Braemar Property Value Report: January-February 2019 (NV Homes)

Braemar Property Value Report: January-February 2019 (NV Homes)

Doing a quick spray of windshield fluid and swipe of the wiper blades yesterday I noticed quite a bit of pollen.  Spring is here!  Of course, we won’t know about the actual spring market real estate values until we have moved past it, but right now we have a chance in this edition of the Braemar Property Value Report to look at the first two months of 2019 and what is happening with NV Home values in the neighborhood.

Unfortunately, there were no NV Homes that sold during January and February.  However, that doesn’t mean we don’t get updated data points.  The six and twelve month weigh points we use for market indicators shifts every report.  Right now, this is what the six and twelve month values look like for NV Homes.

Let’s start with sold price.  The six month average sold price is slightly above the twelve month average sold price.  That’s good news!  However, the six month median sold price is $25,000 less than the twelve month median.  Not good news.  And without any NV Homes sold in our current reporting period, well, that leaves this experience Braemar Real Estate Agent to go with her gut.  There is incredible demand for homes in our neighborhood, though most demand seems to be below the $500,000 price point.  NV Home prices are most likely stable, but we’ll need to see some sales to be definite about it.

Next up, seller subsidy.  There is a very clear indication of a market trend here.  Both the six month average and median values are higher than their twelve month counterparts.  This means sellers have been giving more closing cost help to their buyers in the most recent sales.

Finally, we come to days on market.  You probably remember that our region switched to a new MLS system in the late fall and that the new MLS system calculates this figure differently.  Until we have a year’s worth of data under our new Bright MLS, or Bright decides to calculate days on market the way our previous MLS did, we have apples compared to oranges.  While there isn’t a lot of change from the six month marketing time values to the twelve month marketing time values, it is more likely than not that just the new MLS system will scare us with an increased days on market in recent sales.  The good news is that when I run comps for individual home owners, I can manually calculate marketing time given the information on the listing.

If you placed your NV Home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about a month.  You could also expect to give about 1.5% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in late May.  Until then, when you see a move on your horizon, give me a call for your home’s specific value in the current 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

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Braemar Property Value Report: November-December 2018 (NV Homes)

Braemar Property Value Report: November-December 2018 (NV Homes)

The forecast is not looking good for tomorrow afternoon.  Warnings are coming through loud and clear in the weather reports I’m hearing on the radio.  I’ll trust the meteorological pros and stay off the roads in the late afternoon and evening.  My area of expertise is Braemar real estate.  Speaking of Braemar real estate, it is time for another Braemar Property Value Report, focusing on sales of houses built by NV Homes in our neighborhood.  This reporting period covers November and December 2018.

During the last two months of last year, there was only one NV home that sold.  It was a Wynterhall model that sold price $615,000.  The details of that sale are as follows:

Taking that sale and combining it with all the NV home sale data from 2018, we get updated six and twelve month data points. Let’s see what those new values are telling us.

Even with the high sold price in our current report, the six month average and median sold prices are both below the twelve month average and median sold prices.  That indicates that NV home values are beginning to dip.  Not surprising because the larger homes in our neighborhood built by Brookfield Homes are also showing a dip in value.

When it comes to seller subsidy (closing cost assistance for buyers) is also showing a trend not favorable to NV home sellers.  Both the six month average and median seller subsidy values are higher than their twelve month counterparts.  Sellers are giving more in closing cost help.  Even the most recent sale gave seller subsidy higher than the most recent average and median values.  

Days on market, or marketing time as I like to call it, shows yet another unfavorable seller trend.  The six month markers shows it takes longer to go under contract than the twelve month markers.  However, this may not necessarily be true.  In mid-November, our region switched to a new MLS system which counts days on market differently.  It will be this time next year before we have a true apples to apples comparison on marketing time.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in less than two months.  You could also expect to pay less than 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in late March.  If you would like to sign up for email delivery of the full, letter size report, email me at ChrisAnn@LNF.com.  Of course, when the time comes when a sale may be on your horizon, give me a call at 703-402-0037.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com