Braemar Property Value Report: March-April 2023 (Carriage Series)

Posted on May 13, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Carriage Series)

Despite the dreary weather this Saturday, the local real estate market is hopping. Showing houses during the misty precipitation today was a downer for a buyer-client who loves to see how much light a home gets. The second buyer-client of the day seemed unphased by the weather and had nothing but good things to say about the home she saw, even though it was decorated in a manner that didn’t suit her tastes. Beauty is in the eye of the beholder and a lot of things can influence that first impression, like a dreary day. Leaving lights on if you had showings on your listing on a dreary day is the best thing you can do.

That’s probbably more information than you expected in the open of this Braemar Property Value Report, focused on Carriage homes in our neighborhood. This edition looks back to the Carriage home sales from March and April. Carriage homes, I should clarify, are small to mid-sized detached homes 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.

During the months of March and April there were two Carriage homes that sold in Braemar. The details of those sales are listed below:

In the most recent sales, one was the largest Carriage home floor plan available with a two car garage. The other was second to the smallest Carriage home floor plan with no garage. Each had a fully finished basement, but the larger was the only one with a basement exit. Neither gave seller subsidy (closing cost help to buyer) and they were both under contract in less than one week. Of course, they each sold well above their list prices.

When combined with all the Braemar Carriage home sales dating back to May 2022, the six and twelve month data points tracked in this report are updated as seen below:

Starting with the sold price column, this is the third straight report where both six month sold values are lower than their corresponding twelve month values. In a vacuum, that is not great news. However, the differential in both the average and median data sets is getting smaller compared to the Janaury/February 2023 report and the November/December 2022 report. Values are indeed headed back up and it is no surprise based on the severe inventory shortage our market is experiencing.

The seller subsidy column is showing improvement compared to what we saw last report. And with the two most recent sales detailed in this report, not one gave any seller subsidy. Given the high buyer demand and scarce inventory, the conditions are ideal to avoid seller subsidy requests all together. However, as mortgage interest rates drift up, it is not a given as buyers may legitimately need the assistance to buy. How your home is prepared for market, how it is priced and how it is marketed all matter in what your ultimate outcome will be when selling.

Days on the market have come back down compared to last report. Braemar Carriage homes are a hot item when they hit the market. They always have been. What we are seeing reflected in the six and twelve month values above is the change in buyer behavior that had waned a bit at the end of last year and beginning of this year.

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 less. You could also set yourself for avoiding seller subsidy requests by making sure buyer enthusiasm is as high as it can get on your home. That’s what full-time, professional marketing agents like myself do. It certainly helps to know this community like the back of hand, calling it home myself.

The next Braemar Property Value Report will be out in July. I suspect we will see even more favorable numbers next report. Until then, if you want to know what your Bramear home is worth right now, get in touch for a no obligation consultation. It is my pleasure to chat with you about our local market and how we can set you up to maximize your take when you sell. Since 2005, No One Knows Braemar Better!

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

Braemar Property Value Report: 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: November-December 2022 (Carriage Series)

Posted on January 18, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (Carriage Series)

Being well into 2023, it is time to take a look back at the end of 2022 and the Braemar real estate market as it pertains to 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.

This edition of the Braemar Property Value Report looks back at the Carriage home sales from November and December. During that time period, for only the third time since I have started this report in 2005, there were no Braemar Carriage homes that sold. That is not because they were languishing on the market and not being chosen. There were none listed.

Despite not having sales to report, dropping the November and December Carriage homes sales from 2021, our year’s worth of Braemar Carriage home sales now breaks down to these updated six and twelve months values.

Starting in the sold price column, it is unusual to see both six month sold prices below their corresponding twelve month sold prices. This could be an indication that Carriage home values are softening, but more sales data is needed before that can be determined. From my experience in the market, I think this is an anomaly. Our Braemar market is still experiencing high demand and very little inventory.

Seller subsidy (closing cost help to buyers) is present only in the six and twelve month average values, not in either of the median values. This means that more than half of Braemar Carriage home sellers in both time frames gave nothing in closing cost help. Certainly, creating buyer enthusiasm and getting them to act decisively and quickly on your home for fear of missing out, is what gets some sellers great results and lack of that enthusiasm has others lingering on the market.

Days on market lengthened in both six month values compared to their respective twelve month values. Overall, this is not concerning. With the limited inventory and high demand, Braemar homes are still selling relatively quickly.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also put yourself in the best negotiating position possible by having enlisted the help of a seasoned, local agent like myself to guide you in listing preparation and pricing, and provide you with professional marketing to get buyers excited about your home.

The next Braemar Property Value Report will be out in March. Until then, if you would like to talk about a possible 2023 sale, it would be my pleasure to meet with you. Helping Braemar sellers get the top of the market is something I take very seriously. Since 2005, No One Knows Braemar Better!

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

Posted on November 13, 2022 by cacleland

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!

Braemar Property Value Report: July-August 2022 (Carriage Series)

Posted on September 15, 2022 by cacleland

Braemar Property Value Report: July-August 2022 (Carriage Series)

Welcome to another edition of the Braemar Property Value Report. This particular edition focuses on the sales of Carriage homes in our neighborhood between the months of July and August. 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.

During the last two months of summer, there were four Braemar Carriage homes that sold. Details of those sales are listed below.

Final sold prices are all over the place, but so are the features of these homes. Half have no garage. Half are only three bedroom homes, the other half four bedroom homes. Three of them had no exit from the basement. The only thing they all have in common is that they gave no seller subsidy (closing cost help to buyers.) Taking these four sales and combining them with the Braemar Carriage home sales dating back to September 2021, the six and twelve month market markers tracked in this report are updated.

Starting with the column on everyone’s mind, let’s begin with the sold prices. Compared to last report, the six month average and median sold prices are down a bit, not much. However, compared to their respective twelve month values within this report, both the six month average and median sold prices are higher. That still means Carriage homes in Braemar are continuing to gain value compared to last year.

Seller subsidy, despite none of the four most recent sales giving none, still has average values. The six and twelve month average values are lower than they were last report. All this means is that Braemar Carriage home sellers in both time frames gave closing cost help. The more important measurement here are the six and twelve month median seller subsidy values. This means that more than half of Braemar Carriage home sellers in both time frames gave nothing. It is a safe bet a Braemar Carriage home seller would not have to relent to giving seller subsidy if their home was priced right, properly prepared and professionally marketed. Those things are what increase buyer enthusiasm.

Finally, the days on market column shows six days down the line. Even in our most recent sales above, we see that some Braemar Carriage homes are taking longer than that to sell. However, the average and median marketing times is six days.

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. Buyers have become slower to act as they are pinched between rising prices and increasing mortgage interest rates. However, demand is still not meeting supply. And as stated above, if your home was hitting the mark in maxing out buyer enthusiasm, you could expect to give nothing in seller subsidy. Be aware, as values continue to rise, it will become more common to see seller subsidy requests from buyers.

The next Braemar Property Value Report will be out in November. Until then, if a move may be on the horizon for you, it is never too early to reach out and get a handle on listing preparation projects. Interviewing agents two weeks or a month before you wish to hit the market may leave you crunched for time on suggested improvements prior to listing. It is my pleasure to help my Braemar sellers reach the top of the market. You can reach out to me anytime for your complementary consultation. Since 2005, No One Knows Braemar Better!

The Braemar Carriage Home with a Water View is Now Under Contract

Posted on April 26, 2022 by cacleland

9477 Cromarty Court Listed on April 22, 2022 for $584,000

The Braemar Carriage Home with a Water View is Now Under Contract

The only carriage home in Braemar with a water view is now under contract. Yes, the Maplewood located at 9477 Cromarty Court, listed on April 22nd for $584,000 sure did spike a lot of interest. There were several buyers through the two open houses held during the weekend. Having hosted one of them, I can tell you the upgardes inside were as popular as the water view itself.

Ultimately, six buyers were bold enough to step and make offers on this lovely home. Every single offer was above list price. Not surprising when you have sellers that have left no detail unattended. The home showed like a shiny new penny.

Did the market give any indication of shifting during the three days that sellers allowed showings? None that I could tell. I have heard talk of a shift in buyer demand, but the sellers who do listing preparation and hire professional marketing agents are not noticing the slow down.

Tonight there are five disappointed buyers who will be looking for the next opportunity in the neighborhood. Will you be the next seller to hit the market with this experienced, top notch listing agent who knows Braemar like the back of her hand? If so, you are going to love the results when you heed the preparation advice given to increase buyer enthusiasm. Homes don’t have to have unobstructed, natural water views to get buyers excited. Get in touch today for your listing consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2021 (Carriage Series)

Posted on January 7, 2022 by cacleland

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!

Braemar Property Value Report: September-October 2021 (Carriage Series)

Posted on November 21, 2021 by cacleland

Braemar Property Value Report: September-October 2021 (Carriage Series)

The year end holidays are rapidly approaching and for so many, things slow down a bit this time of year. Does it slow down in the world of Braemar real estate? Not as much as you may think. In this edition of the Braemar Property Value Report I will show you how Carriage homes in Braemar fared in the months of September and October. If you are unfamiliar with what constitutes a Braemar Carriage home from any other home in our neighborhood, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, 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.

There were three Braemar Carriage homes that sold during the current reporting period. Coincidentally, that is the same number of Carriage home sales that happened in the previous reporting period. Details of the sales from September and October are listed below:

At first glance, the things that stand out to me in the sales above are that only one of the three sold significantly above its list price. One of three gave a significant amount of closing cost help. And one of the three took longer than single digits to sell. When combined with the entire previous twelve months of Braemar Carriage home sales, the six and twelve month data points are updated as seen below:

Starting with the sold price column, we still see significantly higher prices in both six month values when compared to their respective twelve month values. Increases in value are always great news to Braemar Carriage home owners. However, the six month growth rates seem to have waned a bit. Last report, the six month average growth rate was 7% and the six month median growth rate was 10%. In this report, the month average growth rate has dropped to 5%. The six month median growth rate is also at 5% this report. Could it be that the market is shifting? Only time will tell so looking to future Braemar Property Value Reports will give more of an indication of any trends. For now, the trend is still upward growth in value.

Seller subsidy is where we learn how much closing cost help Braemar buyers were able to negotiate from their Carriage home sellers. Seeing one Braemar Carriage home sale this report with nearly 2% seller subsidy is certainly unusual. In the entire past twelve months of Braemar Carriage homes sales there have been only two of twenty that have given any seller subsidy. Timing wise, it was one sale this report and one sale last report. This definitely indicates a cooling of the buyer frenzy we have seen throughout 2020 and in the first half of 2021. While conditions still favor sellers, the herd of buyers is thinning out and the ones remaining are not as quick to act, and able to ask for more.

Days on market is really very stable. The six and twelve month average marketing times are five days, while the six and twelve month median marketing times are at four days. Braemar Carriage homes are selling very quickly.

If you placed your Braemar Carriage home on the market, priced to current conditons, you could expect it to be under contract in one week, maybe two max. You could also expect to have some seller subsidy requests. The amount you are able to knock it down will largely by determined by the negotiation strength of your listing agent.

The next Braemar Property Value Report will be out in the New Year. Until then, if the need arises to sell your Braemar Carriage home, know that the year end market is one of the most powerful a seller can encounter. Inventory shortage along with strong emotions regarding “home for the holidays” with serious buyers are factors that can equate to a very profitable sale. Of course, hiring a local, professional marketing agent like myself is a key to maxing your profit when selling. Even in a seller’s market, money can be left on the table through lack of preparation and poor marketing, which do not create buyer enthusiasm. Don’t let that happen to you. Get in touch with me for a no obligation consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: May-June 2021 (Carriage Series)

Posted on July 19, 2021 by cacleland

Braemar Property Value Report: May-June 2021 (Carriage Series)

Monday is my favorite day of the week. It is a day to start fresh and get working. Certainly, when you love what you do, a new work day is never a bad thing. And as a Top Braemar Real Estate Agent, I can tell you that I indeed love what I do. As proof of that, I bring you this latest edition of the Braemar Property Value Report for the 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.

There were six Braemar Carriage homes that sold in the months of May and June. The details of those sales are listed below:

First amazing thing about these six sales are their sold prices. Two of the six are $600,000 or more. And the biggest jaw dropper is the second smallest of the Carriage Series, a Norwood model on Tombreck selling for $581,600. That is a lot of money for a three bedroom Carriage home to pull.

Taking all six of these sales and combining them with the entire past twelve months of Braemar Carriage home sales, the six and twelve month data points are updated and reveal the fruits of the seller’s market.

Starting with the sold price column, both the six month average and six month median sold prices are substantially higher than their respective twelve month sold prices. This means Braemar Carriage homes are gaining a lot of value as a result of the frenzied buyer demand.

The seller subsidy column is where we find out how much closing cost help buyers have been able to negotiate from their sellers. The zeros in all but the twelve month average slot tell us that buyers are having to forego closing cost requests to get their offers accepted in multiple offer scenarios. In fact, the only reason there was even a value in the twelve month average seller subsidy is that one Braemar Carriage home seller gave $600 in seller subsidy in their October 2020 sale. That was probably a home inspection repair credit, judging by the amount.

Days on market reveals low, single digits all the way down the column, with only a one day quickening form the twelve month average to the six month average. Braemar Carriage homes are selling extremely quickly in the seller’s market.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to give nothing in closing cost help.

The summer months are experiencing less demand than we have seen up to the end of June, which is where this report ends. That doesn’t mean buyer demand has dried up. Inventory has increased and some buyers have taken the summer off as they travel and take vacations. A summer slow down in buyer activity and increase in seller listings in typical for our market. Even though there are still more buyers than there are listings, you may not get crazy amounts of offers in a weekend.

The next Braemar Property Value Report will be out in September. Until then, when the need arises for you to sell, understand that buyer enthusiasm is where the highest possible price comes from, no matter than market. Buyer enthusiasm is created by doing the right listing preparation and being professionally marketed, even in seller’s market. I have been helping Braemar sellers with both for a long time. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: September-October 2020 (Carriage Series)

Posted on November 9, 2020 by cacleland

Braemar Property Value Report: September-October 2020 (Carriage Series)

As I stood in my living room yesterday afternoon, making a new spot for our Christmas tree, I couldn’t help but feel odd about the passage of time this year. During the spring, when we were under shelter-in-place orders by the Governor, time seemed to pass so slowly. Lately, it has been zipping past. Obviously, as a Top Bristow Real Estate Agent, the passage of time to me is often tied to how busy I am. In the spring things were a bit quiet, but folks were still selling and buying. Lately, the Bristow real estate market has been a break neck pace. And there’s been so little inventory if you reference a property by street name, odds are another full-time agent in the market will know exactly which home you are talking about and have at least one buyer in mind for it.

Today I bring you the most recent Braemar Property Value Report for Carriage homes in Braemar, looking back to the months of September and October. 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. The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale. And this time of year, it is worth mentioning, they remind me very much of a home you would see in a Christmas tree village scene.

During the last two months, there were five Braemar Carriage homes that sold. Their final sold prices ranged from $445,000 to $506,000. Details of all five sales are listed below:

Just looking at this list of homes sold, I know I showed three of these properties and wrote three offers for different buyers on them. Seems that no matter how many homes are selling, our market needs more. Taking these five sales and combining them with the entire past twelve month of Carriage home sales, the six and twelve month data points are updated to give us a refreshed picture of what’s happening in the market.

First stop is the sold price column. Here we see what I would expect to see–both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Carriage homes are still gaining value, and in healthy strides.

Seller subsidy is where we get to learn how much closing cost help sellers agreed to give buyers in their transactions. While four of the five most recent sales gave nothing, only one sale gave a small credit, which I suspect was negotiated for inspection repairs. As a result of sales like the most recent ones, the six month average seller subsidy has significantly decreased compared to the twelve month average. Meanwhile, both the six and twelve month median seller subsidy values remain at zero, which means more than half of sellers in both of those periods gave nothing in closing cost help. Again, not surprising given the intense buyer demand and lack of inventory. Buyers are having to foot their own bill to purchase in this market.

Last up is the days on market column, or marketing time, as I like to call it. The six month average marketing time was two days faster than the twelve month average marketing time. Meanwhile, the six and twelve month median are the same at five days.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in less than a week, maybe a week and a half. You could also reasonably expect to give no closing cost help.

The next Braemar Property Value Report will be out in January, at which point we will be able to see how Braemar Carriage home values did at the close of the year. I expect nothing but good news on that front. In the meantime, if a Braemar home sale is looming on the horizon, you may want to investigate our year end market, rather than waiting for spring. It is a powerful time of year to sell with a lot less competition than spring usually brings. Get in touch with me to find out what listing sooner might mean to your bottom line. Since 2005, No One Knows Braemar Better!

Selling Braemar

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

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