Braemar Property Value Report: May-June 2011 (Heritage Series)

If it’s a hot day in Braemar, you can take refuge in one of the two community pools. And with temps in the 90’s most of July and August, I sure hope you’ll have time to enjoy some pool time.  Before you dive into the pool, let’s take a quick look at the Braemar real estate market.  This report will focus on the resale activity for Braemar Heritage Series homes for the months of May and June.

 In the event a bit confused about what Heritage Series homes in Braemar are…they are mid-sized single family homes, with attached two car garages and include in the following floor plans:  Exeter, Yardley, Zachary and Waverly.

Just like we saw last report (March-April 2011,) there were only two resales in the Heritage Series.  One Yardley and one Zachery.   The average of their sale prices give us our new average market value of $344,950.  That’s up over 5% since last report.  We’re still seeing a decrease in value of over 10% compared to this time last year, but it is nowhere near the near 30% year to year declines we’ve seen in recent year.  Braemar Heritage home values are coming back up.

If you placed your mid-sized Braemar home on the market, priced to current market conditions, you could expect your home to be under contract in less than two weeks.  You could also expect a Buyer to ask for an average of 2.3% of the sales price in closing cost help. 

The next Braemar Property Value Report will be out in September and will detail sales from July and August.  Until then, if you are thinking of placing your Braemar home on the market and want a more specific idea of your home’s value, I’d be happy to help.  As a full time Bristow real estate agent since 2005 and a Short Sale Agent since 2007, I can help you no matter what your equity position.  And remember, no one knows Braemar better!

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