Braemar Condo Quarterly: July-September 2020 (3rd Quarter)

Braemar Condo Quarterly: July-September 2020 (3rd Quarter)

Fall has arrived, and with it, the opportunity to look back on the Braemar condo market and see what happened in the third quarter of this unusual year. In keeping with every Braemar Condo Quarterly I have published to date, let’s start with the sales from the third quarter, which are seen below.

In the six sales that happened in the third quarter, five of them were on Caithness Circle. It is an odd happenstance when a handful of neighbors outgrown their homes and sell in a couple weeks or months of each other. If you notice that one sale of the six is highlighted in pink, that’s because it was my listing. What’s not seen here is that my sellers were able to negotiate a two month rent back which saved their bacon and allowed them to not have to move to temporary housing while shopping for their next home. That type of contractual win is worth a lot of money and aggravation for move up sellers in this intense seller’s market with very limited inventory.

When taking this six Braemar condo sales and combining them with the previous three quarters worth of sales, we get a complete year’s worth of data. Our updated six and twelve month markers (seen below) give us indications as to where our market is heading.

Looking first at the sold price column, we see that both the six month average and six month median sold prices are above their respective twelve month values. This means that Braemar condos, like just about everything else in this market, continue to climb in value.

Seller subsidy is where we get to find out how much closing cost help sellers gave to Braemar condo buyers. It is not a surprise to see that in the six month values, compared to the twelve month values, show that seller subsidy is decreasing. Out of the six month recent sales listed above, four of them gave seller subsidy. Some of that may have been requested in their initial offer, or in the case of some sales, may be credits given at the time of home inspection. My sale, for instance, had a buyer not asking for any closing cost assistance. At the time of home inspection, the age and condition of the roof became a real concern. The buyer had asked for a lot more than the actual cost of the roof. Thankfully, my sellers were able to get a quote from a roofer and counter with a reasonable seller subsidy for the buyer to take care of replacing the roof during their ownership period.

Finally we get to days on market, or marketing time as I like to call it. Both the six month average and six month median marketing times are identical, showing four days to get under contract. The only one longer is the twelve month average marketing time. Braemar condos are getting eaten up quickly by buyers in the market.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in less than a week, maybe even a couple of days. You could also expect, because you are likely dealing with first time buyers with limited cash on hand, to give some closing cost help.

The next Braemar Condo Quarterly will be out in January and will show us how the Braemar condo market closed out the year. Until then, know that if the sale of your Braemar condo is looming on the horizon, the year end market is a powerful one. There are still serious buyers, but even fewer selllers this time of year. Give me a call and see what a year end sale may mean 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

This Braemar Condo Just Sold for $305,000

This Braemar Condo Just Sold for $305,000

On July 24th (2020,) 12175 Caithness Circle in Braemar’s condos, Barrhill at Inverness Village, hit the market priced at $305,000.  It only took one day and one buyer for it to go under contract.  When you get the terms you want in the first offer, why wait?

What ended up being just as important as the sales price was having short contingency time frames and a two month post settlement occupancy agreement.  The short contingency time frames allowed the sellers to write offers on their next home with coinciding settlements contingency instead of a home sale contingency.  The rent back was their fall in the event they couldn’t get an offer accepted right away in this competitive market.

Since being under contract, the sellers (as buyers) have made about four offers on  homes.  Not one has been accepted, and not because they weren’t great offers.  The competition is fierce.  Buyers are willing to forego inspections and appraisals entirely.  It’s rough out there, hence the reason the post settlement occupancy was so important.

Today this one sold for full list price of $305,000.   And the former owners will be covered with their post settlement occupancy.

If the time to sell and buy in THIS market is around the corner for you, hiring an agent that understands how to protect your interests on the sale is just as important as hiring one that can show you property with short notice.  My clients the wealth of market experience I have accumulated over the years as a Top Producing Agent in the Bristow area.  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

Braemar Condo Quarterly: April-June 2020 (2nd Quarter)

Braemar Condo Quarterly: April-June 2020 (2nd Quarter)

Summer is definitely here, and as usual, it is hot and humid.  And during these hot and humid months, our Bristow real estate market usually slows a bit.  Not this year!  Our market is crazy busy.  Sellers are cleaning up and buyers are frantic to get a home.  This Braemar Condo Quarterly value report will cover the sales activity in the second quarter, which are the months of April, May and June.

There were five Braemar condos that sold in the second quarter.  The details of those sales are listed below:

Taking these five sales during the second quarter of 2020 and combining them with the sales in the three quarters previous, we get an entire year’s worth of sales data.  Here are the updated six and twelve month data points:

Starting with the sold price column, we see what I would expect to see.  Both the six month average and six month median sold prices are above their respective twelve month values.  Braemar condos are gaining value.

The seller subsidy column is where we see how much closing cost help Braemar condo sellers are giving in their sales.  Again, not surprising to see that seller subsidy in the six month values is below their respective twelve month values.  Even in the five sales we see itemized above, there was only one buyer out of five that got any closing cost help at all.  Clearly, now is the market where Braemar condo sellers can truly maximize profit.

Finally, looking at days on market, we see the average and median marketing time in the six month values is only three days.  That’s below the twelve month average marketing time of seventeen days and below the twelve month median marketing time of six days.  Braemar condos are flying off the shelves.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in days.  You could also expect you may get a buyer that will forego a closing cost help request.

The next Braemar Condo Quarterly will be out in October.  Until then, if you have a Braemar condo you want to sell, give me a call.  I will be happy to put my years of experience in our market to work for you.  And if you are buyer looking for a Braemar condo, I will have hitting the market very soon.  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

 

Braemar Condo Quarterly: January-March 2020 (1st Quarter)

Braemar Condo Quarterly: January-March 2020 (1st Quarter)

Hope all of you have been weathering the shelter-in-place with calm and confidence.  It’s crazy how quickly our societal norms changed when the threat of the pandemic arrived.  Of course, it will take some time to see how the surroundings shut downs are going to affect our real estate market.  These market reports that I do are based on looking backward.  Today’s report, The Braemar Condo Quarterly, covers the first quarter of condo sales in our neighborhood.

There was only one Braemar condo that sold during the first quarter.  Here are the details of that sale:

One sale alone isn’t enough to interpret anything.  That is why it is combined with the previous three quarters of Braemar condo sales, going back to the second quarter of 2019, and pulling six and twelve month data points,which are reflected below.

Looking first at the sold price column, we see that the six month average sold price is slightly higher than the twelve month average sold price.  However, the six month median sold price is slightly below the twelve month median.  With the current sale at $312,000, above all of those values, it is safe to say that our Braemar condo values are remaining stable.  They may even continue to increase, as they have been doing.

The seller subsidy column tells us how much closing cost assistance sellers are giving to buyers.  Mind you, these are usually never offerings at the outset, but part of offer negotiation.  The six month average and six month median seller subsidy figures are both higher than their respective twelve month values.  This means that buyers have been requesting, and receiving, more closing cost help in the more recent sales.   Just looking to the one that closed in February above and we see even THAT seller subsidy figure is higher than our six month values.  Increased closing cost help is often a side effect of rising sales prices.  Buyers need more money for down payment and reserves, and thus, need seller subsidy to make the deals work.

Finally, we get to the days on market column, which I refer to as marketing time.  Both the six month average and median marketing times are higher than their twelve month counterparts.  Don’t be disheartened.  Take a look at our most recent sale, which was under contract in three days.  We’ve still been seeing Braemar properties selling quickly when priced correctly and marketed professionally.

If you placed your Braemar condo on the market, priced to current conditions, you could expect that it may take as long as one month to go under contract, but more likely much less time than that.  You could also expect to give about 2% of the sales prices in closing cost help.

The next Braemar Condo Quarterly will be out in July.  By then, we will see whatever impact, if any, the pandemic related shelter-in-place and shut downs, have had on our market.  For now, you can still list your home, or buy one.  We are working within CDC guidelines, which has changed how many people can be at a showing, procedures for showing homes, etc.

Until July, if you are in a position where you find the sale of your Braemar condo necessary, never fear.  I can get this done for you safely and professionally while achieving maximum market value for you.  Give me a call and let’s talk.  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

Braemar Condo Quarterly: October-December 2019 (4th Quarter)

Braemar Condo Quarterly: October-December 2019 (4th Quarter)

Happy New Year!  This is the first official Braemar market report hitting SellingBraemar.com in 2020.  And since I do not own a crystal ball to predict what IS going to happen in our market, this is a look back at the most recent sales.  This particular report covers Braemar condo sales in the fourth quarter of 2019.

It shocks a lot of residents in our neighborhood to know that there are condos in our neighborhood, but a condo is merely a form of ownership.  In a condo ownership, the condo association owns and insures the structure where residents live.  They don’t have to be apartment style.  Braemar condos are the townhouses known as Barrhill at Inverness Village Condos.  

There were five Braemar condos that sold between the beginning of October and end of December 2019.  Their sold prices are a very tight grouping, ranging from $285,000 to $291,000.  Details of those sales are listed below.

 

 

 

Taking the fourth quarter of Braemar condo sales and combining them with the entire twelve months of 2019 sales, our six and twelve month data points are updated as follows:

Looking first at the sold price column, we see that both the six month average and six month median values are slightly above their respective twelve month values.  Even though the increases are slight, this still points to Braemar condos inching up in value.

Seller subsidy, unfortunately, is also inching up.  The six month values are both above their twelve month counterparts.  Not a trend prospective sellers necessarily like, but this means Braemar condo buyers are asking for, and receiving, more closing cost help from sellers in the more recent sales.

When it comes to days on market, another upward trend is seen when comparing the six month values to their respective twelve month values.  Marketing time is a little longer in the more recent sales.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in two to four weeks.  You could also to pay about 2% of the sales price in seller subsidy.

The next Braemar Condo Quarterly will be out in April. Between now and then, our temperatures will warm up and we’ll start to see spring blooming.  Of course, the spring real estate market in Braemar starts a lot earlier than that.  If you have been considering the sale of your Braemar condo, give me a call and let’s talk.  Getting the maximum amount of money when you sell your Braemar home is what I do best.  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

 

Braemar Condo Quarterly: July-September 2019 (3rd Quarter)

Braemar Condo Quarterly: July-September 2019 (3rd Quarter)

The fourth quarter of the year is upon us, bringing us brilliant fall colors and chilly temperatures to Bristow.  Of course, with the third quarter behind us, we can look back and track some Braemar property values.  This report, the Braemar Condo Quarterly, looks at sales of the townhouse style condos in our neighborhood.  Those condos are located on Caithness, Moxleys Ford, Lord Lovat and Heykens.

During the third quarter, which encompasses the months of July, August and September. there were two Braemar condos that sold.  Details of those sales are listed below:

Taking these two sales and combining them with the previous three quarters worth of sales, we have one year’s worth of Braemar condo sales.  From that, we get updated six and twelve month data points, which are as follows:

Starting with sold price, it is good to see that both the six month average and six month median sold prices are higher than their twelve month respective values.  This means that Braemar condos are still pushing up in value.

Seller subsidy, also known as closing cost assistance to buyers, saw an increase in the six month values compared to their twelve month counterparts.  This is not a great trend for sellers, but it could be a lot worse.  Buyers can ask for 3% or more of the sales price in seller subsidy when presenting their offer.   What we see here in the six month values, buyers are asking for about 1.5% of the sales price in closing cost help.  Lack of inventory to meet buyer demand has kept buyers making the most competitive offers they can.

Finally, days on market reveals conflicting information.  The six month average marketing time is two days longer than the twelve month average marketing time.  Not a drastic increase at all, but an increase in marketing time nonetheless.  Meanwhile, the six month median marketing time is three days shorter than the twelve month median marketing time.  Three days shorter in one statistic, two days longer in another.  I am happy to call this even and proclaim that marketing time is largely unchanged.

If you placed your Braemar condo on the market, priced to current market conditions, you could expect it to be under contract in as little as a few days, or as long as nearly three weeks.  You could also expect to give about 1.5% of the sales price in closing cost help to your buyer.

The next Braemar Condo Quarterly will be out in January.  Until then, if a move is in your future, give me a call for the most accurate information on our market and your home’s value. 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

 

Braemar Condo Quarterly: January-March 2019 (1st Quarter)

Braemar Condo Quarterly: January-March 2019 (1st Quarter)

With the first quarter of 2019 well behind us, it is time for another Braemar Condo Quarterly.  In this edition of the Braemar Condo Quarterly, we’ll take a look back at the condo sales in our neighborhood from January to March.

All three sales in the first quarter, as it turns out, happened in the month of March.  The final sold prices ranged from $270,700 to $300,000.  The details of those sales are listed below:

So what do these sales mean in the grand scheme of things?  Well, combining these sales in with the last year’s worth of Braemar condo sales, our updated six and twelve month data points are as follows:

The way to read these data points is to bear in mind that the six month values are what has happened recently.  The twelve month values longer term.  When it comes to sold price, the six month average is slightly above the twelve month average.  That would be great if it were duplicated in the six month median compared to the twelve month median.  Instead, when it comes to median sold prices, the six month median is below the twelve month median.  Since neither six month value is grossly above or below their twelve month counterpart, that leads me to declare Braemar condo prices steady.

Seller subsidy, also know as closing cost assistance from sellers to buyers, has a very definite trend down.  Both the six month average and median seller subsidy are lower than their twelve month counterparts.  In our high demand/low inventory market, buyers are having to streamline their offers to get accepted.  This means not asking for as much closing cost help.

Days on market hasn’t changed much.  It has only gone up two days in comparing both the six month average and median to the twelve month average and median.  Not a big cause for concern that it would take two days longer to sell your Braemar condo in my book.

If you did place your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in about three weeks or so.  You could also expect to pay about 1% of the sales price in closing cost help.

The next Braemar Condo Quarterly will be out in July.   Until then, when you are ready to move up or out of your Braemar condo and need to maximize the profit, give me a call.  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

 

Braemar Condo Quarterly: October-December 2018 (4th Quarter)

Braemar Condo Quarterly: October-December 2018 (4th Quarter)

While I am nestled safe and sound in my own Braemar home, snow accumulating outside in our first 2019 snow event, I might as well share one of my Braemar market reports.  This month all types of homes are due for updated reports, but since the homes featured in the quarterly reports only get updates four times a year, I thought I would start there. The first in the Braemar quarterly reports, which is this one, focuses on the sales of Braemar condos, also known as the Barrhill at Inverness Village Condos.

There were two condos in Braemar that sold in the fourth quarter of 2019.  They were both two bedrooms with one full bathroom and one half bathroom.  They each also had a garage.  There were some differences in final sold prices, one being $264,000 and the other being $272,000.  Details on the sales are below:

Taking these two sales and including them in the last year’s worth of Braemar condo sales, the numbers I like to see are the six and twelve month sold price, seller subsidy and DOM, or marketing time.  That last number is going to be off with the change to the Bright MLS that our area has undergone.  Our previous MLS stopped counting days on the market as soon as you went under contract.  Not Bright.  Bright only stops counting days on market when all the contingencies to the contract have been removed.   That change to the new MLS happened in November.  Let’s see how it affected our six month values compared to the twelve month values.

Given the explanation above, let’s look at the marketing time comparisons first.  I am not surprised to see higher days on market in the six month average and median values compared to the twelve month values.  We’ll only have the best idea of marketing time when we have ALL of our data coming from Bright MLS.  That won’t be until the first quarter of 2020’s report.

The sold prices in the six month average and media are both above the twelve month values.  This is great news.  Values are increasing.

Seller subsidy (closing cost assistance to buyers) has gone up in the six month average compared to the twelve month average, and is the same in the six month and twelve month median.  This means sellers have been giving a bit more in closing cost help more recently.

If you placed your Braemar condo on the market, priced to current conditions, you could expect to have a contract with all the contingencies removed within about forty days.  You could also expect to give about 1.5% of the sales price in closing cost help.

Stay safe during this snow storm.  If you don’t need to go out, don’t.  If you get bored and want to talk real estate,as your Braemar Real Estate Resource, I’m here to lend my expertise.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Condo Quarterly: July-September 2018 (3rd Quarter)

Braemar Condo Quarterly: July-September 2018 (3rd Quarter)

Even though we are nearly to the end of October, I have yet to the see the flash of fall foliage in Braemar.  Maybe the warm temperatures that we thought would never end delayed the color change in the deciduous leaves.  Eventually we’ll see those brilliant fall colors, but right now, it is time for another Braemar Condo Quarterly.

There were three condos in Braemar that sold between July and September.  Details of those sales are detailed below:

When we take these sales from the third quarter of 2018 and put them in with the data collected on other condo sales as far back as the fourth quarter of 2017, we are able to parse the six month and twelve month data points.  When we do, this is what we get.

A good indicator for increasing home values is seeing higher sold prices in the six month average and median when compared to the twelve month average and median sold prices.  Clearly, we are seeing that here, which means Braemar condos are still increasing in value.

Seller subsidy (closing cost assistance to buyers) is changed a little in the six month average and median compared to the twelve month values.  This is something that sellers like to see.  Buyers may be asking for less in closing cost help to be more competitive when attempting to purchase these condo.

Finally, there is the days on market (marketing time) to compare.  Six month average and median marketing time is higher than the twelve month average and median.  This means that lately, it has been taking longer to sell Braemar condos.  Still, less than three weeks to sell is not as bad as it could be.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in two to three weeks.  You could also expect to pay $3,400 to $4,000 in closing cost help.

The next Braemar Condo Quarterly will be out in January.  Until then, when the time comes for you to sell your Braemar condo, give me a call for a free market analysis.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Condo Quarterly: April-June 2018 (2nd Quarter)

Braemar Condo Quarterly: April-June 2018 (2nd Quarter)

Pardon me for not getting on this earlier, but the 4th of July holiday being in the middle of the week made things a little crazy.  Typically, there isn’t a lot happening in the month of July in our local real estate market.  However, this month started out with a flash of activity.  It has left this Top Braemar Real Estate Agent feeling a bit confused as to what day it is.  Never a good feeling when it seems you have two Mondays in one week.

Enough of that!  Let’s get  to this edition of the Braemar Condo Quarterly, which covers condos in Braemar sold between April and June.  There were two Braemar condos that sold in the second quarter.  The details of those sales are below:

When we take these sales and combine them with our rolling twelve month collection of Braemar condo sales, here’s what we see in our six and twelve month data points:

While there is not much notable difference between the six month to twelve month sold prices and marketing time, there is a nice drop in seller subsidy from the twelve month average and median values to the six month average and median values.  That means more sales are happening in the short term with buyers requesting, or accepting, less money in closing cost assistance from sellers.  Good news for sellers!  Of course, that seller subsidy shrinking is typical in a seller’s market.  And judging from the days on market numbers being less than a week across the six and twelve month data points, we are most certainly in a seller’s market when it comes to Braemar condos.

What’s better to see is that the two most recent sales have sold prices above the six month median and average values.  If that continues in the third quarter we will see an increase reflected in the six month average and median sold prices compared to the twelve month average and median values.  That would mean Braemar condo prices are increasing.  As it stands, this report still shows longer term stable value.

If you placed your Braemar condo on the market, priced to current conditions, this report sets the expectation that your condo would be under contract in less than a week.  You could also reasonably expect that you would pay no more than one percent of the sales price in closing cost assistance to the buyer.

The next Braemar Condo Quarterly will be out in October.  Until then, if you want to know what your Braemar condo may pull in market value, give me a call.  Since 2005, No One Knows Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com