Braemar Property Value Report: March-April 2023 (Courtyard Series)

Braemar Property Value Report: March-April 2023 (Courtyard Series)

The month of May is flying by. When spring hits, the time seems to go right
through the hands of this full-time Braemar Real Estate Agent. There are so
many scheduling demands come springtime…showing property, writing offers,
getting homes ready for market and, of course, finding time to prepare these
Braemar Property Value Reports and bring them to you. While I sell in many
Northern Virginia and exurb locations, Braemar will always be my first love.
After all, I chose it to call home too.

In this edition of the Braemar Property Value Report, the focus is on
Courtyard homes in our neighborhood. Courtyard homes are the homes located
off of Orland Stone, Pentland Hills and Playfair where five homes are situated
around a common courtyard entrance. They have very small lots which are great for
folks who want single family living without a lot of lawn care. The bedrooms
are also huge.Floor plans include the Arlington, Ballston and Clarendon.
Interesting that they are named for more urban areas close to DC, because I
offer refer to these homes as city homes in the suburbs.

Unfortuantely, as happens sometimes, there were no sales of Courtyard homes
in Braemar to report during March and April. A severe lack of inventory in our
neighborhood has seen more than just the Courtyard homes with no sales to
report this time around. That doesn’t mean we can’t take an updated look at the
six and twelve month data points tracked in this report. The numbers below are
taken from the Braemar Courtyard home sales that happened since May 2022 and
not going past April 2023.

The sold price column shows both six month values below their corresponding twelve month values. The difference between the six and twelve month values in each subset has grown since last report. Not anything terribly troubling since only one sale out of the six that happened since May 2022 happened during the last six months. Buyer demand right now is as strong as it has been going back to 2020 and 2021. The buyer hesitation on most homes is gone. Buyers are acting quickly and decisively, often resulting in multiple offer situations.

Seller subsidy (closing cost help to buyer) has gone up a lot in both six month values compared to their respective twelve month values. This is a little more troubling because when I look through the sales from most recent backward, seller subsidy had been increasing. Still, given the current state of the overall market, any seller could avoid seller subsidy requests by making sure their home was move-in ready, priced right and marketed professionally. That’s when the buyers compete over a home.

Days on market is the only positive change in the six month values compared to the twelve month values. The home that sold in the last six months took less than a week to go under contract.

Do not be dismayed by the lack of good news this report. A Braemar Courtyard home just sold in May 1st for $625,000 and it only took four days to go under contract. That sale, and any others that close before June 30th, will be featured in the next report.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a one or less. And as mentioned above, your best shot at avoiding seller subsidy would be making sure buyer enthusiasm for your home is maxxed out. Relying on market conditions alone is not a guarantee of exceedingly seller favored offers.

The next Braemar Property Value Report will be out in July. Between now and then if you want to know what your home is worth in the current market, let’s talk. Reach out for a no obligation consultation. You will quickly learn that getting my Braemar seller clients the max the market will allow is my pride and joy. 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 2023 (Courtyard Series)

Braemar Property Value Report: January-February 2023 (Courtyard Series)

On this gorgeous spring day, this dedicated Braemar Real Estate Agent is bringing you another Braemar Property Value Report. This report is for Courtyard home owners in our 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.

During the first two months of 2023, there was only one Braemar Courtyard home that sold. Details of that sale are listed below.

The unfortunate things about this sale are that is sold below its list price and that it involved a significant amount of seller subsidy (closing cost help to the buyer.) The good thing to see is that this home was under contract in only six days.

Combining this sale and the eight other Courtyard home sales in Braemar dating back to March 2022, the six and twelve month data points tracked in this report are updated as reflected below.

Starting with the sold price column, we see that both six month sold prices are below their respective twelve month sold prices. This is the second report in which we have seen this, as it was present last report as well.

Seller subsidy has shot up in both six month values compared to their corresponding twelve month values. Not at all surprising given that mortgage interest rates rising so steeply last summer did cause an immediate affordability problem for buyers.

Marketing time has lengthened only slightly when comparing the six month numbers to their twelve month counterparts. Again, not surprising to have added time in the last six months of marketing time given the change in buyer behavior brought on by those increased mortgage interest rates.

None of these things are alarming given the changing market landscape that mortgage interest rates caused. As mentioned above, when interest rates more than doubled last year, buyers were taking longer to consider their options because prices were not falling. Buyers began asking for seller subsidy and stopped waiving contingencies. However, in February this year there has been a return of frenzied buyer behavior like we saw in 2020 and 2021. Mortgage rates fell a bit from their high last year and buyers have adapted to this increase as the new normal. Once again we are dealing with extremely limited inventory that cannot meet buyer demand. Buyers are back to waiving contingencies, going above list price and not requesting seller subsidy. This is not across all properties! Those that are priced properly, well prepared and professionally marketed are the ones creating the buyer enthusiasm resulting in multiple offers.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect your home to be under contract in a week, maybe two. You still should not be surprised at seller subsidy requests. As mentioned above, you can create the best outcome by getting buyers excited about your home. Market conditions alone do not guarantee results.

The next Braemar Property Value Report will be out in May. If at any time you want to know what your specific Braemar home is worth in the current market, do not hesitate to reach out for your free consultation. Helping my Braemar sellers get the top of the market is my mission. 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: 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
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com