Braemar Reflection Quarterly: October-December 2018 (4th Quarter)

Braemar Reflection Quarterly: October-December 2018 (4th Quarter)

Staying inside and avoiding the arctic temperatures in the Bristow area today is my plan.  That also allows me to sit at my desk and put up this most recent Braemar Quarterly property value report.  This particular edition features the fourth quarter sales in the Reflection Series. Reflection Series homes are the semi-detached homes located off of Tarvie Circle.  They are single family homes attached to only one neighbor at the rear load garage.

Unfortunately, there were no new sales of Braemar Reflection homes to report in the fourth quarter of 2018.  That doesn’t mean I don’t have updated data to share with you.  To keep only one year’s worth of data, the sale from the last quarter of 2017 is dropped and new six and twelve month average and median values are calculated.  When that is done, here’s what we end up with:

Looking first at the sold price column, we see that the six month average sold price has fallen ever so slightly below the twelve month average sold price.  Certainly not a cause for alarm, especially when you notice that the six month median sold price is above the twelve month median sold price.  As of the end of the fourth quarter, all evidence points to the fact that Braemar Reflection homes are holding steady in value.

In not so great news, seller subsidy (closing cost assistance to buyers) seems to be on the rise.  Both the six month average and median seller subsidy dollar amounts are higher than what we see in the twelve month average and median seller subsidy figures.  This means Braemar Reflection sellers are giving more money in closing cost help in the recent past.

Finally we come to days on market, or as I like to call it, marketing time.  Both the six month average and median marketing times are slightly higher than the twelve month average and median marketing times.  This isn’t cause for concern. In fact, due to the MLS change our region underwent in November, we may see even more drastic increases in days on market, as that marketing time clock is stopped not by going under contract, but by being under contract with no contingencies.  To read about the confusion this is likely to cause in the next year, you can read my post on the subject by clicking this link.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in about four to five weeks.  You could also expect to give about 2% of the sales price in closing cost assistance to your buyer.

The next Braemar Reflection Quarterly will be out in April.  Until then, if you want to sign up to receive digital copies of these reports, before they are published online, send me an email  at ChrisAnn@LNF.com with your property address and email address.   And whenever you need to know what’s happening in the Braemar real estate market, reach out by call, email or text for a free market analysis of your home’s value.  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 Piggyback Quarterly: October-December 2018 (4th Quarter)

Braemar Piggyback Quarterly: October-December 2018 (4th Quarter)

If you have been wondering what your Braemar Piggyback townhouse is worth, today is your lucky day.  This Braemar Piggyback Quarterly will tell you what sold in the fourth quarter of 2018.  And if you aren’t sure if you own a Braemar Piggyback home, they are the two car garage townhouses attached on the sides and back. They have no backyard, but make up for it with larger bedroom sizes than traditional townhouses.

There were two Braemar Piggyback townhouses that sold in the fourth quarter of 2018.  The details of those sales are listed below:

When we take these two sales, along with the previous three quarters of sales data from 2018, we can get some valuable data in the six and twelve month data points of sold price, seller subsidy (closing cost assistance to buyer) and DOM (marketing time.)  These are the updated six and twelve month data points for Braemar Piggyback townhouses:

Let’s start with sold price.  The six month average and median sold prices are both above the twelve month average and median sold prices.  This means values of Braemar Piggyback townhouses continue to go up in value.

When it comes to seller subsidy, the six month average  is nearly $1,200 below the twelve month average.  Even better, the six month median is zero, compared to the twelve month median seller subsidy of $3,500.  Braemar Piggyback townhouse sellers have been giving less in closing cost help.  And the last two sales of 2018, the sellers gave none!

Marketing time is a tricky one now because our data here is being measured differently since our market switched to a new MLS system in November.  Both of the sales reported here are likely unaffected by the MLS change, but in the future I expect marketing time to go up.  In this report, marketing time is unchanged in the last year.

If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, it would be unreasonable for you to expect your home to be under contract in about one month’s time.  You could also expect at the high end to give about 1% of the sales price in closing cost help, but you may luck out and get a motivated buyer that doesn’t need it.

The next Braemar Piggyback Quarterly will be out in April.  Until then, if you would like to receive electronic copies of the full report emailed directly to you, sign up by emailing me at ChrisAnn@LNF.com.  You can also reach me there, or by phone at 703-402-0037 for a free market analysis of your home’s value when the time comes 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

Braemar Patio Quarterly: October-December 2018 (4th Quarter)

Braemar Patio Quarterly: October-December 2018 (4th Quarter)

With the New Year in full swing, we have the opportunity to look back at the fourth quarter sales activity for a variety of Braemar homes and get a sense of what is happening with Braemar property values.  This particular report focuses on Braemar Patio homes, which are also known as quads.  They are the two story, one car garage home attached on two sides and a corner.

There were three Braemar Patio homes that sold in the fourth quarter of 2018.  Their final sold prices ranged from $330,000 to $344,000.  The details of those sales can be found below.

Taking these three sales for the fourth quarter, and combining them with the Braemar Patio home sales from the previous three quarters, gives us a year’s worth of data.  As is the custom when I prepare these reports, key values are pulled out in six and twelve month increments.  The short term (six month) values give us a sense, when compared to the longer term (twelve month) values, whether values are increasing, decreasing or remaining stable.  Here’s the break out for the last six and twelve months for Braemar Patio homes:

The six month average and median sold price are both above their twelve month counterparts.  That means Braemar Patio homes are still inching up in value!

When it comes to seller subsidy (closing cost assistance to buyer) the numbers in the six month average is nearly identical to the twelve month average.  And the median numbers in both six and twelve month are zero.  The news here is that buyers are not asking for any more closing cost than they have been the last year.

Finally we come to days on market (DOM.)  This is a category that is going to unreliable for a time because of the switch to the Bright MLS our area underwent in November.  You can click this link for specifics on the MLS change, but DOM is measured differently in Bright, so until we have a full year’s values, the numbers for marketing time are likely going to show higher in the short term.  In this report, the change in the six month values compared to the twelve month values is not so drastic, but still shows a slight increase in marketing time.

If you placed your Braemar Patio home on the market, priced to current conditions, you could expect it to be under contract and heading to closing in a little over a month or near a month and a half.  You could also expect that you may have to give less than 1% of the sales price in closing cost help.

The next Braemar Patio Quarterly will be out in April.  If you would like to sign up for the online copy of the report, send me an email at ChrisAnn@LNF.com.  You can also reach me there, or by phone at 703-402-0037 for a free market analysis of your home’s value when the time is drawing near 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

 

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

 

 

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