Braemar Property Value Reports: January-February 2023 (NV Homes)

Posted on March 10, 2023 by cacleland

Braemar Property Value Reports: January-February 2023 (NV Homes)

Before we slide into the weekend, I thought I would share another Braemar Property Value Report. This particular installment focuses on houses built by NV Homes in our neighborhood and where we stand with the the first two months of the year behind us.

During the months of January and February, there was only one NV home that sold. Details of that sale are listed below.

Things that are great to see about this sale are that it sold just above its list price, gave no seller subsidy (closing cost help to buyer) and was under contract in only two days. While we may have ended 2022 with buyers in a less active state than we had seen in the previous years and even the beginning of last year, 2023 has definitely started with more buyer activity. It seems buyers have absorbed the higher mortgage interest rates as the new normal and going about business as usual.

When taking the sale from this reporting period and combining it with all the Braemar NV home sales dating back to March 2022, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, the first thing I notice is that both six month values are significantly below their corresponding twelve month values. Last report, the six month median had fallen below the twelve month median, but the six month average was still a tad above the twelve month average. If buyer behavior had not turned around this year and brought us back to quick, decisive action and well prepared homes getting multiple offers, I would be concerned that we were at the beginning of a down turn. I suspect we will see this gap between six and twelve month sold price groupings narrow come next report.

Seller subsidy is still up in both six month values compared to their respective twelve month values. This is not surprising since mortgage interest rates have made home affordability tougher on buyers. Seller subsidy requests are much more common now. However, the extreme buyer demand coupled with lack of inventory may turn this trend around this year as well.

Days on market in the six month values is higher than the corresponding twelve month values. Again, not a real big shock. Buyer behavior, as discussed earlier in this report, changed once we got into summer last year and continued to be more deliberate and slower for the rest of 2022. This may be a trend we see reverse this year as well based on current buyer behavior.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it would be under contract in about two weeks. You should also not be surprised by seller subsidy requests. Of course, putting yourself in the absolute best position in any market starts with getting buyers excited about your home. Pricing properly, doing listing preparation so your home shows well and is in move-in ready condition, and hiring an agent that will market your listing professionally are all within your control. Market conditions in a seller’s favor should not be relied upon as the sole factor to a great outcome.

The next Braemar Property Value Report will be out in May. Until then, or at any time, when you want to know your specific home is worth in the current market, reach out to me for a no obligation consultation. 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
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

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

Posted on March 8, 2023 by cacleland

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

The odd numbered months are always the busiest for this Braemar Real Estate Agent. Those are the months I compile the majority of my Braemar market reports. Today, the focus is on the Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

During the reporting period of January and February 2023, there were no Heritage home sales to report. This is only the third time this has happened since I started authoring these reports in 2005. The first time was January and February 2008. The second time was November and December 2010. Every other reporting period has had at least one sale to report. There is usually always something going on in our market. Thankfully, we are not a spring-only market.

Despite the lack of recent sales, the opportunity to look at trends still exists as the months of January and February 2022 drop off the year’s worth of sales I track and updated average and median values are run.

Starting with the sold price column, both six month values are below their corresponding twelve month values. This was the case last report as well. If you click that link and look at the report for November and December, you will see the gap between the six and twelve month value sets was much larger. The good news this report, even with no sales to report, is that the gap is narrowing between the six and twelve month sold prices.

Seller subsidy (closing cost help to buyers) also shows both six month values higher than their respective twelve month values. These numbers are also larger than they were last report. Not surprising at all given that we are looking back in time. Two thirds of the way through 2022 is when mortgage interest rates more than doubled from where they had started that year. With values steady, this impacted affordability for buyers. Many had to ask for seller subsidy to assist with rate buy downs to keep shopping in the same price points. Believe it or not, mortgage interest rates have a much larger affect on affordability than prices. The good news is that interest rates did back down from their high of 2022 and buyers have settled into the new normal of rates in the sixes and sevens.

Days on market shows that it took longer to go under contract in both six month values compared to their twelve month counterparts. When mortgage interest rates rose, buyer behavior changed. Gone was the frenzy to get under contract and offer way above list. Buyers were in the mode to deliberate and go in with a well thought out offer. This appears to be changing.

January started off with a lot of buyer demand and extremely limited inventory. Sometime in mid-February, buyer behavior started to mimic what we saw in 2020 and 2021. Multiple offers in a matter of days, above asking price and with minimal or no contingencies. If you thought you missed the best market to sell, turns out, you have another chance.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be surprised by seller subsidy requests, but they are avoidable. All the best offer terms come to sellers who have priced right, prepared their homes for market and hired an agent that professionally marketed the home. When buyers are excited about a property, no matter the price range, they compete. Market conditions alone (lots of buyers and not enough homes) are not something to be relied on solely for best results.

The next Braemar Property Value Report will be out in May. At any time, when you want to know what your Braemar home is worth in the current market, please don’t hesitate to get in touch and schedule a free consultation. Getting Braemar sellers the top of the market is my mission and it always starts with a friendly conversation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2022 (Ryan Homes)

Posted on January 24, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (Ryan Homes)

January is passing by fast and I’m down to my last two Braemar market reports. Today the focus is on houses built by Ryan Homes in our neighborhood. In this edition of the Braemar Property Value Report for Ryan Homes we will see how values, and other telling stats, ended the year.

During the months of November and December there were two Ryan homes that sold. Their sold prices were nearly one hundred thousand dollars apart. Ryan Homes built a large variety of homes from mid-size single family to much larger homes. The details of those sales are right below this paragraph.

The first thing to note is that neither sold for their list price. List price in these reports is the original list price. The Bainbridge model on Moss Tower had one price reduction, took twenty-five days to go under contract and gave a $20,250 closing cost credit to the buyer. The Avalon model on Ballagan never reduced its price, was under contract in six days and gave nothing in seller subsidy. Setting the right list price is much more important now that the buyer frenzy is gone.

Taking these sales and combining them with all the Ryan home sales back to January 2022, the six and twelve month markers tracked in this report are updated.

In the sold price column we see that both six month values are above their corresponding twelve month values. This would be indicative of values still pushing up in what is still a seller’s market. Just because buyers aren’t acting in a frenzy with mutiple offers within days, there is not enough inventory to meet demand. The rise of mortgage interest rates just made buyers act more deliberately.

Seller subsidy (closing cost help to buyers) has definitely increased over the last six months. Both six month values are higher than their respective twelve month values. Some sellers are even offering seller subsidy while sitting on a list price the market is rejecting. My advice to my sellers on offering any concession in the MLS is clear–don’t do it! Your buyer may not need it, but once it is offered, they are taking it anyway. Believe me, if a buyer needs closing cost help, they will ask you.

Days on market is showing increases in the last six months, which is not a surprise with buyer behavior having changed. Sellers can still set themselves up for a faster, more profitable sale by making sure they are priced right, their home is properly prepared for the market and that their listing agent is committed to professional marketing. Getting buyers enthusiastic about your home is where you hit the top of the market.

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 about two weeks. Seller subsidy requests are more likely these days, but remember, lifting buyer enthusiasm and making buyers fear they will miss out on a great find is where your negotiating power lies.

The next Braemar Property Value Report will be out in March. Between now and then, if you have been thinking of selling your home, let’s talk. I have been helping Braemar sellers reach the top of the market, no matter market conditions, for eighteen years. Put my considerable experience and well honed skills to work for you. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2022 (NV Homes)

Posted on January 23, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (NV Homes)

Happy Monday! This is my favorite day of the week. It helps that I absolutely love my job as real estate agent. I do remember dreading Mondays in virtually every job I held before finding my calling.

In today’s Braemar Property Value Report the focus is on houses built by NV Homes in our neighborhood and the sales activity from the last two months of 2022. During November and December, there was only one NV Home that sold. Details are listed below.

It hadn’t been an issue in deciding which list price to choose in 2019 to late last year because homes sold so quickly that sellers were not faced with lowering their prices. That’s not to say that sellers were able to get any price they slapped on a property. Some still had to come down in price, but none that I took note of in my BPVRs. Recently, as mortgage interest rates have gone up, and seller expectations are having a hard time catching up, I find myself in a position to make a determination when choosing list price. I decided it would be best to go with original list price.

In the sale above, it really does show how over pricing from the beginning can hurt a seller. Sellers may hear that they will be lucky to get a full list price offer then decide that they will go with a higher list price. Some think they need negotiation room. Believe me, there is no need for negotiation room in a market where buyer demand is still outpacing supply. This seller chose to list at $825,900. After twenty-seven days on the market and two significant price reductions, this home made a deal for $752,900 and the seller ended up giving seller subsidy (closing cost help.) Racking up days on the market is not a good thing. It makes buyers wonder what is wrong with a home if a property sits longer than two weeks.

Taking this sale and all the NV Home sales in Braemar that happened in 2022, the six and twelve month data points are updated as seen below.

The six month average sold price is slightly higher than the twelve month average sold price. This would be great if echoed by the six month median being higher than the twelve month median. Unfortunately, the six month median sold price has fallen significantly below the twelve month median sold price. It is far too soon to say that prices are softening. More information is needed. The market has definitely shifted away from buyer frenzy to more deliberate buyer actions.

Seller subsidy is higher in both six month values compared to their respective twelve month values. This is not surprising given the mortgage interest rate increases. Closing cost help is not an uncommon request from buyers struggling with affordability from both high prices and rising interest rates. However, a well prepared and professionally marketed home that is priced right will always set a seller up for the best negotiating position, possibly even avoiding seller subsidy.

Days on market have crept up significantly in the six month values compared to their corresponding twelve month values. With buyer behavior having changed, and some sellers still employing tactics of overpricing, the result is sitting on the market longer. Again, sellers hiring an agent who has experience beyond 2020 and 2021 and that buyer frenzy will stand a much better chance at not making mistakes that would have them linger on the market and sell for less than list price.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it to be under contract in two weeks to one month. (More likely two weeks if you hire an experienced, local agent.) You can expect seller subsidy requests. You are also unlikely to be working with more than one offer at at time. The key to getting buyers off the fence is creating buyer enthusiasm.

The next Braemar Property Value Report will be out in March. Until then, if you want to investigate what a sale in 2023 could mean to you, please reach out and let’s talk. With over eighteen years experience getting Braeamar sellers top of the market (no matter the market) I would love to do the same for you. Since 2005, No One Knows Braemar Better!

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

Posted on January 20, 2023 by cacleland

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

Before the weekend, booked with showings for my buyer-clients, I am getting out this most recent Braemar Property Value Report focused on Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

This report looks back to November and December 2022. During that time there were three Heritage homes that sold. Details are listed below.

First thing that pops out to me is that every one of these listings sold below their original list price. It seems as though sellers have been overly optimistic recently and feel they need room to negotiate. Unfortunately, if a listing is overpriced when it hits the market, you can bet on the fact that as the days on market kees going up, buyers are wondering what is wrong with the home. Pricing right from the beginning is the best strategy. Accumulating too many days on the market doesn’t equate to making more money in the long run, but less.

When combining these three sales and combine them with all the Heritage home sales in Braemar for 2022, the six and twelve month data points tracked herein are updated and reveal a shift in the market.

In the sold price column we find that both the six month sold prices have fallen below their respective twelve month sold prices. This is the first time we have seen this in a long time. Could be the beginning of softening values, but we need to see more sales in the next reports. Believe it or not, despite how it may feel, we are still in a seller’s market based on the fact that there are more buyers in our market looking than homes available to buy.

Seller subsidy (closing cost help to buyers) requests are more likely now due to the increase of mortgage interest rates we saw in the last six months of the year. Two out three of the most recent sales gave seller subsidy. Perhaps the best news is that with both median seller subsidy values at zero, more than half of sellers in both time frames did not give any seller subsidy.

Days on market are creeping up in both six month values compared to their corresponding twelve month values. Buyers are no longer acting in a frenzy, but are more deliberate when house hunting now.

If you placed your Braemar Heritage home on the market, priced to current conditions you could expect it to be under contract in about two weeks. As for whether or not you would have to give seller subsidy, a lot of that depends on the negotiating position you put yourself in. Setting a list price that isn’t over reaching, making sure your home is properly prepared for the market and having a local, full-time agent like myself that is committed to professional marketing is what gets buyers enthusiastic about your listing. And when buyers are afraid they are going to miss out on a home, you can get them to act quicker and ask for less in their offers for fear of losing a great property.

The next Braemar Property Value Report will be out in March. Between now and then, if you want to know what a 2023 sale would mean for you, I would love the chance to consult with you. With over eighteen years experience in this business, it is my pleasure to put my skills to work for my fellow Braemarians and get them the max the market will allow. Since 2005, No One Knows Braemar Better!

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

Posted on January 15, 2023 by cacleland

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

It is a sunny, but windy and cold Sunday in Braemar today. I am quite happy to be sitting at my desk and typing up this latest Braemar Property Value Report. In this edition the focus is on sales of the Arista homes in our neighborhood during the months of November and December. Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is by far the most commonly seen in Braemar.

During the last two months of 2022, there was only one Braemar Arista home that sold. Detials of that sale are posted below.

It is great to see that this Canterbury, with a finished basement, five bedrooms and five and a half bathrooms sold at list price. This was a rare occurrence in our neighborhood of a home having a pool as well. Just as good to see as a full list price sale is the fact that the sellers gave no seller subsidy (closing cost help to the buyer.) And it was under contract quickly in six days.

Taking that sale and combining it with all the Arista home sales in Braemar dating back to January 2022, the year’s worth of sales is broken out into the six and twelve month data points tracked in this report.

It is good to see that sold prices are still going up. It may not be by leaps and bound, but upward growth is upward growth. This is discerned by seeing both the six month sold prices above their corresponding twelve month sold price. This is indicative of still being in a seller’s market.

Seller subsidy is absent in all values except the twelve month average value. This tells us two things. Braemar Arista home sellers in the last six months have given no closing cost help. And in the last twelve months, more than half of Braemar Arista home sellers gave none. Pretty amazing to see despite the increase we have seen in mortgage interest rates. Another sign of a continued seller’s market where demand is higher than supply. Frenzied buyer behavior is the only thing has changed to be more deliberate. The days of multiple offers going ten percent or more over list price are gone.

Days on market are creeping up a bit, as evidenced by both six month values being longer than their respective twelve month values. Nothing here to panic about, just note the change in buyer behavior again. Buyers are acting much more deliberately than they did in 2020 and 2021.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect that it would be under contract in two weeks or less. Just based on the buyer demand I see happening now in January, you may be under contract in a week. You may also get away with not giving closing cost help, but your property had better be properly prepared for market and professionally marketed to lift buyer enthusiasm. The goal is to get a buyer so excited to act that they don’t delay and don’t over-ask in their offer for fear of losing your home.

If you have considered buying an investment property in our neighborhood, or have a friend or family member looking for a townhouse in Braemar, please stop by he open house at my new listing at 10158 Pale Rose Loop today, Janaury 15th (2023) from 1pm-3pm.

The next Braemar Property Value Reports will be out in March. Until then, it does seem that the beginning of this year will be strong for sellers. If you want to investigate what a sale would mean for you, please reach out for your complementary consultation. With over eighteen years experience in our market, it is my pleasure to put my skills to work in getting you the top of the market. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: September-October 2022 (Arista Series)

Posted on November 11, 2022 by cacleland

Braemar Property Value Report: September-October 2022 (Arista Series)

November and the switch back to standard time sure did seem to get here sooner than my internal calendar was telling me it should. Yet another circumstance of life that is beyond our control. All we can do is adjust our surroundings and attitude. Leaving a lot more lights on at home and starting a vitamin D supplement are great plans of attack for those who feel themselves internally sinking this time of year.

Staying focused on my work as a Top Producing Braemar Real Estate Agent keeps me going at all times. Today I bring you the first in the latest series of Braemar Property Value Reports, all researched and produced by me. I am a real estate geek through and through. This report details recent sales with the Arista Series. These are the largest single family houses built by Brookfield Homes in our community and include three floor plans: Allister, Buckingham and Canterbury. By far and away, the Canterbury is the most prevalent in Braemar. Let’s dive right in.

There was only one Arista home that sold during the current report period of September and October 2022. Details of that sale are listed below.

This particular sale, given the steep rise in mortgage interest rates that happened in the third quarter, is actually filled with good news. It sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in fifteen days. Fifteen days may feel like forever compared to the three to five days we had been seeing during the buyer frenzy of the seller’s market of the past two to three years. However, having done the research for each of the Braemar Property Value Reports yet to be published, I can tell you this was a sale that occurred in a very reasonable time frame.

Combined with the Arista home sales going to back to November 2021, the six and twelve month data points presented in this report are updated as seen below.

Starting in the sold price column, the gap is narrowing between the six month value and their corresponding twelve month values compared to last report, but six month values are still higher. Our Braemar real estate market is not experiencing decreasing prices at this time, but a leveling out at worst or a more sustainable rate of growth. With mortgage interest rates more than doubling since the start of 2022, home values were not going to follow suit and gain ten percent in a matter of a month or two.

Seller subsidy is something I am seeing in the overall market, but not really represented in the Arista Series average values here. Don’t expect that to continue if mortgage rates continue to climb. Good news at this moment is that rates have come down from the sevens and are back in the sixes.

Days on market is in a good overall place for Arista homes. The six month average marketing time is actually faster than the twelve month average marketing time. And the median values are identical at eight days. Single digits is not something I expect to continue seeing in future reports, but how long it takes to sell a home involves a lot of factors. Our buyer demand is still high enough to be considered seller favored. As we continue to build inventory, this may shift to a more stable market.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or so. You may be able to get away with giving no seller subsidy, but you better be offering a home that builds buyer enthusiasm. That can be achieved with proper preparation and professional grade marketing. Of course, landing the right list price given the current conditions is more important now.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness the year end holidays have to offer. If a move is something you find on your short term horizon, don’t panic. Our market moves year round and our year end selling season is a very powerful one. It would be my pleasure to help you take advantage of it. Since 2005. No One Knows Braemar Better!

Typed with this gorgeous girl resting on my arm.

Selling Braemar

Braemar Real Estate Information Courtesy of Chris Ann Cleland, Associate Broker, Long & Foster Real Estate

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