Braemar Property Value Report: November-December 2021 (Carriage Series)
Happy New Year! I hope you all are enjoying the fresh start in 2022 and taking in some of the beauty the winter weather has brought. Snow can certainly be a pain, but I suggest enjoying the views while you can.
The New Year for this Braemar Real Estate Agent means getting a chance to wrap up 2021 with my Braemar Property Value Reports. Today I am bringing you the latest on Carriage homes in 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.
In the last two months of 2021, there were two Braemar Carriage homes that sold. The details of those sales are listed below:
For homes that are very close to the same size, with same number of bedrooms and bathrooms and even basement finishes and exits, the final sold price difference is HUGE. Taking a virtual stroll through both listings, they were both professionally photographed and presented well online. What the Darnaway home had were some very specfic color choices on the walls, basic finishes throughout the ktichen and bathrooms and had no garage. However, it had an additional kitchen in the basement, making it a perfect in-law suite. Airedale ws updated throughout with not even a scrape of carpet on any floor. Top of the line finishes were used in the kitchen and owner’s bathroom. Furthermore, it was neutral throughout. Skipping listing preparation like painting and doing some modest flooring updates can leave money on the table. There should not be a $100,000 difference between these homes.
Taking these two sales and combining them with all the Braemar Carriage home sales from 2021, our six and twelve month data points are updated and continue to reflect a seller’s market.
Starting with the sold price column we see that both six month values are above their respective twelve month values. That’s good news. However, it should be noted that the rate of increase this report in the average is 2.7% and median is 1.8%. Last report, the average rate of value increase was 3.5% and the median rate of value increase was 4.5%. The second half of 2021 really cooled the all out buyer frenzy that had been happening since 2020, but that doesn’t mean that we aren’t still in a seller’s market. There is still not enough homes to meet buyer demand, but buyers are not going nuts when competing for homes now.
Seller subsidy is where we find out how much closing cost assistance Braemar Carriage home buyers were able to negotiate from their sellers. The six month average shows an increase in seller subsidy over the twelve month average. More importantly, the six and twelve month median values beiing at zero means that more than half of sellers in both time frames gave nothing in seller subsidy.
Days on market shows a one day uptick in marketing time in the both six month values compared to their respective twelve month values. Still, Braemar Carriage homes are going under contract in a matter of single digit days.
If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in about one week. You could also still reasonably expect to give nothing in seller subsidy if your home has created enough buyer enthusiasm to make it in demand enough for buyers to compete. With the cooling off of the buyer frenzy, you could also expect to see a home inspection contingency in whatever offer you accept.
The next Braemar Property Value Report will be out in March. Until then, if you are considering a move in 2022, it is never too early to consult with a local expert. My unparalleled neighborhood knowledge and professional marketing have been making my Braemar sellers the absolute max the market will allow for year. Since 2005, No One Knows Braemar Better!