Braemar Property Value Report: November-December 2022 (Ryan Homes)

Braemar Property Value Report: November-December 2022 (Ryan Homes)

January is passing by fast and I’m down to my last two Braemar market reports. Today the focus is on houses built by Ryan Homes in our neighborhood. In this edition of the Braemar Property Value Report for Ryan Homes we will see how values, and other telling stats, ended the year.

During the months of November and December there were two Ryan homes that sold. Their sold prices were nearly one hundred thousand dollars apart. Ryan Homes built a large variety of homes from mid-size single family to much larger homes. The details of those sales are right below this paragraph.

The first thing to note is that neither sold for their list price. List price in these reports is the original list price. The Bainbridge model on Moss Tower had one price reduction, took twenty-five days to go under contract and gave a $20,250 closing cost credit to the buyer. The Avalon model on Ballagan never reduced its price, was under contract in six days and gave nothing in seller subsidy. Setting the right list price is much more important now that the buyer frenzy is gone.

Taking these sales and combining them with all the Ryan home sales back to January 2022, the six and twelve month markers tracked in this report are updated.

In the sold price column we see that both six month values are above their corresponding twelve month values. This would be indicative of values still pushing up in what is still a seller’s market. Just because buyers aren’t acting in a frenzy with mutiple offers within days, there is not enough inventory to meet demand. The rise of mortgage interest rates just made buyers act more deliberately.

Seller subsidy (closing cost help to buyers) has definitely increased over the last six months. Both six month values are higher than their respective twelve month values. Some sellers are even offering seller subsidy while sitting on a list price the market is rejecting. My advice to my sellers on offering any concession in the MLS is clear–don’t do it! Your buyer may not need it, but once it is offered, they are taking it anyway. Believe me, if a buyer needs closing cost help, they will ask you.

Days on market is showing increases in the last six months, which is not a surprise with buyer behavior having changed. Sellers can still set themselves up for a faster, more profitable sale by making sure they are priced right, their home is properly prepared for the market and that their listing agent is committed to professional marketing. Getting buyers enthusiastic about your home is where you hit the top of the market.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in about two weeks. Seller subsidy requests are more likely these days, but remember, lifting buyer enthusiasm and making buyers fear they will miss out on a great find is where your negotiating power lies.

The next Braemar Property Value Report will be out in March. Between now and then, if you have been thinking of selling your home, let’s talk. I have been helping Braemar sellers reach the top of the market, no matter market conditions, for eighteen years. Put my considerable experience and well honed skills to work for you. 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
www.ChrisAnnCleland.com

Braemar Property Value Report: November-December 2022 (NV Homes)

Braemar Property Value Report: November-December 2022 (NV Homes)

Happy Monday! This is my favorite day of the week. It helps that I absolutely love my job as real estate agent. I do remember dreading Mondays in virtually every job I held before finding my calling.

In today’s Braemar Property Value Report the focus is on houses built by NV Homes in our neighborhood and the sales activity from the last two months of 2022. During November and December, there was only one NV Home that sold. Details are listed below.

It hadn’t been an issue in deciding which list price to choose in 2019 to late last year because homes sold so quickly that sellers were not faced with lowering their prices. That’s not to say that sellers were able to get any price they slapped on a property. Some still had to come down in price, but none that I took note of in my BPVRs. Recently, as mortgage interest rates have gone up, and seller expectations are having a hard time catching up, I find myself in a position to make a determination when choosing list price. I decided it would be best to go with original list price.

In the sale above, it really does show how over pricing from the beginning can hurt a seller. Sellers may hear that they will be lucky to get a full list price offer then decide that they will go with a higher list price. Some think they need negotiation room. Believe me, there is no need for negotiation room in a market where buyer demand is still outpacing supply. This seller chose to list at $825,900. After twenty-seven days on the market and two significant price reductions, this home made a deal for $752,900 and the seller ended up giving seller subsidy (closing cost help.) Racking up days on the market is not a good thing. It makes buyers wonder what is wrong with a home if a property sits longer than two weeks.

Taking this sale and all the NV Home sales in Braemar that happened in 2022, the six and twelve month data points are updated as seen below.

The six month average sold price is slightly higher than the twelve month average sold price. This would be great if echoed by the six month median being higher than the twelve month median. Unfortunately, the six month median sold price has fallen significantly below the twelve month median sold price. It is far too soon to say that prices are softening. More information is needed. The market has definitely shifted away from buyer frenzy to more deliberate buyer actions.

Seller subsidy is higher in both six month values compared to their respective twelve month values. This is not surprising given the mortgage interest rate increases. Closing cost help is not an uncommon request from buyers struggling with affordability from both high prices and rising interest rates. However, a well prepared and professionally marketed home that is priced right will always set a seller up for the best negotiating position, possibly even avoiding seller subsidy.

Days on market have crept up significantly in the six month values compared to their corresponding twelve month values. With buyer behavior having changed, and some sellers still employing tactics of overpricing, the result is sitting on the market longer. Again, sellers hiring an agent who has experience beyond 2020 and 2021 and that buyer frenzy will stand a much better chance at not making mistakes that would have them linger on the market and sell for less than list price.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it to be under contract in two weeks to one month. (More likely two weeks if you hire an experienced, local agent.) You can expect seller subsidy requests. You are also unlikely to be working with more than one offer at at time. The key to getting buyers off the fence is creating buyer enthusiasm.

The next Braemar Property Value Report will be out in March. Until then, if you want to investigate what a sale in 2023 could mean to you, please reach out and let’s talk. With over eighteen years experience getting Braeamar sellers top of the market (no matter the market) I would love to do the same for you. 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
www.ChrisAnnCleland.com

Braemar Property Value Report: November-December 2022 (Heritage Series)

Braemar Property Value Report: November-December 2022 (Heritage Series)

Before the weekend, booked with showings for my buyer-clients, I am getting out this most recent Braemar Property Value Report focused on Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood.  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 (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

This report looks back to November and December 2022. During that time there were three Heritage homes that sold. Details are listed below.

First thing that pops out to me is that every one of these listings sold below their original list price. It seems as though sellers have been overly optimistic recently and feel they need room to negotiate. Unfortunately, if a listing is overpriced when it hits the market, you can bet on the fact that as the days on market kees going up, buyers are wondering what is wrong with the home. Pricing right from the beginning is the best strategy. Accumulating too many days on the market doesn’t equate to making more money in the long run, but less.

When combining these three sales and combine them with all the Heritage home sales in Braemar for 2022, the six and twelve month data points tracked herein are updated and reveal a shift in the market.

In the sold price column we find that both the six month sold prices have fallen below their respective twelve month sold prices. This is the first time we have seen this in a long time. Could be the beginning of softening values, but we need to see more sales in the next reports. Believe it or not, despite how it may feel, we are still in a seller’s market based on the fact that there are more buyers in our market looking than homes available to buy.

Seller subsidy (closing cost help to buyers) requests are more likely now due to the increase of mortgage interest rates we saw in the last six months of the year. Two out three of the most recent sales gave seller subsidy. Perhaps the best news is that with both median seller subsidy values at zero, more than half of sellers in both time frames did not give any seller subsidy.

Days on market are creeping up in both six month values compared to their corresponding twelve month values. Buyers are no longer acting in a frenzy, but are more deliberate when house hunting now.

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. As for whether or not you would have to give seller subsidy, a lot of that depends on the negotiating position you put yourself in. Setting a list price that isn’t over reaching, making sure your home is properly prepared for the market and having a local, full-time agent like myself that is committed to professional marketing is what gets buyers enthusiastic about your listing. And when buyers are afraid they are going to miss out on a home, you can get them to act quicker and ask for less in their offers for fear of losing a great property.

The next Braemar Property Value Report will be out in March. Between now and then, if you want to know what a 2023 sale would mean for you, I would love the chance to consult with you. With over eighteen years experience in this business, it is my pleasure to put my skills to work for my fellow Braemarians and get them the max the market will allow. 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
www.ChrisAnnCleland.com

Braemar Property Value Report: November-December 2022 (Arista Series)

Braemar Property Value Report: November-December 2022 (Arista Series)

It is a sunny, but windy and cold Sunday in Braemar today. I am quite happy to be sitting at my desk and typing up this latest Braemar Property Value Report. In this edition the focus is on sales of the Arista homes in our neighborhood during the months of November and December. Arista homes were the largest homes built by brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is by far the most commonly seen in Braemar.

During the last two months of 2022, there was only one Braemar Arista home that sold. Detials of that sale are posted below.

It is great to see that this Canterbury, with a finished basement, five bedrooms and five and a half bathrooms sold at list price. This was a rare occurrence in our neighborhood of a home having a pool as well. Just as good to see as a full list price sale is the fact that the sellers gave no seller subsidy (closing cost help to the buyer.) And it was under contract quickly in six days.

Taking that sale and combining it with all the Arista home sales in Braemar dating back to January 2022, the year’s worth of sales is broken out into the six and twelve month data points tracked in this report.

It is good to see that sold prices are still going up. It may not be by leaps and bound, but upward growth is upward growth. This is discerned by seeing both the six month sold prices above their corresponding twelve month sold price. This is indicative of still being in a seller’s market.

Seller subsidy is absent in all values except the twelve month average value. This tells us two things. Braemar Arista home sellers in the last six months have given no closing cost help. And in the last twelve months, more than half of Braemar Arista home sellers gave none. Pretty amazing to see despite the increase we have seen in mortgage interest rates. Another sign of a continued seller’s market where demand is higher than supply. Frenzied buyer behavior is the only thing has changed to be more deliberate. The days of multiple offers going ten percent or more over list price are gone.

Days on market are creeping up a bit, as evidenced by both six month values being longer than their respective twelve month values. Nothing here to panic about, just note the change in buyer behavior again. Buyers are acting much more deliberately than they did in 2020 and 2021.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect that it would be under contract in two weeks or less. Just based on the buyer demand I see happening now in January, you may be under contract in a week. You may also get away with not giving closing cost help, but your property had better be properly prepared for market and professionally marketed to lift buyer enthusiasm. The goal is to get a buyer so excited to act that they don’t delay and don’t over-ask in their offer for fear of losing your home.

If you have considered buying an investment property in our neighborhood, or have a friend or family member looking for a townhouse in Braemar, please stop by he open house at my new listing at 10158 Pale Rose Loop today, Janaury 15th (2023) from 1pm-3pm.

The next Braemar Property Value Reports will be out in March. Until then, it does seem that the beginning of this year will be strong for sellers. If you want to investigate what a sale would mean for you, please reach out for your complementary consultation. With over eighteen years experience in our market, it is my pleasure to put my skills to work in getting you the top of 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
www.ChrisAnnCleland.com

Braemar Property Value Report: September-October 2022 (Ryan Homes)

Braemar Property Value Report: September-October 2022 (Ryan Homes)

On this Thanksgiving Eve I am pleased to bring you the last of the Braemar Property Value Reports focusing on single family home sales in our neighborhood. This report looks at the sales of houses built by Ryan Homes in our neighborhood. Let’s get right to it.

There were two Ryan homes that sold in Braemar during the months of September and October. The details of those sales are listed below.

You may be wondering, why is one sale in pink type? That is because it was my listing. On the surface you may also wonder, how does a home with a walk out basement sell for less than a home with no exit from the basement. If you take a look at 9528 Ballagan, you will notice that there was a lack of kitchen and bathroom updates. The hardwood floors were not in the greatest condition, but time was tight getting the home on the market as the sellers had already gone under contract on the home of their choice. Instead of cosmetic updates, the sellers did some deferred maintenance issues, including rebuilding a deck. By the time they hit the market, they had just three days to get their home under contract to remove their home sale contingency in their purchase contract. It got done and without having to complete any inspection repairs on their list side or give any seller subsidy, which the other sale gave. It was a success for the sellers. There are always buyers that will be able to see beyond basic, or outdated, finishes at the right price.

Taking these two sales and combining them with the Ryan home sales in Braemar going back to November 2021, the year’s worth of sales data marches forward two months and the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, both the six month values are still above their corresponding twelve month values. However, compared to last report, the gap between the six month and twelve month sold prices is narrowing. This is something seen in the majority of single family home reports I have compiled for Braemar this reporting period. Buyer behavior has changed with rising mortgage interest rates. They are not acting in a frenzy. Multiple offers is no longer something you can expect. One buyer at a time is what most sellers are encountering. As a result, the growth in value by leaps and bounds has become much more steady, but hopefully, more sustainable.

Seller subsidy (closing cost help to buyers) has increased in the six month average compared to last report, but decreased in the twelve month average when looking at last report. More importantly, with both the six and twelve month median values at zero means more than half of sellers in both time frames gave none. This is good news, as many agents and lenders are advising sellers to advertise seller subsidy to help with buying down the rate for a buyer’s mortgage. My professional opinion, as my sellers know well, is not to offer anything in seller subsidy. If a buyer needs it, they will ask. If they don’t need it, you will never know as you are giving it regardless if you offered.

Days on market, not surprisingly with buyer behavior changing, is creeping up compared to last report. While there are still not enough homes to meet buyer demand, we are still in a seller’s market. However, there are plenty of agents out there thinking we have entered a buyer’s market. That understanding on an agent’s behalf would result in lower offers on behalf of their buyers, or poor advice to their sellers, like lowering list price if their home hadn’t sold in five days.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in two weeks or so. Seller subsidy requests are certainly becoming more common, but every choice made about preparing your home for market, how to price and whether or not you hire a listing agent that believes in professional marketing, it is going to affect buyer enthusiasm. The more excited buyers are about your home in any market, the more likely you are to sell faster than your competitors and get terms that favor you.

The next Braemar Property Value Report will be out in January. I do hope you enjoy Thanksgiving and the rest of our year end holidays, spending time with friends and family. And if a move looks like it is on your horizon, know that my business runs year round. Get in touch and set up your complementary consultation whenever the the need arises. In fact, the more time you have to plan listing projects the better. In other words, you can not contact me too early. 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
www.ChrisAnnCleland.com

Braemar Property Value Report: September-October 2022 (Arista Series)

Braemar Property Value Report: September-October 2022 (Arista Series)

November and the switch back to standard time sure did seem to get here sooner than my internal calendar was telling me it should. Yet another circumstance of life that is beyond our control. All we can do is adjust our surroundings and attitude. Leaving a lot more lights on at home and starting a vitamin D supplement are great plans of attack for those who feel themselves internally sinking this time of year.

Staying focused on my work as a Top Producing Braemar Real Estate Agent keeps me going at all times. Today I bring you the first in the latest series of Braemar Property Value Reports, all researched and produced by me. I am a real estate geek through and through. This report details recent sales with the Arista Series. These are the largest single family houses built by Brookfield Homes in our community and include three floor plans: Allister, Buckingham and Canterbury. By far and away, the Canterbury is the most prevalent in Braemar. Let’s dive right in.

There was only one Arista home that sold during the current report period of September and October 2022. Details of that sale are listed below.

This particular sale, given the steep rise in mortgage interest rates that happened in the third quarter, is actually filled with good news. It sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in fifteen days. Fifteen days may feel like forever compared to the three to five days we had been seeing during the buyer frenzy of the seller’s market of the past two to three years. However, having done the research for each of the Braemar Property Value Reports yet to be published, I can tell you this was a sale that occurred in a very reasonable time frame.

Combined with the Arista home sales going to back to November 2021, the six and twelve month data points presented in this report are updated as seen below.

Starting in the sold price column, the gap is narrowing between the six month value and their corresponding twelve month values compared to last report, but six month values are still higher. Our Braemar real estate market is not experiencing decreasing prices at this time, but a leveling out at worst or a more sustainable rate of growth. With mortgage interest rates more than doubling since the start of 2022, home values were not going to follow suit and gain ten percent in a matter of a month or two.

Seller subsidy is something I am seeing in the overall market, but not really represented in the Arista Series average values here. Don’t expect that to continue if mortgage rates continue to climb. Good news at this moment is that rates have come down from the sevens and are back in the sixes.

Days on market is in a good overall place for Arista homes. The six month average marketing time is actually faster than the twelve month average marketing time. And the median values are identical at eight days. Single digits is not something I expect to continue seeing in future reports, but how long it takes to sell a home involves a lot of factors. Our buyer demand is still high enough to be considered seller favored. As we continue to build inventory, this may shift to a more stable market.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or so. You may be able to get away with giving no seller subsidy, but you better be offering a home that builds buyer enthusiasm. That can be achieved with proper preparation and professional grade marketing. Of course, landing the right list price given the current conditions is more important now.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness the year end holidays have to offer. If a move is something you find on your short term horizon, don’t panic. Our market moves year round and our year end selling season is a very powerful one. It would be my pleasure to help you take advantage of it. 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
www.ChrisAnnCleland.com

Typed with this gorgeous girl resting on my arm.

Braemar Property Value Report: July-August 2022 (Ryan Homes)

Braemar Property Value Report: July-August 2022 (Ryan Homes)

The last weekend of September has brought partly sunny skies and cooler temperatures. Fall is definitely in the air and many of our Braemar residents are enjoying Braemar Day at Clareybrook Park today. Thank goodness it is isn’t raining.

Before the end of the month, this Braemar Real Estate Agent is finishing up my Braemar Property Value Reports. Not many real estate agents are motivated to put together their own market reports and present them like this. Our industry is one where the individual agents are able to determine how much they will and won’t do for their prospective clients. Personally, I love knowing the ins and outs to the most specific detail in our Braemar real estate market. My colleagues consider me a real estate geek and I am fine with that. The devil is always in the details.

Today’s Braemar Property Value Report is focused on houses built by Ryan Homes in our neighborhood. I was so happy to represent sellers earlier this month with a Ryan home that beat the expectations of marketing time. However, you won’t hear about that sale until next report, as it closes next month. Right now, we are looking back to the Ryan home sales from July and August. Those sales are detailed below.

What a difference in outcomes. One home sold well above its list price. The other sold over $100,000 below its original list price. Yikes! I would think it was a typo, but there were price reductions along the way vs. one change to put a seven as the lead number. What’s the difference between these two? Proper pricing, having a well prepared listing and professionally marketing it. Sadly, some sellers are stuck in the mindset that, while this is still a seller favored market, they have to do very little to prep their home for sale and can get the top of the market no matter who they hire. If Top Gun Maverick was filmed with a home movie camera, it wouldn’t be a top grossing film. Not all agents are the same, because not all agents approach the listing process the same.

Taking these two sales and combining them with the Ryan home sales dating back to September 2021, the six and twelve month data points followed in this report are updated as seen below.

Starting in the sold price column, we see that both the six month average and six month median sold prices are significantly higher than their respective twelve month values. This means Ryan homes in Braemar are still climbing in value. It may not be by huge leaps and bounds, but upward growth is upward growth. Inventory is still not meeting buyer demand. The factor that is giving us more modest appreciation is the increase of mortgage interest rates. They were at 6.5% for a thirty year fixed conventional loan when I checked them on Friday. Jumbo loans were at 5.875%. These increases are pinching buyers affordability.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their sellers. In the sales above, the one that sold so much lower than their original list price gave over ten thousand in seller subsidy. I am not surprised being that one of the opening photos was of carpet colors for a buyer to choose. Proper listing preparation and professional marketing can help minimize this expense to sellers. The six month average and twelve month average values are higher than last report.The best news is that in both the six and twelve month time periods represented in this report, more than half of Braemar Ryan home sellers gave none.

Days on market appears unchanged in the average and median values comparing time frames. Looking at the most recent sales above, six days is a fast sale given that July and August are not times when buyers are as engaged in the market. They tend to focus on fun in the sun. However, it should not take any Braemar seller that is well prepared, properly priced and professionally marketed forty-five days to sell.

If you placed your Ryan home on the market, priced to current conditions in Bramear, you could expect it to take two weeks or less to go under contract. Seller subsidy requests are not uncommon, but avoidable if your home is creating buyer enthusiasm. The days of multiple offers is over. You are more likely to be dealing with one buyer at a time, but you can still make sure that buyer is ready to make a serious deal.

The next Braemar Property Value Report will be out in November. Until then, I hope you enjoy the beauty of this fall season. No matter what time of year, I am here to help you size up the listing process and take the market head on to maximize your profit. It is never too early to talk. When a move in on the horizon, get in touch for your 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
www.ChrisAnnCleland.com

Braemar Property Value Report: July-August 2022 (NV Homes)

Braemar Property Value Report: July-August 2022 (NV Homes)

Since the early morning hours on this gorgeous, sunny fall Friday I have heard remarks that it is cold outside. I suppose this is our first fall feeling day, with daytime temperatures below seventy and very brisk winds. When you go about your routine expecting what you had yesterday and put on shorts, of course it feels cold. Being prepared for whatever the current day is bringing is better than being caught unaware. When it comes to our Braemar real estate market, I take my job as a full-time, top producing agent very seriously and make sure my neighbors are well prepared. It has become my mission since starting these Braemar Property Value Reports in 2005 to keep home owners in the neighborhood apprised of current market conditions.

Today’s Braemar Property Value Report is looking at NV Homes in our neighborhood. Simply put, those are the houses built by NV Homes. Just like the other reports this month that have preceded this one, the scope of current sales activity is July and August. During that time, there were three NV homes in our neighborhod that sold. Details of these sales are listed below.

For starters, it needs to be made clear that the list price column above is the original list price when a home hit the market. This is the price the market first saw. During our frenzied seller’s market dating back to 2020, listing agents have developed a terrible habit of changing list price to a higher than list price contract price before closing. This, in my opinion, is a terrible idea. A listing agent wouldn’t change list price to reflect a lower than list price contract price. Further, appraisers have access to the same information agents do. Appraisers can see WHEN a list price changes. Doing so after changing the status to reflect a home is under contract simply tells us all the price it has in a contracted sales price, awaiting appraisal. It does zero good to actually GET the value in appraisal.

In the current market, we are actually seeing significant reductions from original list price like the home that dropped it’s price $120,000. Why would a home not see for more? Amateur marketing photos that don’t create any buyer enthusiasm is one observation. Another would be stating you are selling a home strictly as-is. Advertising that is not a great idea. The final thought might be it was way over priced to begin with. Who knows? Regardless, the home that sold so low below its list price it is definitely a punch in the gut for NV home owners. Another slap comes from seeing $7,800 in closing cost help in another sale. And as the summer months wore on, you can see marketing time increased.

When these three sales are combined with the NV Home sales dating back to September 2021, the updated six and twelve month value points are updated as seen below.

The sold price column shows a tightening gap between the twelve month values compared to their respective six month values. This indicates prices are not increasing as much as they had been. The six month values being higher than their corresponding twelve month values still indicates values are increasing, but not by leaps and bounds.

Seller subsidy (closing cost help to buyers) is definitely higher in the average values than seen last report. As interest rates continue to rise and values climb, buyers are finding their affordability pinched at two ends. As a result seller subsidy is starting to be a more common request.

Days on market, despite some higher actual marketing times in the most recent sales is still single digits in the average and median values down the line. However, both six month values are longer than their respective twelve month values. The summer months are never known as a time to sell quickly. Buyers are more interested in fun in the sun that house hunting in July and August. Marketing times may pick up in the fall, but it does appear that we may be in an inventory building phase of the market, which would start to shift us away from a seller favored market. For now, conditions still favor sellers.

If you placed your NV home on the market, priced to current conditions in Braemar, you could expect it to be under contract in about two weeks or less. You could also expect to be dealing with one buyer at a time. The frenzy of multiple offers seems to have gone away in most circumstances. When it does occur, it is because a home is well prepared, priced right and professionally marketed. For now, it seems seller subsidy is not a foregone conclusion as a seller expense, but don’t be shocked if you encounter offers with it. The 30 year fixed rate mortgage was 6.5% today and 5.85% for jumbo loans.

The next Braemar Property Value Report will be out in November. Between now and then, I do hope you enjoy the show Mother Nature is about to put on with the changing of the leaves. And if you are considering a sale, there is never a bad time, or time too soon, to reach out for listing preparation advice or a check in on the market. Certainly, conditions change, but the way to hit the top of any market is to be well prepared, priced right and professionally marketed. My sellers are counseled on all and reap the rewards. Get in touch for your 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
www.ChrisAnnCleland.com

Braemar Property Value Report: July-August 2022 (Heritage Series)

Braemar Property Value Report: July-August 2022 (Heritage Series)

It is officially the fall season. Being in the latter half of September is the cue to this Braemar Real Estate Agent to get out her Braemar Property Value Reports. Today I bring you the most recent report for the Heritage Series homes in our neighborhood. If you are not familiar with what constitutes a Heritage home in Braemar, they are the 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 summer there were six Heritage homes in Braemar that sold The details of those sales are listed below.

At a glance there is a wide range in the way of final sold prices from $641,000 to $730,000. Amazingly, the highest sold price on this list comes form one of the smallest models with an unfinished basement. Meanwhile, one of the largest models listed got the lowest sold price this go round. Seller subsidy (closing cost help to buyers) was zero until near the end of August. Days on market is all over the place.

Combining the most recent sales from July and August with all the Braemar Heritage home sales dating back to September 2021, our six and twelve month data points are updated and still reflect a seller favored market.

Starting with the sold price column, both the six month average and six month median sold prices are still above their respective twelve month values. This means that values are continuing to increase. Home values are certainly not rising in the dramatic we have seen over the last two years, but upward growth is still being seen. Now it is just becoming more measured.

Average values for seller subsidy are very low. What is more important is that in both the six and twelve month time frames, as seen by the median values, more than half of Braemar Heritage home sellers gave no seller subsidy. A well prepared, properly priced and professionally marketed home has the best chance of creating the buyer enthusiasm necessary to avoid this expense. Remember, as buyers are getting pinched with the steady upward growth of homes prices, they are also contending with increasing mortgage interest rates. Seller subsidy requests are not going to be all together unseen in our market going forward.

Days on market is a mixed picture in the most recent sales. The six month average and median marketing times are still in single digits and faster, though only by one day, compared to their respective twelve month values. July and August are not the fastest moving months for real estate. Buyers tend to be more focused on fun in the sun. We will have to wait and see if our marketing times continue to increase as we move into the fall months.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract in about two weeks, hopefully less. You could also expect the odds to be in your favor that you would not have to give seller subsidy. Increasing those odds can be done by increasing buyer enthusiasm through a well prepared home, professionally marketed and properly priced. Multiple offers are not the norm anymore. Getting buyers excited about your home is a must to take the top of the market.

The next Braemar Property Value Report will be out in November. Until then, when you want to get a leg up on your listing preparation if a sale is in your future in the next six to twelve months, don’t hesitate to reach out. Consultations are complementary. Helping Braemar sellers reach the top of the market is what I do. 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
www.ChrisAnnCleland.com

What’s One of the Most Popular Floor Plans in Braemar Worth in Late 2022?

12607 Cessford Drive in Braemar Sold for $675,000 on September 9, 2022

What’s One of the Most Popular Floor Plans in Braemar Worth in Late 2022?

The housing prices in Braemar, just like the surrounding area, have been going through the roof since 2020. Slow and steady growth was trampled when inventory availabe to purchase did not come close to meeting buyer demand in 2020 and 2021. Even the beginning of 2022 felt like it was going to be more of the same with bidding wars putting buyers in a position to give up practically every conceivable contingency and escalate above already high list prices, just to have a chance at winning a home.

July 2022 saw a slowing down of the buyer frenzy. In addition to increased mortgage interest rates in the spring, the seasonal slow down that tends to happen in our Bristow market in July and August was what my sellers at 12607 Cessford were facing as they hit the market on July 19th. Of particular concern was the same floor plan listed just a block away that had started at the same list price of $675,000 that had dropped their list price to $625,000 before going under contract just days before. Yikes! Our market was building inventory.

Being a full-time agent specializing in Braemar since I moved here in 2005, I gave the same advice I give every seller–make sure the home is de-cluttered, clean and let my professional marketing do its work. After the listing preparation of a neutral paint on the walls throughout was complete, photo day was nearing. A quick run through the home and it became evident that my sellers had taken my de-cluttering advice extremely seriously. I brought in some staging items to warm up rooms and give a little life with pops of color.

Within nine days, the sellers were under contract with buyers that saw the value of the home at list price. Given the price reductions that happened around the corner, they were elated. Even the buyers’ request for closing cost help didn’t throw them into a panic. They negotiated the amount down to about one percent of the sales price and were very happy when the buyer accepted.

The road to closing was largely uneventul. There were no appraisal problems here, despite lower comps around us. That’s the advantage of hiring a full-time local agent like myself. You don’t just get a contract sales price that is satisfactory. You get the appraised value to match so you don’t have to lower your price further into the process. That’s because I do everything in my power to give the appraiser information on updates, special features and hand selected comps.

Today, September 9th (2022) this Yardley went to closing for its list price of $675,000. While it may seem insignificant to those who have been reading of above list price sales for two plus years, it is a substantial win in a slow sales season with buyers facing affordability issues with rising mortgage interest rates.

No matter the market, or season in which you sell, the goal is to get you the best terms. My professional marketing and pre-listing preparation advice increases buyer enthusiasm to that end. My skill set that has been honed as a full-time Braemar Real Estate Agent for over seventeen years is what keeps it there come appraisal time. When you are ready to sell, please reach out for your complementary consultation. It is my honor to help my neighbors hit the top of 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
www.ChrisAnnCleland.com