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

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 2017 (Carriage Series)

Braemar Property Value Report:  January-February 2017 (Carriage Series)

A rainy day in Bristow is a great time to sit down in front of my computer and tell
you all about the Braemar real estate market.  It is Braemar Property Value Report time, after all.  And in this report, we are going to focus on sales in the first two months of the year in the Carriage Series.  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.

The last report, which covered the last two months of 2016, displayed a rare occurrence where absolutely no Braemar Carriage homes sold.  This reporting period we had one sale.  It was a five bedroom Parkdale model with three finished levels that listed and sold for $424,500.  It was under contract in only eight days and the sellers gave $4,000 in closing cost help.  So how does that compare with what’s been happening in the Braemar Carriage home market?  Well, the sales price of $424,500 is higher than all six month and twelve month average and median prices.

Just comparing the six month average and median sales prices with the twelve month average and median prices, we see that values for Braemar Carriage homes are trending up.  That’s a very good thing.  At the same time, the six month numbers for closing cost assistance are lower than the twelve month numbers.  Another good indicator.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in seven to twenty-two days time.  Probably on the lower side if we continue to have this shortage of homes for sale and high buyer demand.  You could also expect that a buyer will request some closing cost help.  In the ball park of $4,000 seems to be the most likely case.

The next Braemar Property Value Report will be out in May and will cover the months of March and April.  In the meantime, when you are ready for a more specific analysis of your home’s worth in the market, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland

 Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Another Braemar Carriage Home SOLD!

Another Braemar Carriage Home SOLD!

When this Parkdale model with only two finished levels hit the market at $379,000 on August 25th (2013,) I knew we were up against the slowest time of the year.  We were also up against buyers who love three finished levels in their Braemar Carriage homes.  Nonetheless, this Parkdale had a great lot.  Situated on a corner lot, one of the best selling features of the home was the entry to the garage.

In Braemar Carriage homes, generally you have two types of garage entrances.  One is through a shared back alley that is privately owned by the home owners using it.  These are one way and being privately owned, not maintained by VDOT (Virginia Department of Transportation.)  When the snow falls, the owners must shovel or plow.  When there are potholes, the repair is on the owners.

The other option is a private driveway that runs along the side of the Carriage home.  This makes fencing the back yard tricky.

Being on a corner lot, the garage entry was perpendicular to the home, but right off the cross street.  This made for a short driveway and ease of fencing in the yard.  No large private alley to maintain.

This Parkdale, with basic finishes, but new carpet and paint, was under contract in twenty-two days.  The buyers had their minds set on one low comparable they found on Zillow.  But having hired a true neighborhood expert, my Seller was able to counter with ALL the Carriage comps and show a price per square foot trend.  Her counter to the initial low-ball offer stuck.  And the comparables and explanation used in the counter was later handed to the appraiser, resulting in the home having no appraisal issues.

It settled on October 28th for $378,000.  The Seller gave $8,000 in closing cost help to the Buyers.

It does pay to hire a neighborhood expert when selling your Braemar home.  I’ve owned my own Braemar home since 2005, when I became a full-time real estate agent in the Bristow-Gainesville market.  My specialty is Braemar.  I serve on an HOA Board and run market reports on recent sales for a variety of different home types in our neighborhood.  No one knows Braemar better!

If you are thinking of making a move, give me a call and let’s chat about the advantage of the fall and winter real estate market.

Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.NVARealEstate.net, www.SellingBraemar.com