Braemar Property Value Report: January-February 2023 (Ryan Homes)
It is a quiet and dreary Sunday in Braemar, except for the excitement of a fleeting snowstorm. What a perfect way to experience snow. It fell rather heavily for about an hour, but never accumulated. Sitting in my home office sipping hot tea, it was a scene that soothed my soul. After a very busy Saturday showing property from Winchester to Stafford to different buyer-clients, bringing you another Braemar Property Value Report feels down right relaxing.
This particular report focuses on houses built by Ryan Homes in our neighborhood. This reporting period covers the first two months of the year in terms of resales and takes a look at updated six and twelve market markers to see where our market is trending. I’m here to tell you, the trends I have been seeing in most of the Braemar Property Value Reports I type are not ones that will be reflected in future reports, but we’ll get to that later.
During the months of January and February, there was only one Ryan home that sold in our neighborhood. Details of that sale are listed below.
It is rather discouraging, after the barnstorming buyer demand our market has experienced to see a single family home in Braemar sell for forty thousand below list and take thirty-seven days to go under contract. The positive in this sale, going by what we see in these stats, is that the seller gave no seller subsidy (closing cost help to buyer.) When you take a look at the listing photos, it is an appealing, albeit basic home lacking in professional grade marketing. Professional marketing is one of the key ingredients to lifting buyer enthusiasm. When buyers are excited about a home, they are more likely to act quickly and decisively. And sellers are certainly more likely to get a reasonable list price in an offer, if not more, when buyers are excited about the property.
Combining this sale with the Ryan home sales in Braemar dating back to March 2022, the six and tweleve month data points tracked in this report are updated as seen below.
The sold price column shows a trend I have seen in nearly all the Braemar Property Value Reports from this reporting period. Both six month sold prices have fallen below their twelve month sold prices. It is not by a lot and given the extreme amount of buyer demand we are experiencing since February, it is unlikely this trend will continue downward. Buyers have gotten used to the higher mortgage interest rates and are back in the market acting much more quickly and decisively. Multiple offers are being seen again, as well as the waiver of contingencies. Both of these things had fallen off in the vast majority of sales as of mid summer 2022.
Seller subsidy shows only values in the average data points. And it is no surprise to the see the six month value being higher than the twelve month value. What is nice to see is that both six and twelve month median seller subsidy numbers are zero. This means more than half of the Ryan home sellers in both time periods gave no closing cost help.
Days on market shows a slight increase in marketing time in both six month values compared to their corresponding twelve month values. Given the pause of the overwhelming buyer demand in the latter part of 2022 and even in January this year, this is not unexpected. I suspect six month marketing times will be coming down in future reports given current market conditions.
If you placed your Ryan home on the market, prriced to current conditions in Braemar, you could certainly expect to be under contract in a week. You should also not be alarmed at closing cost requests. However, as mentioned earlier in this report, the way to get the best outcome when you list for sale is to make sure you are properly priced, the home is well prepared and that it is professionally marketed. Market conditions alone are no guarantee of the best outcome.
The next Braemar Property Value Report will be out in May. If you would like to know what your specific home is worth at any time, don’t hesitate to reach out. It is my pleasure to walk through the ins and outs of our Braemar market and get you the most it will bear when you sell. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate