Braemar Condo Quarterly: January-March 2023 (1st Quarter)

Posted on April 11, 2023 by cacleland

Braemar Condo Quarterly: January-March 2023 (1st Quarter)

Ahhh. Another gorgeous sunny spring day in Braemar . This time of year lifts many gray winter weary spirits, mine included. As I go through the latest Braemar Condo Quarterly, focusing on the first quarter’s activity in 2023, you will get a sense of the local market and how it affects your Braemar condo.

A quick note before we get started for those that may not know that there are condos in Braemar. Condos are often thought of as units in a larger building. The reality is that a condo is simply a form of a ownership. Single family homes could be condos if they were registered with the SCC (State Corporation Commission) that way. The vast majority of homes in our Braemar neighborhood are part of HOAs. There is one association within Braemar registered as a condo. That is Barrhill at Inverness Village. Inside this Braemar condo enclave are townhouses. Some have garages, others don’t. They are located off of the streets Caithness Circle, Moxleys Ford Lane, Lod Lovat Way and Heykens Lane. These are the condo referred to in this report.

From the beginning of January to the end of March, not one Braemar condo sold. However, there were two listings that hit the market during the first quarter. One is located at 12518 Heykens. It listed for $365,000 on March 16th and went under contract in a matter of three days. We will see the final sold price next report. The other Braemar condo for sale in the first quarter was located at 10013 Moxleys Ford, also priced at $365,000. It hit the market as on February 1st. Remarks indicate it was a court ordered sale, which is usually indicative of a bankruptcy. However, the listing was withdrawn from the market on February 27th, not having sold. It may have been the condition (being noted as needing TLC,) or the fact that there were tenants inside that needed occupancy until the end of June that made the home unattractive to buyers.

Despite the lack of sales for the first quarter of 2023, the six and twelve month data points tracked in this report are updated when the first quarter of 2022 falls off of our year’s worth of Braemar condo sales.

Starting in the sold price column, it is good to see that both the six month average and six month median sold prices are higher, even though slightly, than their respective twelve month values. This indicates the continued progression of upward growth in Braemar condo values, despite buyer behavior changing in the latter half of 2022. Buyer behavior only started picking up to the more frenzied pace we had gotten used to for the last couple years in February.

Seller subsidy (closing cost help to buyers) is higher in both six month values compared to their corresponding twelve month values. Not a shock when you consider how affordability for first time buyers has really been hit at both ends with rising mortgage interest rates and the continued upward growth of home prices.

Marketing times are single digits down the line, varying only by one additional day in both six month values compared to their respective twelve month values. It is clear that Braemar condos, being the most affordable purchases in our neighborhood, have remained in high demand.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in a week or less. Seller subsidy requests are not going to be uncommon, but you can put yourself in the absolute best position by making sure your home is priced right, properly prepared and professionally marketed. These are made possible by partnering with a local, professional agent like myself that can help you on all three points to create the all important buyer enthusiasm. When buyers are excited about your home, they are more likely to be aggressive in their offer terms.

The next Braemar Condo Quarterly will be out in July. Between now and then, if you would like to know your specific condo’s value in the current market, get in touch with me. It is my pleasure to help my fellow Braemarians hit the top of the market. It always starts with a get-to-know-you chat about your property, desired time frames, nd the overall market. It is never too early to consult with me to get a handle on where to spend your time, money and energy in listing preparation projects. 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

Dunbarton Single Family Home Report: January-March 2023 (1st Quarter)

Posted on April 10, 2023 by cacleland

Dunbarton Single Family Home Report: January-March 2023 (1st Quarter)

Spring has most definitely sprung in Bristow. The Eastern Redbuds are my personal favorite to see as they come back to life. The bright purple/pink color of the buds is the color of April to me.

With the first quarter of 2023 behind us, it is my pleasure to share with you the most recent Dunbarton Single Family Home Report. Let’s start by taking a look at the detached home sales that happened between January 1st and March 31st.

There were seven detached, single family home sales in Dunbarton in the first quarter. All but two sold below their list price. Only one seller gave seller subsidy (closing cost help to buyer) and marketing times (DOM, standing for Days on Market) was all over the place. Two homes went under contract in less than a week. Two others went under contract before hitting one month on the market. Beyond that, the remaining three took anywhere from fifty-nine to one-hundred ten days to go under contract.

There was one sale in Dunbarton that you may, or may not have heard about. A lot that many believed to be common area to the community at 12800 Dunbarton Drive was actually owned by Brookfield Homes. Instead of deeding the landing to the Dunbarton HOA, they decided to capitalize on their last vacant, buildable lot and listed it for $90,000. It sold for $115,000 after getting four offers. I was delighted to have represented the buyers on that sale who were simply buying the lot to retain what they thought for more than twenty years was a protected wooded view. In addition to being repeat clients, the buyers chose to work with me again in this land purchase because of my expertise in dealing with HOAs. (I have been a Board Member of neighboring Tartan Hills Village for over fifteen years now.) Because this sale was only vacant, unimproved land, it was not included in the home sales in this report.

Taking all of these first quarter sales itemized above and combining them with the Dunbarton single family home sales going back to the second quarter of 2022, the twelve months worth of home sales yield new six and twelve month data points that I track in this report.

Starting with the sold price column, it is great to see the six month average sold price above the twelve month average sold price. This is an indication of the continued upward trend in Dunbarton single family home values. Balancing that is the fact that the six month median sold price has fallen below the twelve month median sold price. It is likely that both six month values will be higher than their respective month values next report since buyer behavior has once again become more frenzied, like what we experienced in the early part of 2022.

When it comes to seller subsidy, this continues to be an unlikely factor for the vast majority of Dunbarton home sellers. The six month average seller subsidy is a little higher than the twelve month average seller subsidy, but the fact they are both below one thousand dollars is telling. In total, out of all the single family homes that have sold in the last year, only one Dunbarton home seller gave seller subsidy and it was in the amount of ten thousand dollars. Seller subsidy requests are avoidable if your home has been prepared and marketed to lift buyer enthusiasm.

Finally, both six month marketing times are longer than their corresponding twelve month marketing times. Homes were sitting on the market longer in the last half of 2023 and even rolling into 2022. Of course, sellers who were overpricing their properties, thinking the rise of mortgage interest rates didn’t really affect their equity rich, fifty-five plus buyers were wrong. Those buyers had existing homes to sells to buyers that were being affected by the mortgage rate increases. Not to mention that changes in the stock market were also affecting their investments. Overly optimistic pricing in the second half of 2022 and beginning of 2023 was a legitimate issue. Now that buyers have gotten used to the higher mortgage interest rates, it seems the super hot seller’s market has returned.

If you placed your Dunbarton single family home on the market, priced to current conditions, I suspect you would find yourself under contract in two weeks or less. Maybe even less than one week. If your home was priced right, properly prepared and professionally marketed you would likely avoid any seller subsidy requests and would be far more likely to find yourself with multiple offers with very generous seller favored terms.

The next Dunbarton Single Family Home Report will be out in July. Until then, if you or a loved one needs help in the local market or surrounding area, please let me know how I can be of service. It is an honor to help my clients navigate this market.

Just Sold in Dunbarton: The Last Vacant, Buildable Lot

Posted on March 29, 2023 by cacleland

Just Sold in Dunbarton: The Last Vacant, Buildable Lot

Being the Active Adult enclave of the larger community of Braemar, Dunbarton was built out by Brookfield between the years, 2001 to 2008. Imagine the community’s surprise when a vacant, buildable lot was listed by Brookfield Homes in Dunbarton on March 11, 2023. No one was more surprised than the neighbors to the west of that lot who had purchased in late 2002 and were delighted to have secured a home next to what Brookfield told them was common area.

The vacant lot was listed for $90,000 and had immediate interest from folks who were anxious to back to Broad Run and live in an established Active Adult community. It is a lovely, wooded location.

Thankfully, my former clients who own the home in the adjoining lot, were able to connect with me and make a fast offer in hopes of preserving their wooded view to the east. Not only had they worked with me before, but the chose to work with me again on this deal thanks to my years of HOA experience as a board member in one of Braemar’s subassociations. The HOA aspect of the lot was perplexing. Sure, it would have access to the amenities of Dunbarton and like the other lot owners, would need to follow the convenants, restrictions and rules. But would the builder, Brookfield Homes, have to pay HOA dues on the lot. Calls to the HOA indicated there had been no dues paid on the lot since its existence.

My buyer clients made the winning bid out of four offers. It was time to make sure title work was done on time, a survey was completed and that an HOA financial statement was in hand for what Brookfield owed and what was expected of the new owner. All of that was accomplished with expert advice from attorneys and title partners along the way. Special thanks to RGS Title who started the title search the day I called to ask how quickly they could close the potential deal when my buyers and I were crafting their offer.

My buyers closed on that lot, preserving their wooded view on March 29th. Final sold price was $115,000. All the questions that had been lurking in the minds of my buyers were answered along the way. My Braemar and Dunbarton buyer and seller clients benefit from my over eighteen years of neighborhood sales experience in addition to my over sixteen years of HOA board member experience. There is a reason I say, “No One Knows Braemar Better.” My knowledge of Braemar is unparalleled. Let me know how I can help you buy or sell in Braemar or Dunbarton.

Braemar Townhouse Report: January-February 2023

Posted on March 14, 2023 by cacleland

Braemar Townhouse Report: January-February 2023

On this windy March afternoon in Braemar, I am finding it quite cozy to sit in my home office and prepare this Braemar Townhouse Report. As usual, it is the one that brings up the rear in my series of Braemar market reports. This particular edition focuses on the sales of Braemar townhouses in January and February and looks back at the updated six and twelve month market markers tracked in this report.

During the first two months of the year, there were six Braemar townhouses that sold. Details of those sales are listed below.

I was very happy to be the listing agent of 10158 Pale Rose Loop that you see in pink text. While it was an end unit, it did happen to be on the smaller side of what was available at the time. Getting them multiple offers and selling so quickly when we had just come off a slower paced year end, was a great result. They would have sold for more had the appraiser agreed with the original contracted sales price. Appraisers definitely hold the purse strings if you don’t have buyers who are willing to waive appraisal.

Of the six sales, only two sold above list price. Both gave seller subsidy (closing cost assistance to the buyer) and were both under contract in about a week. Three townhouses sold at (or just a hair under) list price. Only one sold below list price and it is no surprise that it was the sale that took the longest to happen. It is also the only townhouse sale to give no seller subsidy.

Combining all these sales with the Braemar townhouse sales going back to March 2022, the six and twelve month data points in this report are updated as seen below.

For the second report in a row, both six month sold price values are down compared to their corresponding twelve month sold price values. However, the gap is smaller when you compare to last report. Our Braemar townhouse market definitely softened up a bit in the latter half of the 2022, but all indications are that it is recovering from that momentary change in buyer behavior. Between having the listing on Pale Rose receiving multiple offers and helping buyers in the market in February in crazy multiple offer scenarios, I can assure you that buyer behavior is back to what we saw in 2020 and 2021. Buyers are making fast decisions and throwing everything they have at an offer to win. This means waiving contingencies and going above list price.

Seller subsidy shows higher amounts in both six month values when compared to their respective twelve month values. These numbers have gotten higher since last report, which really isn’t unexpected. With the steep increase in mortgage interest rates, and no noticeable decline in sales prices, buyers were having major affordability problems. Those hit worst have been first time buyers with no existing equity to roll into their next home. Buyers who have saved up their resources are the ones able to waive seller subsidy requests and compete in the conditions we are seeing right now.

Marketing time is still longer in both the six month values compared to their twelve month counterparts. In fact, these marketing time values are nearly identical to what we saw last report. I suspect this will be changing in future reports based on current market activity with homes going under contract so quickly.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or so. Don’t be surprised by seller subsidy requests. The best way to avoid them and get the most seller favored terms is to lift buyer enthusiasm. Getting buyers excited about your home by pricing right, preparing your home for market to show as move-in ready as possible and having it professionally marketed have always netted the best results. Relying on market conditions alone is not a recipe for hitting top of the market.

The next Braemar Townhouse Report will be out in May. Between now and then, or anytime you want to know your townhouse’s value in our current market, get in touch with me for a personalized consultation. It is never too early to get direction on what projects should be done for the optimal market reaction when you sell. Helping my Braemar sellers reach the top of the market is my mission. Since 2005, No One Knows Braemar Better!

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!

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

Posted on March 10, 2023 by cacleland

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

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

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

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

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

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

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

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

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

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

Braemar Property Value Report: January-February 2023 (Heritage Series)

Posted on March 8, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Heritage Series)

The odd numbered months are always the busiest for this Braemar Real Estate Agent. Those are the months I compile the majority of my Braemar market reports. Today, the focus is on the Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood. 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 (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

During the reporting period of January and February 2023, there were no Heritage home sales to report. This is only the third time this has happened since I started authoring these reports in 2005. The first time was January and February 2008. The second time was November and December 2010. Every other reporting period has had at least one sale to report. There is usually always something going on in our market. Thankfully, we are not a spring-only market.

Despite the lack of recent sales, the opportunity to look at trends still exists as the months of January and February 2022 drop off the year’s worth of sales I track and updated average and median values are run.

Starting with the sold price column, both six month values are below their corresponding twelve month values. This was the case last report as well. If you click that link and look at the report for November and December, you will see the gap between the six and twelve month value sets was much larger. The good news this report, even with no sales to report, is that the gap is narrowing between the six and twelve month sold prices.

Seller subsidy (closing cost help to buyers) also shows both six month values higher than their respective twelve month values. These numbers are also larger than they were last report. Not surprising at all given that we are looking back in time. Two thirds of the way through 2022 is when mortgage interest rates more than doubled from where they had started that year. With values steady, this impacted affordability for buyers. Many had to ask for seller subsidy to assist with rate buy downs to keep shopping in the same price points. Believe it or not, mortgage interest rates have a much larger affect on affordability than prices. The good news is that interest rates did back down from their high of 2022 and buyers have settled into the new normal of rates in the sixes and sevens.

Days on market shows that it took longer to go under contract in both six month values compared to their twelve month counterparts. When mortgage interest rates rose, buyer behavior changed. Gone was the frenzy to get under contract and offer way above list. Buyers were in the mode to deliberate and go in with a well thought out offer. This appears to be changing.

January started off with a lot of buyer demand and extremely limited inventory. Sometime in mid-February, buyer behavior started to mimic what we saw in 2020 and 2021. Multiple offers in a matter of days, above asking price and with minimal or no contingencies. If you thought you missed the best market to sell, turns out, you have another chance.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be surprised by seller subsidy requests, but they are avoidable. All the best offer terms come to sellers who have priced right, prepared their homes for market and hired an agent that professionally marketed the home. When buyers are excited about a property, no matter the price range, they compete. Market conditions alone (lots of buyers and not enough homes) are not something to be relied on solely for best results.

The next Braemar Property Value Report will be out in May. At any time, when you want to know what your Braemar home is worth in the current market, please don’t hesitate to get in touch and schedule a free consultation. Getting Braemar sellers the top of the market is my mission and it always starts with a friendly conversation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2023 (Courtyard Series)

Posted on March 6, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Courtyard Series)

On this gorgeous spring day, this dedicated Braemar Real Estate Agent is bringing you another Braemar Property Value Report. This report is for Courtyard home owners in our our neighborhood. Braemar Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedroom sizes.

During the first two months of 2023, there was only one Braemar Courtyard home that sold. Details of that sale are listed below.

The unfortunate things about this sale are that is sold below its list price and that it involved a significant amount of seller subsidy (closing cost help to the buyer.) The good thing to see is that this home was under contract in only six days.

Combining this sale and the eight other Courtyard home sales in Braemar dating back to March 2022, the six and twelve month data points tracked in this report are updated as reflected below.

Starting with the sold price column, we see that both six month sold prices are below their respective twelve month sold prices. This is the second report in which we have seen this, as it was present last report as well.

Seller subsidy has shot up in both six month values compared to their corresponding twelve month values. Not at all surprising given that mortgage interest rates rising so steeply last summer did cause an immediate affordability problem for buyers.

Marketing time has lengthened only slightly when comparing the six month numbers to their twelve month counterparts. Again, not surprising to have added time in the last six months of marketing time given the change in buyer behavior brought on by those increased mortgage interest rates.

None of these things are alarming given the changing market landscape that mortgage interest rates caused. As mentioned above, when interest rates more than doubled last year, buyers were taking longer to consider their options because prices were not falling. Buyers began asking for seller subsidy and stopped waiving contingencies. However, in February this year there has been a return of frenzied buyer behavior like we saw in 2020 and 2021. Mortgage rates fell a bit from their high last year and buyers have adapted to this increase as the new normal. Once again we are dealing with extremely limited inventory that cannot meet buyer demand. Buyers are back to waiving contingencies, going above list price and not requesting seller subsidy. This is not across all properties! Those that are priced properly, well prepared and professionally marketed are the ones creating the buyer enthusiasm resulting in multiple offers.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in a week, maybe two. You still should not be surprised at seller subsidy requests. As mentioned above, you can create the best outcome by getting buyers excited about your home. Market conditions alone do not guarantee results.

The next Braemar Property Value Report will be out in May. If at any time you want to know what your specific Braemar home is worth in the current market, do not hesitate to reach out for your free consultation. Helping my Braemar sellers get the top of the market is my mission. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2023 (Carriage Series)

Posted on March 4, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Carriage Series)

Spring may not be officially here, but the change of season is in the air. Trees were budding and flowers were blooming even in late February. Has the spring real estate market started? You bet it has. Since becoming a real estate agent in 2005, I can tell you that January is the month that buyers kick into action. As of right now (early March,) they are competing hard for the homes available to buy.

In this edition of the Braemar Property Value Report, the focus is on what has happened in the first two months of the year, where our six month data points are compared with our twelve month data points and what is projected in the world of Carriage homes. Braemar Carriage homes 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, accessed by a private driveway off of the street, or off of a shared alley in the back of the home. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

In January and February there were three Braemar Carriage homes that sold. This is great to see since there were no Carriage home sales in our neighborhood in November and December. Details of the sales from the first two months of the year are listed below:

All of these sales were of three upper level bedroom Carriage homes: Maplewood and Norwood floor plans. These are the two smaller of the four available Carriage homes in our neighborhood. Each sold at or above their list price. That was not the case in September and October as sellers were coming to grips with the fact that buyer behavior had changed as a result of the steep increases to mortgage interest rates. They each gave something in seller subsidy (closing cost help to buyers,) though only one gave what was probably close to all of the closing costs of that buyer at $12,800. Finally, two were under contract in a week or less, and one took about one month to find its buyer.

Taking all three of these sales and combining them with the entire past twelve months of Braemar Carriage home sales, the data points tracked in this report are updated as follows:

Starting with the sold price column it is disconcerting to see that both six month sold prices have fallen below their respective twelve month sold prices. This happened last report as well, but as there were no sales to report in November and December, it wasn’t as alarming. Being engaged full-time in our real estate market, I know first hand that values haven’t dropped as much as they are no longer accelarating wildly upward. Looking into the last six months of sales, two-thirds of them are the smaller three bedroom floor plans. The last twelve months of sales are as close as you can get to a fifty-fifty split with an odd number with three bedroom models having the one house advantage. My gut is telling me that this drop of six month sold prices below the twelve month prices is really just a reflection of smaller homes dominating the Braemar Carriage home market in the last six months.

Seller subsidy, in both six month values compared to their corresponding twelve month values, has gone up. This is not surprising. The rise of mortgage interest rates was steep and did fall back into the sixes and sevens after hitting the eights last year. Buyers have settled with this being the new normal, but it doesn’t make houses any more affordable as values really haven’t dropped noticeably. Closing cost help requests are much more common. However, as we hit mid-February, buyer behavior started to repeat what we saw in 2020 and 2021. I have personally represented a seller who received multiple offers in January, and represented buyers who competed in multiple offer situations in February. The difference a month makes is huge. Some buyers are back to waiving contingencies, offering above list and not requesting seller subsidy.

Marketing time in both six month values has increased when compared to their respective twelve month values. Again, not surprising given the buyer behavior change that came over the market in mid to late summer last year. I think we will see marketing times speed up again as buyers compete over limited inventory.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be shocked at seller subsidy requests. Avoiding the pay out of closing costs to buyers and getting top dollar in this seller’s market is not a secret formula. Pricing right, having properly prepared your home for market and hiring an agent that professionally markets is what drives up buyer enthusiasm. Buyers may need a home, but if they aren’t excited about yours, the time it takes to sell and terms you eventually see in offers are not going to be as seller favored as they could be.

The next Braemar Property Value Report will be out in May. Until then, if you felt remorse at having missed the sale of your home in 2020 or 2021, early 2023 presents a great opporunity. Find out what your specific home is worth in the current market. Get in touch for your complementary consultation. It is one of my greatest pleasures to help my Braemar neighbors hit the top of the market when they sell. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2023 (Arista Series)

Posted on March 2, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Arista Series)

There is no doubt that spring is here. Flowers are blooming, trees are budding and as far as the real estate market is concerned, buyers are out in full force. Let’s dive into this Braemar Property Value Report, focused on Arista homes in our neighborhood, and see how 2023 got started. For the sake of clarification, Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is the most common in Braemar.

There was one Canterbury sold during the last two months. Details of that sale are listed below.

This sale tells the tale of what was happening in late summer to the end of last year. This home was originally listed in August 2022. After two price decreases from $860,000, it landed at $825,000. That listing was pulled in November and relisted with a different MLS number in late November. It went under contract twice in December, the last of which went to closing last month. Sellers at that time were having a hard time digesting the buyer behavior change and the fact that the steep increase in mortgage interest rates made listing higher than the last sale in the neighborhood not a great idea.

Taking this one sale and combining it with the entire past twelve months of Arista home sales, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, it is good news that both six month sold prices above their corresponding twelve month sold prices. This indicates, despite the latter half of 2022 being a more stable seller’s market, that Arista home prices have been steadily increasing. It isn’t by leaps and bounds as we saw in 2020 and 2021, but any upward growth is positive.

Seller subsidy (closing cost help to buyers from sellers) has actually come down in the six month average compared to the twelve month average. That, I must say, was unexpected. It seems buyers have settled into the six to seven percent mortgage interest rates as being the new normal. What is more important is that with both median values being zero, more than half of Arista home sellers in Braemar gave no closing cost help in the last six months and the last twelve months.

Days on market is really the only place we see a significant change not in favor of sellers. The six month average marketing time is more than double the twelve month average marketing time. When talking averages, a high days on market sale like the one detailed in this report will skew data. Looking at median values, the six month median is still longer than the twelve month median. Buyers in the last six months have been acting much more deliberately.

Based on the findings in this report, if you placed your Braemar Arista home on the market, priced to current conditions, you could expect it be under contract in about two weeks. The pace is picking up though. Buyer activity is starting to rival what we saw in 2021 and once again, our market doesn’t have enough inventory to meet demand. Still, it would not be startling to see offers with seller subsidy requests. Sellers can decrease the odds of those requests and increase the odds of top dollar by pricing right, doing the proper preparation and hiring an agent that professionally markets their home. Those are the things that increase buyer enthusiasm.

The next Braemar Property Value Report will be out in May. In the meantime, if you want to know what your house would be worth in the current market, or what projects you might need to take on prior to listing for best results, get in touch for your no obligation consultation. Since 2005, No One Knows Braemar Better!

Selling Braemar

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