Braemar Property Value Report: July-August 2018 (Heritage Series)

Braemar Property Value Report: July-August 2018 (Heritage Series)

Ah Monday…my favorite day of the week.  There’s something really great about starting fresh in the work week when you love your job.  And as a Top Braemar Listing Agent, I certainly do love my job.

On this particular overcast and drizzly Monday, I am here to share the latest Braemar Property Value Report with you.  This one features sales of Heritage Series homes in Braemar during the months of July and August.  Heritage Series homes are mid-sized single family homes, built by Brookfield Homes.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.

There were five Heritage Series homes that sold during our most recent reporting period.  Sold prices ranged from $480,000 to $519,900.  Details on each sale are as follows:

When we take these most recent sales and replace last July and August in our rolling twelve month store of Braemar Heritage Series home sale data, here’s what we find:

In a market with increasing market values, we find that six month average and median sold prices are above the twelve month average and median.  Obviously, that is not the case here.  The six month average sold price is nearly $5,000 below the twelve month average sold price.  The six and twelve month median sold prices are identical.  What does this mean?  At best, Braemar Heritage values are holding steady right now.  At worst, they may be starting a decline.  Only more market reports will reveal the trend.  For now, take heart in the knowledge the six month values were below the twelve month values in November and December’s reporting period in 2017.  They increased since then.  That leads me to believe these Heritage home values are leveling out.

When it comes to seller subsidy (closing cost help to buyers,) we like to see those numbers decrease in the six month values compared to the twelve month values.  Unfortunately, those are going the wrong direction, which in this case is up.  That means Braemar Heritage Series home sellers are giving more in closing cost help when they sell recently.  However, in the grand scheme of things, the amounts being giving are about one third of what buyers can actually absorb from sellers.  In other words, buyers could be requesting a heck of a lot more.

Finally, when it comes to days on market, or I like to refer to it “marketing time,” this is an area where decreases in the short term are good.  We have a two day increase form the twelve month average marketing time to the six month marketing time.  However, the six month median marketing time is below the twelve month median.  Small changes in both directions drives me to the conclusion that is is taking about the same amount of time to sell a Braemar Heritage Series home.

If you placed your Braemar Heritage Series home on the market, priced to current conditions, you could expect it to be under contract in about one to three weeks.  You could also expect to pay about 1% of the sales price in closing cost help to your buyer.

The next Braemar Property Value Report will be out in November.  Until then, when you want to know what your Braemar home is worth, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

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Braemar Property Value Report: July-August 2018 (Courtyard Series)

Braemar Property Value Report: July-August 2018 (Courtyard Series)

Are you ready for another Braemar Property Value Report?  Well, ready or not, here we go.  This one details sales activity in for Braemar Courtyard homes during the months of July and August.  Braemar Courtyard homes are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Ballston and Clarendon.

There were four Braemar Courtyard homes that sold during this current reporting period.  That’s a lot of sales to report in the Courtyard home category.  Final sold prices ranged from $350,000 to $430,000.  Details of those sales are below.

The first thing you notice is that one of these sales, the one that closed for $350,000, is way out of line with the other sold prices.  Allow me to fill you in.  The home at 10022 Pentland Hills was a short sale in very poor condition.  It was hard to see the property for the all the trash piled throughout the home.  Sadly, someone was living in those conditions, making it all the more tragic.  It wasn’t a seller that was angry because they were about to lose their home.  As low as that sold price of $350,000 is, it could have been worse.  The property was listed for $300,000.  Better news is that someone purchased the home that will be able to bring it back up to inhabitable condition.  Finally, because we take these sales and put them in a rolling twelve month collection of Courtyard home sales, we won’t see a tremendous fall in value.  In fact, when we calculate those new six and twelve month data points, here is what we find:

While the six month average sold price has dipped slightly below that twelve month average sold price, the six month median sold price is sitting well above the twelve month median.  That’s a more reliable data point with our low $350,000 sale gumming up the averages.  Odds are we will likely never see a home in the condition of that low sold price again.  That means values of Braemar Courtyard homes are still pushing up.

The news gets better when we look at average and median seller subsidy (closing cost assistance to buyers.)  The six month average and median seller subsidy figures are both well below the twelve month average and median seller subsidy numbers.  That means sellers have been giving less closing cost assistance to buyers.

And the final sweet spot of news comes from the days on market column.  Here we find that marketing time in the six month average and median values has also reduced substantially from the twelve month average and median values.  This means Braemar Courtyard homes have also been selling faster.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in an average of no more than two weeks.  You could also expect to pay only 1% or less of the sales price in closing cost help to a buyer.

The next Braemar Property Value Report will be out in November.  Until then, give me a call when you are thinking of selling your Braemar home.  It is never too early to start talking to a Top Braemar Listing Agent like myself.  Since 2005, No One Knows Braemar Better.

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Property Value Report: July-August 2018 (Carriage Series)

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Braemar Property Value Report: July-August 2018 (Carriage Series)

If you had to guess how many properties there are for sale in Braemar right now, what would you say?  This would include all property types (townhouses, single family homes, condos, etc.)  And it would only be the ones that aren’t under contract.  The answer is twenty-three, and two of those are Braemar Carriage homes.  Twenty three homes is about as much as I have seen on the market at one time in Braemar this year.  Could it be that demand is winding down?  Well, I doubt that’s the case for Braemar Carriage homes, but in this edition of the Braemar Property Value Report, we will take a look at the sales from July and August and see where trends are heading.  And if you aren’t familiar with what a Braemar Carriage home is, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were four Braemar Carriage homes that sold between the beginning of July and end of August.  Sold prices ranged from $400,000 to $419,900.  Details of each sale are listed below:

Don’t be alarmed by the sold price range.  As you can see above, three out of four of these homes were three bedroom homes, and the smallest Braemar Carriage home floor plan available to boot–the Maplewood.  When we take these four sales and update our rolling twelve month store of Braemar Carriage home sales data, here is what we find:

When we look at the six month average and median values compared to their twelve month counterparts, what we want to see in the six month values is increases in sold prices, and decreases in seller subsidy (closing cost assistance sellers gave to buyers) and days on market (marketing time.) Let’s start with the sold prices.  The six month average and median sold prices are above their twelve month counterparts.  That’s a great start.  It indicates that Braemar Carriage home values are still pushing upward.

When we move to look at seller subsidy, we see that the six month average is slightly below the twelve month average.  However, the six month median is higher than the twelve month median.  These value trends are opposed to one another, but I think it is safe to say that seller subsidy is marching up.  That median value is a true look at the middle value in all the solds, while the average is just that, an average.

We get back to good news when we see that both the six month average and median days on marketing is lower than the twelve month values.  So while Braemar Carriage home sellers may be giving a bit more in closing cost assistance, they are selling for more and selling a tad faster in the short term.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect your home to be under contract in just under a week or two.  You could also expect to pay an average of about 1% of the sales price in seller subsidy.  All in in all not bad when you consider that buyers can receive 3% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in November.  Until then, when you get the thought that the time may be approaching to sell your Braemar home, give me a call.  It’s never too early to start speaking with this Top Braemar Listing Agent.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Property Value Report: July-August 2018 (Arista Series)

Braemar Property Value Report: July-August 2018 (Arista Series)

It always makes me smile to see the leaves start to change into their brilliant fall wardrobe. The trees on the east side of Native Rocks Drive are always among the first to start going from green to gold.  Of course, I have no idea what kind of trees those are because my specialty is not landscaping, but selling homes.  As a top Braemar Real Estate Agent, it is one of my favorite jobs to periodically look at the most recent sales data and share it with you.

This particular Braemar Property Value Report covers sales of Arista Series homes in Braemar.  Those are the largest homes built by Brookfield Homes and include the Allister, Buckingham and Canterbury floor plans.

Between the months of July and August, only one Braemar Arista home sold.  It was a four level Canterbury with five bedrooms and five and a half bathrooms.  It listed and sold for $599,900 and took only twenty-one days to sell.  Details of the sale are listed below:

To get an updated account of how Arista homes in Braemar are doing overall, we take this sale and put into a rolling twelve month collection of previous Arista home sales.  Then we parse that data out into six and twelve month markers.  When we do that, here’s what we find:

What we want to see in a six month to twelve month comparison in values is increased sold prices in the six month values, and lower seller subsidy (closing cost assistance) and days on market (marketing time) in those six month values compared to the twelve month values.

Looking at sold prices for the Arista Series, the six month average and median sold prices are both above the twelve month average and median sold prices.  That’s great news.  Values for Arista homes are continuing to rise.  However, the seller subsidy figures are higher in the six month average and median, compared to the twelve month average and median.  That means sellers are giving more of their net proceeds to buyers as closing cost help.  As for the marketing time, those numbers give us a mixed picture.  The six month average days on market is higher than the twelve month average days on market, but only by five days.  The six month median is twelve days shorter than the twelve month median.  All in all, those variations show that it is taking about the same amount of time as it has been taking, to sell Braemar Arista homes.

If you placed  your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in three weeks to two and a half months.  You could also expect to spend 1.5% to 2% of the sales price in closing cost assistance to the buyer.

The next Braemar Property Value Report will be out in November.  Until then,know that you  can’t start to preparing to sell too early. When you are starting the thought process of moving, give me a call.  Since 2005, No One Knows Braemar Better.

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

Five Star Review for Chris Ann Cleland, Braemar Real Estate Agent

Five Star Review for Chris Ann Cleland, Braemar Real Estate Agent

It is always a wonderful feeling when you can help a Braemar seller get top dollar for their home.  What’s better is when that seller gives you a five star review like this:

Chris Ann is very patient and precise. She takes time to listen and offers alternatives and additional information that is appropriate. She is not pushy but she is very clear in explaining her opinion if you want to do something that is less than optimal for the goals and objectives you have stated. Trustworthy. Anticipates her client’s needs. Manages time and tension very well.

What I did for these Braemar sellers, actually started when they were Braemar buyers.  They were looking for a short term investment property to help out a family member.  I recommended Braemar Patio homes.  They have a ton of space and always seem to sell quickly.  Well, in July 2016 they purchased 9826 Earls Ferry Circle for $315,000.  Just about two years later, June 2018, they sold for $355,000.  There is much more to the sale, like how the home sold for much more than a much more upgraded patio home, but you can read all about that here.

When you want the best results in Braemar, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

Braemar Property Value Report: May-June 2018 (Ryan Homes)

Braemar Property Value Report: May-June 2018 (Ryan Homes)

It may not have felt like all that bad of a thunderstorm, but the storm we had around 2pm today in Bristow knocked a big tree down off of Tartan Hills Parkway in Braemar.  Thankfully, the tree isn’t blocking the road, but it is blocking the path on the Broadsword Drive side of Tartan Hills Parkway.  I was on my way to re-stage a listing that just came back on the market when I saw that downed tree.  Turns out our neighborhood is great at keeping our on-site managers informed.  I called as soon as I drove past the tree, but the staff was already aware and had phoned it in to BrightView.

Right now, it is time for another Braemar Property Value Report.  This one focuses on single family dwellings built by Ryan Homes in our neighborhood.  And while there were no sales of Ryan Homes to report in May and June we still have updated data from the past year to review.

There is some contradictory sold price data when we compare the six month sold prices to the twelve month sold prices.  Increase in six month over twelve month sold prices means values are going up.  Decreases in six month compared to twelve month sold prices means values are slipping.  Well, the six month average sold price is higher than the twelve month average, but the six month median is lower than the twelve month median.  Since neither marks a huge change in either direction, this is a sign of stability in sold prices of Ryan Homes.

The seller subsidy in the six month values is a good chunk below the seller subsidy in the twelve month values.  This means sellers of Ryan Homes have not been giving their buyers as much in closing cost help.  Another good trend is that days on market is down in the six month values compared to the twelve month values.  This means it is taking less time to sell Ryan Homes in Braemar.

If you placed your Ryan Home on the market, priced to current conditions, you could expect it to be under contract in a month.  You could also expect to pay less than 1% of the sales price in closing cost assistance.

The next Braemar Property Value Report will be out in September.  Until then, if you want to know how the most recent sales activity in Braemar is affecting your home’s values, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

Braemar Property Value Report: May-June 2018 (NV Homes)

Braemar Property Value Report: May-June 2018 (NV Homes)

The opening sentence of my Braemar market reports always seems to be the hardest to get past.  Sure I’ve examined the sales and crunched the numbers myself, which puts me way above what most Bristow area agents are willing to do for their market area.   Somehow, the most intimidating factor about the reports is the open.  It’s a good thing we are past that part now and this Top Braemar Real Estate Agent can share some valuable information with you.

This particular Braemar Property Value Report focuses on the sales activity of NV Homes in Braemar during the months of May and June.  That activity includes four NV Home sales, all of which are listed in detail below:

After laying out the data for the two month reporting period, I then go back and put these sales for May & June 2018 in place of the May & June 2017 sales.  That gives us twelve months worth of data points that I slice into six month and twelve month average and median values.  Here’s what we get with the updated values:

The way to compare six and twelve month data samples is see what changes are happening in the short term (six months) compared to the long term (twelve months.)  Well, the first thing we examine are the sold prices.  Both six month values are above the twelve month values, which is fantastic.  There is a particularly larger jump from the twelve month average sold price to the six month average sold price.  Values of NV Homes in Braemar are going up.

Another good trend for Braemar NV Home sellers is the decrease of seller subsidy (closing cost assistance to buyers) in the six month values to the twelve month values.  Likewise, a reduction in time it takes to go under contract in the six month values is great to see compared to the twelve month values.  In particular, the six month average days on market is substantially lower than the twelve month average.  All good news for NV Home owners in Braemar.

If you placed your NV Home on the market, priced to current conditions, you could expect your property to be under contract in a little more than a week.  You could also expect to pay about one half to three quarters of one percent of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in September.  Until then, when you want to know the value of your home in today’s market, or the optimum time of year to sell, give a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com