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

How Many Days Does it Take a Single Family Home in Braemar To Go Under Contract in July?

How Many Days Does it Take a Single Family Home in Braemar To Go Under Contract in July?

On July 19th (2022) I brought 12607 Cessford Drive to the market. The sellers had been putting the finishing touches on their listing preparation as quickly as possible. Yours truly, the one that has been keeping you updated on the Braemar real estate market for over seventeen years, cautioned that July and August are slower than usual due to buyers being on vacation. Is it better to hit the market quickly and ill prepared when facing less motivated buyers or should the listing preparation get done no matter how much time it delays you getting on the market? The sellers wondered. My answer, get prepared.

The sellers had the entire home painted a neutral, on trend color. They de-cluttered everywhere and allowed me to come in and help stage the home. The day after professional photos were taken, we were on the market. Then the test of patience began.

Waiting for a buyer to act during a typical seasonal slow down is sometimes hard enough. Add in the far more deliberate actions of buyers amidst rising mortgage interest rates during that seasonal slow down and the passage of time can feel ten times slower than normal.

After eleven days and fifteen showings, the feedback was great. The home showed very well and buyers liked it. They just wanted to be sure before writing an offer. Then, last night, out of practically nowhere, an offer came in. My sellers were thrilled. Those eleven days felt like a lifetime. Of course, the Braemar real estate geek in me wants to know, how did we do? I practice what I preach. Did it make a difference to be properly prepared and professionally marketed with a full-time local agent?

Well, in the last thirty days, the homes in Braemar that have gone under contract have taken on averagge seventeen days to go under contract. The median days on market for Braemar single family homes that went under contract in July was a little lower at thirteen. Eleven is better than average and the median.

Meanwhile, of the available single family homes to purchase in Braemar, their average days on market today is twelve. Median days on market, fourteen. Those days continue to roll until the homes are chosen by buyers.

When you are ready to sell your Braemar home, get in touch with me for your complementary consultation. It is my pleasure to get my sellers top of market, no matter the season or the market conditions. I would love to be put to work doing 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: May-June 2022 (NV Homes)

Braemar Property Value Report: May-June 2022 (NV Homes)

As I prepare the latest Braemar Property Value Report for NV Homes in our neighborhood, I realize that I have up close and personal knowledge of the majority of homes sold this go round. That means you will be getting more information than usual. Let’s get right to it.

During the months of May and June, there were three NV Homes in our neighborhood that sold. Details of those sales are listed below, but there is more than meets the eye on two of them.

For starters, the most obvious visual difference is that there is one sale highlighted in blue type. That is a sale where I represented the buyers. They were initially interested in the home at 12667 Arthur Graves Jr., despite the home showing in worn condition. At that time, when 12667 Arthur Graves Jr. was brand new to the market, it was priced at $795,000. My buyers were willing to go in full list price just for the size of the home. Mind you, at the time the sellers were offering a $15,000 credit to refinish the hardwood floors. Nonetheless, my buyers were waved off as they had a home sale contingency. Somewhere along the line, the deal for 12667 fell through after my buyers were under contract with the very well prepared 12689 Arthur Graves Jr. (Side note, the floors at 12689 also needed to be refinished, but the home was fresh and clean, staged and no credit offered. It was also a smaller home.)

When it comes to the first home on the list at 10029 Three Sisters, that home appears to have sold above list price just like 12667 Arthur Graves, but when you consider their original list price was $810,000, it is up to your own judgment whether it did or did not sell above list.

What I do know from the sales above is that the market is still busy in Braemar and there are more buyers out there than homes for sale. In both Arthur Graves Jr. homes, I had a front row seat to multiple offer scenarios. After my own buyers lost in the first go round at Arthur Graves Jr., I helped a colleague write an offer on 12667 in the second round of offers at the improved price of $765,000. The market isn’t crashing for well priced homes. Well prepared homes are still doing very well.

With all that information, let’s now take a look at our updated six and twelve month data points.

When it comes to the average and median sold prices, there is still upward growth from the six month values compared to their respective twelve month values. However, looking at the six month median lift above the twelve month median, the growth is not as exuberant as we saw last report. Still, upward growth continues in this seller’s market. Clearly, the way to get the most for your home is to make sure it is properly prepared and professionally marketed to increase buyer enthusiasm.

Seller subsidy (closing cost help to buyers) is a factor in both average values. In the last six months, two out of eight sellers gave closing cost help. In the last year, three out of sixteen gave closing cost help. Take heart in knowing that way more than half of sellers in both time frames gave nothing. Not only does proper preparation help your bottom line, but so does skilled negotiation.

Days on market is a little higher down the line compared to last report, but day one and two days. NV Homes in Braemar are selling very fast.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in a week, maybe two. It may take a little longer in July and August. Sellers think this is the best time to sell since kids are out of school. Buyers are worn out and are more focused on vacation and summer fun. As mentioned above, seller subsidy seems to be more an issue with homes not properly prepared or professionally marketed. And while there are still instances of multiple offer situations, buyers are acting more deliberately these days. Sellers still have the upper hand. Just be prepared to see the typical contingencies in your offer(s.) Home inspections are rarely waved lately and low appraisal guarantees are all but forgotten.

The next Braemar Property Value Report will be out in September. Until then, when it is time to sell your Braemar home, don’t rely solely on market conditions for the best outcome. Reach out to me for your complementary consultation. I will be happy to show you what proper preparation and my professional marketing can mean to your bottom line. It is my pleasure to get my Braemar sellers 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: May-June 2022 (Heritage Series)

12607 Cessford Drive Listed for $675,000 on July 20, 2022

Braemar Property Value Report: May-June 2022 (Heritage Series)

It is time for another Braemar Property Value Report. This one focuses on the sales of 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 months of May and June there were five Heritage homes that sold in Braemar. Details of those sales are listed below.

At first glance, what I notice about these sales is that every one of them sold above their original list price. (List price in a good number of instances was changed after the properties were under contract, which I find to be one of the worst ideas ever.) None of these sellers have to give any seller subsidy (closing cost help to buyers,) and all but one sold in less than a week.

Combining these sales with all of the Braemar Heritage home sales dating back to July 2021, our one year’s worth of sales yields us updated six and twelve month data points. Those are pictured below.

The sold price column shows both six month values well above their respective twelve month values. This means Heritage homes in Braemar are continuing to increase in value despite the steep increase in mortgage interest rates. We are still in a seller’s market where inventory is outnumbered by the amount of buyers house hunting.

Seller subsidy shows nominal amounts in both average values. In the last six months, one Heritage home seller in eleven gave seller subsidy In the last twelve months, five sellers out of twenty-six gave some. Obviously, this is not an issue in the most recent sales. And in both time frames, more than half of sellers gave nothing in closing cost help.

Days on market shows Braemar Heritage homes are selling very quickly. They are even selling faster than they did last report. News of a market crash is definitely not accurate. Want the best result when you sell? Don’t hire an agent complaining about a shift. Hire one that is too busy selling houses to complain about it.

If you placed your Braemar Heritage home on the market, based on current market conditiosn you could expect it to be under contract in less than one week. July and August are months where it may take longer. That’s because sellers think the best time to sell is when school is out. Unfortunately, buyers are worn out from the market find it the best time to go on vacation. As for seller subsidy, odds are in your favor you wouldn’t have to give any. Hire an outstanding listing agent with negotiation skills and your odds of giving none improve dramatically.

The next Braemar Property Value Report will be out in September. Until then, if you know someone looking for a mid-sized single family home in our neighborhood, check out my latest listing at 12607 Cessford Drive. And if the sale of your Braemar home is the horizon, get in touch to schedule your complementary consultation. My Braemar sellers get top of the market through proper listing preparation, professional marketing and top notch negotiation skills. Let me get you the same results. 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: May-June 2022 (Arista Series)

Braemar Property Value Report: May-June 2022 (Arista Series)

The time for another Braemar Property Value Report focusing on sales of the Arista homes in our neighborhood has come. Since screwing up the initial reporting last time around, you better believe this report has been checked, double checked and checked again. It takes a confident agent to link to their own screw up. I’ve been at these reports and selling Braemar Real Estate for over seventeen years. That error was a first and a last.

In this edition of the Braemar Property Value Report for Arista homes in our neighborhood we look back at sales from May and June. Arista homes are the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans.

There were five Braemar Arista homes that sold during the months of May and June. The details of those sales are listed below.

Not a surprise to see five Canterbury models on the list. The Canterbury floor plan is by far and away the most prevalent of the Arista Collection floor plans in our neighborhood. That is likely because it was the builder’s model for the collection in our neighborhood. You either had to use your imagination on the Allister or Buckingham, or drive to another Brookfield community in the metro region to see them in person.

The quick observations are that all but one sold at or above list price. All but one sold in the $800K range. (The $774K sale never hit the market, maybe not a great idea give how much lower the sale was.) Two out of five gave significant amounts of seller subsidy (closing cost help to buyer.) And all the sales happened in ten days or less.

Taking these five sales and combining them with the Arista home sales going back to the second half of 2021, our six and twelve month data points are updated as seen below:

Starting with sold prices, we see both the six month average and six month median are higher than their respective twelve month values. Neither the six month average or six month median values have lifted as high above their respective twelve month value as they did last report. This is consistent with what we are seeing in the market as we continue to see demand outpacing supply, but mortgage interest rates increasing. Buyers are still facing seller market conditions, but are acting more deliberately. Gone are the days of insane multiple offers with buyers waiving every conceivable contingency. Buyers are more likely to offer list price and insist on appraisal and inspection contingencies, as we find in a more typical seller’s market. Low appraisal guarantees are nearly forgotten. Right to void home inspections are hanging on. Prices will continue to increase, but not by leaps and bounds as they have in the last couple years.

Seller subsidy is making a come back as buyers struggle with the pinch at two ends when it comes to affordability. With prices steadily increasing and now mortgage interest rates rising, buyers may be requesting seller subsidy to assist with mortgage interest rate buy downs. Remember, more than half of sellers in our most recent report gave none. Maximizing buyer enthusiasm through proper preparation and professional marketing is essential to setting the stage for success, even in a seller’s market. Strong negotiating skills are only going to be seen by experienced agents who have lived through more than the seller’s market we have recently lived through.

Finally, days on market continues to be short. Eight days is consistently seen in three of our average and median values. Eleven days marks the twelve month average marketing time. Braemar Arista homes are selling fast. Again, our Braemar real estate market is still experiencing seller market conditions.

If you placed your Braemar Arista home on the market, priced to current conditions you could expect it to be under contract in less than two weeks. July and August do tend to be slower months for home sales. Buyers tend to make summer vacations a priority when the kids are out of school, contrary to what many sellers believe happens this time of year. The seasonal disconnect between buyers and sellers is not new. You could also expect that a buyer may request closing cost help, but having a home buyers are enthusiastic about in this seller’s market can help tip negotiations in your favor.

The next Braemar Property Value Report will be out in September. If you would like to discuss what a sale in the near future would mean for you, please reach out for a complementary consultation. I love helping my Braemar sellers reach the top of the market with my well honed skill set. I also have the skinny on a limited opportunity mortgage program that is available to qualified buyers financing $400K or more and putting at least ten percent down. Let me know how I can help 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: March-April 2022 (Heritage Series)

Braemar Property Value Report: March-April 2022 (Heritage Series)

Welcome to another Braemar Property Value Report, focusing on sales of 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 months of March and April, there were four Braemar Heritage homes that sold. The details of those sales are listed below.

With sold prices ranging from $662,000 to $740,000 and all four selling at or above their list price, the Braemar Heritage home market is looking very health. Further support of this, with a quick look, is seeing no seller subsidy (closing cost help to buyers) in any of the sales and all of these homes going under contract in a week or less.

When taking these sales and combining them with the Heritage home sales in Braemar dating back to May 2021, the six and twelve month market markers tracked in this report are updated.

Starting with the sold price column we see that both the six month average and six month median sold prices are higher than their respective twelve month sold prices. This is evidence of the continuation of the seller favored market, despite rising mortgage interest rates.

Seller subsidy went down in the six month average compared to the twelve month average. Not surprising given that the most recent sales gave none at all. Of more importance is that more than half of sellers in both the six month and twelve month time frames gave nothing in closing cost help. When buyers are competing over limited inventory, they are having to write seller favored terms to get their offers accepted.

Days on market is holding steady down the line in single digits. Again, limited inventory and many more buyers competing for it is what is driving this market. The mortgage interest rate increase seems to have had little impact so far.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to give nothing in seller subsidy.

For the best outcome, even in a seller’s market, having strong representation on your side is a must. It starts with getting the proper listing preparation advice. A well prepared home is one that buyers will be enthusiastic about, especially if it is professionally marketed. Hiring strictly based on the lowest commission and relying on the market conditions for a great outcome is a poor strategy. Sellers employing this technique believe they increase their bottom line by saving commission. They actually leave money on the table with buyers being less enthusiastic about poorly prepared and half-heartedly marketed homes.

The next Braemar Property Value Report will be out in July. Until then, when the time comes for you to sell your Braemar home, I would love to talk with you about how my listing process can increase your bottom line. My Braemar sellers have been hitting the top of the market for many years. Let’s get you to the top of the market too. 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

Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Reflection Series Home

Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Welcome to another edition of the Braemar Reflection Quarterly. This report details sales of the semi-attached/semi-detached homes on Tarvie Circle. While they look like detached single family homes from the curb, in the back they are attached to one neighbor in a duplex-like fashion, only at the garage. These homes make up only forty-four of the over two-thousand, eight hundred properties in Braemar, so sometimes it feels like quarterly reports are even too frequent. If we go too many quarters without a sale this year, I may make this a semi-annual report.

We get to start off the year examining the sale of one Reflection Series home that sold in January. Details are listed below.

There are many thing about this sale that show the presence of the seller’s market. Selling above list price is one of them. Two others are giving no seller subsidy (closing cost help to buyer) and going under contract in only two days.

When combined with the Reflection home sales from the second, third and fourth quarter of 2021, we have a total of only three sales. However, taking the six and twelve month data points from that pool of data our market markers are updated.

Being the only sale in the last six month, our most recent Reflection home sale makes up both the six month average and median values. Compared to the twelve month average and twelve month median sold price, we still see upward growth in home values. Not surprising since our market continues to have very high demand and limited inventory.

Seller subsidy is zero down the line in all but the twelve month average. That is because one sale out of three in the last year gave $8,000 in closing cost help. One out of three sales giving closing cost help is not great, but still keeps the median values at zero. Your odds of having to give closing cost help if you sell your Reflection home have been slim, but with rising interest rates, don’t be surprised to see seller subsidy increase this year.

Days on market shows that Reflection homes are selling even faster. Again, this is due to high demand and very little inventory.

If you placed your Reflection home on the market, priced to current conditions, you could expect to be under contract within a week. And whether or not you gave any seller subsidy may depend on large part who you hire to represent you. Relying solely on seller market conditions and hiring low rate agents who do very little to drive up buyer enthusiasm will cost you more than you save in commission every time. Even in a seller’s market, you can leave money on the table. Creating buyer enthusiasm through proper listing preparation and professional marketing keep you at the top of what any market will bear.

The next Braemar Reflection Quarterly will be out in July. Until then, if you would like to investigate the 2022 sale of your Braemar home, get in touch for a no obligation analysis. We can discuss current demand and how rising interest rates may or may not be a factor for you in your next purchase. 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