Braemar Reflection Quarterly: April-June 2019 (2nd Quarter)

Braemar Reflection Quarterly: April-June 2019 (2nd Quarter)

9684 Tarvie Circle sold for $444,000 on May 31, 2019.

Before my open house at 12849 Rannoch Forest this afternoon, this dedicated Braemar Real Estate Agent has put together the last of my quarterly property value reports.  Today you will learn what happened in the second quarter of 2019 in the world of Braemar Reflection Series homes.  If you aren’t familiar with what a Braemar Reflection home is, they are the semi-detached single family homes located off Tarvie Circle.  They are attached only at the rear load garage to one neighboring property.

Between April and June, there were two sales of Braemar Reflection homes.  I am very pleased to have listed and sold, for the second time, 9684 Tarvie Circle.  Because it was my listing, it is highlighted in pink in the detailed list below.

While my listing was not the highest sold price, for what it offered it sold for a very good price.  The high sold price of $492,500 included four finished levels.  My listing had two finished levels.  It also went under contract in less than a week.

Taking these two most recent sales and combining them with the entire twelve months worth of Reflection Series sales, our six and twelve month data points are updated as follows:

While the median sold price is unchanged from the twelve month value to the six month value, the average sold price has increased in the six month value compared to the twelve month value.  That means that these semi-detached homes in Braemar are still pushing up in value.  It may not be by leaps and bounds, but an increase is an increase.

A bigger change in the short term, compared to the long term, is a decrease in seller subsidy (closing cost assistance to buyers.)  The six month average and median seller subsidy values are both below their twelve month counterparts.  Being out in the Braemar real estate market helping buyers and sellers day in and day out, it is no surprise given the lack of inventory and high buyer demand, that buyers are having to temper their requests for closing cost help.  In the case of 9684 Tarvie, my sellers were able to offset the cost of that seller subsidy by increasing their sales price.  Not an unusual strategy when a buyer must have the closing cost help.

As you may recall, days on the market has undergone a change in how it is reported in our new MLS, which was adopted by the market in November.  Until we have a year’s worth of the new data, which will be the first report of 2020, these numbers are unreliable.  As presented, the increase of the six month days on market numbers compared to their twelve month counterparts, indicates that it is taking longer to sell a semi-detached home in Braemar.  That is simply not what I am experiencing.  It will be wonderful if our MLS would adopt the same stopping point for counting marketing time that our previous one did.  I won’t hold my breath.

If you placed your Braemar Reflection home on the market, priced to current conditions, within a month and half you would be under contract and well on your way to closing.  You could also reasonably expect to about 2% of the sales price in closing cost help.

The next Braemar Reflection Quarterly will be out in October.  Until then, when the sale of your Braemar semi-detached home is on the horizon, give me a call.  You only get one shot to maximize the profit from the sale of your home.  Since 2005, No One Knows Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

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Braemar Property Value Report: March-April 2019 (Heritage Series)

Braemar Property Value Report: March-April 2019 (Heritage Series)

12146 Millbill Court sold for $499,800 on April 16th, 2019.

Graduation time is approaching and I know several families with seniors at Patriot High School that are excited to see this time come for their kids.  Of course, the excitement is tempered with a bit of sadness.  Time flies and when something like a graduation marks exactly how much time has gone by, it can give you pause.  Take time to enjoy the moments and celebrate safely.

Speaking of time, enough has passed to present you with another Braemar Property Value Report.   The various editions of the Braemar Property Value Report come out every two months and tracks sales of particular home types in our neighborhood, tracking values along the way.  This report focuses on sales of Braemar Heritage Series homes.   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.

Tied with Braemar townhouses for the most sales in the months of March and April, Heritage homes saw nine sales in our current reporting period.  That’s a lot of sales activity!  The sales are detailed below.

The sales ranged in final sold price from $442,000 to $550,000.  I was pleased to sell 12146 Millbill Court, highlighted in pinkish-purple above.  It is the oldest home on the list and sold above list price, with multiple offers, for the highest price of any of those built in the 1990’s.  And despite the marketing time listed above, it was under contract in two days.  It took twenty-two days to remove the contingencies.  That means our new MLS is still reporting marketing time in a manner in-congruent with what we had been used to, making marketing time above unreliable.

Taking these sales and combining them with the entire past twelve months of Heritage home sales, we get new six and twelve month data points.   Those figures are listed below.

Starting with sold price, it is fantastic to see both the six month average and median sold prices above their twelve month counterparts.  This means values of Braemar Heritage homes are still increasing.

When it comes to seller subsidy, also known as closing cost assistance sellers give buyers, the six month average is below the twelve month average, while both the six and twelve month median values are zero.  In the seller’s market, many buyers have been having to forego closing cost help, or settle for lower amounts, to win out in multiple offer situations.  More good news for Braemar Heritage home owners.

Marketing time, as mentioned above when discussing the sale of 12146 Millbill Court, is a number that is not counted the same as it used to be in our old MLS.  Previously, as soon as a home went under contract, no matter variety of contract status was published, the days on market counter stopped in our old MLS. However, in November, we switched to an MLS that only stops the days on market counter if you choose the contract status indicating there are no contingencies in the contract.  It’s a mess.  So when I see that marketing time has increased in both the six month values compared to their twelve month counterparts, I am not at all panicked.  Braemar Heritage homes are going under contract fast!

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract and well on your way to closing in fifteen to twenty days.  You could also expect to pay 1/2% of the sales price in closing cost help, if any at all, to your buyer.

The next Braemar Property Value Report will be out in July.  Until then, rest assured that when the time comes for you to sell your Braemar home, I will hand calculate marketing times during our meeting.  I know you don’t care how long it takes to get contingencies removed, but how long it takes to make a deal with a buyer.  And my unparalleled knowledge of our neighborhood and top notch marketing, will get your home under contract for the maximum amount of money in short order.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

Braemar Property Value Report: March-April 2019 (Arista Series)

Braemar Property Value Report: March-April 2019 (Arista Series)

A rainy weekend is always a great time for this Top Braemar Real Estate Agent to crunch numbers for new Braemar Property Value Reports.  The first report in the series is for the Arista Series.  Why? From the inception of this report, I have start with detached homes, alphabetical by the series.

In the event you are unfamiliar with what exactly an Arista Series home in Braemar is, they are the three largest single family homes built by Brookfield Homes in our neighborhood.  The floor plans are the Allister, Buckingham and Canterbury.  If you aren’t sure what floor plan your Braemar home is, feel free to send me an email with your address and I’ll be happy to let you know.

During the months of March and April, there were two Braemar Arista homes that sold.  The details of those sales are below:

Unfortunately, the sale at 9530 Laurencekirk was a foreclosure in rough shape.  Having personally toured it, I wondered why the bank would not even bother with a simple house cleaning.  There was filth that left your mind to imagine all kinds of horrible scenarios in the master bathroom and the kitchen.  The powder room on the main level must have had a water issue because the drywall on the lower half of the framing had been removed.  It was such a sad sight.  And honestly, I’m shocked anyone paid $463,000 for the home with the amount of work that needed to be done.

When I updated the six and twelve month data points with our newest sales in the rolling twelve months of Arista home sales, here is what I came up with:

The six month average and median sold prices are both below their twelve month counterparts. I would love to tell you that this is due to that very sad foreclosure sale, but the truth is that Arista homes haven’t had six month values above the twelve month values since our September/October 2018 report.  It seems that Arista home values have been trending down, despite the frenzy of buyer demand in our area.  Buyers are gobbling up homes under $500,000.  The larger homes are not experiencing the same conditions.

When it comes to seller subsidy (closing cost assistance to buyers,) there is good news.  It seems that buyers are getting less in seller subsidy in the six month values than we see in the twelve month values.  That’s a good trend for Braemar Arista home owners.

Days on market, is one where we see no change in the six month median to twelve month median values.  However the six month average marketing time is a little shorter than the twelve month average marketing time.

If you placed your Arista home on the market, priced to current conditions, you could expect it to be under contract in about two months.  You could also expect to give a minimal amount in closing cost help, if the current trend holds.

The next Braemar Property Value Report will be out in July.  Until then, if you want to know what your Braemar Arista home is worth in the current market, give me a call or send me an email.  Selling Braemar homes is my specialty.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

 

Braemar Property Value Report: January-February 2019 (Ryan Homes)

Braemar Property Value Report: January-February 2019 (Ryan Homes)

Do you find yourself feeling invigorated by the spring sunshine, warmer temps and our deciduous landscape in Bristow coming back to life?  I know I do.  I’ve got even more to make your spirits soar, particularly if you own a home built by Ryan Homes in Braemar.

This edition of the Braemar Property Value Report focuses on the sales of Ryan Homes in the first two months of the year.  As it turns out, there were two Ryan Homes that sold.  Their sold prices, as you will see in the details below, are nearly $100,000 apart.  That’s what happens when you have a finished basement in a much larger home.

Taking these two most recent Ryan Home sales and combining them with the previous twelve months of data, we get new six and twelve month data points.

Let’s start by looking at the biggest concern every Braemar home seller has–price.  The six month average and median sold prices are both higher than the twelve month average and median sold prices.  This means Ryan Homes are going up in value in the most recent sales.

When it comes to seller subsidy (closing cost assistance to buyers), there isn’t a lot of change.  Buyers are still getting a little something in seller subsidy in their deals, but there are not any drastic increases happening here.

Finally, days on market does show a significant increase in marketing time, particularly when comparing the six month median days on market to the twelve month median days on market.  Don’t panic.  In November our region switched to a new MLS (multiple listing service) that stops counting days on market not when a home goes under contract, but when the contingencies in the contract are removed.  Not all that helpful when sellers want to know how long it’s going to take their homes to go under contract.  I suspect our new MLS will go back to stopping the days on market counter when a home goes under contract.  However, if they do not, we’ll need a year’s worth of data in the new system before we have an apples to apples comparison.

If you placed your Ryan Home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement within about six weeks.  You could also expect to sell out under 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in late May.  Until then, when the sale of your Braemar home is on the horizon, it is never to early to consult this top Braemar Listing Agent.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

 

Braemar Property Value Report: January-February 2019 (Arista Series)

Braemar Property Value Report: January-February 2019 (Arista Series)

As I type up this most recent Braemar Property Value Report for home sales in the Arista Series, it is St. Patrick’s Day.  Will the luck of the Irish be with us in this report? Thankfully, luck has nothing to do with the market.  It’s all supply and demand.  Keeping regularly tabs on the market stats gives us the best idea of where supply and demand are trending.

Before we get to the report itself, if you don’t know what a Braemar Arista Series home is, they are the largest homes built by Brookfield Homes in Braemar.  The floor plans include the Allister, Buckingham and Canterbury.

During the current reporting period of January and February, there were no Arista homes that sold.  Supply problem or demand problem?  Hmm.  We’ll know next report because there are currently quite a few Arista homes on the market.

What we can do is take a look at the refreshed six and twelve month average and median values. 

Unfortunately, the six month average and median sold prices have fallen below the twelve month average and median sold prices.  Values had been slipping in recent sales near the end of the year.  That is an indication that demand for the largest homes in the neighborhood was waning.  Only time will tell if that continues.

Seller subsidy (closing cost assistance to buyers) is much lower in the six month values compared to the twelve month values.  Buyers in the most sales did not require large amounts of closing cost help.  That’s good news.

When it comes to days on market (marketing time) we see mixed information.  The six month average marketing time is lower than the twelve month marketing time.  Meanwhile, the six month median marketing time is higher than the twelve month median.  Neither change is very dramatic.

If you placed your Braemar Arista home on the market, priced to current conditions, these numbers indicate that your home should be under contract and well on it’s way to settlement, in eight to ten weeks.  You could also expect to pay a small amount in closing cost help.

The next Braemar Property Value Report will be out in May.  Until then, if you would like to know what your home would be worth in today’s 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

www.UncompromisingValues.com

Braemar Property Value Report: November-December 2018 (Ryan Homes)

Braemar Property Value Report: November-December 2018 (Ryan Homes)

There is no more appropriate picture for the Ryan Homes edition of the Braemar Property Value Report being published today than the one above.  That was an Oberlin model that I sold as a Short Sale a few years ago.  As a Top Braemar Real Estate Agent, I get plenty of gorgeous weather shots of homes, but not too many in the snow.  That’s because not many folks list for sale in the winter months.

You may be surprised how much demand we actually have during the winter in Braemar.  This report alone covers the months of November and December, which most think are dead zones are in real estate.  Yet, there were four sales of homes built by Ryan Homes in our neighborhood in the last two months of 2018.  The details of those sales are listed below:

First thing you may notice are the outliers at either end of the sold price spectrum:  $440,000 and $615,000.  Fortunately, the method of taking these four sales and compiling them with the entire past year’s worth of Ryan home sales, we get a more stable picture of what is happening with values by separating out six and twelve month data points.

Stability leaps off the table in the sold price column.  The six month average sold price is only $133 below the twelve month average sold price.  Meanwhile the six and twelve month median sold prices are exactly the same.  Really, Ryan homes have not gained, or lost any ground.

Seller subsidy (closing cost assistance) seems to have decent trend happening when we look at the six month average falling below the twelve month average.   Yet the six month median seller subsidy is the same as the twelve month median seller subsidy.  Of course looking at two of the most recent sales above, they fall above both of the average and median seller subsidy   Probably best to call this one stable for now.

Days on market is a category that is going to be tricky for a while.  In November, our region switched to a new MLS system which counts days on market differently.  So until we have a full year’s worth of data in the new MLS, which would be this same time next year, we can’t conclusively say what’s what.  However, glancing at the six month average and median values compared to the twelve month average and median values, I’m not seeing the increase in marketing time that I expected with the new MLS.

If you placed your Ryan home on the market, priced to current conditions, you could expect it to be under contract and potentially well on its way to settlement within two months.  You could also expect to pay at least half of one percent of the sales price in closing cost help.

The next Braemar Property Value Report will be out in late March.  If you would like to receive the full, letter size, Ryan Homes Braemar Property Value Report by email, send me an email at ChrisAnn@LNF.com.   Of course, if the time comes when selling is in your future, 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

www.UncompromisingValues.com

Braemar Property Value Report: November-December 2018 (NV Homes)

Braemar Property Value Report: November-December 2018 (NV Homes)

The forecast is not looking good for tomorrow afternoon.  Warnings are coming through loud and clear in the weather reports I’m hearing on the radio.  I’ll trust the meteorological pros and stay off the roads in the late afternoon and evening.  My area of expertise is Braemar real estate.  Speaking of Braemar real estate, it is time for another Braemar Property Value Report, focusing on sales of houses built by NV Homes in our neighborhood.  This reporting period covers November and December 2018.

During the last two months of last year, there was only one NV home that sold.  It was a Wynterhall model that sold price $615,000.  The details of that sale are as follows:

Taking that sale and combining it with all the NV home sale data from 2018, we get updated six and twelve month data points. Let’s see what those new values are telling us.

Even with the high sold price in our current report, the six month average and median sold prices are both below the twelve month average and median sold prices.  That indicates that NV home values are beginning to dip.  Not surprising because the larger homes in our neighborhood built by Brookfield Homes are also showing a dip in value.

When it comes to seller subsidy (closing cost assistance for buyers) is also showing a trend not favorable to NV home sellers.  Both the six month average and median seller subsidy values are higher than their twelve month counterparts.  Sellers are giving more in closing cost help.  Even the most recent sale gave seller subsidy higher than the most recent average and median values.  

Days on market, or marketing time as I like to call it, shows yet another unfavorable seller trend.  The six month markers shows it takes longer to go under contract than the twelve month markers.  However, this may not necessarily be true.  In mid-November, our region switched to a new MLS system which counts days on market differently.  It will be this time next year before we have a true apples to apples comparison on marketing time.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in less than two months.  You could also expect to pay less than 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in late March.  If you would like to sign up for email delivery of the full, letter size report, email me at ChrisAnn@LNF.com.  Of course, when the time comes when a sale may be on your horizon, give me a call at 703-402-0037.  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

www.UncompromisingValues.com