Braemar Townhouse Report: September-October 2022

Braemar Townhouse Report: September-October 2022

The day after Thanksgiving is one I used to dread when I worked in fine jewelry retail. Black Friday deals would bring throngs of shoppers to the counter. Obviously, fine jewelry retail is a job in which each customer must be handled individually, with careful attention to controlling the items you are showing. It is not a place for impatient shoppers. However, here is a pro-tip for anyone that may get sucked into Black Friday deals on diamond stud earrings. They are crap diamonds full of noticeable flaws and are yellow in color. Personally, I always found white sapphires a better value. Visually, no one can tell a difference and at least they are real gemstones. You truly get what you pay for in this world, and the lesson applies to everything for which you are shelling out money. The perception of saving money is often greater than the cost realized with sub-standard items, service, etc. Boy does it apply big time to listing agents.

Rather than spending the day amidst the frenzy of consumers at shops, I am more than happy to be working as your Braemar real estate resource again, bringing you the latest Braemar Townhouse Report. This particular report focuses on the sale of traditional townhouses in our neighborhood. Breaking that down one step more, traditional townhouses are three levels, have a back yard and are not condo ownership.

There were nine Braemar townhouses that sold between the months of September and October. Details of those sales are listed below.

At a quick glance, only one third of the townhouse sold below their original list price. Original list price is used for this report, not list price at the time something went under contract. It is an important distinction to note. And the three townhouses that sold below their list prices also took the longest to sell. For sure, the first townhouse owner had outlandish ideas of what their townhouse was worth on the open market if they sold seventy-five thousand dollars below their original list price. Others were closer. Another thing immediately evident is that two-thirds of sellers gave seller subsidy (closing cost help.)

Taking these most recent sales and combining them with the Braemar townhouse sales dating back to November 2021, the six and twelve month values tracked in this report are updated as seen below.

Starting with the sold price category, it is great to see that both the six month sold prices are higher than their corresponding twelve month sold prices. Values are still trending up, just not by leaps and bounds. The gap between each set of sold price values this report, is closing compared to last report. Buyer behavior has changed with the increase of mortgage interest rates, but market conditions measured by the number of buyers compared to the homes available for them to purchase is still considered a seller’s market.

Seller subsidy is most certainly rising in the six month and twelve month average values. Many buyers are requesting closing cost help to assist with mortgage rate buy downs. Heck, some sellers are offering it vs. lowering list prices. (This is a strategy that will cost you regardless whether buyers need it or not.) In our current six and twelve month median values we find that more than half of sellers in each time frame gave nothing in seller subsidy. If future sales follow the same trend as those this report, the median values will soon be repeating values other than zero in this column.

Days on market are ticking up. Again, this goes with the change in buyer behavior. The frenzied behavior we saw in 2020 and 2021 that led to quick sales after multiple offers with no contingencies is over. Buyers are acting much more deliberately. They are less enthused about piling on in a multiple offer scenario and taking the time to mull homes over before rushing to write offers. All in all, the marketing times are still representative of a seller’s market.

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You could also expect that a buyer would request some closing cost help. Finally, it is more likely you will be dealing with one buyer at a time. However, gets buyers excited about your home involves making sure it is well prepared, properly priced and professionally marketed. Even outside of multiple offer scenarios, buyer enthusiasm is ultimately where sellers tip negotiations in their favor.

The next Braemar Townhouse Report will be out in January. Between now and then, I wish you every happiness the year end holiday season has to offer. Of course, if the need to list arises between now and then, as it did today for Braemar townhouse sellers that reached out on this holiday weekend, do not hesitate to get in touch. My business is open year round. I am always delighted to get my Braemar sellers the top of the market when they 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: September-October 2022 (Ryan Homes)

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!

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

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

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

In this short week before the Thanksgiving holiday arrives, I am proud to bring you another Braemar Property Value Report. Being at the top ecelon of Braemar real estate agents gives me tremendous satisfaction. There are a any number of cut and paste market reports that pertain to Bristow. However, no strictly computer generated report will never be able to put a market report together for Braemar due to how convoluted the developer made this community when it came to recording our various legal subdivisions. Here are a few of our legal subdivisions that you may not even realize make up Braemar: Rivenburg, Albrite Property, Ducharme and Saybrooke (not to be confused with the neighborhood of Saybrooke that is legally registered as Villlages at Saybrooke and The Villages at Bristol.) Those are the “legally registered” subdivisions that make up our neighborhood, in addition to those properly registered as Braeamar. Taking the time to put this reports together myself gives you the most accurate information about what’s happening in our neighborhood and keeps me on top of our market trends.

Today’s report focuses on the houses built by NV Homes in our neighborhood. Brookfield Homes was the developer of Braemar and built the majority of homes here. However, when it comes to single family homes, they did sell some lots to NVR, which includes NV Homes and Ryan Homes. These two companies within the umbrella of NVR brought two very different feeling home styles and trim levels to Braemar. That is why I still report these two builders in separate reports.

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

Taking a quick look at this sale, we see that it sold for less than its original list price, gave seller subsidy (closing cost help to the buyer) and took just under one month to go under contract. The market has been experiencing a shift due to rising mortgage interest rates. Buyers are no longer acting in a frenzy, though demand still is outpacing supply, which technically makes it a seller’s market. However, the shift in buyer behavior is noticeable and feels as though we are moving out of a seller’s market. We are not. Conditions are stabilizing.

When this sale from September and October is combined with all the NV home sales dating back to November 2021, the updated six and twelve month value points tracked in this report are updated as seen below.

Looking first at the sold price column, it is good to see the six month average sold price above the twelve month average sold price. This report, compared to last report, there was even a larger gap between the two, in favor of the six month average. This is an indicator that values are still trending up. However, our six and twelve month median sold prices reporting the same $790,000, is actually a lower six month median value than we saw last report. And if you look to last report, you will notice the sales that closed in August started the trend of sellers closing below original list price. Is that something to be concerned about? Not necessarily. Some sellers are still pricing optimistically.

Seller subsidy is definitely moving in a buyer favored direction and it is no surprise. Both the six and twelve month average values are higher than they were last report, with the six month average above the twelve. This means more closing cost help has been given in the last six months. However, the six and twelve month median seller subsidy values are still at zero. This means that more than half of sellers in both time frames didn’t have to give any. With the more than doubling of mortgage interest rates this year, buyers had their affordability squeezed at two ends. Many buyers requested seller subsidy to help with interest rate buy down. Still if a home has created enough buyer enthusiasm, there is a shot that buyers would dive in and offer without requesting any closing cost help, for fear another buyer would swoop in with better terms. Again, our market still doesn’t have enough homes to meet demand.

Days on market shows an increase in both average values since last report, with the six month average being nearly two weeks. The six and twelve month median marketing times are still just over a week at eight days. This means more than half of sellers in both time frames sold in eight days or less. As I am watching more and more houses taking two weeks or more to sell, I suspect days on market will continue to increase in these six and twelve month measurements next report.

If you placed your NV home on the market, priced to current conditions in Braemar, you could reasonably expect to be under contract in two to three weeks. Sellers are no longer seeing multiple offers, but dealing with one buyer at a time. Seeing seller subsidy requests should no longer be a shock, but is avoidable if buyers are excited about your home. That starts with having a well prepared property that is properly priced and professionally marketed. These are the keys that get my Braemar sellers top of whatever market conditions in which they are listing.

The next Braemar Property Value Report will be out in January. Between now and then, enjoy your holiday season. In the meantime, whenever a home sale want or need arises for you, my business is open year round. Get in touch and let’s set up a time to talk so we can find the right strategy to suit your time frame and needs. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: September-October 2022 (Heritage Series)

Braemar Property Value Report: September-October 2022 (Heritage Series)

It certainly did get bone chillingly cold in short order. And if you listen to talking heads about what rising mortgage interest rates are doing to the real estate market, you may see a metaphor coming. Not from me. Buyer activity has changed, but we are still in a seller’s market. In this edition of the Braemar Property Value Report, focused on Heritage homes in our neighborhood, the news will be one-hundred percent local, analyzed by me, who actually works full-time in the field.

Before we begin, let me clarify what qualifies a house in Braemar as a Heritage home. They 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 current reporting period of September and October, there were two Heritage homes that sold in Braemar. Both were Yardleys with partially finished basements. Details of those sales are below.

The sale highlighted in pink text was my listing. I was surprised to see another Yardley sell for more just days later, but once I saw the difference in the home, I understood. In fact, the difference between these two sales is a great lesson in “market extraction,” the method appraisers use to determine what an upgrade or feature in a home is worth. First, they must find homes similar. One without the feature(s) and one with the feature(s.) The difference is the “market extraction” for the feature or upgrade. In this case, if an appraiser wanted to know what hardwood floors on the entire main level and a walk-up exit from the basement were worth, that would be $22,000. While my listing did go under contract quickly for what was happening at the time, and get a great price, it did not have an exit from the basement and there were three types of flooring on the main level: hardwood in the foyer and dining room, carpet in the living room and family room and a one sheet vinyl installation in the kitchen and breakfast nook. We did talk about lifting the value with updating the flooring to LVP throughout, but what they would have spent would not have made up for it. They still didn’t have an exit from the basement. They got what they had in great shape and did very well on the market.

Taking these sales and combining them with the Heritage home sales dating back to November 2021, the six and twelve month data points are updated and still show a seller favored market.

Starting with an examination of the sold price column, both six month values are higher than their respective twelve month values. However the gap between them, compared to last report, is narrowing. The steep increase in mortgage interest rates has affect buyer behavior, but demand is still outpacing supply. Buyers are simply no longer prone to a feeding frenzy that has them bidding above list and waiving contingencies. Our values are still trending up, just not steeply.

Seller subsidy (closing cost assitance from seller to buyer) is surprisingly absent from the six month median values, unlike a lot of reports I have prepared for the same time period. It is not surprising to see small values in the six and twelve month average values. Mortgage interest rate buy downs are being requested by buyers, and in some cases, offered by sellers in lieu of lowering list prices.

Days on market shows a two day uptick in the six month average marketing time compared to the twelve month average marketing time. Meanwhile, the six and twelve month median marketing times are the same at six days. Despite the change in buyer behavior, homes are not taking very long to go under contract.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You could also expect buyers to not be shy about asking for seller subsidy. You don’t need to offer it. If your home is well prepared, properly priced and professionally marketed, it should create enough buyer enthusiasm that a buyer may act without asking for closing cost assistance. Getting buyers excited about a listing in any market is the key to getting the best terms in the shortest amount of time.

The next Braemar Property Value Report will be out in January and will let us know how we ended the year. In the meantime, I hope you enjoy this upcoming holiday season. If a move pops up on your horizon, know that my business is open year round, connecting buyers and sellers no matter the season. Get in touch and let me know when you are planning to list so we can get a head start on creating that buyer enthusisam. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: September-October 2022 (Courtyard Series)

Braemar Property Value Report: September-October 2022 (Courtyard Series)

Thanks for joining me for another Braemar Property Value Report. Before we begin, let’s talk seasonal business. Have you taken time to winterize your hose bibs yet? Temperatures are dropping and you don’t want to find out in the spring that you have a plumbing leak that could have been prevented. If you haven’t yet completed that task, there is no time like the present, while your local neighborhood expert is nagging you. Now let’s get to the real area of my expertise, the Braemar real estate market.

Today’s report focuses on the sales of Courtyard homes in our neighborhood. If you are not familiar with what constitutes a Braemar Courtyard home, they 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 current reporting period of September and October, there was only one Courtyard home that sold in Braemar. Details of that sale are listed below.

Right off the bat I am delighted to see that this Braemar Courtyard home sold at its list price. I am disappointed for Braemar Courtyard home owners to report that the sellers of this home gave 2.5% in seller subsidy (closing cost help to the buyer.) As mortgage interest rates have increased and home values are still trending upward as well, just not as steeply, buyers are feeling the pinch. This money likely went to a mortgage interest rate buy down to make the mortgage less expensive for the buyer. Some sellers are actually advertising incentives for mortgage rate buy downs rather than lowering their price. It is not a strategy I encourage as market value is still market value, no matter the incentive offered. If a buyer needs closing help, they will ask you for it. Price right from the beginning.

When combined with all the Courtyard home sales in Braemar dating back to November 2021, 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 to see that both six month values are still higher than their respective twelve month values. Home prices are not increasing by leaps and bounds, but with market conditions surrounding inventory and demand favoring sellers, values are still trending up. What I am noticing is that the gap between the six month value compared to its corresponding twelve month value is narrower than it was last report. It’s still a wider gap than I have seen in some reports I have prepared this reporting period.

Seller subsidy is definitely different than we saw last report. The average values in the last report were below one thousand dollars and the median values were both at zero. Now we have substantial figures to report in the average values and even the six month median value is registering seller subsidy. It won’t be too many more reports before the twelve month median value is reporting seller subsidy given in more than half the sales as well.

Days on market still shows the six month average being faster than the twelve month average, but not by as many days as we saw last report. More interesting to this Braemar Real Estate Agent is that the six month median is noted at thirteen days. That means more than half the sellers in six months took thirteen days or longer to sell. The increase of mortgage interest rates have changed buyer behavior. They are acting more methodically and deliberately. The days of frenzied buying in 2022 are over. Maybe it will return in the New Year if rates drop as many in the industry are expecting.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You should prepare yourself to not see multiple offers and expect that odds favor your buyer asking for seller subsidy. You can put yourself in the best position to avoid this, make the most money and not linger on the market by making sure your property creates buyer enthusiasm. It starts by getting proper preparation and pricing advice and hiring an agent, like me, that will professionally market your home. It’s hard to get excited by photos taken by a cell phone and not edited for perfection in post production, when that is exactly what your listing is competing with. When a buyer is excited about a home and doesn’t want to lose it, they figure out ways to make their offer more attractive to you.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best this holiday season. Know that if a move pops up on your horizon, my business operates every month of the year. No matter the season, it is my pleasure to help my Braemar sellers reach the top of the market. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: September-October 2022 (Carriage Series)

Braemar Property Value Report: September-October 2022 (Carriage Series)

As we move through November and start preparing for year end holidays, the eleventh month of the year, as all odd numbered months, means it is time for me to get out my Braemar Property Value Reports. This particular report focuses on the sales of Carriage homes in our neighborhood. 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.

September and October brought three Braemar Carriage home sales. Details of those sales are listed below.

Unlike last report, where the exception out of four sales was one that sold below list price, the exception this report is one out of three sold at list price. The other two of the most recent sales sold below their original list price. The list price column above shows original list price. We are now in a market where over zealous sellers are having to find more realistic list prices with price reductions.

Another couple of differences I see immediately compared to last report is that the majority of sales gave seller subsidy (closing cost assistance to their buyer) and the majority sold in two weeks or more. That’s a departure from last report where all the sales were seller subsidy free and the highest marketing time was thirteen days. Rising mortgage interest rates have changed buyer behavior to a much more methodical and deliberate way of acting. Believe it or not, there are still not enough homes to meet buyer demand, so market conditions favor sellers. It is an interesting time to be a professional real estate agent.

When the most recent sales are combined with all the Braemar Carriage home sales dating back to November 2021, the six and twelve month data points followed in this report do show changes.

Starting with sold prices, the six month average sold price is now only slightly higher than the twelve month average value, compared to the spread last report. And last report, the six month median was over one percent higher than the respective twelve month value. This report, they are the same. Our market is done with the exuberant growth we saw in 2020 and 2021, and is now in a more sustainable growth rate.

Seller subsidy, compared to last report, has increased in the six month average over the twelve month average. The six and twelve month median values here are still at zero. Given current trends, it won’t be too many reports more before there are numbers to report in median seller subsidy values. Obviously, it will first appear in the six month median values when it does appear.

Days on market still shows single digits down the line. Meanwhile, the six and twelve month average marketing times are higher than they were last report. If the buyer hesitancy to act continues and we do find ourselves building more inventory, these time frames will also increase in future reports. Right now, properly priced and well prepared homes are still selling in a reasonable time frame.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. And you plan to sell soon, you should probably prepare yourself for the idea of giving some seller subsidy. Buyers are finding this most helpful in buying down their interest rates. Some buyers simply can not afford to buy at today’s rates and need the buy downs to be able to purchase.

The most success any seller will have in our Braemar market is by creating buyer enthusiasm. Getting buyers excited about your home and ready to act decisively is what will get you the most money in the shortest time and put you in a position to deal with buyers who can go without seller subsidy. I’ve worked with buyers who request closing cost assistancer on properties, and then, when they find one that really lights them up, the request is never brought up out of fear they will lose the home. You don’t need multiple offers to get a fantastic offer. You just need to work with a full-time, professional agent that has the playbook to succeed, including professional grade marketing. My sellers have been have been beating the market averages as buyer behavior shifts, just as they had in the frenzy of the couple years.

The next Braemar Property Value Report will be out in January. Until then, enjoy every minute of the year end holidays with family and friends. And if the need to move arises, you can reach out to me anytime. My real estate business is operated year round. It is not just my spring sellers who enjoy top of market sales experiences. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: September-October 2022 (Arista Series)

Braemar Property Value Report: September-October 2022 (Arista Series)

November and the switch back to standard time sure did seem to get here sooner than my internal calendar was telling me it should. Yet another circumstance of life that is beyond our control. All we can do is adjust our surroundings and attitude. Leaving a lot more lights on at home and starting a vitamin D supplement are great plans of attack for those who feel themselves internally sinking this time of year.

Staying focused on my work as a Top Producing Braemar Real Estate Agent keeps me going at all times. Today I bring you the first in the latest series of Braemar Property Value Reports, all researched and produced by me. I am a real estate geek through and through. This report details recent sales with the Arista Series. These are the largest single family houses built by Brookfield Homes in our community and include three floor plans: Allister, Buckingham and Canterbury. By far and away, the Canterbury is the most prevalent in Braemar. Let’s dive right in.

There was only one Arista home that sold during the current report period of September and October 2022. Details of that sale are listed below.

This particular sale, given the steep rise in mortgage interest rates that happened in the third quarter, is actually filled with good news. It sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in fifteen days. Fifteen days may feel like forever compared to the three to five days we had been seeing during the buyer frenzy of the seller’s market of the past two to three years. However, having done the research for each of the Braemar Property Value Reports yet to be published, I can tell you this was a sale that occurred in a very reasonable time frame.

Combined with the Arista home sales going to back to November 2021, the six and twelve month data points presented in this report are updated as seen below.

Starting in the sold price column, the gap is narrowing between the six month value and their corresponding twelve month values compared to last report, but six month values are still higher. Our Braemar real estate market is not experiencing decreasing prices at this time, but a leveling out at worst or a more sustainable rate of growth. With mortgage interest rates more than doubling since the start of 2022, home values were not going to follow suit and gain ten percent in a matter of a month or two.

Seller subsidy is something I am seeing in the overall market, but not really represented in the Arista Series average values here. Don’t expect that to continue if mortgage rates continue to climb. Good news at this moment is that rates have come down from the sevens and are back in the sixes.

Days on market is in a good overall place for Arista homes. The six month average marketing time is actually faster than the twelve month average marketing time. And the median values are identical at eight days. Single digits is not something I expect to continue seeing in future reports, but how long it takes to sell a home involves a lot of factors. Our buyer demand is still high enough to be considered seller favored. As we continue to build inventory, this may shift to a more stable market.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or so. You may be able to get away with giving no seller subsidy, but you better be offering a home that builds buyer enthusiasm. That can be achieved with proper preparation and professional grade marketing. Of course, landing the right list price given the current conditions is more important now.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness the year end holidays have to offer. If a move is something you find on your short term horizon, don’t panic. Our market moves year round and our year end selling season is a very powerful one. It would be my pleasure to help you take advantage of it. 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

Typed with this gorgeous girl resting on my arm.

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

Reflection Series Home

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

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

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

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

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

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

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

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

Between now and January, if you have a need to sell your Braemar home, get in touch with me for a complementary consultation. We can discuss your potential takeway from the current market, how long it would take to achieve that and what projects would be advised prior to list. It is always an honor to help my Braemar neighbors. Since 2005, No One Knows Braemar Better!

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

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

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

Daylight is leaving us earlier and earlier these days. That’s the one thing I really don’t like about entering the month of October. However, the thing I dislike about this month is the very thing that makes this the perfect month to celebrate Halloween. You have to take the good with the bad.

In this edition of the Braemar Piggyback Quarterly the focus is on our third quarter neighborhood real estate market as it pertains to our two car garage townhouses, attached side to side and back to back. Let’s dive right in.

From the beginning of July to the end of September, there was only one Braemar Piggyback home sale. Details are listed below.

July and August in 2022 reflected our Northern Virginia seasonal norm, reduced buyer activity during summer vacation months. It is not surprising to see it took the Braemar Piggyback townhouse above just over two weeks to sell. It is disappointing to see that it sold below its list price. Two weeks on the market probably felt like an opportunity to buyers who were used to losing homes within twenty-four hours on the market.

Taking this third quarter activity and combining it with all the Braemar Piggyback sales going back to the fourth quarter of 2021, the six and twelve month data points tracks in this report are updated as seen below.

Starting with the sold price column, it is still comforting to see both the six month average and six month median sold prices are above their corresponding twelve month values. While our market was undergoing a shift in buyer behavior, values are still on an upward trajectory.

Seller subsidy (closing cost help to buyers) has been a non-starter for buyers looking to get under contract in an inventory limited market. This report shows no change in average and median seller subsidy given in any value. Oddly enough, our twelve month average seller subsidy was four hundred dollars last report too.

Despite the fifteen days on market experienced by the most recent sale, the days on market average and median values are still showing single digits down the line. This may start getting longer, but not overnight. The steep increase of mortgage interest rates is likely motivating as many buyers to get under contract soon, as it is slowing others down.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also expect to give nothing in seller subsidy, but don’t be surprised if buyers request it now that mortgage rates have effectively doubled since the beginning of the year. The days of multiple offers is gone and buyers are no longer having to waive contingencies. However, that does not mean that you can’t get a great price and seller favored terms when selling. With demand continuing to outpace supply, sellers still have the advantage. It is just even more important to make sure your home is priced right, properly prepared and professionally marketed to lift buyer enthusiasm.

The next Braemar Piggyback Quarterly will be out in January. Between now and then, I wish you all the best as you celebrate the year end holidays. However, if the need arises to sell, don’t push off the conversation until spring. Our real estate market in the fourth quarter can be a very powerful one and has been for the seventeen years I’ve been selling. Get in touch with me for a complementary consultation for the most accurate inforamtion on our market so you can evaluate what is right for you. Since 2005, No One Knows Braemar Better.

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

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

Patio Home in Braemar

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

October is one of my favorite months. There is something magical about the chill in the air and the leaves changing colors. October is also a busy month for this Braemar Real Estate Agent. As soon as the third quarter comes to a close in September, it is time to roll out my quarterly Braemar property reports. Today’s report is the Braemar Patio Quarterly, focusing on Patio homes in our neighborhood. Patio homes are two level, one car garage homes with side and back attached neighbors. They are the quad-style townhouses in our neighborhood.

During the third quarter, which encompassed the months of July, August and September there were no Braemar Patio homes sold. However, as the year’s worth of Braemar Patio home sales now drops the third quarter of 2021, the six and twelve month data points are updated as seen below.

At first you may be alarmed that the six month value points for sold price have fallen below their corresponding twelve month values. Don’t be panicked by this. There was only one Braemar Patio home that sold in the six months measured in this report. It’s sold price is the only value we have for each six month sold price. In my last Braemar Townhouse Report, values were still trending up for similar home types and similar prices, so I suspect we’ll see more of that if we have more Braemar Patio home sales to report in January’s fourth quarter wrap up. At present, there are none on the market or under contract.

Seller subsidy is something that has been making a come back as mortgage interest rates have been rising. It’s not something that has yet to be recorded outside of average values. It will be a more normal occurrence when it hits the median values. Median values are a reflection of what the middle value is a string of numbers is. At zero, it means more than half of Braemar Patio home sellers have given none in twelve months. Remember, the six month value is only one sale.

Marketing time is still low and has been in other reports I’ve prepared. Even though conditions have shifted, we are still in market with more buyers than there are homes for them to purchase. That means conditions still favor sellers. You can read this post about how the shift is impacting sellers.

If you placed your Braemar Patio home on the market, priced to current conditions, you would be a stand out listing. As mentioned, there are none of these homes on the market right now and they are among my favorites for townhouse buyers. They offer so much storage for buyers not put off by the lack of traditional back yard. You would likely be under contract in two weeks or less. And you may have to face seller subsidy requests, but if your home was properly priced, well prepared and professionally marketed, the odds of avoiding it increase. It all boils down to creating buyer enthusiasm.

The next Braemar Patio Quarterly will be out in January. Until then, I do hope you enjoy your year end holidays. And if you need, or want to sell your Patio home before the end of the year, don’t hesitate to be in touch. The urgency to get find a home before mortgage rates go even higher is top of mind with serious buyers. Buyers are always out in the fall market, but not all agents understand the benefit of our year end selling season. Get in touch and let me tell you all about it. 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