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

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

Let’s wrap up the month of October with the final report of my quarterly Braemar market reports.  This is the Braemar Reflection Quarterly.  It covers sales of the semi-attached homes located on Tarvie Circle, behind the Safeway shopping center, that are attached at the garage only.

There was quite a bit of sales activity in the third quarter, where we saw four Reflection homes sell.  The details of those sales are listed below:

All of the sales in the third quarter were homes that had no egress from the basement.  Come to think of it, I’m not sure there are any Reflection homes with basement egress.  If you have one, I’d love to hear about it and know if it was added after construction.  When we take these four sales and plug them in with the previous three quarters of sales activity, we get new six and twelve month data points, as follows:

The trend we most like to see in the sold price column is higher values in the six month average and median compared to the twelve month average and median.  While the six month average sold price is higher than the twelve month average sold price, the median sold price is exactly the same in the six and twelve month median values.  This is mixed information.  Average sold price increase in the six month over the twelve month indicates Reflection home prices are rising.  However, the same value in the six and twelve month median indicates Reflection home prices are stable.  Only time will tell which is correct.

The seller subsidy (closing cost help to buyers) is showing a definite trend.  The six month average and median seller subsidy are both higher than their twelve month counterparts.  That means sellers are giving more money in closing cost help.

Days on market (marketing time) is showing stability and a quickening of the sales of Reflection homes in Braemar.  The six month average marketing time is shorter than the twelve month average marketing time.  However, the six and twelve month median marketing times are the exact same.  Which is correct?  We have to wait for the next report to find out.

If you placed your Braemar Reflection home 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 about 2% of the sales price in closing cost help.

The next Braemar Reflection Quarterly will be out in January.  Until then, if the need to move arises, don’t count out our year end real estate market.  Give me a call for a free market analysis and I’ll tell why the year end selling season is my favorite 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

 

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

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

It is time for the third quarter installment of the Braemar Patio Quarterly.  Not familiar with Braemar Patio homes?  They are two level quads, attached on the side back and corner.  These are among the only attached homes in Braemar where you can find main level bedrooms and full bathrooms, though not in every Patio home.

There were three Braemar Patio homes that sold in the third quarter.  The details of those sales are listed below.  If you are wondering why one of the sales is highlighted in magenta, that is because that was my listing.  I think it’s important to point out that the home was the least updated of the three sales, and yet is the middle sales price.  I take my job of getting the highest possible price for my Braemar sellers very seriously.

When we take these three most recent sales and combine them with the sales from the previous three quarters, we have an opportunity to look at trends.  The shorter term values in the six month average and median compared to the longer terms values in the twelve month average and median give us an idea what is happening in our market.   Let’s take a look.

Right off the bat we see that six month average and median sold prices are higher than the twelve month average and median sold prices.  That means Braemar Patio homes are still pushing up in value.  Of course, hiring the right agent to not only market your home to get the most traffic, and then make sure it appraises, is critical.  From what I understand, a low appraisal on 9863 Earls Ferry is what made that sale so low.  Not the fact that a buyer wasn’t willing to pay closer to list price.  It was a gorgeous home with loads of updates.

Seller subsidy (closing cost assistance to buyers) is dwindling down in the six month average compared to the twelve month average.  Both the six and twelve month median show no seller subsidy.  If you are lucky, there are buyers in the market that do not need closing cost help.  And if they do, you can usually roll all of it, or some of it, into a higher sales price, just like my sellers did on 9826 Earls Ferry.  They had worked out a deal with all of the closing costs rolled up into the price of the home, netting them a little above the list price.  However, that low appraisal on 9863 Earls Ferry really impacted my sellers too.  They were fortunate to appraise where it did and not any lower.  Every sale that happens in our market affects values.

Days on market, or marketing time as I tend to refer to it, is clearly not changing much.  The six month average marketing time went down one day compared to the twelve month average marketing time.  Braemar Patio homes tend to sell very quickly when they hit the market, particularly if they have the main level bedroom.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect your home to be under contract in less than a week.  You could also expect to pay minimal seller subsidy.

The next Braemar Patio Quarterly will be out in January.  Until then, if the fall market is something you want to investigate, give me a call.  There’s no place like home for the holidays and buyers know it.  The year end market should never be counted out.  Give me a call at 703-402-0037 for a free market analysis and I’ll tell you all I have learned working in the Braemar real estate 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 Piggyback Quarterly: July-September 2018 (3rd Quarter)

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

It is time for another Braemar Piggyback Quarterly, detailing sales of Braemar Piggyback townhouses in the third quarter of 2018.  If you are wondering what a piggyback townhosue is, they are not only attached on the sides, but along the back too.  They have no back yards, like traditional townhouses, but have larger bedrooms than a traditional townhouse.  They also have two car garages.

There was one Piggyback townhouse that sold during the third quarter.  Details are below:

That sale alone doesn’t tell us much.  When we take this sale and put it in with the last year of Braemar Piggyback townhouse sales, we do get a chance to look at six and twelve month data points.  Current trends are found in the six month data points compared to the twelve month data points.  These are the current six and twelve month average and median values for Braemar Piggyback townhouses.

For starters, the most recent sale is well above the six month average and median sold prices.  That’s great news.  For trends, the six month average and median sold prices are higher than the twelve month average and median sold prices.   That means values of Braemar Piggyback townhouse are still pushing up.

When it comes to seller subsidy (closing cost assistance to buyers) the six month average is about the same as the twelve month average.  The six month median is a little lower than the twelve month median.  Right now, it seems Braemar buyers are still expecting closing cost help.  And the most recent sale would indicate it could be worse than the average or medians above.

The days on market (marketing time) has increased a little in the six month average compared to the twelve month average.  However, there is a larger increase in the six month median compared to the twelve month median.  Seems it is taking longer to sell Braemar Piggyback townhouses.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in about a month or a month and a half.  You could also expect to pay about 1.5% of the sales price in closing cost help to the buyer.

The next Braemar Piggyback Quarterly will be out in January.  Until then, don’t count our fall market.  If you want to know what your home is worth right now, give me a call at 703-4002-0037.  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 Townhouse Report: July-August 2018

Braemar Townhouse Report: July-August 2018

Putting together these Braemar real estate market reports is something I have been doing since 2005.  My intention is always to get them ready for the previous two months, as soon as the second of those months has ended.  Realistically, that means waiting until the middle of the month following the last month of the reporting period.  In this case, mid-September is when I started gathering data for this particular report.  Unfortunately, not every agent that lists and sells a home in Braemar works the same.  Some agents won’t invest in professional photography.  Others won’t meet appraisers at their Braemar listings to make sure the home appraises for sales price and you won’t have to lower your price.  And yes, some wait weeks to report when a sale closes.  The latter impacts me and my ability to report the latest in Braemar sales.  The other two, well, those impact seller’s final sold prices.

Bringing up the rear in the string of Braemar real estate reports is the Braemar Townhouse Report.  This report focuses on the last two months of Braemar townhouse sales.  And a Braemar townhouse, for the purposes of this report, is three level, attached structure with a fence-able backyard.  In other words, a traditional townhouse.

There were sixteen Braemar townhouses that sold during the months of July and August.  The low sold price was $285,000 and the high sold price was $370,000.  The details of these sales are listed below:

When we take these sixteen sales and replace the sales from July and August 2017 in our rolling twelve month pile of data regarding Braemar townhouses, here is what we find/:

The six month average and median sold prices are well above the twelve month average and median sold prices.  That means Braemar townhouse values are continuing to increase.  I’m just as happy to report to that the six month average and median seller subsidy (closing cost help from sellers to buyers) is lower when compared to their twelve month counterparts.  That means Braemar townhouse sellers are having to give less in closing cost help.  Finally, the six month average and median days on market (marketing time) is lower when compared to the twelve month average and median.  Braemar townhouses have been selling even faster lately!

If you placed your Braemar townhouse on the market, priced to current conditions, you could expect it to be under contract in a week or so.  You would also expect to give about 1% of the sales price in closing cost help to the buyer.

The next Braemar Townhouse Report will be out in November and will detail sales from September and October.  Until then, when you are ready to sell your Braemar townhouse, please know that this Top Braemar Listing Agent hires professional photographers, does light staging, meets appraisers at your property and much more to get you the most you can when selling your largest asset.  You only get one shot at selling your home.  There are no do-overs.  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 Reports: July-August 2018 (Ryan Homes)

Braemar Property Value Reports: July-August 2018 (Ryan Homes)

If it had to be sunny any day this week, it is fantastic to have that weather on Friday.  What a nice end to the work week for folks.  Of course, the work week for this Top Braemar Real Estate Agent is far from over.  I will be out showing property to buyers this weekend in our area.

Right now, it is time for the Ryan Homes installment of the Braemar Property Value Report.  This one covers the sales of Braemar houses built by Ryan Homes in July and August.  Without further delay, let’s get to it.

There were two Ryan Homes that sold in our current reporting period.  One for $429,000 and the other for $476,000.  The particulars of each sale are detailed below:

If we take these two most recent sales and combine them with our rolling twelve months of Ryan Home sales in Braemar, we have the opportunity to take a peek at updated six and twelve month data points.  When we do that, this is what we find:

When we look at the six month average and median sold prices to the twelve month average and median sold price, we want to see increases in the six month values compared to the twelve month values.  That would indicate Ryan Home values are increasing.  Unfortunately, this report gives us exactly the opposite of what we want to see.  Six month average and median sold prices are below the twelve month sold prices.  Not good, but hopefully, not a trend we will see continue.  In Braemar in general, home prices seem to be stabilizing. However, this report could be an early indicator that Ryan Home values are dropping a bit.  We won’t know for certain until we see if this trend continues through to the end of the year.

In the seller subsidy (closing cost assistance) category, we like to see six month average and median values below their twelve month counterparts.  While the six and twelve month median seller subsidy figures are exactly the same, the six month average is below the twelve month average.  That means Ryan Home sellers are giving less closing cost assistance when selling their homes.

Finally we get to days on market, or marketing time, as I like to call it.  The six month average and median marketing times are significantly shorter than the twelve month average and median marketing times.  That means Ryan Homes in Braemar have been selling faster recently.

If you placed your Ryan Home on the market, priced to current conditions, you could reasonably expect it to be under contract in about two and a half weeks…maybe even just one week.  You could also expect to give about one half of one percent of the sales price, or less, in closing cost help to your buyer at settlement.

The next Braemar Property Value Report will be out in November.  Until then, when you want to investigate the sale of your Braemar home and what it would be worth in the current market, call me 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 Property Value Report: July-August 2018 (NV Homes)

Braemar Property Value Report: July-August 2018 (NV Homes)

Did you know that as of today, there are twenty-one homes on the market in Braemar? They aren’t all single family homes, like the NV Homes in our neighborhood.  In fact, single family homes priced over $450,000 in Braemar make up ten of those listings.  And it is taking a while to get them under contract.  A quick look at those ten single family home listings in Braeamr over $450,000 tells me that they are averaging thirty-four days on the market….and they haven’t even been chosen yet!    One of the many reasons it is important to hire a Top Braemar Listing Agent.

Right now, this Top Braemar Listing Agent is going to update you as to what’s happened with NV Home resales in our neighborhood between July and August in this edition of the Braemar Property Value Report.  I have made it part of my job to stay on top of our local market.  I don’t know of any other real estate agent that serves Braemar that delves this deep into what’s happening in our neighborhood.

There was only one NV Home in Braemar that sold in during our current reporting period.  It was a Rutherford that sold for $485,000, having been listed for $500,000.  Details of that sale are below:

Not much can be determined by NV Home values by one sale.  That’s why this sale is added to my rolling twelve month store of NV Home sales in Braemar, and six and twelve month values pulled out.  When I do that, here’s what we find:

The trend you want to see in the sold price numbers is higher values in the six month average and median compared to their twelve month counterparts.  That is definitely what we find with NV Home values in the six month values compared to the twelve month values.  That means NV Homes are still pushing up in value.

When it comes to the seller subsidy (closing cost assistance) category, we want to see the opposite.  The best trend for sellers here is to have lower figures in the six month values when compared to the twelve month.  Once again, Braemar NV Home sellers in the last six months have been given less closing cost assistance to their buyers.  Gotta love that.

Days on market, or marketing time, is another category where we like to see more recent numbers trending down, compared to the whole year.  While the six month median value is two days longer than the twelve month median, the six month average value is thirty-one days shorter than the twelve month average.  That big a decrease in average marketing time is a great thing to see.  The two day increase in median value?  Not to worry.

If you placed your Braemar NV Home on the market, priced to current conditions, this report indicates  you could expect it to be under contract in two weeks.   However, at the start of this report, you heard the average days on the market for larger single family homes was thirty-four days for home still lingering on the market.  Who you hire to market your home matters and can affect marketing time and your final sold price.  As for what you could expect to pay in closing cost help, that would be an average of less than 1% of the sales price.

The next Braemar Property Value Report will be out in November.  Until then, when you are ready to sell your Braemar home, hire wisely.  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