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

Posted on May 16, 2023 by cacleland

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

The month of May is flying by. When spring hits, the time seems to go right
through the hands of this full-time Braemar Real Estate Agent. There are so
many scheduling demands come springtime…showing property, writing offers,
getting homes ready for market and, of course, finding time to prepare these
Braemar Property Value Reports and bring them to you. While I sell in many
Northern Virginia and exurb locations, Braemar will always be my first love.
After all, I chose it to call home too.

In this edition of the Braemar Property Value Report, the focus is on
Courtyard homes in our neighborhood. Courtyard homes are the homes located
off of Orland Stone, Pentland Hills and Playfair where five homes are situated
around a common courtyard entrance. They have very small lots which are great for
folks who want single family living without a lot of lawn care. The bedrooms
are also huge.Floor plans include the Arlington, Ballston and Clarendon.
Interesting that they are named for more urban areas close to DC, because I
offer refer to these homes as city homes in the suburbs.

Unfortuantely, as happens sometimes, there were no sales of Courtyard homes
in Braemar to report during March and April. A severe lack of inventory in our
neighborhood has seen more than just the Courtyard homes with no sales to
report this time around. That doesn’t mean we can’t take an updated look at the
six and twelve month data points tracked in this report. The numbers below are
taken from the Braemar Courtyard home sales that happened since May 2022 and
not going past April 2023.

courtyard-2023-03-04

The sold price column shows both six month values below their corresponding twelve month values. The difference between the six and twelve month values in each subset has grown since last report. Not anything terribly troubling since only one sale out of the six that happened since May 2022 happened during the last six months. Buyer demand right now is as strong as it has been going back to 2020 and 2021. The buyer hesitation on most homes is gone. Buyers are acting quickly and decisively, often resulting in multiple offer situations.

Seller subsidy (closing cost help to buyer) has gone up a lot in both six month values compared to their respective twelve month values. This is a little more troubling because when I look through the sales from most recent backward, seller subsidy had been increasing. Still, given the current state of the overall market, any seller could avoid seller subsidy requests by making sure their home was move-in ready, priced right and marketed professionally. That’s when the buyers compete over a home.

Days on market is the only positive change in the six month values compared to the twelve month values. The home that sold in the last six months took less than a week to go under contract.

Do not be dismayed by the lack of good news this report. A Braemar Courtyard home just sold in May 1st for $625,000 and it only took four days to go under contract. That sale, and any others that close before June 30th, will be featured in the next report.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a one or less. And as mentioned above, your best shot at avoiding seller subsidy would be making sure buyer enthusiasm for your home is maxxed out. Relying on market conditions alone is not a guarantee of exceedingly seller favored offers.

The next Braemar Property Value Report will be out in July. Between now and then if you want to know what your home is worth in the current market, let’s talk. Reach out for a no obligation consultation. You will quickly learn that getting my Braemar seller clients the max the market will allow is my pride and joy. 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 (Courtyard Series)

Posted on March 6, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Courtyard Series)

On this gorgeous spring day, this dedicated Braemar Real Estate Agent is bringing you another Braemar Property Value Report. This report is for Courtyard home owners in our our neighborhood. Braemar Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedroom sizes.

During the first two months of 2023, there was only one Braemar Courtyard home that sold. Details of that sale are listed below.

The unfortunate things about this sale are that is sold below its list price and that it involved a significant amount of seller subsidy (closing cost help to the buyer.) The good thing to see is that this home was under contract in only six days.

Combining this sale and the eight other Courtyard home sales in Braemar dating back to March 2022, the six and twelve month data points tracked in this report are updated as reflected below.

Starting with the sold price column, we see that both six month sold prices are below their respective twelve month sold prices. This is the second report in which we have seen this, as it was present last report as well.

Seller subsidy has shot up in both six month values compared to their corresponding twelve month values. Not at all surprising given that mortgage interest rates rising so steeply last summer did cause an immediate affordability problem for buyers.

Marketing time has lengthened only slightly when comparing the six month numbers to their twelve month counterparts. Again, not surprising to have added time in the last six months of marketing time given the change in buyer behavior brought on by those increased mortgage interest rates.

None of these things are alarming given the changing market landscape that mortgage interest rates caused. As mentioned above, when interest rates more than doubled last year, buyers were taking longer to consider their options because prices were not falling. Buyers began asking for seller subsidy and stopped waiving contingencies. However, in February this year there has been a return of frenzied buyer behavior like we saw in 2020 and 2021. Mortgage rates fell a bit from their high last year and buyers have adapted to this increase as the new normal. Once again we are dealing with extremely limited inventory that cannot meet buyer demand. Buyers are back to waiving contingencies, going above list price and not requesting seller subsidy. This is not across all properties! Those that are priced properly, well prepared and professionally marketed are the ones creating the buyer enthusiasm resulting in multiple offers.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in a week, maybe two. You still should not be surprised at seller subsidy requests. As mentioned above, you can create the best outcome by getting buyers excited about your home. Market conditions alone do not guarantee results.

The next Braemar Property Value Report will be out in May. If at any time you want to know what your specific Braemar home is worth in the current market, do not hesitate to reach out for your free consultation. Helping my Braemar sellers get the top of the market is my mission. 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: November-December 2022 (Courtyard Series)

Posted on January 19, 2023 by cacleland

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

It is my pleasure to bring you the latest Braemar Property Value Report, focused on sales of Courtyard homes in our neighborhood. Braemar Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedroom sizes.

Like many times in the past, the reporting period of November and December shows no Braemar Courtyard homes sold. There was simply not a lot of inventory available at the end of year, despite buyers still out searching. Nonetheless, when taking the entire year’s worth of sales and breaking out the six and twelve month data points, our updated values are seen below.

For the first time in a long time, both six month sold prices are below their corresponding twelve month sold prices. Only two sales made up the six month values, compared to nine making up the entire year’s worth of Braemar Courtyard home sales. While this could be the softening of Braemar Courtyard home prices, we will need to see more sales before that determination can be made. Buyer behavior certainly has changed. They are no longer acting in a frenzy, fearful of losing homes. However, there still is not enough on the market to meet demand. In other words, we are still in a seller’s market.

Seller subsidy (closing cost help to buyers) certainly made a come back in the last six months of the year. This is expected since mortgage interest rates rose so steeply and suddenly on buyers. Again, it doesn’t seem to hampering their demand for homes. Interest rates would have to go up a lot more than they have to make a measurable downward impact on our market.

Days on market is also something we saw lengthen in the last six months of the year. It goes back to the change in buyer behavior. They are acting more deliberately now that rates are higher. Marketing time growing from one week to two weeks is not the end of the world.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in about two weeks, maybe less. You could also put yourself in the best negotiating position by making sure your listing creates buyer enthusiasm. When buyers are afraid of missing out on your home, that is where the money is made and closing cost help may not even be requested from buyers. Buyer enthusiasm is created by setting a reasonable price, doing proper preparation to your home and the professional marketing that an experienced, local agent like me brings to the table.

The next Braemar Property Value Report will be in March. Until then, if you want to find out how much preparation you face when it is time to sell, don’t hesitate to reach out. It’s never too early to get an idea of the projects that may need attention. And as a full-time broker with over eighteen years experience, one of my greatest thrills is getting the max the market has to offer for my sellers. Since 2005, No One Knows Braemar Better!

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

Posted on November 15, 2022 by cacleland

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

Thanks for joining me for another Braemar Property Value Report. Before we begin, let’s talk seasonal business. Have you taken time to winterize your hose bibs yet? Temperatures are dropping and you don’t want to find out in the spring that you have a plumbing leak that could have been prevented. If you haven’t yet completed that task, there is no time like the present, while your local neighborhood expert is nagging you. Now let’s get to the real area of my expertise, the Braemar real estate market.

Today’s report focuses on the sales of Courtyard homes in our neighborhood. If you are not familiar with what constitutes a Braemar Courtyard home, they are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedroom sizes.

During the current reporting period of September and October, there was only one Courtyard home that sold in Braemar. Details of that sale are listed below.

Right off the bat I am delighted to see that this Braemar Courtyard home sold at its list price. I am disappointed for Braemar Courtyard home owners to report that the sellers of this home gave 2.5% in seller subsidy (closing cost help to the buyer.) As mortgage interest rates have increased and home values are still trending upward as well, just not as steeply, buyers are feeling the pinch. This money likely went to a mortgage interest rate buy down to make the mortgage less expensive for the buyer. Some sellers are actually advertising incentives for mortgage rate buy downs rather than lowering their price. It is not a strategy I encourage as market value is still market value, no matter the incentive offered. If a buyer needs closing help, they will ask you for it. Price right from the beginning.

When combined with all the Courtyard home sales in Braemar dating back to November 2021, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, it is good to see that both six month values are still higher than their respective twelve month values. Home prices are not increasing by leaps and bounds, but with market conditions surrounding inventory and demand favoring sellers, values are still trending up. What I am noticing is that the gap between the six month value compared to its corresponding twelve month value is narrower than it was last report. It’s still a wider gap than I have seen in some reports I have prepared this reporting period.

Seller subsidy is definitely different than we saw last report. The average values in the last report were below one thousand dollars and the median values were both at zero. Now we have substantial figures to report in the average values and even the six month median value is registering seller subsidy. It won’t be too many more reports before the twelve month median value is reporting seller subsidy given in more than half the sales as well.

Days on market still shows the six month average being faster than the twelve month average, but not by as many days as we saw last report. More interesting to this Braemar Real Estate Agent is that the six month median is noted at thirteen days. That means more than half the sellers in six months took thirteen days or longer to sell. The increase of mortgage interest rates have changed buyer behavior. They are acting more methodically and deliberately. The days of frenzied buying in 2022 are over. Maybe it will return in the New Year if rates drop as many in the industry are expecting.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. You should prepare yourself to not see multiple offers and expect that odds favor your buyer asking for seller subsidy. You can put yourself in the best position to avoid this, make the most money and not linger on the market by making sure your property creates buyer enthusiasm. It starts by getting proper preparation and pricing advice and hiring an agent, like me, that will professionally market your home. It’s hard to get excited by photos taken by a cell phone and not edited for perfection in post production, when that is exactly what your listing is competing with. When a buyer is excited about a home and doesn’t want to lose it, they figure out ways to make their offer more attractive to you.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best this holiday season. Know that if a move pops up on your horizon, my business operates every month of the year. No matter the season, it is my pleasure to help my Braemar sellers reach the top of the market. Since 2005, No One Knows Braemar Better!

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

Posted on September 18, 2022 by cacleland

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

Gorgeous sunny fall days are here. It was a pleasure to help host our Long & Foster Grand Reopening in Gainesville yesterday. Today I am taking it easy and bringing you this latest Braemar Property Value Report for Courtyard homes in our neighborhood. If you are not familiar with what constitutes a Braemar Courtyard home, they are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedroom sizes. This particular report looks back to the last two months of summer.

During the months of July and August there was only one Braemar Courtyard home that sold. Details of that sale are listed below.

Fourteen days on the market seems like an eternity after seeing homes barely make it to three or four days on the market in the months and years before. It is also not what we are used to seeing when you notice the sold price is five thousand below its list price. Finally, three-hundred dollars in seller subsidy (closing cost help) is not something we are used to seeing. We have seen mostly zeros in that column for a long time now. Is the market changing? The only way to truly quantify that is to take this sale along with all the Braemar Courtyard home sales dating back to September 2021 and pull out fresh six and twelve month data points.

Starting with the sold price column, both the six month average and six month median sold prices are still higher than their respective twelve month values. This indicates we are still experiencing a seller favored market. It may not be with the same frenzy that buyers are acting, but there are certainly not enough homes to meet buyer demand.

Seller subsidy shows low numbers in both average values. The more important note is that the six and twelve month median values are still at zero. That means more than half of sellers in both time frames gave no closing cost help. If your home is properly priced, well prepared and professionally marketed, it does create buyer enthusiasm. That’s what can makes buyers want to act quickly and decisively to make a deal. This is how you avoid superfluous seller subsidy requests and buyers chopping your price in the offers they write.

Days on market shows not a lot of change since last report. Both six month values are still faster than their respective twelve month values. While buyers have been a little slower to act, there are still ways to entice them to act quickly. It all comes down to what you have to offer and how it is being presented.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You could also expect to give very little, if anything in seller subsidy if your home is one buyers don’t want to lose. It always comes down to proper pricing, being well prepared in terms of condition and professionally marketed.

The next Braemar Property Value Report will be out in November. Until then, it is never too early to have a chat about what listing preparation you might have in store to create buyer enthusiasm. Getting Braemar sellers the top of the market is one of my favorite accomplishments in my career as Top Producing Bristow Real Estate Agent. Get in touch for your complementary consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: March-April 2022 (Courtyard Series)

Posted on May 18, 2022 by cacleland

Braemar Property Value Report: March-April 2022 (Courtyard Series)

Sunny spring days are something just about everyone can agree is a good thing. We have most definitely hit the spring season, but our sunny days may actually be outnumbered by overcast and rainy days lately. Perspective can mean a lot in how we process information. Those drawn to bad news will inevitably see the negative and vice versa.

With regard to the Braemar real estate market, this Braemar Property Value Report actually breaks it down into understand numbers. This edition focuses on the Courtyard homes in our neighborhood. Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.

There were three Courtyard homes that sold in Braemar during the months of March and April. The details of those sales are listed below.

The low sold price at $583,000 is quite a ways off of the high sold price, repeated twice, at $630,000. Taking these sales and combining them with Braemar Courtyard home sales going back to May 2021 for one year’s worth of data, our six and twelve month market markers are updated and reflect the continuation of a seller’s favored market.

The six month average and median sold prices are most definitely higher than their respective twelve month values. This is the trend we have been seeing for a while now. As buyer demand has increased and inventory has not met the need, the market has driven up prices. Even in the face of rising interest rates, buyer demand remains strong.

Seller subsidy (closing cost help to buyers) is zero down the line. This means for at least one year, no Braemar Courtyard home seller has had to give any closing cost help. Multiple offer situations certainly help. Making sure your home is creating buyer enthusiasm helps with an increased price and not paying seller subsidy.

Days on market is the only place we may see the beginning of a shift. The six month average marketing time increased by four days. The six month median marketing time increased by only one day. Still, the most recent sales were under contract in single digit days. Only time will tell if this is a trend that will continue.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks. You could also expect to give nothing in seller subsidy. As mentioned above, the key to the highest price and best terms is very much dependent on how your home is prepared and marketed. Who you hire to sell your home matters.

The next Braemar Property Value Report will be out in July. Until then, if you would like to investigate the sale of your home, I would love the chance to show you what I do for my Braemar sellers that get them to the top of the market. Consultations are free and come with no obligation on yoru part. Since 2005, No One Knows Braemar Better!

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

Posted on January 9, 2022 by cacleland

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

January is always filled with anticipation, particularly for those with plans to buy or sell in the New Year. Even in the midst of the 2021 holiday season, many asked what I thought the local real estate market had in store for 2022. In a recent online article, I did make some real estate market predictions for 2022. Obviously, the more local the information, the better. And since looking back, helps us see where we are headed, I make it my priority to keep my fellow Braemarians informed of our neighborhood real estate market through my Braemar Property Value Reports.

Today’s Braemar Property Value Report is focused on how Courytard homes fared last year. Braemar Courtyard homes are single family homes located on Orland Stone, Pentland Hills and Playfair. Five homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.

There were two Braemar Courtyard homes that sold in November and December. The details of those sales are listed below:

There are two indicators in the recent sales that our Braemar Courtyard sellers may be seeing a cooling of the seller’s market. The first is the fact that neither home sold above list price. This is something we saw more of as we moved through the second half of 2021. Sellers maintained the market advantage, but the all out buyer frenzy has calmed down. The second indicator of change is the increased marketing times for these sales. You might dismiss those time frames are being long because of the holiday season. I am here to tell you that Braemar homes of all sizes sell in November and December. In fact, I listed and sold a Braemar townhouse in those two months.

When the sales listed above are combined with all of the Braemar Courtyard home sales from 2021, the six and twelve month data points outlined in every Braemar Property Value Report are updated.

Starting with the sold price column, the good news is that both the six month average and median values are above their respective twelve month values. Braemar Courtyard homes are continuing to gain value. The growth rate is likely to slow down in 2022, but I don’t think we will be looking at losses anytime in the near future.

Seller subsidy is where we find out how much closing cost assistance buyers were able to negotiate from their Braemar Courtyard home sellers. Despite even higher days on market in recent sales, the answer is zero and remains zero in all the six and twelve month data points.

Overall, the longer marketing times seen in November and December have not yet impacted the six and twelve month numbers. They are largely the same. The real question will be how we get off the starting blocks in 2022. If Braemar Courtyard homes continue to take longer to sell, we will see overall increases in the six month average and median time frames.

If you placed your Braemar Courtyard home on the market, priced to current conditions, this report’s average and median values indicate that you would be under contract in two weeks or less. The most recent sales in November and December make me wonder if that time frame might be longer. As for seller subsidy, you could expect to pay out nothing. Finally, you should be prepared to see buyers with home inspection contingencies again. This started to go back to normal in the second half of 2021 when our buyer frenzy calmed.

The next Braemar Property Value Report will be out in March. Until then, if a move is in your future, don’t wait to get the conversation started. My unparalleled neighborhood knowledge and professional marketing create buyer enthusiasm for all my Braemar listings, making my Braemar sellers thrilled. Getting you absolute max profit from your largest invesment is a job I take very seriously. Since 2005, No One Knows Braemar Better!

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

Posted on November 23, 2021 by cacleland

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

Wind sure can make fifty degree weather feel colder than it may otherwise feel. I suppose the same is true for an all-out buyer frenzy making a seller’s market feel even more heated than a typical seller’s market may be. In this edition of the Braemar Property Value Report, focusing on sales of Courtyard homes in our neighborhood, we will take a look back at the months of September and October and see the state of our seller’s market. Before we go any further, if you don’t know what Braemar Courtyard homes are, they are the single family homes located on Orland Stone, Pentland Hills and Playfair. Five homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.

There was only one Braemar Courtyard home that sold between the beginning of September and end of October. The details of that sale are listed below:

Immediately I see that this home sold barely above its list price. Unusual compared to last report when all four Courtyard home sales were significantly above list price. What is great to see is no seller subsidy (closing cost assistance) and single days on market for marketing time. When this sale is combined with the entire past twelve months of Braemar Courtyard home sales, the six and twelve month data points followed in this report are updated as seen below:

Starting with the sold price column we see increases in both six month values compared to their respective twelve month values. Braemar Courtyard homes have gained in value yet again. Looking back to last report, the six month average and median growth rate was the same at 2.4% each. This report, those six month growth rates have come down a bit. The six month average growth rate is now 1.7% and the six month median growth rate is 1.6%. Only time will tell if the growth rate continues to come down or go up.

The seller subsidy column shows nothing but zeros all the way down. In one year’s worth of Braemar Courtyard home sales, not one seller has had to give any closing cost assistance. In other reports for this same reporting period, I am starting to see seller subsidy requests coming back. Not in the Courtyard homes. We will see next report if it continues that way.

Days on market is as steady and fast as can be. The six and twelve month averages are the same at seven days. The six month median of six days is one day longer than the twelve month median. Braemar Courtyard homes are going underr contract fast.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could also expect to give nothing in closing cost help while buyer demand is outpacing supply.

The next Braemar Property Value Report will be out in January. In the meantime, if the need arises to sell your Courtyard home, don’t panic. The year end sales market in Braemar is a powerful one. The emotions surrounding “home for the holidays” and lack of inventory make for some very motivated and serious buyers. Just remember that no matter the market, even a seller’s market, you can leave money on the table through lack of preparation and poor marketing. It is my pleasure to help my Braemar sellers max out their profit by putting my skill set to work for them. It’s all about creating buyer enthusiasm. My unparalleled neighborhood knowledge and professional marketing are always a recipe for success when selling in Braemar. Get in touch with me for a no obligation consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: July-August 2021 (Courtyard Series)

Posted on September 5, 2021 by cacleland

Braemar Property Value Report: July-August 2021 (Courtyard Series)

This weekend marks the unofficial end of summer, which makes it a great time to share with you another Braemar Property Value Report (BPVR.) This particular report focuses on Courtyard homes in the neighborhood. Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair. Five homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.

This particular edition of the Courtyard Series BPVR will cover the last two months of summer, July and August. During that time there were four Courtyard homes that sold. That is a lot of Courtyard home sales for a two month period, as long-time BPVR followers know. Courtyard homes make up such a small percentage of homes in Braemar that is not unusual to have periods of one sale or none at all. The details of the Braemar Courtyard home sales from July and August are listed below:

Taking these sales with the entire past twelve months of Courtyard home sales in Braemar, the six and twelve month average and median data points we use to determine what is happening in the market are updated as follows:

Starting in the sold price column, we see higher values in the six month average and median than compared to their respective twelve month values. This means Braemar Courtyard homes are still increasing in value. While the rate of increase in average and median value last report was 3% and 5% respectively, it has slowed to 2.5% in average and median this report. Hey, an increase is an increase. And we all knew the ridiculous growth of the frenzied seller’s market was not/is not sustainable. Buyers taking time off of house hunting to vacation and more sellers coming to market simply made a less hectic seller’s market this summer. It is typical for our market to slow a bit from whatever pace it was keeping in spring when we hit summer.

Seller subsidy is where we find out how much closing cost help Braemar Courtyard home buyers were able to negotiate from their sellers. The answer across the board, or more acurately down the column, is zero. As buyers compete for fewer homes in a seller’s market, seller subsidy becomes a non-starter if a buyer wants to get under contract.

Marketing time shows exactly the same thing in the twelve month values as it does in the six month values. Braemar Courtyard homes continue to sell fast. The only recent Courtyard home breaking that norm is the one listed above on Playfair. It went under contract much later in the summer when things were slowing down.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect to be under contract in about a week. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in November, where I suspect you will see proof of the strength of our fall market. If you want to find out more about what a year end sale during a seller’s market could mean for you, get in touch with me. Since 2005, No One Knows Braemar Better!

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

Posted on July 20, 2021 by cacleland

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

Time for another Braemar Property Value Report. Today’s edition focuses on the latest happenings in the Courtyard homes in our neighborhood. Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair. Five homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.

During the current reporting period of May and June 2021, there were five Courtyard homes that sold. The details of those five sales are listed below:

With sold prices ranging from $521,900 to $560,000, I would say that Braemar Courtyard homes are doing quite well. However, to get the best look at what’s been happening, these figures combined with the entire previous twelve months of Braeamr Courtyard home sales allow me to update the six and twelve month data points. They definitely show the effects of the strong seller’s market we have been experiencing.

Looking at the sold price column, we see the six month average sold price has seen a healthy increase over the twelve month average sold price. More impressive is the substantial increase in value in the six month median sold price over the twelve month median sold price. Braemar Courtyard homes have been gaining value quickly with the frenzied buyer demand and lack of inventory.

Seller subsidy is where we learn how much closing cost help Braemar Courtyard home buyers were able to negotiate from their sellers. All the values, except for the twelve month average are at zero. In fact, the twelve month average only has a value in it because, of the twelve Braemar Courtyard homes that have sold in the past twelve months, one in August 2020 gave about two percent of the sales price in closing cost help. The overwhelming majority of Braemar Courtyard home sellers had to give nothing in seller subsidy to strike a deal with their buyers.

inge days on market shows an interested trend updward in the six month average compared to the twelve month average. That can be explained by two Braemar Courtyard home sales that took double digits to get under contract in the past twelve months, one pictured above in fact. The six and twelve month median days on market are the same at four days. That means that half of all Braemar Courtyard home sales in both time frames happened in four days or less.

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

The next Braemar Property Value Report will be out in September. Until then, when it is time to sell your Courtyard home, remember that no matter the market conditions, the only way you make the absolute most the market will bear for a home of your size and style is by creating buyer enthusiasm. That happens when a home is properly prepared and professionally marketed. Get in touch with me and ensure you get both of those working for you. 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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