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