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

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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 (Heritage Series)

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

Anticipation and excitement of the spring season on my part is usually hampered by the allergic reaction to pollinating trees, shrubs and flowers popping up in Bristow.  It’s an easy enough problem to solve with some Zyrtec.  As a Top Braemar Listing Agent, this is the time of year when more than just flowers are blooming.  So are listings, which will be a relief for buyers looking for homes in Braemar.

This edition of the Braemar Property Value Report focuses on sales of homes 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.

During the first two months of the year, there were two Heritage homes that sold.  Final sold prices for these two Yardleys could not be more different.

The sale for $414,000 was a bank owned home, having been to foreclosure.  The market didn’t care for the property at the list price of $449,900.  The other sale at $485,000 was a recently renovated Yardley that, as you will see, sold $10,000 above it’s asking price.

Taking these two sales together with the previous year’s worth of Heritage home sales, the updated six and twelve month value points give us a sense of current market conditions.

Both the six month average and median sold prices are below the twelve month average and median sold prices.  This indicates a softening of values in the Heritage Series.  We’ll have to wait and see what next report tells us.  The demand for these homes is incredible.

When it comes to seller subsidy, there’s a clear trend when you see the six month average and median values higher than the twelve month values.  That means buyers are requesting and getting higher amounts of closing cost help from sellers.

Days on market (marketing time) is a slightly longer in the six month values compared to their twelve month counterparts.  However, due to the change to a new MLS system in November that calculates this value differently, we won’t have apples to apples comparisons until we have an entire year’s worth of data under the new system.

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 settlement in a little over two to three weeks.  You could also expect to pay about 1.5% of the sales price in closing cost assistance to your buyer.

The next Braemar Property Value Report will be out in late May.  Until then, when the time comes to sell your Braemar home, give me a call for your specific home’s value in the current marketplace.  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 (Heritage Series)

Braemar Property Value Report: November-December 2018 (Heritage Series)

As I look at the calendar, I can’t believe it is almost the end of January.  Time marches by quickly.  Thank goodness I still have time before the end of the month to get out my Braemar Property Value Reports.  It is always my goal to have them published online before the end of odd numbered months.

This particular Braemar Property Value Report focuses on sales of Heritage Series homes in our neighborhood during November and December 2018.  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.

During the last two months of 2018, there were two Heritage homes that sold in Braemar.  The details of those sales are listed below.

Taking these two sales, along with all the Heritage home sales in 2018, the six and twelve month data points we follow in this report are updated as follows:

Starting with the sold prices, we see that both the six month average and median sold prices are above their twelve month counterparts.  That means values of Braemar Heritage homes are still inching upwards.

Seller subsidy (closing cost assistance to buyers) gives a bit of conflicting information.  The six month average seller subsidy is higher than the twelve month average seller subsidy.  That would indicate Braemar Heritage home sellers are giving more closing cost help recently.  However, the six and twelve month median seller subsidy values are identical.  Let’s call this one stable for now.

When it comes to days on market, we also have conflicting trends.  The six month average is certainly a shorter time frame from the twelve month average marketing time.  However, the six month median marketing time is longer than the twelve month marketing time.  In all honesty, it is going to be one full year before we have reliable data in this category and that’s because our region switched to a new MLS system in November which calculates days on market differently.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it be under contract in about five weeks.  You could also expect expect to give a little more than 1% of the sales price in closing cost assistance.

The next Braemar Property Value Report will be out in late March.  If you would like to receive a digital copy of the actual report, which is much like a financial statement of your home’s value, send me an email at ChrisAnn@LNF.com.  Of course, when it is getting time to sell your Braemar home, 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

www.UncompromisingValues.com

 

 

 

Braemar Property Value Report: November-December 2018 (Arista Series)

Braemar Property Value Report: November-December 2018 (Arista Series)

You know it’s cold outside when you are layering your clothing while you are in your home office.  What can I say?  I love my Braemar Arista Series home, but Brookfield Homes certainly skimped on insulating the rooms over the garage in my model.  If you live in any home long enough, you find the flaws.   There is no such thing as the perfect home.  You learn that quickly as a Bristow Real Estate Agent.

This post isn’t about the quest for a perfect home, it’s about telling Braemar Arista home owners the current market values.  Of course, if you aren’t sure if you are a Braemar Arista home owner, the Arista Series floor plan include the Allister, Buckingham and Canterbury.  Still not sure if this is for you.  If you email me your address, I can certainly tell what model you have, and what report is meant for you.

There were two Braemar Arista homes that sold in the last two months of 2018.  There were both Canterbury floor plans.  The details of each sale are listed below:

Taking these two most recent Arista home sales and update our rolling twelve months worth of sales and updating the six and twelve month value points, a read on the market emerges.

Let’s start with the most important column to Arista home owners–sold price.  The six month average and median sold prices are both below the twelve month average and median sold prices.  This is not great news.  It is indicative of a slight decline in Arista home values.

When it comes to seller subsidy (closing cost assistance to buyers,) it the six and twelve month median are exactly the same.  In better news, the six month average seller subsidy is less than the twelve month average seller subsidy.  It seems that while prices are lower, at least closing cost help given did not also go up.

Finally, we come to days on market.  The six and twelve month median are the same.  Good news in this column is that the six month average marketing time is faster than the twelve month average marketing time.  I don’t expect this trend to stay the same.  In mid-November, our region switched to a new MLS system that calculates DOM differently.  The most recent sales listed here were likely unaffected by that new algorithm  But in the coming reports this year, don’t be shocked if DOM goes up.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect to be under contract in about ten weeks.  You could also expect to give a little less than 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in late March.  These reports will continue to be published on SellingBraemar.com and shared on my Braemar Facebook Page.  However, if you want electronic copies emailed to you, that you can print out and save like a financial statement, send me an email at ChrisAnn@LNF.com.

Until next time, if you want to know what your specific Braemar home is worth, contact 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