Braemar Property Value Report: January-February 2020 (Ryan Homes)

Braemar Property Value Report: January-February 2020 (Ryan Homes)

Another day in self-isolation, another Braemar Property Value Report to share with my fellow Braemar home owners.  No matter what is happening in our market, this Top Braemar Real Estate Agent is on the job.  This particular report focuses on property values of single family homes built by Ryan Homes in our neighborhood.  Let’s get to it.

Despite the fact that there were no Ryan Homes sold in the first two months of 2020, our current reporting period, the six and twelve month data points did get recast when the sales from January and February 2019 fell off and the six and twelve month markers shifted.  The latest value points are listed below.

In the sold column we have conflicting information.  The six month average sold price has fallen below the twelve month average sold price.  That would normally mean decreasing values.  However, the six month median sold price is above the twelve month median sold price.  That would normally mean increasing values.  We’ll have to wait and see what the next report brings.

The seller subsidy column, meanwhile, shows a definitive trend.  Both the six month average and six month median values are below their respective twelve month values.  This means that  in our competitive market place, where buyers are often competing for fewer homes, buyers are foregoing large closing cost requests, or not requesting closing cost help at all, to get under contract. Will this continue?  There is plenty demand despite the pandemic we are experiencing, but more on that later.

Days on market is a bit troubling.  Both the six month average and six month median marketing times are much higher than their twelve month respective values.  This means it has been taking longer to sell Ryan Homes.  Our next report should clear up what’s going on there.  It doesn’t match with what I’ve personally experienced as a Braemar Listing Agent in recent history.

If you placed your Ryan Home on the market, priced to current conditions, this report indicates you could expect it to be under contract in an average of about sixty days, maybe more.  You could also expect to give less than 1% of the sales price in closing cost help.

How will the unprecedented precautions being taken to prevent the spread of COVID-19 affect our real estate market?  It is hard to tell, but from where I sit as a full-time Bristow Real Estate Agent, I am still taking listings and helping buyers.  Properties are still going under contract.  Remember, there is a large demand for housing in our area thanks to the expansion of Micron in Manassas.  That expansion is adding more jobs in our back yard than Amazon relocating to Arlington did to our state.  Of course, we’ve already seen many Micron employees relocating here since the close of their Utah plant.   Some buyers and sellers not needing to be in the market at this time may pull back from fear, but we still have plenty of people relocating into the area, and enough relocating out of the area, to keep our market going.

If you find yourself needing to sell during this time, it has never been more important to work with a full-time, experienced professional who is in business in good times and uncertain times.  I’m here for you whenever the need arises.  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 2020 (NV Homes)

Braemar Property Value Report: January-February 2020 (NV Homes)

It is time for another Braemar Property Value Report.  As the social distancing that has been happening for over a week is beginning to wear on us, I am thankful to have tasks like this to do.  These reports have been part of my bi-monthly routine since the middle of 2005.  This particular report focuses on property values of single family homes built by NV Homes in Braemar.

There were two NV Homes that sold in the first two months of 2020.  The details of those sales are listed below.

Taking these two sales and adding them to the entire past twelve months of NV Home sale data, our six and twelve month data points are updated as seen below.

Looking first at the sold price column, it is good to see the six month average sold price higher than the twelve month average sold price.  In a conflicting trend, we see that the six month median sold price is lower than the twelve month median.   Hard to say which way values are heading.  Our most recent sales have a wide price gap at $561,500 and $651,000.  We will have to wait and see where we go next report.

The seller subsidy column shows a definite trend.  Both the six month average and six month median sold prices are well below their respective twelve month values.  This means that buyers have been foregoing or limiting requests for closing cost help from sellers in the competitive market that buyers are facing.

Days on market shows very stable average marketing times in the six month value compared to the twelve month value.  Just under two weeks to get an NV Home under contract in both.  Meanwhile, the six month median marketing time is half the already low twelve month marketing time of eight days.  NV Homes are selling quickly.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect it would take no more than two weeks to go under contract.  You could also expect to pay minimal amounts of seller subsidy, if any.

Will the pandemic we are facing of COVID-19 affect our Braemar real estate market?  Perhaps in the very short term, but likely not as bad as you may think.  Fearful buyers and sellers that do not have to relocate may pull back and put off their real estate plans.  However, there are plenty of buyers coming to our market with the expansion of Micron in Manassas.  Did you know that Micron’s expansion is bringing more jobs to our local area than Amazon’s move to Virginia did to the entire area?  Buyer demand will continue to be there for any seller wanting, or needing to capitalize.

One thing that will change is mortgage interest rates.  We are seeing them begin to increase.  The reason being that mortgage rates are based on the value of ten year treasury bonds.  Whenever a Federal government bailout happens, it is money being borrowed against those ten year treasury bonds, raising mortgage interest rates.  The good news for the market in general is that mortgage interest rates had been so low anyway, it won’t be so damaging.

The next Braemar Property Value Report will be out in May.  By then we will know what affect COVID-19 has had on our market in the months of March and April.  Until then, if the need arises for you to sell, give me a call.  No matter the market condition, I am here to help you maximize your Braemar home’s value.  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 2020 (Heritage Series)

Braemar Property Value Report: January-February 2020 (Heritage Series)

Another day of self-isolation presents another fantastic opportunity to present another Braemar Property Value Report.  Of course, whether we are living in times of self-isolation or business as usual, this Top Braemar Real Estate Agent strives to get these reports to you every other month to keep you apprised of your Braemar home values.

Today’s report is focused on Heritage homes in Braemar.  Heritage 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.

There were five Heritage homes that sold during the current reporting period of January and February.  The details of those five sales are listed below:

Taking these five sales and adding them to the entire past twelve months of Braemar Heritage home sales, our updated six and twelve month data points are updated as shown below.

Looking first at the sold price column, we see a slight dip in both the six month average and median sold prices when compared to their twelve month respective values.  What gives me a bit of hope that this is not a trend is seeing that four of the five most recent sales are above both the six month values represented in the table.

Seller subsidy (closing cost help to buyers,) is trending up in the six month average and median values compared to their twelve month counterparts.  However, looking at the five most recent sales, two of the five gave no seller subsidy and one gave a lower amount to suggest it may have been a repair credit.  The remaining two gave very large amounts of seller subsidy.  These seller subsidy figures in our six month average and six month median values are still a lot lower than they could be.

Days on market shows increasing marketing times in the six month average and median values compared to their twelve month respective values.  And when looking to the five sales above, I am baffled by the thee sales above with 87 days to 140 days marketing time.  They were all regular sales, not foreclosures or short sales. They hit the market between July and September and all lowered their list prices before going under contract.  Someone unfamiliar with our market may look at these and think that the market is beginning to crash.  My experience as a Top Braemar Real Estate Agent gives me evidence over and over that marketing times like this should not be…at least not when you price your property correctly and marketing it professionally.  My most recent experience with a Braemar Heritage home at 12157 Millbill Court, backing to Linton Hall Road, was that my sellers got multiple offers during a few days on market.

If you placed your 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 pay under 1% of the sales price, on average, in seller subsidy.

A note about the current market in the age of COVID-19 is in order.  What we are living through in terms of crisis management to this pandemic is unprecedented.  And despite the fear of the known and unknown in this time, sellers are still putting their homes on the market and buyers are still looking for homes.  It is important to remember that our local market is experiencing tremendous demand, and will continue to, as a result of the Micron expansion in Manassas.  It is bringing more jobs to our local area than Amazon did!

The next Braemar Property Value Report will be out in May.  Until then, when the need or desire to sell arises, give me a call for the most thorough market analysis of our market and your home’s value in it.  My professional marketing will get you the most money for your home no matter what the market.   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 2020 (Arista Series)

Braemar Property Value Report: January-February 2020 (Arista Series)

As I find myself practicing social distancing to protect myself, and the community at large, from the spread of COVID-19, I have plenty of Braemar Property Value Reports to keep me busy.  Today I am going to kick off the string of property value reports with this one for the Arista Series homes in Braemar.  Homes known as Arista homes are the largest homes in Braemar built by Brookfield Homes.  The floor plans include the Allister, Buckingham and Canterbury.  The most commonly seen of these floor plans in Braemar is the Canterbury.

During the reporting period of January and Febuary 2020, there were no Arista homes that sold.  No new sales doesn’t mean we don’t have updated values.  With a twelve month rolling store of data from Arista home sales in Braemar, I just freshen up the six and twelve month value points.  When I do, here’s what we get:

Looking first to property values, we see that the six month average sold price is well above the twelve month average sold price.  This would indicate Braemar Arista home values are definitely increasing in the more recent sales.  However, that is before we look at the six month median falling slightly below the twelve month median which would indicate that Braemar Arista home values are more stable in value.  With no new sales to compare to these two values, all I can tell you is that demand for single family homes in Braemar is still high.  Don’t panic.

When it comes to seller subsidy (also known as closing cost assistance to buyers,) there is a more clear trend.  Both the six month average and six month median values are well below their twelve month counterparts.  To win in this competitive market place, Braemar Arista home buyers are having to minimize seller subsidy requests to get their offers accepted by sellers, particularly in multiple offer situations.

Days on market reveals data that shows stability.  The six month average marketing time is a week shorter than the twelve month average marketing time.  However, the six month median marketing time is exactly the same as the twelve month marketing time.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about three weeks time, maybe a bit more.  You could also expect to pay less than 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in May.  Until then, know that our area is experiencing very intense buyer demand.  If you have been considering the sale of your own Braemar home, now really could be the best time to sell.  Call me for a free consultation.  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: November-December 2019 (Heritage Series)

Braemar Property Value Report: November-December 2019 (Heritage Series)

We are well into first month of the New Year and that, to this Top Braemar Listing Agent, means it is time for another Braemar Property Value Report.  This particular edition focuses on sales of Heritage Series homes in our neighborhood between the months of November and December 2019.  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.

Let’s dive right in.  During the last two months of the previous year, there were three Heritage homes that sold.  Their final sold prices ranged from $425,000 to $524,900.  The details of those sales are listed below.

 

 

 

Taking these three sales and combining them with the full twelve months of sales from 2019, our six and twelve month data points are updated.  Those are listed below.

Looking at the sold price column first, both the six month average and six month median sold prices are above their respective twelve month values.  This means that the most recent six months of sales had Braemar Heritage home values continuing to push up in value.  What concerns me a bit is that the two of three most recent sales from November and December are well below all of these average and median values.  We’ll see what is revealed in our next report.

Next up in seller subsidy (closing cost assistance to buyers,) we see that both the six month average and median values are above their respective twelve month values.  This means that buyers have been asking for, and receiving, more closing cost help from sellers.  Even still, the six month average seller subsidy was still  low considering a buyer could ask for 3% of the sales price, or in some cases, more.

Finally, the days on market numbers are also higher in the six month average and median values compared to the respective twelve month values.  This means it’s been been taking a bit longer, on average, to get Heritage homes under contract.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about two weeks.  You could also expect to pay an average of about 1% of the sales price, or less, in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, if you think the spring 2020 market is when you would like to sell, the time to get started is now.  Real estate spring happens a lot sooner than Mother Nature’s spring.  Give me a call and let’s about about pricing, timing and marketing.  Getting top dollar for your Braemar home is what I do best.  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: November-December 2019 (Arista Series)

Braemar Property Value Report: November-December 2019 (Arista Series)

Who is out there enjoying the sunshine and temps in the low fifties today?  Sure it’s a weekday and the majority of Western Prince William County is at work, but that doesn’t mean you can’t enjoy it. The sun shining in the windows is lovely.  Too bad the weekend is cuing up to be nasty weather-wise. Just like the real estate market, the weather is beyond our control.

In this edition of the Braemar Property Value Report we take a look back at the last two months of sales activity in the Arista Series in Braemar.  Homes known as Arista homes are the largest homes in Braemar built by Brookfield Homes.  The floor plans include the Allister, Buckingham and Canterbury.  The most prevalent of these floor plans in Braemar is the Canterbury.

Getting right to it, there was one Canterbury that sold in December.  Details of the sale are below:

I’m sure I am not the only one scratching my head and wondering why five bedroom, three and a half bathroom Canterbury with a fully finished walk out basement sold for only $574,900.  It turned my stomach to see that one.  Well, part of the issue is that the sale was a Short Sale.  Short Sales are distressed sales where the owners of a home are upside down in their mortgage vs. what they will get for the sale of their home.  Even still, as a veteran Short Sale Agent that saw plenty of action in our neighborhood during the market down turn, I can say that the investors on the back end of the mortgage don’t give these homes away.  They usually want market value.  If this is what a bank considers market value for a Canterbury in Braemar, there could be trouble ahead.  The good news is that this shouldn’t be a comparable sale for any seller with equity.  Nonetheless, that isn’t going to stop buyers from pulling it up on any number of sites and getting unrealistic expectations of what a large single family home in Braemar is worth.  The latter could certainly affect our property values.  After all, buyers are half of the equation.

 Updating the six month and twelve month data points with the entire year’s worth of sales for Arista homes in 2019, here’s what we see:

Starting with sold price, we see the six month average is well above the twelve month average sold price.  However, the six month median has barely moved from the twelve month median.  Best case, Arista homes are still gaining ground in terms of value.  Worst case, they are holding steady.

Seller subsidy (closing cost assistance to buyers) is showing some good trends for Braemar home sellers.  The six month average seller subsidy is a good chunk below the twelve month average seller subsidy.  Meanwhile the six month median is slightly below the twelve month median.  Overall, this means Arista home sellers have been giving less closing cost help.

Days on market shows a trend I don’t like in the averages.  The six month average average marketing time is about fifty percent longer than the twelve month average marketing time.  I would love to blame the Short Sale that sold this reporting period that that one went under contract in twenty-five days!  Once again, however, the median values are where we find stability.  The six month median marketing time and the twelve month median marketing time are exactly the same.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about four to six weeks.  You could also expect to pay an average of about 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, if you have you been considering a spring sale, now is the time to get started.  By the time we are in the actual spring season, the spring selling season is well under way.  Now is the time to get on the market and get your price when the competition is minimal. Give me a call and let’s talk market timing.  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: September-October 2019 (Heritage Series)

Braemar Property Value Report: September-October 2019 (Heritage Series)

As we near the Thanksgiving holiday, you can feel the excitement in the air.  Preparations and plans are being made for celebrations with family and friends.  Some may think that not much would be happening in the world of local real estate.  I am here to tell you that there is plenty happening in real estate.  In the last three days I got two properties under contract.  That’s what a professional, full-time agent does…they sell real estate no matter the season.  And yes, even though this is a lazy Saturday afternoon for many, I am happy to be typing up this Braemar Property Value Report.

This particular report focuses on sales 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.

There were nine Heritage homes that sold in Braemar during our current reporting period of September and October.  Final sold prices ranged from $432,600 to $550,000.  The details of those sales are listed below:

Taking these nine sales and combining them with the entirety of the previous twelve months of Heritage home sales, we get updated six and twelve month data points that give us a snapshot of the health of our Braemar Heritage home market.  Those updated values are below:

Starting with the sold price column, we see that both the six month average and six month median sold prices are above their respective twelve month values.  This means that values for Braemar Heritage homes are still pushing up.

Seller subsidy, also known as closing cost help to buyers, has remained at zero in both the six and twelve month median values.  That means in both sets of sales data, more than half the sales have NOT given closing cost help.  However, the six month average has risen when compared to the twelve month average.  When buyers are asking for closing cost help, it seems that it is more in the recent sales.

When it comes to days on market, there has been no change at all in the six month median and average compared to the twelve month median and average.  It is taking about the same amount of time it did a year ago to sell a Braemar Heritage home.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks.  You could also expect the odds to favor  you that you land a buyer that does not request closing cost help.

The next Braemar Property Value Report will be out in January.  Until, I wish you all the best this holiday season.  Of course, if the need arises for you to sell your Braemar home before next year, don’t hesitate to call me.   I sell Braemar real estate every month of the year for top dollar.  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