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

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

The last of the Braemar Property Value Reports for single family home sales in May and June is coming to you now. This one in particular focuses on the houses built by Ryan Homes in our community. Let’s get right to it.

There were three Ryan Homes that sold between the beginning of May and end of June. Details of those sales are found below.

A quick look tells me these are all healthy sales happening in a seller’s market. They all sold above their list price, none gave any seller subsidy (closing cost help to the buyer) and they all went under contract in single digit days. Combining these sales with all the Ryan Home sales in Braemar going back to July 2021, the twelve months worth of data is pulled out into six and twelve month data points.

Starting with the sold price column, both the six month average and six month median sold prices are higher than their respective twelve month values. Compared to last report, these lifts that are seen in the six month values above their twelve month counterparts are improved. The six month average sold price has doubled the lift above the twelve month value. The six month median sold price is now above the twelve month median, which wasn’t the case last report. Yes, our market is still a seller’s market. The feeding frenzy resulting in a pile of offers with buyers waiving every conceivable contingency may be gone, but there are still more buyers than there are properties for them to buy. Buyers are just acting more deliberately.

Seller subsidy is now at zero in the six month average. However, the twelve month average has increased by by just under one hundred dollars. Clearly, a Ryan Home seller in the November/December time frame that gave seller subsidy has moved off the six month time frame and is now being counted in the twelve month time frame. In that twelve month time frame there were twenty-four Ryan Home sellers in Braemar. Only two of them gave seller subsidy. None gave any in the six month time frame.

Days on market has gone to a faster pace by one day in both the average and median. Last report, both six month values were a little longer. Even then, nothing to be concerned about. Marketing time is also showing us the continuation of the seller’s market in Braemar, despite rising mortgage interest rates.

If you placed your Ryan Home on the market, priced to current conditions in Braemar, you could expect to be under contract in a week, maybe two. July and August are times when the market does take a breath. Sellers think it is a great time to list when school is out and flock to market. Buyers are worn out from the house hunt and decide it is a great time to slow down, take vacations and have some fun in the sun. It is a typical seasonal disconnect. And as discussed above, you could expect to give nothing in seller subsidy. You could expect to see one, maybe two offers if you are lucky. And in the market now, buyers are not waiving contingencies. We are seeing more typical offers than the frenzy of the last couple years produced.

The next Braemar Property Value Report will be out in September. Until then, if you want to investigate the potential sale of your Braemar home before the end of the year, get in touch for your complementary consultation. My pride and joy is getting my Braemar sellers top of the market through proper listing preparation, professional marketing and skilled negotiation. Take a look at the presentation of my latest listing at 12607 Cessford. Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 
Associate Broker, Licensed in VA
Long & Foster Real Estate

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