring in the basement recreation areas. They even refurbished the expansive wood deck that spans the entire width of the home. All new decking, hand rails and some support beams were replaced vs. tearing down a deck that was weather worn and not in good condition. Why? Rather than spend the money on updating kitchen counters or bathroom finishes, the sellers improved a very important feature of this home. Kitchen and bathroom refinishing were not necessary to their function.

The Ravenwood floor plan by Ryan Homes is one that places formal living and formal dining rooms off of the foyer entry and walkway to the back of the home. Once you reach the back half of the home, this floor plan opens up in the very rooms that are the cornerstone to every day living.

At the heart of the action is one of the largest kitchens a buyer would normally find in a Braemar home of this size. Enjoy plenty of cabinets and counter space, including a center island. To the west, the kitchen is open to the sun room. To the south, the kitchen is open to the family room. Gorgeous sunsets can be seen from either room, or the deck off the sun room. And to make that outdoor space more enjoyable, there is a motorized retractable awning over one portion of the deck.

Upstairs four bedrooms and two and a half bathrooms include the owner’s suite with attached bathroom. Tall, double sink vanity, a soaking tub and separate shower include the necessities of an owner’s bathroom. Second full bathroom has double sinks (not as common as you might think in a Braemar home of this size) and a tub/shower combo. It is located between the second and third bedrooms. Fourth bedroom, while farther from this hall bathroom rivals the size of the owner’s suite.

The “L” shaped recreation space in the basement would work well for zoned activities. Maybe a movie area and a game area? Or a work out area and bar/entertainment area? No matter what the next owner does with this space, they will have a full bathroom and additional fifth bedroom in this walk out level basement.

Outside, in addition to the aforementioned deck, there is a patio and the yard is fully fenced. The grading of the yard away from the home means water intrusion in the basement is practically impossible.

If this home sounds interesting, please reach out for a tour. This home is hitting a very sweet spot with regard to price, size and style and is not likely to linger on the market.

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

Posted on July 28, 2022 by cacleland

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

The last of the Braemar Property Value Reports for single family home sales in May and June is coming to you now. This one in particular focuses on the houses built by Ryan Homes in our community. Let’s get right to it.

There were three Ryan Homes that sold between the beginning of May and end of June. Details of those sales are found below.

A quick look tells me these are all healthy sales happening in a seller’s market. They all sold above their list price, none gave any seller subsidy (closing cost help to the buyer) and they all went under contract in single digit days. Combining these sales with all the Ryan Home sales in Braemar going back to July 2021, the twelve months worth of data is pulled out into six and twelve month data points.

Starting with the sold price column, both the six month average and six month median sold prices are higher than their respective twelve month values. Compared to last report, these lifts that are seen in the six month values above their twelve month counterparts are improved. The six month average sold price has doubled the lift above the twelve month value. The six month median sold price is now above the twelve month median, which wasn’t the case last report. Yes, our market is still a seller’s market. The feeding frenzy resulting in a pile of offers with buyers waiving every conceivable contingency may be gone, but there are still more buyers than there are properties for them to buy. Buyers are just acting more deliberately.

Seller subsidy is now at zero in the six month average. However, the twelve month average has increased by by just under one hundred dollars. Clearly, a Ryan Home seller in the November/December time frame that gave seller subsidy has moved off the six month time frame and is now being counted in the twelve month time frame. In that twelve month time frame there were twenty-four Ryan Home sellers in Braemar. Only two of them gave seller subsidy. None gave any in the six month time frame.

Days on market has gone to a faster pace by one day in both the average and median. Last report, both six month values were a little longer. Even then, nothing to be concerned about. Marketing time is also showing us the continuation of the seller’s market in Braemar, despite rising mortgage interest rates.

If you placed your Ryan Home on the market, priced to current conditions in Braemar, you could expect to be under contract in a week, maybe two. July and August are times when the market does take a breath. Sellers think it is a great time to list when school is out and flock to market. Buyers are worn out from the house hunt and decide it is a great time to slow down, take vacations and have some fun in the sun. It is a typical seasonal disconnect. And as discussed above, you could expect to give nothing in seller subsidy. You could expect to see one, maybe two offers if you are lucky. And in the market now, buyers are not waiving contingencies. We are seeing more typical offers than the frenzy of the last couple years produced.

The next Braemar Property Value Report will be out in September. Until then, if you want to investigate the potential sale of your Braemar home before the end of the year, get in touch for your complementary consultation. My pride and joy is getting my Braemar sellers top of the market through proper listing preparation, professional marketing and skilled negotiation. Take a look at the presentation of my latest listing at 12607 Cessford. Since 2005, No One Knows Braemar Better!

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

Posted on May 26, 2022 by cacleland

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

You can almost feel the excitement in the air. A long weekend is just around the corner and summer will be unofficially underway. Is the excitement still in the air in the Braemar real estate market? In this edition of the Braemar Property Value Report we look back at what happened with the houses built by Ryan Homes in our neighborhood for the months of March and April. We will also get a chance to see the updated six and twelve month market markers. Let’s get right to it.

There were only two Ryan homes that sold during our current reporting period. There wasn’t a huge gap in sold price with one selling at $690,000 and the other selling at $710,000. Details of both sales are listed below:

The happiest things for would-be Ryan home sellers to see is that seller subsidy (closing cost help to buyers) is at zero in both and days on market is a week or less in both.

Taking these sales and combining them with Ryan home sales in Braemar going back to May 2021, our updated six and twelve month market markers are updated and may indicate a slight shift in the market.

Starting with the sold price column we find that the six month average sold price has increased about one percent from the twelve month average. Increases in six month value are what we have been seeing in the seller’s market conditions of late. However, the six month median sold price has fallen below the twelve month median sold price. We will have to see what next report shows us, because recent multiple offer scrums in the neighborhood tell me we are still seeing very high buyer demand.

Seller subsidy is where we learn how much closing cost help sellers gave buyers. In the case of Ryan home sellers, the amount of closing cost help has been nothing in recent sales. However, the six month average seller subsidy is a little higher than the twelve month average. Not to worry, the six and twelve month median seller subsidy values remain at zero. This means more than half of Braemar Ryan home sellers gave nothing in closing cost help in both time frames.

Marketing time has increased in both six month values compared to their respective twelve month values. This are not big increases. Buyers are being more deliberate in their actions as mortgage interest rates have increased. They are not as susceptible to pouncing on listings immediately.

If you placed your Ryan home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could also expect to give nothing in seller subsidy. Home inspection contingencies are making a come back, but largely seem to be of the right to void variety from what I am experiencing.

The next Braemar Property Value Report will be out in July. Until then, if you would like to investigate what a 2022 sale would mean for you, don’t hesitate to reach out for a confidential consultation. I have made it my business to be the most informed agent in the neighborhood. And I consider it my best talent to create buyer enthusiasm around my listings, maxing out my seller’s profit. Since 2005, No One Knows Braemar Better!

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

Posted on March 19, 2022 by cacleland

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

Welcome to another edition of the Braemar Property Value Report, focusing on sales of houses built by Ryan Homes in our neighborhood. We wrapped up 2021 last report. Let’s get right to it and see how we are starting off 2022.

There were two Ryan homes that sold during the first two months of 2022. Details are listed below.

At a glance, we see one sold below list price and another above. The biggest difference in the homes on paper seems to be one more additional bathroom that would have been finished in the basement of the second home. If all else were equal, based on numbers alone, this would mean that a full bathroom in a basement is worth only $5,000. That is an example of how market extraction works, which is the method appraisers use to figure out value. That’s another topic entirely.

Taking these two sales and combining them with the Ryan homes that sold going back to March 2021, we get twelve month of sales from which the six and twelve month data points we follow are updated.

Starting with sold price, we see the six month average is down compared to the twelve month average. The median sold prices in both time frames are the same. This could be an indication of the single family market changing, but based on what I seen so far this year, it seems that buyer demand is outpacing supply even more so than it did during the last half of 2021. I suspect we’ll see improvement in both six month sold prices over their twelve month values next report.

Seller subsidy has definitely shot up in the six month average over the twelve month average, despite the two most recent sales giving nothing in seller subsidy. When the values for January and February 2021 were dropped, we obviously lost some zero seller subsidy sales. The good news is that the six and twelve month median seller subsidy values both being at zero means that more than half of Ryan home sellers in both periods gave nothing in closing cost help.

Days on market has gone up in both six month values compared to their twelve month counterparts. The increases in marketing time are not troublesome and are likely to come down as we move into spring if buyer demand continues to outpace supply.

If you placed your Ryan home on the market, priced to current market conditions in Braemar, you could expect your home to be under contract in about a week. You could also reasonably expect to give nothing in seller subsidy as multiple buyers compete to win your home. Of course, having a skilled negotiator in your corner certainly helps that cause and how much money you make.

The next Braemar Property Value Report will be out in May. Before then, if you would like to investigate what a 2022 sale might mean for you, don’t hesitate to reach out. Simply listing with anyone in a seller’s market is not a guarantee of top of the market in sold price. No matter the market, buyer enthusiasm must be created to reach the pinnacle of the market at any given time. That means proper preparation, professional marketing and skilled negotiating all the way through. These are the foundations of my business and they have not been compromised just because buyer demand is high. l know you still have to earn top of the market and it is my job to get that for each and every one of my sellers. Consultations are free and confidential. As a neighborhood expert, it is my utmost pleasure to help. 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: Ryan Homes