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

 

 

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How Will the Change of MLS Systems Affect Braemar Market Data?

How Will the Change of MLS Systems Affect Braemar Market Data?

In November 2018, our area switched to a new MLS system known as Bright.  Previously, we had been using a system known as Matrix.  These systems largely work the same, but what may affect the market data I share with you in my Braemar market reports is how Bright counts “days on market” differently than Matrix.

In Matrix there were three statuses that denoted when a property was under contract.  All of them, stopped the days on market counter, whether there were contingencies in the contract accepted, or not.  Bright does not work that way.  In Bright, our new statuses are: Active Under Contract or Pending.  Active Under Contract is to be used to denote when a listing has gone under contract, but there are still contingencies in the contract that may cause the deal to fall through.  These contingencies could be anything from home inspection, appraisal or even home sale.  It isn’t until all contingencies to the contract are removed that agents are to note the listing as Pending, where the days on market counter stops.

There are two problems we are facing.  First of all, if every agent followed the rules of the statuses, we would have a different measure when comparing to older sales.  And my market reports pull data up to a year away.

The second problem is that some agents will not obey the new rules of the road.  They feel cheated that their own marketing stats are being  skewed.  If you get a property under contract in three days, but it takes twenty-one days to remove the contingencies, the days on market counter is going to reflect twenty-four days that the home was marketed.  The solution that many agents are using, despite Bright rules is to put a property straight to Pending status.  What’s the big deal?

Pending properties are not able to be shown.  And as a Braemar Listing Agent, I can tell you that as our market contracts and buyers begin to have more negotiating power, it is going to a very good thing to have back up offers.  You can’t get those without the ability to show your home to another buyer.  And if you never use the Active Under Contract status, for exactly that purpose, you can’t allow showings that could result in a back up offer.  In December 2017 I saw the importance of a back up offer keep my sellers having to give anything additional in assistance, or do any repairs, when the primary buyer stalled the list of repair requests to land two days before Christmas, which put my sellers on a three day turn around.  The back up offer gave them the leverage to say no and not have to do, or give anything additional.  Active Under Contract, in my professional opinion, should be embraced.

This is a complicated issue, and is further complicated by the problem that is always forefront in the real estate industry:  

NOT ALL REAL ESTATE AGENTS FOLLOW RULES, REGULATIONS OR LAWS.

As your Braemar Real Estate Resource, I am here to tell you that my business is operated above board. Will I still be able to tell you how many days it took me to a property under contract?  Yes.  Will just involve counting the difference between when the property was listed and when it went under contract.  For whatever reason, that seems too complicated for some agents.

When it’s time for you to sell your Braemar home, give me a call.  I will put your needs ahead of my own each and every time, including my MLS marketing days numbers, because what is best for you is all that matters.  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: September-October 2018 (Ryan Homes)

Braemar Property Value Report: September-October 2018 (Ryan Homes)

If there was one mediocre weather event that I could get rid of, it would be days of strong, gusting winds.  As much as I dislike rain, I would rather have that than wind.  At least the sound of rain is soothing.  The sound of a strong gust of wind hitting my house has the opposite effect.   Might be time to get lost in my headphones with some good music playing while I present this Braemar Property Value Report detailing sales of Ryan Homes in our community.

During our current reporting period, which is the months of September and October, there were four Ryan Homes sold in Braemar.  Their sold prices ranged from $430,000 to $500,000 and are detailed below.

Taking these most recent sales and placing them in with the last year’s worth of Ryan Home sales, we get new six month and twelve month data points that will give us some indications as to what is happening with home values and other data points important to Ryan Home owners in Braemar.

Looking first at the six month average sold price compared to the twelve month average sold price, we see a drop in average value in the short term.  The six month median sold price is also below the twelve month median sold price, but not by as much.  Time will tell if this is a downward trend in value, or if this our market reaching a more stable condition.  The seller’s market has definitely cooled.

Better news is that seller subsidy (closing cost assistance to buyers) is down in both the six month average and median value compared to their twelve month counterparts.  This means Ryan Home owners in Braemar are giving less in closing cost help to buyers.

Days on the market, which I like to refer to as marketing time, shows a slight decrease in average days on market in the six month values compared to the twelve month values.  The six month median days on market, however, shows a much more significant decrease in marketing time.  Ryan Homes in Braemar seem to be selling a bit faster.

If you placed your Ryan Home on the market, priced to current conditions, you could expect it to be under contract in a month or two.  Odds are also in your favor that you could expect to give a nominal amount in closing cost help.

The next Braemar Property Value Report will be out in January.  If you would like to sign up for direct email of these reports when they are ready, send me an email to ChrisAnn@LNF.com with “BPVR Request” in the subject line.   Include your property address, so I can get you the proper report, and the email address where you would like to receive it.

Until January, if you find yourself in a position to sell in our year end market, don’t panic.  There are many actually advantages to off-season selling.  Give me a call for a free market analysis anytime.  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: September-October 2018 (NV Homes)

Braemar Property Value Report: September-October 2018 (NV Homes)

It is probably obvious to you that not every real estate agent you may know that serves our area goes to the trouble of preparing market reports for the area.  Sure, there are cut and paste lines from the MLS that make it to my door, but they give you all the information for the neighborhood.  How is that helpful?  If you own an NV Home, does it matter how long it took a townhouse to sell?  Or a carriage home?  Or a house in the age restricted Dunbarton?  No, it doesn’t.  That’s why I personally prepare these reports myself, and take the time to explain them to you.

Today’s Braemar Property Value Report focuses on sales of NV Homes, of which there were two during our reporting period of September and October.  The details of those sales are listed below:

When I take these two sales and replace September and October 2017 in my rolling year’s worth of NV Home sales, I am able to get a fresh look at our six and twelve month average and median data points.  They now look like this:

When comparing six month values to twelve month values, the shorter term are indicative of current trends when compared to the longer term.  The six month average sold price has fallen slightly below the twelve month average sold price.  By itself, that may be a sign of a slowing market for sellers.  However, the fact that the six month median value is the same as the twelve month median does not give that indication.  What NV homeowners are experiencing are stable market values.

Seller subsidy (closing cost assistance to buyers) is showing short term trends that NV homeowners will love.  The six month average seller subsidy is lower than the twelve month average seller subsidy.  The six month median seller subsidy is way below the twelve month median seller subsidy.  This means that NV homeowners have been giving less money in closing cost help to buyers.

Days on market, or as I call it, marketing time is another showing stability.  The six month average marketing time is about two weeks faster than the twelve month average marketing time.  That’s great and by itself would be indicative of a trend that NV Homes are selling faster.  However, when we look at the median marketing times in the six and twelve month markers, we see they are exactly the same.  This is stability in marketing time as far as I am concerned.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in under fifty days.  You could also expect to give under 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in January.  If you would like to be on the email list to receive the report relevant to your home style, send me an email at ChrisAnn@LNF.com with BPVR Request in the subject line.  Then give me your property address and email address where you would like the report delivered.

Of course, if you have a need to sell this year end, don’t panic.  Give me a call at 703-402-0037 and I’ll be happy to go over comps and tell you why my year end listings 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

 

Braemar Property Value Report: September-October 2018 (Heritage Series)

Braemar Property Value Report: September-October 2018 (Heritage Series)

Driving through Braemar, I notice more and more houses displaying holiday lights, or Christmas trees in the window.  It all brings a smile to my face. Eventually, I’ll get up the motivation, after watching enough Hallmark Christmas movies, to get up my own tree, but for now, my motivation lies in getting the latest in property value news out to the neighborhood.  This Braemar Property Value Report focuses on 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.  The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.

This particular reporting period, covering sales between September and October, comes up with only three Braemar Heritage homes that sold.  the details of these sales are listed below:

As you can see, there is quite a difference in the lowest sold price and the highest sold price.  Big difference like that can throw off a tracking of average and meidan values.  That’s one of the reasons I have adjusted the way I do these reports and look at those values.  What happens next is I simply replace the data from September and October 2017, with these three sales in my rolling twelve month data store.  Then I parse out the six and twelve month values, giving us this:

For starters, looking at the six month average and median sold prices we see that they are both falling below the twelve month average and median sold prices.  that’s not great news and could be an early indication that Heritage home values are starting to slip.  At least two of the current three sales reported above fall about the six month median.  Only one falls above the six month average.  Time will tell if this is truly a slip in value, or a momentary anomaly.  After all, with news that Amazon is basing one of its headquarters in Arlington, a boost in market value in our entire metropolitan marketplace is expected.

The six month average seller subsidy (closing cost help to buyers) is a tad higher than the twelve month average.  However, the six month median seller subsidy is lower than the twelve month seller subsidy.  Looks like Braemar Heritage home owners continue to give about the same amount of closing cost help in their deals.

Finally, days on market shows that the six month average and median values are below the twelve month average and median values.  In the cast of the median, it is only by one day.  This means that it is taking about the same amount of time to sell a Braemar Heritage home as it has for the past year.

If you placed you Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a month. You could also expect to give about 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in January and will detail our year end market, which happens to be one that I believe in very strongly.  It gets a bum rap from most real estate agents, but there really is a something magical in finding a home during the holidays.  And that kind of emotional pull by buyers, with limited inventory, can do wonders for a seller.  Want to explore the option of selling in the off-spring market?  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: September-October 2018 (Courtyard Series)

Braemar Property Value Report: September-October 2018 (Courtyard Series)

A rainy Saturday, post Thanksgiving family gatherings, is a great opportunity for me to get another Braemar Property Value Report together for my fellow Braemarians.  Today’s report focuses on Courtyard home sales in September and October.  If you aren’t familiar with Braemar Courtyard homes, they are one of three different floor plans that share a private courtyard driveway and have limited outdoor space.  Models include the Arlington, Ballston and Clarendon.

As is sometimes the case, as Braemar Courtyard homes only number 142 homes in the entire Braemar community of over 2,800 homes, there were no sales in our current reporting period.  That doesn’t mean that we don’t have updated data.  Because I keep a rolling store of twelve months of data, I simply dropped the sales from last September and October and updated our six and twelve month data points.  Here’s what we find:

The six month average sold price has dipped below the twelve month average sold price.  That’s not great to see, but the six month median sold price is above the twelve month median sold price.  Hard to see a trend with contradictory information, so we’ll have to wait for more Braemar Courtyard homes to sell in our next report to see which way we are going.  For now, I would call this stable values.

The six and twelve month seller subsidy (closing cost assistance to buyers) is much lower in the six month average and median values compared to the twelve month counterparts.  That’s a great trend if  you are Braemar Courtyard home owner. Not so great if you are a prospective Braemar buyer.

When it comes to days on market, again we see data favoring Braemar Courtyard home owners.  The six month average and median days on market is lower than the twelve month average and median values.  That would indicate Braemar Courtyard homes have been selling faster in the last six months.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a little over a week to two and a half weeks.  You could also expect to chip in a small amount of money to the buyer in seller subsidy.

The next Braemar Property Value Report will be out in January.  I know we will have some Braemar Courtyard home sales to share.  Until then, if you find yourself considering the sale of your Braemar Courtyard home, give me a call to find the benefits often overlooked in our year end market.  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: September-October 2018 (Carriage Series)

Braemar Property Value Report: September-October 2018 (Carriage Series)

Coming out of my turkey and gravy induced slumber from yesterday’s Thanksgiving feast, the last thing I want to do is wrestle with shoppers on Black Friday.  No sir.  I would make rather dive back into my routine as a Braemar Real Estate Agent.  When you love what you do, it never feels like work.  Today I will share you with you the latest Braemar Property Value Report for Carriage homes in our neighborhood.  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.

This particular reporting period covers the months of September and October, during which time we saw five sales of Braemar Carriage homes.  The details of those sales are detailed below:

When we take the data from these sales and update our six and twelve month values for Braemar Carriage homes, this is what we get:

When looking at the six month average and median sold prices compared to the twelve month average and median sold prices, we see that Braemar Carriage homes are still inching up in value.  That’s good to see.  In fact, all but one of the sales from the current reporting period fall above the six month average and median values.  All good indications.

When it comes to seller subsidy (closing cost assistance to buyers) the six month average and median compared to the twelve month values indicate that sellers have been giving less closing cost assistance.  Again, looking to our current reporting period sales, that is echoed above.  Three out of five sales gave zero seller subsidy.

Days on the market, or marketing time as I like to call it, is another story.  The six month figures are higher than the twelve month, particularly when it comes to median days on market.  Worse yet, the marketing time for the five sales in the current reporting period all took longer than the average and median values noted here.  This is an indication that the buyer demand for Braemar Carriage homes is not as hot as it was.  Values are holding their own and pushing up little by little, but it is taking longer for these homes to sell.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect your home to be under contract in at least a month.  If you looked at the most recent sales, it may take even longer.  You could also expect to pay about 1% or so of your sales price in closing cost help.  Then again, you may luck out like the three of the last five sales have and give nothing.

The Braemar Property Value Report will be out in January.  Until then, I wish you every happiness the holiday season has to offer.  And if you find yourself facing an off spring market sale of your Braemar home, give me a call.  I may be one of the only agents you will ever encounter in our market that can tell you about the secrets that make our year end market a strong one for sellers.  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