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

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

Summer is heating up. Is the Braemar real estate market still hot? In this edition of the Braemar Property Value Report the answer to that question and the general health of our real estate market will be addressed as it relates to Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

During the months of May and June, there were six Carriage homes that sold in Braemar. Details of those sales can be found below.

At first glance, I notice that four out of six are the smaller of the four floor plans in the Carriage Series. All sold above list price and very quickly. Only one gave any seller subsidy, also known as closing cost help. The sale highlighted in pink was my listing at 9477 Cromarty Court. I was so pleased to get the highest sold price on record for the smallest floor plan (the Maplewood) in the Carriage Series with this one. The sellers did a fantastic job updating the home and making the small kitchen space more useful. That, the lot and the professional marketing that I offer all of my Braemar sellers did the trick in creating buyer enthusiasm and driving up the price. And if you can believe it, the sellers didn’t pick the highest offer! It’s not always about price to a seller.

Taking all six of these sales and combining them with the Braemar Carriage home sales going back to the beginning of the third quarter of 2021, one year’s worth of sales data is broken down into six and twelve month data points.

Looking first at the sold price column, we see both six month values are higher than their respective twelve month values. This means Braemar Carriage homes are continuing to gain value. The lifts each six month value has above its twelve month value is not as high as it was last report. This is consistent with what we are seeing as the seller’s market with limited inventory and high buyer demand, is dealing with steep mortgage interest rate increases. Buyers are not as frenzied as they had been going back to 2020. Their actions are more deliberate. We will continue to see values increase, but not as quickly. Expect more steady growth going forward.

Seller subsidy is more of a factor than it was last report. One sale out of seven in the past six months gave the substantial amount of seller subsidy we see in the details of the recent sales. Over the twelve month period, three out of sixteen Carriage home sellers gave seller subsidy. This is also something we are likely to see change as mortgage rates further squeeze affordability for buyers. Best news right now is that more than half of Braemar sellers in both time frames gave none. Don’t want to give up seller subsidy when you sell? Hire an agent that knows how to drive up buyer enthusiam through professional marketing and negotiate skillfully on your behalf.

Days on market is remaining as fast as it has been. These in demand Carriage homes in Braemar are getting gobbled up by the market in a week or so max. This may increase as there is a seasonal disconnect between buyers and sellers in July and August. Sellers rush to market thinking it is a great time to list when the kids are out of school. Buyers, who have been searching since the early part of the year are weary and think it’s a great time to go on vacation. It’s a seasonal wobble that happens almost every year.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or so and if you hired an agent that is professionally marketing your property, give nothing in closing cost help. You could also expect to see two offers if you are lucky. The glut of multiple offers is over as buyers are acting more deliberately. You will likely see home inspection contingencies and appraisal contingencies again. Our market is normalizing in that respect.

The next Braemar Property Value Report will be out in September. Until then, enjoy the rest of your summer with some fun in the sun. And if you want to investigate what a sale in the near future would mean to your bottom line, or how it would choreographed with your next purchase, get in touch for your complementary consultation. It’s my pleasure to help my Braemar sellers reach the top of the market with my many years worth of well honed skills. I also represent plenty of Braemar buyers. Maybe my new listing at 12607 Cessford Drive will hit the spot. 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

Maplewood Carriage Home in Braemar Just Sold for a Record High Price

What an honor it was to list 9477 Cromarty Court. Walking in to the listing appointment I knew I had a gem on my hands, which was going to be immensely helpful. Being a Maplewood model carriage home, it is the smallest square footage one could have in Braemar and still be considered a single family home. The sellers were all too aware of the very limited living space and had made some very wise renovations to the home to give what is essentially a detached townhouse, a roomier feel. One of my favorite renovations was the removal of a cabinet to open up the galley kitchen to the family room. They also added a live edge cherry breakfast bar so the breakfast nook could be more open space.

The thing that would make buyers fall in love and make the limited space work was going to be the lot. It was the only unobstructed water view in the neighborhood.

This charming home, with farmhouse decor throughout, hit the market on April 22nd priced at $584,000. The market around us was on fire. The original list price was going to be a tad lower. After watching the activity on Cromarty with a couple other listings, we upped the price before hitting the MLS as a Coming Soon listing.

The very first day on the market the first buyers through made an appointment. An offer was in my email within hours of that showing. With the sellers out of town and an offer deadline set for Monday, April 25th, that offer survived competiting with five additional offers. And today, those very happy buyers were able to close the deal on this gorgeous home. The final sold price was $620,000. That is a new record sold price for a Maplewood model in Braemar….EVER. The closest before this was one in February (just a few months ago) that sold for $576,000.

Did the highest offer win in the multiple offer situation? No. It is not always how high someone will bid, but how much of a low appraisal guarantee they can swallow if the home doesn’t appraise. In the case of the winning buyers, their offer was $10,000 lower than a competing offer, but they offered $50,000 more in a low appraisal coverage than those buyers did. That meant, not matter what, the home would sell for $620,000. With the highest sold price to date at $576,000, a low appraisal was a real concern. As it turns out, it happened not to be a concern. I make sure to arm appraisers with as much information as a I can even when appraisal is something a buyer will deal with in the event of a low outcome. It’s not a win, if it’s not a win for everyone.

At the closing table, it was obvious that the new owners are going to love the natural surroundings by this pond as much as the sellers did. There was talk of turtle eggs that will be hatching by the pond and a birds nest where eggs are found every season. The new buyers were delighting in hearing of their new outdoor neighbors.

It was a smooth road to closing with zero bumps in the road. Best of all, my sellers gave me a closing gift that made me smile from ear to ear.

The sellers had been receiving my Braemar Property Value Reports for years and that is why they chose to list with me. The fact that they gave me this personalized Yeti mug could not have been a better compliment. Now I’ll be taking this coffee mug with me to listing appointments in the neighborhood and letting folks know that sellers that hit a record high sold price for a Maplewoood gave it to me. Let me know if I can be of assistance to 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 (Carriage Series)

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

Graduations and proms are the talk of social media. Spring has most definitely sprung. In this edition of the Braemar Property Value Report, we will look at how the Carriage home market is our neighborhood is doing against the back drop of sharp mortgage interest rate increases. If you are not familiar with what makes up a Carriage home in Braemar, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There was only one Braemar Carriage home that sold during the current reporting period of March and April. Details are listed below.

Should you be concerned that there was only one Carriage home sale in the months of March and April? No. During that time period, I was pleased to list 9477 Cromarty Court. That gave me a first hand look at the activity for homes like these. The demand is out of control for affordable homes in our neighborhood. (Yes, affordable single family homes in 2022 are in the low to mid six hundred thousands.) If more Carriage homes had hit the market in the early part of the year, there would be more sales to report.

Taking a freshened up twelve months of Braemar Carriage home sales from May 2021 to April 2022, our six and twelve month data points are updated as follows:

The sold price column is looking very healthy and reflective of continued seller market conditions, despite rising mortgage interest rates. Both the six month average and six month median sold prices are substantially higher than their respective twelve month values. Braemar Carriage homes are definitely continuing to gain value in this market.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their Braemar sellers. The only number not at zero is the twelve month average seller subsidy. Two sales out of a total of sixteen in the past year’s worth of Braemar Carriage home sales gave closing cost help. One gave $12,500. The other gave $2,000. How do you avoid giving closing cost help as a seller? Make sure your home creates buyer enthusiasm so buyers must put their best foot forward to win amongst their competitors.

Days on market shows single digits down the line. Braemar Carriage homes are selling very quicky as buyer demand continues to outpace homes coming on the market.

If you placed your Braemar Carriage 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 closing cost help if your home was properly prepared for the market and professionally marketed.

The next Braemar Property Value Report will be out in July. Until then, if you would like to take advantage of a home sale while the buyers are still outnumbering available inventory, get in touch with me for a no obligation consultation. No matter the market, my listing services start with preparation advice as far out as you want to discuss readying your home. Details matter. I also invest my sellers’ success with professional marketing. My Braemar sellers also get my unparalleled neighborhood knowledge, having called this neighborhood home and served the HOA for over seventeen years. 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: January-February 2019 (Carriage Series)

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

As the thaw out from winter is underway in Bristow, it is time for another Braemar Property Value Report, detailing sales of homes in the Carriage Series.  This edition focuses on the activity in January and February.   Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

During the first two months of the year, there were two Carriage homes that sold.  Both were three bedroom Norwood models.  Their sold prices were $402,000 and $425,000.

Taking these sales and combining them with the last twelve months of Braemar Carriage home sales, we get updated six and twelve month data points.  

When it comes to sold prices, the six month average sold price is slightly below the twelve month average sold price.  Meanwhile the six month median sold price $1,000 above the twelve month median.  Neither change is notable, so we can determine that Braemar Carriage home values are stable.

Seller subsidy also shows some mixed information.  The six month average seller subsidy is less than the twelve month average.  At the same time, the six month median is exactly the same as the twelve month median. Relative stability in what sellers are giving their buyers in closing cost help is what we can infer here.

Finally we look at marketing time, or days on market. The six month average and median marketing times are both above the twelve month values.  Because we switched to a new MLS that calculates these values differently in the fall, it’s going to be until next fall that we have an apple to apples comparison.

If you placed your Carriage home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about a month and a half.  You could also expect to give $5,000 to $6,000 in closing cost assistance to your buyer.

The next Braemar Property Value Report will be out in late May.  Until then, if you want to know what your Braemar Carriage home is worth, get in touch with me for a free market analysis.  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

 

Another Braemar Carriage Home Goes Under Contract

Another Braemar Carriage Home Goes Under Contract

On August 3rd, I listed another Parkdale model in our neighborhood, located at 9458 Cromarty Court.  The starting list price was optimistic at $415,000.  It reflected the upper end of the market.  Unfortunately, the local Bristow market took its usual nap in 9458 Cromarty Court iAugust, and these sellers wanted to get their home under contract so that they could go get an offer accepted on their next house.  Sellers typically don’t care for home sale contingencies.

On August 10th, the list price was lowered to $399,000.  And wouldn’t you know, the week when my Sellers went on vacation, we got an offer.  Unfortunately, the buyers with that first offer didn’t want to wait until my clients got back for an answer, so my Sellers made a counter.  The buyers walked, only to realize that the market doesn’t react well to full closing cost assistance from a buyer paying 20% down on a home close to $400,000.
Rumor has it they found FR to Kitch--9458 Cromartyanother home with a similar deal to what my Sellers offered.

On August 28th, another offer came in.  It was lower than the first offer, but it was an offer.  This Buyer had been told what the Seller’s “must have” number was two weeks previously, but paid no mind in writing the offer.  So my Sellers made the same counter as they had to the first offer, to this second buyer.  Without hesitation, the deal was made.

Final sales price will be released when the sale is done.  It is currently slotted to close Chris Ann Cleland, Braemar Real Estate Agent, 703-402-0037October 30th.  Stay tuned for that.  And if you’ve been thinking of selling your Braemar home, give me a call and let’s get started.  No One Knows Braemar Better!

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.comwww.UncompromisingValues.com

Just in Time for the Holidays—Another Braemar Carriage Home Sold!

Just in Time for the Holidays—Another Braemar Carriage Home Sold!

When this Maplewood model in Braemar, located at 13790 Tartan Hills Parkway, hit the market on September 4, 2014 at $322,500, the sense of urgency that Bristow buyers 13790 Tartan Hills Parkway, Sold for $314,000 on December 1, 2014had been experiencing before taking their beach vacations in July and August, we were hoping, would return.  It didn’t.  There were plenty of buyers through this home, another Maplewood I listed at the time.  Buyers were just in no hurry to make up their minds.  And the feedback about price was fine, but the feedback about the size of the home was that it was too small.

In the mind of a Real Estate Agent, that means the price is too high.  The price at which you are listed is showing buyers larger properties.  My Seller and I chatted about combating the lack of size with a price reduction. It was either that, or enlarge the family room.  She thought it over and came back with a price of $314,000, which became the list price on September 23rd.

Making the Family Room appear as large as possible is a must when selling a Maplewood.Still, there was hesitancy on behalf of buyers, but we both felt the house was priced right where it needed to be.  Homes just weren’t flying off the shelves anymore.  I felt it and so did other Bristow real estate agents.  The market was shifting from one favoring sellers, to a more balanced market.

On October 19th, a Buyer came through and made an offer that was doable.  My Kitchen--13790 Tartan HillsSeller tweaked it a little, and we were officially under contract on October 21st, just 47 days after listing.  Before writing this post, curiosity took me to my own Braemar Property Value Report that I most recently prepared for Carriage homes in Braemar.  My Seller was under contract in exactly the average number of days it was taking Carriage home sellers to sell.  So while it felt like an eternity to get under contract, it was really an average amount of time.

This Maplewood sold today, December 1st (2014) for $310,000.  The Seller generously gave $4,500 in closing costs.  And again, looking at that latest Braemar Property Value Report for Carriage homes, she was right in there with the average closing cost help given.  So my Seller will be in her next home before Christmas and so will the Buyer of this lovely Maplewood.  There’s no place like home for the holidays!

Chris Ann Cleland, Braemar Real Estate Agent, 703-402-0037When you are ready to sell your Braemar home, call me for a free market analysis of your specific home’s value.  No One Knows Braemar Better!

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.comwww.UncompromisingValues.com

Another Braemar Carriage Home Sold!

Another Braemar Carriage Home Sold!

12461 Iona Sound Drive in Bristow, For Sale for $378,000.  (Listed December 1, 2013.)

This Norwood model, a three bedroom Carriage home, hit the market priced at $378,000 on December 1, 2013.  It had multiple offers within days and after some The family room was my favorite spot.  Loved the plantation shutters.negotiating with the best offer, went under contract on December 8th. Having to negotiate for four days with the first Buyers should have been a clue of trouble around the bend. Nonetheless, the Sellers were ecstatic, as well they should have been.  They had had a pre-list home inspection and done the items on the inspection list recommended by the inspector.  The house was in tip top shape, but the Buyer’s home inspector took issue with the enclosed porch.  He stated it wasn’t built to code. Well, the building permits told a different story.

This is what happens when home inspectors talk current code about a home built in 2000.  Do buyers really expect a seller to rebuild parts of their home to current code?  That’s just not even remotely going to happen because a home inspector speaks out of turn and panics a buyer.

The Kitchen and open floor plan were a big hit with buyers.Not willing to rebuild the enclosed porch, the Sellers put the home back on the market on December 23rd.  Almost makes  your stomach flip to read that, doesn’t it?  Hitting the market the day before Christmas Eve.  But you know what?  It was back under contract on December 26th with Buyers who had been part of the original multiple offer mix.

Chris Ann Cleland, Braemar Real Estate Agent, 703-402-0037On January 31st, this Braemar Carriage home at 12461 Iona Sound Drive sold for $378,000.  The Sellers contributed $5,000 toward the Buyer’s closing cost.  Best of all, this sets a high sales price for the Norwood model.  A sales price this high hasn’t been seen on a Norwood since August 2007.  Now THAT is good news for Braemar Carriage home owners.

If you are interested in selling your Braemar home, contact me for a free market analysis of your home’s worth.  No One Knows Braemar Better!

Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

 www.NVARealEstate.netwww.SellingBraemar.com

Another Braemar Carriage Home SOLD!

Another Braemar Carriage Home SOLD!

10009 Boreland Court in Braemar sold for $345,000 on June 20, 2013.On Thursday, May 16, 2013 I listed this beautiful Maplewood model Carriage home on Boreland Court for $345,000.  It had three finished levels, a great lot, covered front porch and a detached two car garage off of their own private driveway.

I immediately scheduled open houses for that coming Saturday and Sunday.  I wanted to get this three bedroom, three and a half bathroom beauty all the exposure I could.  The owners had prepped the home with brand new carpet, fresh paint and even staged it.

Turns out, the Buyers that fell in love with the home and wrote an offer came through within the first twenty-four hours of it being listed.  Their offer came in on May 17th.  The Sellers and I waited through the open houses and met on Tuesday, May 21st to review the offer.  By May 22nd it was officially under contract.

This three bedroom Braemar Carriage home sold for $345,000 on June 20, 2013.  Yep–it got one hundred percent of its list price.  And the Sellers didn’t have to give any closing cost assistance or do any home inspection repairs.

If you are thinking of selling your Braemar home, give me a call for a free market analysis.  No one knows Braemar better!

Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com, www.NVARealEstate.netwww.SellingBraemar.com

Braemar Property Value Report: November-December 2012 (Carriage Series)

Braemar Property Value Report:  November-December 2012 (Carriage Series)

Looking at the forecast for Bristow, it looks like we are about to get walloped with some day time temps below freezing.  Braemar residents will want to make sure they snowy carriage homeare bundled up for that.  Despite the fact that it’s mid to late January, it is now time to look back to the last two months of 2012 and see how Braemar Carriage home values fared.  Carriage homes are characterized by the lack of attached garage.  Rather, it has a detached garage, if it has one at all  Not all Carriage home buyers opted for the garage and instead, have a paved parking area in the rear of their home.  The models, from smallest to largest, include the MaplewoodNorwoodOakdale and Parkdale.

There were two Carriage homes that sold during November and December.  One was an Oakdale with four bedrooms and two and a half bathrooms and an unfinished basement selling for $344,000.  The other was a Maplewood model with three bedrooms, three and a half bathrooms and a partially finished basement selling for $345,000.  The average of their sale prices gives us our new average market value of $344,500.  That’s nearly an 8.5% increase since last report, but a little over a 1% decrease in value since last year.  While we see a big increase report to report and a slight decrease year to year, to me that is overall stability in Braemar Carriage home values.

Carriage

Chris Ann Cleland, Braemar Real Estate Agent, 703-402-0037If you placed your Braemar Carriage home on the market, priced to current market conditions,  you could expect it to be under contract in less than two weeks.  You could also expect a buyer to ask for an average of over 2% of the sales price in closing cost assistance.  While we are in seller’s market, with low inventory and high buyer demand, we are still finding that a majority of buyers are in need of closing cost assistance.  If you are planning to sell your Braemar Carriage home, expect to see this request in offers you receive.

The next Braemar Property Value Report will be out in March and will detail sales from the first two months of 2013.   Until then, if you are thinking of selling your Braemar Carriage home, give me a call for a free market analysis of your specific home’s value.  I’ve been a Braemar resident and full-time Bristow Real Estate Agent since 2005.  I added the distinction of being a Short Sale Agent in 2007.  No matter what your equity position, I can get your Braemar home sold for the maximum amount of money in the shortest period of time.  And most importantly…No one knows Braemar better!

Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.comwww.SellingBraemar.comwww.NVARealEstate.net

 

Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information Systems.)

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You can see the most recent property values in Braemar by clicking the links below:

Arista Series (large single family homes built by Brookfield Homes)

Courtyard Series (executive style home, five to a private driveway, Brookfield Homes)

Heritage Series (mid-sized single family homes, Brookfield Homes)

Braemar Condos (condos knowns as Barrhill at Inverness Village)

Braemar Townhouses (garage and no garage townhouses)