Braemar Property Value Report: January-February 2018 (Ryan Homes)

Braemar Property Value Report: January-February 2018 (Ryan Homes)

It’s easy to tell which properties face north as you drive through Braemar, two days after our March snow storm.  They are the ones with snow chunks still in their yards.  My north facing yard may have snow chunks throughout the weekend.

Right now, it is time for another Braemar Property Value Report.  This one focuses on sales of homes built by Ryan Homes in our neighborhood.  Let’s get to it.

Unfortunately, there were no sales of Ryan Homes during the first two months of the year in Braemar.  That’s not from lack of demand.  That’s from lack of inventory.  Trust me.  This top Braemar listing agent was busy getting homes under contract at the end of the year.

When we update the values of Ryan Homes to reflect activity in the last six and twelve months, here is what we find:

Braemar Property Value Report:  January-February 2018 (Ryan Homes)

There is hardly any change in the twelve month median value to the six month median value.  The average value has dipped a little when you look at the twelve month compared to the six month.  In fact, even the seller subsidy (closing cost help to buyers) looks stable.  What doesn’t is the marketing time.  That is inching up in the short term, which makes zero sense based on the buyer demand I am personally encountering in the Braemar real estate market.

If you placed your Ryan Home on the market, priced to current conditions, this report indicates that it could take two and a half months to go under contract.  I have to say, I don’t think that is accurate for the demand we are seeing now.  You could, however, expect to pay about 1.5% of the sales price in closing cost help to the buyer.

The next Braemar Property Value Report will be out in May.  Until then, call me when you are ready to sell.  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

 

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Braemar Property Value Report: January-February 2018 (Heritage Series)

Braemar Property Value Report: January-February 2018 (Heritage Series)

Can you believe it is the first day of spring and we are battening down the hatches for potentially one foot of snow in Bristow?  Thank goodness that buyers in the Braemar real estate market aren’t in need of warm temperatures or consistent weather to be out house hunting.  They have been out in full force for months.  We just need more homes to sell them.

Right now, it is time for another Braemar Property Value Report, focusing on sales of homes in the Heritage Series.  Heritage Series homes are mid-sized single family homes, built by Brookfield Homes.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  

In the first two months of the year, there were five Braemar Heritage Series homes that sold.  The details of those sales are as follows:

There is one sale highlighted in pink.  That was my listing, which garnered the highest net sales price for a four bedroom Heritage Series home.  (Net price is sold price less seller subsidy)  The sold prices ranged from $439,000 to $530,000.  And when we put these sales in with the sales that happened within the last year, here’s how it affects our average and median values:

Both the average and median sold prices for the last six months are higher than their respective twelve month values.  This means values are still going up.  Seller subsidy (closing cost help to buyers) is down in the six month values compared to the twelve month values.  Buyers are finding it is important to make their offers as competitive as possible.  And marketing time is unchanged in the six month median compared to the twelve month median, but the six month average is shorter tan the twelve month median. Homes are selling faster.

If you placed your Braemar Heritage Series home on the market, priced to current conditions, you could expect to be under contract in less than two weeks.  You could also reasonably expect to spend less than 1% of the sales price on closing cost help.

The next Braemar Property Value Report will be out in May.  Until then, I am here to help you when you are ready to sell your Braemar home.  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 Property Value Report: November-December 2017 (Ryan Homes)

Braemar Property Value Report: November-December 2017 (Ryan Homes)

What a great couple of days to be out and about in Bristow and Gainesville.  It has been sunny and relatively warm.  However, it does look like we have some cooler temperatures coming tomorrow.  A look at the forecast tells me we aren’t with the 15 degree temperature swings.  At least the daylight we are gaining each day is constant.

Right now, it is time for another Braemar Property Value Report.  This one brings up the rear of the single family home reports for the neighborhood and focuses on Ryan Homes properties that sold in the last two months of 2017.

There were Ryan Homes that sold during our reporting period, ranging from $445,000 to $515,000.  The details of those sales are detailed below:

If we take these sales and plug them in with our rolling six and twelve month values, what we find is that the six month average sold price has softened quite a bit compared to the twelve month average sold price.  In a complete contradiction of that information is the fact that the median sold price is only $100 less in the six month value vs. the twelve month value.  This is likely an indicator of more stable market values than the average sold price change in the short term indicates.

The average and median seller subsidy (closing cost help) is virtually unchanged in the short term compared to the long term.  However, the six month marketing time (DOM) compared to the twelve month value indicates that it has been taking longer to sell Ryan Homes in Braemar.

If you placed your Ryan Home on the market, priced to current market conditions, you could expect it to be under contract in two months or less.  (I would think much less given our lack of inventory heading into spring right now.)  You could also expect to pay about $8,000 in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, if you want to know how the market is affecting your specific home’s value, give me a call.  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 Property Value Report: November-December 2017 (NV Homes)

Braemar Property Value Report: November-December 2017 (NV Homes)

Having been on two Braemar listing appointments this weekend, I have been digging into lots and lots of comps.  That means really digging into MLS listings.  It always troubles me that there are still agents that will barely fill out relevant information in the MLS when marketing a home.  Things I’ve seen left out of pick list items include whether or not a home has a finished basement, deck, patio, fenced back yard and on and on.  In my world the more information you give a buyer, the better, especially if the alternative is leaving OUT valuable information.  That’s one of the reasons I believe so strongly in these market reports that I do for Braemar.

This particular Braemar Property Value Report included NV Homes sold between November and December 2017, of which there were three.  The details of those sales are listed below:

If you are anything like me, the first thing that stands out is the first sale listed and its DOM (days on market.)  That home was on the market just 51 days shy of one full year.  That, in my Braemar real estate world, is unacceptable.  It was a combination of poor listing prep, bad marketing photos and unrealistic asking price that started that had that listing languishing on the market.  One thing I preach to my sellers is no one is going to over pay for a home.  And even projects as simple as carpet and paint make a HUGE difference in buyer perception.  And professional photography makes all the difference when it is show time.

Outside of that listing, we have two other NV Homes that sold in a week or less.  That’s more like it.  When we take all three sales and put them in with our rolling six and twelve month data, we find that prices have softened a bit in the short-term.  Seller subsidy (closing cost help) has increased a bit in the short-term.  And since the average marketing time is going to be thrown off by the anomaly of the 314 day guy, I’m choosing to focus my attention on median here, where we see that in the short-term, homes are selling faster.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect your home to be under contract in a week or two.  You could also expect you would pay about 1.5% to 2% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, please give me a call if you have been thinking of selling your Braemar home.  Our market has buyers just waiting to pounce on Braemar homes.  And it’s my job to get you the absolute most for your sale.  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 Property Value Report: November-December 2017 (Heritage Series)

Braemar Property Value Report: November-December 2017 (Heritage Series)

Today certainly felt a lot warmer than it has been in Bristow.  Funny when forty degrees feels balmy.  Even still, our low overnight in Bristow will be in the teens tonight.  Brrr.  Another good reason to stay inside and do some reporting on Braemar real estate activity.

This particular edition of the Braemar Property Value Report covers sales activity in the Heritage Series homes during the months of November and December 2017.   Heritage homes are the mid-sized single family homes, built by Brookfield Homes.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  

There were six Heritage home sales in the months of November and December.  I was happy to have sold one of those (in purple type) and another that will be included in our next report.  The details of those six sales are as follows:

Placing these sales in with our rolling six and twelve month sales in the Heritage Series, we find that values may have softened the slightest bit in the short term.  Meanwhile, seller subsidy (closing cost help to the buyer), along with marketing time (DOM) have increased a bit in the short term.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a month or five weeks.  You could also expect to pay a little more than 1% of the sales price in closing cost help to your buyer.

The next Braemar Property Value Report will be out in March.  Until then, if you have been thinking of selling your Braemar home, give me a call.  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 Property Value Report: November-December 2017 (Arista Series)

Braemar Property Value Report: November-December 2017 (Arista Series)

We made it past the holidays in Braemar.  Perhaps the most inconvenient part of the 2017 Christmas and New Year’s Day holidays were that they both occurred on our regularly scheduled recycling pick up day.  While our disposal companies all schedule alternate days to pick up the recycle, word getting out about it was not great.

Now that we are past the end of 2017, I can fill you in on what’s been happening with values in the Arista Series homes during this Braemar Property Value Report.  Arista Series homes are the large, single family homes built by Brookfield Homes.  Floor plans include the Allister, Buckingham and Canterbury.

There was one sale of an Arista home in Braemar during the months of November and December.  Details are as follows:

When we take this sale and put it in with our rolling six and twelve month values, what we find is that shorter term sold values (six month) are lower than the longer term sold values (twelve month.)  This could indicate that values for these larger homes are slipping, but it will certainly take more activity in the market to truly make that determination.  Meanwhile, seller subsidy and marketing time (DOM) are also heading in the wrong direction in the short term.  More recent Arista home sales are taking longer and sellers are giving more closing cost help.

If you placed your Allister, Buckingham or Canterbury on the market, priced to current conditions, it may take more than a month and a half to go under contract.  You could also expect to pay an average of over 2% of the sales price in closing cost help to your buyer.

The next Braemar Property Value Report will be out in March.  Until then, know that our Braemar real estate market is hungry for homes.  If you have been wondering what your home may be worth, let’s set up a time to meet.  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

The First Braemar Home Sold in 2018

The First Braemar Home Sold in 2018

When I met with the sellers of 10119 Orland Stone Drive on October 11, 2017 there was a lot of trepidation on the part of the sellers.  They wanted their home sold early in January, or in late December.  After going over recent sales of other Braemar Courtyard homes, we discussed pricing.  What market comps showed, and what the sellers wanted, were slightly different.  I expressed that if we went with the price the sellers wanted, $417,000, we would have to get the home in tip top shape.  That meant new carpet, painting the entire home and getting it staged.  Their budget didn’t allow for all of those items.  We brought in a stager, consulted over budget and the owners bought all new carpet, had the master bedroom painted and the home staged.

Listing a home is not as easy as getting a signed agreement, snapping some photos and slapping it online.  The sellers were so worried that they were losing valuable marketing time during the prep. Each day that ticked by on the calendar made them more and more nervous.  And when we finally ready to get photos done, a perpetual rain storm parked itself over Bristow.  The photo shoot was rescheduled once or twice,, but the rain continued.  Photos were taken on a cloudy, drizzly day, but it turns out that cloudy days are best for exterior shots of the Courtyard homes.  Sunshine cast some pretty awkward shadows with those homes being laid out so close to one another.

This Ballston model, with new HVAC and three finished levels hit the market on November 9th, priced at $417,000.  We had a lot more showings than I anticipated, which was encouraging to the sellers. However, it was when another Ballston model, with a walk out basement that ours didn’t have, went under contract while listed at $417,000, I knew it was time to look again at the comps with the sellers.  You simply can’t sell for more when you have less, and their finished basement didn’t have any exit.  So the sellers lowered their price to $409,850 on December 1st. Eight days later, the sellers were under contract and slated to schedule in early January.

Oddly enough, there was a second buyer that showed up at an opportune time for my sellers.  Apparently, the original buyers were going to take every day of their twelve day inspection contingency to get to my sellers with repair requests.  While it might be considered rude to do so, it was within the contractual rights of the buyers.  Meanwhile, the Christmas holiday was looming closer.  The sellers felt they were being set up to give more than they had already agreed in closing cost help.  Who could possibly get quotes within 3 days of getting home inspection requests mere days before the Christmas holiday?

Back to the other interested buyer.  I gave the go ahead for that buyer’s agent to show him the home.  That buyer submitted a written offer, slightly better than the one in hand, and gave the sellers something they were pleased to have–LEVERAGE.  They didn’t have to make one home inspection concession.  If the current buyers didn’t like it, their only recourse was to walk away.  My sellers were protected with another offer they could immediately go to.  It netted them slightly more money, which would cover the cost of settling later in January.

The first buyers in remained in the deal and the transaction closed on January 5th at $415,000.  The sales price was negotiated up to help cover the closing cost credit of $8,200 that the buyers requested from the sellers.  It settled in the sellers’ desired time frame, making them believers in the power of the year end Bristow real estate market that I had been preaching from the beginning.

When you are ready to sell your Braemar home, any time of the year can work.  If you want an agent that works tirelessly to give you the upper hand in negotiations, give me a call.  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