Welcome to another edition of the Braemar Reflection Quarterly. This report focuses on the semi-detached/semi-attached homes located on Tarvie Circle behind Safeway. These homes are attached to one neighbor and only at the rear load garage.
Unfortunately, for the second report in a row, there were no Reflection homes that sold in Braemar. Not at all unusual considering these homes make up such a small portion of the the larger neighborhood.
Below are the updated six and twelve month data points tracked this report.
With no six month values to compare to the twelve month values, let’s just talk a bit about what is happening in the market.
Braemar is still experiencing a seller’s market. It is not the frenzied mess we saw in 2020 and 2021. However, supply is still not meeting demand. Sellers who price their homes right, prepare them for market and hire a listing agent that markets them professionally, are getting great outcomes. The pitfall for sellers right now is that so many are still stuck in the mindset of the ten percent over list price offers, and multiple offers, that they are overpricing their homes despite changing behavior of buyers.
Buyers are acting much more deliberately since mortgage interest rates have climbed up a bit and threaten to climb more. However, properties that lift buyer enthusiasm are still hitting values consistent with upward growth.
Just the other day, I placed a Braemar townhouse on the market. Since then, there have been ten showings scheduled. I will not be surprised if the sellers have more than one offer to choose from, but I don’t think setting an offer deadline is in order at this time.
If you have been considering what the sale of your Braemar home may mean in 2023, get in touch with me for your complementary consultation. It is one of my greatest business pleasures to get my Braemar neigbhors the top of whatever market in which they are selling. Since 2005, No One Knows Braemar Better!
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!
Braemar Property Value Report: September-October 2022 (NV Homes)
In this short week before the Thanksgiving holiday arrives, I am proud to bring you another Braemar Property Value Report. Being at the top ecelon of Braemar real estate agents gives me tremendous satisfaction. There are a any number of cut and paste market reports that pertain to Bristow. However, no strictly computer generated report will never be able to put a market report together for Braemar due to how convoluted the developer made this community when it came to recording our various legal subdivisions. Here are a few of our legal subdivisions that you may not even realize make up Braemar: Rivenburg, Albrite Property, Ducharme and Saybrooke (not to be confused with the neighborhood of Saybrooke that is legally registered as Villlages at Saybrooke and The Villages at Bristol.) Those are the “legally registered” subdivisions that make up our neighborhood, in addition to those properly registered as Braeamar. Taking the time to put this reports together myself gives you the most accurate information about what’s happening in our neighborhood and keeps me on top of our market trends.
Today’s report focuses on the houses built by NV Homes in our neighborhood. Brookfield Homes was the developer of Braemar and built the majority of homes here. However, when it comes to single family homes, they did sell some lots to NVR, which includes NV Homes and Ryan Homes. These two companies within the umbrella of NVR brought two very different feeling home styles and trim levels to Braemar. That is why I still report these two builders in separate reports.
During the months of September and October, there was only one NV home that sold. Details of that sale are listed below.
Taking a quick look at this sale, we see that it sold for less than its original list price, gave seller subsidy (closing cost help to the buyer) and took just under one month to go under contract. The market has been experiencing a shift due to rising mortgage interest rates. Buyers are no longer acting in a frenzy, though demand still is outpacing supply, which technically makes it a seller’s market. However, the shift in buyer behavior is noticeable and feels as though we are moving out of a seller’s market. We are not. Conditions are stabilizing.
When this sale from September and October is combined with all the NV home sales dating back to November 2021, the updated six and twelve month value points tracked in this report are updated as seen below.
Looking first at the sold price column, it is good to see the six month average sold price above the twelve month average sold price. This report, compared to last report, there was even a larger gap between the two, in favor of the six month average. This is an indicator that values are still trending up. However, our six and twelve month median sold prices reporting the same $790,000, is actually a lower six month median value than we saw last report. And if you look to last report, you will notice the sales that closed in August started the trend of sellers closing below original list price. Is that something to be concerned about? Not necessarily. Some sellers are still pricing optimistically.
Seller subsidy is definitely moving in a buyer favored direction and it is no surprise. Both the six and twelve month average values are higher than they were last report, with the six month average above the twelve. This means more closing cost help has been given in the last six months. However, the six and twelve month median seller subsidy values are still at zero. This means that more than half of sellers in both time frames didn’t have to give any. With the more than doubling of mortgage interest rates this year, buyers had their affordability squeezed at two ends. Many buyers requested seller subsidy to help with interest rate buy down. Still if a home has created enough buyer enthusiasm, there is a shot that buyers would dive in and offer without requesting any closing cost help, for fear another buyer would swoop in with better terms. Again, our market still doesn’t have enough homes to meet demand.
Days on market shows an increase in both average values since last report, with the six month average being nearly two weeks. The six and twelve month median marketing times are still just over a week at eight days. This means more than half of sellers in both time frames sold in eight days or less. As I am watching more and more houses taking two weeks or more to sell, I suspect days on market will continue to increase in these six and twelve month measurements next report.
If you placed your NV home on the market, priced to current conditions in Braemar, you could reasonably expect to be under contract in two to three weeks. Sellers are no longer seeing multiple offers, but dealing with one buyer at a time. Seeing seller subsidy requests should no longer be a shock, but is avoidable if buyers are excited about your home. That starts with having a well prepared property that is properly priced and professionally marketed. These are the keys that get my Braemar sellers top of whatever market conditions in which they are listing.
The next Braemar Property Value Report will be out in January. Between now and then, enjoy your holiday season. In the meantime, whenever a home sale want or need arises for you, my business is open year round. Get in touch and let’s set up a time to talk so we can find the right strategy to suit your time frame and needs. Since 2005, No One Knows Braemar Better!
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!
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!