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

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

It is my pleasure to bring you the latest Braemar Property Value Report, focused on sales of Courtyard homes in our neighborhood. Braemar Courtyard homes are located on Orland Stone, Pentland Hills and Playfair.  Five detached homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedroom sizes.

Like many times in the past, the reporting period of November and December shows no Braemar Courtyard homes sold. There was simply not a lot of inventory available at the end of year, despite buyers still out searching. Nonetheless, when taking the entire year’s worth of sales and breaking out the six and twelve month data points, our updated values are seen below.

For the first time in a long time, both six month sold prices are below their corresponding twelve month sold prices. Only two sales made up the six month values, compared to nine making up the entire year’s worth of Braemar Courtyard home sales. While this could be the softening of Braemar Courtyard home prices, we will need to see more sales before that determination can be made. Buyer behavior certainly has changed. They are no longer acting in a frenzy, fearful of losing homes. However, there still is not enough on the market to meet demand. In other words, we are still in a seller’s market.

Seller subsidy (closing cost help to buyers) certainly made a come back in the last six months of the year. This is expected since mortgage interest rates rose so steeply and suddenly on buyers. Again, it doesn’t seem to hampering their demand for homes. Interest rates would have to go up a lot more than they have to make a measurable downward impact on our market.

Days on market is also something we saw lengthen in the last six months of the year. It goes back to the change in buyer behavior. They are acting more deliberately now that rates are higher. Marketing time growing from one week to two weeks is not the end of the world.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in about two weeks, maybe less. You could also put yourself in the best negotiating position by making sure your listing creates buyer enthusiasm. When buyers are afraid of missing out on your home, that is where the money is made and closing cost help may not even be requested from buyers. Buyer enthusiasm is created by setting a reasonable price, doing proper preparation to your home and the professional marketing that an experienced, local agent like me brings to the table.

The next Braemar Property Value Report will be in March. Until then, if you want to find out how much preparation you face when it is time to sell, don’t hesitate to reach out. It’s never too early to get an idea of the projects that may need attention. And as a full-time broker with over eighteen years experience, one of my greatest thrills is getting the max the market has to offer for my sellers. Since 2005, No One Knows Braemar Better!

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