Braemar Property Value Report: March-April 2019 (NV Homes)
As I type this on the gorgeous Saturday of Memorial Day Weekend, I can close my eyes and picture the giggles and splashing happening at the Braemar pools. Summer is here, even if it isn’t official on the calendar.
Right now, it is time for another Braemar Property Value Report featuring sales of NV Homes in our neighborhood during the months of March and April. As it turns out, there were only two NV Homes that sold during that time frame. Final sold prices were $539,900 and $582,000. The details of those sales are listed below:
Taking these two NV Homes sales and combining them with the previous twelve months of NV Homes sales, the six and twelve month data points are updated as follows:
Starting with sold prices, we see the six month average and median values are the same, and both significantly above their respective twelve month values. This mean NV Homes are gaining value.
Seller subsidy, also known as closing cost assistance from seller to buyer, is an area not so seller friendly. Both the six month average and median seller subsidy values are significantly above their twelve month counterparts. Unfortunately, this means on average, NV Homes sellers are giving more in closing cost help to their buyers in recent history.
Days on market is going to be unreliable until we get to the reports coming out in January. Our new MLS, which we switched to in November last year, stops counting days on market when contingencies are removed if sellers are still willing to accept showings in pursuit of back up offers. Therefore, it is not surprising to sell the six month days on market numbers nearly double the twelve month days on market. Not to worry. When the time comes to sell, when I am looking at comps, I hand calculate how long it has been taking comparable homes to go under contract. One day our MLS will understand that is the only number sellers care about.
If you placed your NV Home on the market, priced to current conditions, you could reasonably expect to be under contract and well on your way to settlement in a little less than two months. You could also expect to give about 2% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in July. Until then, when the time to sell your home is on the horizon, reach out and let’s start talking. My unparalleled knowledge of the neighborhood and marketing expertise is the perfect combination to get you the absolute most for your Braemar home. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate