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

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

Despite the dreary weather this Saturday, the local real estate market is hopping. Showing houses during the misty precipitation today was a downer for a buyer-client who loves to see how much light a home gets. The second buyer-client of the day seemed unphased by the weather and had nothing but good things to say about the home she saw, even though it was decorated in a manner that didn’t suit her tastes. Beauty is in the eye of the beholder and a lot of things can influence that first impression, like a dreary day. Leaving lights on if you had showings on your listing on a dreary day is the best thing you can do.

That’s probbably more information than you expected in the open of this Braemar Property Value Report, focused on Carriage homes in our neighborhood. This edition looks back to the Carriage home sales from March and April. Carriage homes, I should clarify, are small to mid-sized detached homes characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

During the months of March and April there were two Carriage homes that sold in Braemar. The details of those sales are listed below:

In the most recent sales, one was the largest Carriage home floor plan available with a two car garage. The other was second to the smallest Carriage home floor plan with no garage. Each had a fully finished basement, but the larger was the only one with a basement exit. Neither gave seller subsidy (closing cost help to buyer) and they were both under contract in less than one week. Of course, they each sold well above their list prices.

When combined with all the Braemar Carriage home sales dating back to May 2022, the six and twelve month data points tracked in this report are updated as seen below:

Starting with the sold price column, this is the third straight report where both six month sold values are lower than their corresponding twelve month values. In a vacuum, that is not great news. However, the differential in both the average and median data sets is getting smaller compared to the Janaury/February 2023 report and the November/December 2022 report. Values are indeed headed back up and it is no surprise based on the severe inventory shortage our market is experiencing.

The seller subsidy column is showing improvement compared to what we saw last report. And with the two most recent sales detailed in this report, not one gave any seller subsidy. Given the high buyer demand and scarce inventory, the conditions are ideal to avoid seller subsidy requests all together. However, as mortgage interest rates drift up, it is not a given as buyers may legitimately need the assistance to buy. How your home is prepared for market, how it is priced and how it is marketed all matter in what your ultimate outcome will be when selling.

Days on the market have come back down compared to last report. Braemar Carriage homes are a hot item when they hit the market. They always have been. What we are seeing reflected in the six and twelve month values above is the change in buyer behavior that had waned a bit at the end of last year and beginning of this year.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also set yourself for avoiding seller subsidy requests by making sure buyer enthusiasm is as high as it can get on your home. That’s what full-time, professional marketing agents like myself do. It certainly helps to know this community like the back of hand, calling it home myself.

The next Braemar Property Value Report will be out in July. I suspect we will see even more favorable numbers next report. Until then, if you want to know what your Bramear home is worth right now, get in touch for a no obligation consultation. It is my pleasure to chat with you about our local market and how we can set you up to maximize your take when you sell. 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 (Carriage Series)

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

Spring may not be officially here, but the change of season is in the air. Trees were budding and flowers were blooming even in late February. Has the spring real estate market started? You bet it has. Since becoming a real estate agent in 2005, I can tell you that January is the month that buyers kick into action. As of right now (early March,) they are competing hard for the homes available to buy.

In this edition of the Braemar Property Value Report, the focus is on what has happened in the first two months of the year, where our six month data points are compared with our twelve month data points and what is projected in the world of Carriage homes. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

In January and February there were three Braemar Carriage homes that sold. This is great to see since there were no Carriage home sales in our neighborhood in November and December. Details of the sales from the first two months of the year are listed below:

All of these sales were of three upper level bedroom Carriage homes: Maplewood and Norwood floor plans. These are the two smaller of the four available Carriage homes in our neighborhood. Each sold at or above their list price. That was not the case in September and October as sellers were coming to grips with the fact that buyer behavior had changed as a result of the steep increases to mortgage interest rates. They each gave something in seller subsidy (closing cost help to buyers,) though only one gave what was probably close to all of the closing costs of that buyer at $12,800. Finally, two were under contract in a week or less, and one took about one month to find its buyer.

Taking all three of these sales and combining them with the entire past twelve months of Braemar Carriage home sales, the data points tracked in this report are updated as follows:

Starting with the sold price column it is disconcerting to see that both six month sold prices have fallen below their respective twelve month sold prices. This happened last report as well, but as there were no sales to report in November and December, it wasn’t as alarming. Being engaged full-time in our real estate market, I know first hand that values haven’t dropped as much as they are no longer accelarating wildly upward. Looking into the last six months of sales, two-thirds of them are the smaller three bedroom floor plans. The last twelve months of sales are as close as you can get to a fifty-fifty split with an odd number with three bedroom models having the one house advantage. My gut is telling me that this drop of six month sold prices below the twelve month prices is really just a reflection of smaller homes dominating the Braemar Carriage home market in the last six months.

Seller subsidy, in both six month values compared to their corresponding twelve month values, has gone up. This is not surprising. The rise of mortgage interest rates was steep and did fall back into the sixes and sevens after hitting the eights last year. Buyers have settled with this being the new normal, but it doesn’t make houses any more affordable as values really haven’t dropped noticeably. Closing cost help requests are much more common. However, as we hit mid-February, buyer behavior started to repeat what we saw in 2020 and 2021. I have personally represented a seller who received multiple offers in January, and represented buyers who competed in multiple offer situations in February. The difference a month makes is huge. Some buyers are back to waiving contingencies, offering above list and not requesting seller subsidy.

Marketing time in both six month values has increased when compared to their respective twelve month values. Again, not surprising given the buyer behavior change that came over the market in mid to late summer last year. I think we will see marketing times speed up again as buyers compete over limited inventory.

If you placed your Braemar Carriage 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 shocked at seller subsidy requests. Avoiding the pay out of closing costs to buyers and getting top dollar in this seller’s market is not a secret formula. Pricing right, having properly prepared your home for market and hiring an agent that professionally markets is what drives up buyer enthusiasm. Buyers may need a home, but if they aren’t excited about yours, the time it takes to sell and terms you eventually see in offers are not going to be as seller favored as they could be.

The next Braemar Property Value Report will be out in May. Until then, if you felt remorse at having missed the sale of your home in 2020 or 2021, early 2023 presents a great opporunity. Find out what your specific home is worth in the current market. Get in touch for your complementary consultation. It is one of my greatest pleasures to help my Braemar neighbors hit the top of the market when they sell. 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 (Carriage Series)

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

Being well into 2023, it is time to take a look back at the end of 2022 and the Braemar real estate market as it pertains to Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

This edition of the Braemar Property Value Report looks back at the Carriage home sales from November and December. During that time period, for only the third time since I have started this report in 2005, there were no Braemar Carriage homes that sold. That is not because they were languishing on the market and not being chosen. There were none listed.

Despite not having sales to report, dropping the November and December Carriage homes sales from 2021, our year’s worth of Braemar Carriage home sales now breaks down to these updated six and twelve months values.

Starting in the sold price column, it is unusual to see both six month sold prices below their corresponding twelve month sold prices. This could be an indication that Carriage home values are softening, but more sales data is needed before that can be determined. From my experience in the market, I think this is an anomaly. Our Braemar market is still experiencing high demand and very little inventory.

Seller subsidy (closing cost help to buyers) is present only in the six and twelve month average values, not in either of the median values. This means that more than half of Braemar Carriage home sellers in both time frames gave nothing in closing cost help. Certainly, creating buyer enthusiasm and getting them to act decisively and quickly on your home for fear of missing out, is what gets some sellers great results and lack of that enthusiasm has others lingering on the market.

Days on market lengthened in both six month values compared to their respective twelve month values. Overall, this is not concerning. With the limited inventory and high demand, Braemar homes are still selling relatively quickly.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also put yourself in the best negotiating position possible by having enlisted the help of a seasoned, local agent like myself to guide you in listing preparation and pricing, and provide you with professional marketing to get buyers excited about your home.

The next Braemar Property Value Report will be out in March. Until then, if you would like to talk about a possible 2023 sale, it would be my pleasure to meet with you. Helping Braemar sellers get the top of the market is something I take very seriously. 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: May-June 2022 (Carriage Series)

Braemar Property Value Report: May-June 2022 (Carriage Series)

Summer is heating up. Is the Braemar real estate market still hot? In this edition of the Braemar Property Value Report the answer to that question and the general health of our real estate market will be addressed as it relates to Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

During the months of May and June, there were six Carriage homes that sold in Braemar. Details of those sales can be found below.

At first glance, I notice that four out of six are the smaller of the four floor plans in the Carriage Series. All sold above list price and very quickly. Only one gave any seller subsidy, also known as closing cost help. The sale highlighted in pink was my listing at 9477 Cromarty Court. I was so pleased to get the highest sold price on record for the smallest floor plan (the Maplewood) in the Carriage Series with this one. The sellers did a fantastic job updating the home and making the small kitchen space more useful. That, the lot and the professional marketing that I offer all of my Braemar sellers did the trick in creating buyer enthusiasm and driving up the price. And if you can believe it, the sellers didn’t pick the highest offer! It’s not always about price to a seller.

Taking all six of these sales and combining them with the Braemar Carriage home sales going back to the beginning of the third quarter of 2021, one year’s worth of sales data is broken down into six and twelve month data points.

Looking first at the sold price column, we see both six month values are higher than their respective twelve month values. This means Braemar Carriage homes are continuing to gain value. The lifts each six month value has above its twelve month value is not as high as it was last report. This is consistent with what we are seeing as the seller’s market with limited inventory and high buyer demand, is dealing with steep mortgage interest rate increases. Buyers are not as frenzied as they had been going back to 2020. Their actions are more deliberate. We will continue to see values increase, but not as quickly. Expect more steady growth going forward.

Seller subsidy is more of a factor than it was last report. One sale out of seven in the past six months gave the substantial amount of seller subsidy we see in the details of the recent sales. Over the twelve month period, three out of sixteen Carriage home sellers gave seller subsidy. This is also something we are likely to see change as mortgage rates further squeeze affordability for buyers. Best news right now is that more than half of Braemar sellers in both time frames gave none. Don’t want to give up seller subsidy when you sell? Hire an agent that knows how to drive up buyer enthusiam through professional marketing and negotiate skillfully on your behalf.

Days on market is remaining as fast as it has been. These in demand Carriage homes in Braemar are getting gobbled up by the market in a week or so max. This may increase as there is a seasonal disconnect between buyers and sellers in July and August. Sellers rush to market thinking it is a great time to list when the kids are out of school. Buyers, who have been searching since the early part of the year are weary and think it’s a great time to go on vacation. It’s a seasonal wobble that happens almost every year.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or so and if you hired an agent that is professionally marketing your property, give nothing in closing cost help. You could also expect to see two offers if you are lucky. The glut of multiple offers is over as buyers are acting more deliberately. You will likely see home inspection contingencies and appraisal contingencies again. Our market is normalizing in that respect.

The next Braemar Property Value Report will be out in September. Until then, enjoy the rest of your summer with some fun in the sun. And if you want to investigate what a sale in the near future would mean to your bottom line, or how it would choreographed with your next purchase, get in touch for your complementary consultation. It’s my pleasure to help my Braemar sellers reach the top of the market with my many years worth of well honed skills. I also represent plenty of Braemar buyers. Maybe my new listing at 12607 Cessford Drive will hit the spot. 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: September-October 2021 (Carriage Series)

Braemar Property Value Report: September-October 2021 (Carriage Series)

The year end holidays are rapidly approaching and for so many, things slow down a bit this time of year. Does it slow down in the world of Braemar real estate? Not as much as you may think. In this edition of the Braemar Property Value Report I will show you how Carriage homes in Braemar fared in the months of September and October. If you are unfamiliar with what constitutes a Braemar Carriage home from any other home in our neighborhood, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were three Braemar Carriage homes that sold during the current reporting period. Coincidentally, that is the same number of Carriage home sales that happened in the previous reporting period. Details of the sales from September and October are listed below:

At first glance, the things that stand out to me in the sales above are that only one of the three sold significantly above its list price. One of three gave a significant amount of closing cost help. And one of the three took longer than single digits to sell. When combined with the entire previous twelve months of Braemar Carriage home sales, the six and twelve month data points are updated as seen below:

Starting with the sold price column, we still see significantly higher prices in both six month values when compared to their respective twelve month values. Increases in value are always great news to Braemar Carriage home owners. However, the six month growth rates seem to have waned a bit. Last report, the six month average growth rate was 7% and the six month median growth rate was 10%. In this report, the month average growth rate has dropped to 5%. The six month median growth rate is also at 5% this report. Could it be that the market is shifting? Only time will tell so looking to future Braemar Property Value Reports will give more of an indication of any trends. For now, the trend is still upward growth in value.

Seller subsidy is where we learn how much closing cost help Braemar buyers were able to negotiate from their Carriage home sellers. Seeing one Braemar Carriage home sale this report with nearly 2% seller subsidy is certainly unusual. In the entire past twelve months of Braemar Carriage homes sales there have been only two of twenty that have given any seller subsidy. Timing wise, it was one sale this report and one sale last report. This definitely indicates a cooling of the buyer frenzy we have seen throughout 2020 and in the first half of 2021. While conditions still favor sellers, the herd of buyers is thinning out and the ones remaining are not as quick to act, and able to ask for more.

Days on market is really very stable. The six and twelve month average marketing times are five days, while the six and twelve month median marketing times are at four days. Braemar Carriage homes are selling very quickly.

If you placed your Braemar Carriage home on the market, priced to current conditons, you could expect it to be under contract in one week, maybe two max. You could also expect to have some seller subsidy requests. The amount you are able to knock it down will largely by determined by the negotiation strength of your listing agent.

The next Braemar Property Value Report will be out in the New Year. Until then, if the need arises to sell your Braemar Carriage home, know that the year end market is one of the most powerful a seller can encounter. Inventory shortage along with strong emotions regarding “home for the holidays” with serious buyers are factors that can equate to a very profitable sale. Of course, hiring a local, professional marketing agent like myself is a key to maxing your profit when selling. Even in a seller’s market, money can be left on the table through lack of preparation and poor marketing, which do not create buyer enthusiasm. Don’t let that happen to you. Get in touch with me for a no obligation consultation. 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: July-August 2021 (Carraige Series)

Braemar Property Value Report: July-August 2021 (Carraige Series)

Even though it is technically still summer until September 21st, after school starts and we begin the month of September, it feels like the unofficial beginning of fall. July and August sure went by in a flash, and with them more Braemar Carriage home sales to report in this edition of the Braemar Property Value Report. Since this report focuses solely on Braemar Carriage home activity, it is important to know what defines a Carriage home in our neighborhood. They are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

During the current reporting period, there were three Braemar Carriage homes that sold. The final sold prices ranged from $531,000 to $615,000. Details of those three sales are listed below:

Sold prices keep marching up. For specifics on how the market is doing, let’s take a look at our updated six and twelve month data points.

Starting with the sold price column we see big increases from both the twelve month average and median to their respective six month average and median values. The jumps were 7% and 10% in value. Last report, we saw values jumps of 6% and 8%. Braemar Carriage homes, despite what was overall a slowing in the market during the summer months, have appreciated at an even better rate than previous reporting. As I recall, Braemar Carriage homes were the least impacted by lack of sales in our real estate crash over a decade ago. These homes will be the last to show any slowing of the market.

Seller subsidy is where we see how much closing cost assistance buyers were able to negotiate from their Braemar Carriage home sellers. The six and twelve month average seller subsidy numbers indicate that across the board, very few buyers even ask for closing cost help. The six and twelve month median values at zero show us that more than half of buyers in both time frames needed no closing cost assistance.

Marketing time is still super fast. We see single digits down the line with the only change being a one day decrease from the twelve month average marketing time of five days to the six month average marketing time of four days. Carriage homes are always one of the hottest selling homes in Braemar. That also makes them one of the smartest investor purchases in our neighborhood.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could also expect to give no seller subsidy as buyers continue to compete to get under contract.

Just because we are entering the year end market does not mean that the real estate market will slow. In fact, it is typical for activity to pick up about this time as folks are done with vacations. More importantly, the Federal government’s new fiscal year starts October 1st, filled raises and new job opportunities for employees and contractors.

The next Braemar Property Value Report will be out in November. Until then, get in touch with me to find out what a sale in the near future would mean for you both financially and logistically. 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: May-June 2021 (Carriage Series)

Braemar Property Value Report: May-June 2021 (Carriage Series)

Monday is my favorite day of the week. It is a day to start fresh and get working. Certainly, when you love what you do, a new work day is never a bad thing. And as a Top Braemar Real Estate Agent, I can tell you that I indeed love what I do. As proof of that, I bring you this latest edition of the Braemar Property Value Report for the Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were six Braemar Carriage homes that sold in the months of May and June. The details of those sales are listed below:

First amazing thing about these six sales are their sold prices. Two of the six are $600,000 or more. And the biggest jaw dropper is the second smallest of the Carriage Series, a Norwood model on Tombreck selling for $581,600. That is a lot of money for a three bedroom Carriage home to pull.

Taking all six of these sales and combining them with the entire past twelve months of Braemar Carriage home sales, the six and twelve month data points are updated and reveal the fruits of the seller’s market.

Starting with the sold price column, both the six month average and six month median sold prices are substantially higher than their respective twelve month sold prices. This means Braemar Carriage homes are gaining a lot of value as a result of the frenzied buyer demand.

The seller subsidy column is where we find out how much closing cost help buyers have been able to negotiate from their sellers. The zeros in all but the twelve month average slot tell us that buyers are having to forego closing cost requests to get their offers accepted in multiple offer scenarios. In fact, the only reason there was even a value in the twelve month average seller subsidy is that one Braemar Carriage home seller gave $600 in seller subsidy in their October 2020 sale. That was probably a home inspection repair credit, judging by the amount.

Days on market reveals low, single digits all the way down the column, with only a one day quickening form the twelve month average to the six month average. Braemar Carriage homes are selling extremely quickly in the seller’s market.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to give nothing in closing cost help.

The summer months are experiencing less demand than we have seen up to the end of June, which is where this report ends. That doesn’t mean buyer demand has dried up. Inventory has increased and some buyers have taken the summer off as they travel and take vacations. A summer slow down in buyer activity and increase in seller listings in typical for our market. Even though there are still more buyers than there are listings, you may not get crazy amounts of offers in a weekend.

The next Braemar Property Value Report will be out in September. Until then, when the need arises for you to sell, understand that buyer enthusiasm is where the highest possible price comes from, no matter than market. Buyer enthusiasm is created by doing the right listing preparation and being professionally marketed, even in seller’s market. I have been helping Braemar sellers with both for a long time. 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 2021 (Carriage Series)

Braemar Property Value Report: January-February 2021 (Carriage Series)

Have you been wondering what your Braemar Carraige home may be worth in the 2021 seller’s market? If so, this is exactly where you need to be. Welcome to another edition of the Braemar Property Value Report focusing on Carriage homes in our neighborhood. For those unfamiliar, Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

During the first two months of 2021, there were two Braemar Carriage homes that sold. Both were the smallest model of Carriage home available, the Maplewood. Nonetheless, when you see the details of the sale below, your jaw may fall open.

These are record high sold prices for Maplewood Carriage homes. And I can assure you, there is no home sold right now that isn’t capable of breaking a record. Buyer demand is out of control and our supply is very limited.

Taking the sales from January and February, and combining them with the sales from March 2020 to the end of 2020, we have an entire twelve months of Braemar Carriage home sales data. From that, the six and twelve month data points are updated as seen below.

Starting in the sold column, you notice that both the six month average and six month median sold prices are higher than their respective twelve month values. Braemar Carriage homes are a hot commodity, particularly as larger single family homes are ceasing to be affordable to many buyers.

In the seller subsidy column we learn how much closing cost help sellers agreed to give buyers. The six month average seller subsidy is incredibly low compared to the twelve month average seller subsidy. Meanwhile, more than half of the Braemar Carriage home sellers in both time frames gave absolutely nothing in closing cost help. To get their offers accepted in intense multiple offer situations, buyers are having to waive these requests and in more and more cases, many contingencies.

Days on market brings no surprises considering the fast pace of our current market. The six month average marketing time is half what it was in the twelve month average. In agreement, the six month and twelve month median values show four days of marketing time.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in four to five days. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in May. Until then, if you have been considering the sale of your Braemar Carriage home, being in a seller’s market is not enough to guarantee the next highest sold price. Professional marketing, no matter the market is what it takes to create the buyer enthusiasm that pushes you to the absolute max the market will bear. Get in touch with me for a no obligation consultation on what a sale in 2021 could mean for you. 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 2020 (Carriage Series)

Braemar Property Value Report: November-December 2020 (Carriage Series)

What does a Top Braemar Real Estate Agent do in her spare time? Braemar Property Value Reports of course! There is no such as work when you love what you do for a living. I imagine when I worked at a radio network, in a cubicle down in Arlington, nine to five , I would have hated doing anything resembling a market report. Not now. Today, I bring you the Carriage Series edition of the Braemar Property Value Report, detailing sales from the last two months of 2020. In case you are not familiar with them, Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were three Braemar Carriage homes that sold in November and December. The details of those sales are listed below:

Taking these sales and combining them with all of the Carriage home sales in Braemar for 2020, we get updated six and twelve month value points, pictured below:

Starting with the sold price column, we see both the six month average and six month median sold prices are higher than their respective twelve month values. This means that Braemar Carriage homes have been increasing in value in the shorter term. Not surprising given the intense buyer demand and lack of inventory.

Moving to the seller subsidy column, we see what buyers were able to negotiate in closing cost help from their sellers. The six month average seller subsidy is only $55, compared to the $1,874 twelve month average seller subsidy. That’s quite a reduction. Of course, both the six month and twelve month media seller subsidy values are at zero. That means more than half the Braemar Carriage home sellers gave no closing cost help. Obviously, looking at the three most recent sales where no sellers gave any seller subsidy, buyers are having to forego closing cost help requests to get under contract in multiple offer scenarios.

Days on market, down the entire column, shows very low marketing times that have shrunk in the six month values compared to their respective twelve month values. Braemar Carriage are getting immediate attention from buyers. Of course, in the most recent sales, we see a home sale that took over two weeks. Price for size and condition may have been a factor there.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect to be under contract in less than one week. You could also expect to give no seller subsidy.

The next Braemar Property Value Report will be out in March. Until then, when the time comes for you to sell your Braemar Carriage home, get in touch with me and find out how my neighborhood expertise and professional marketing will get you even more money from your home sale. 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: September-October 2020 (Carriage Series)

Braemar Property Value Report: September-October 2020 (Carriage Series)

As I stood in my living room yesterday afternoon, making a new spot for our Christmas tree, I couldn’t help but feel odd about the passage of time this year. During the spring, when we were under shelter-in-place orders by the Governor, time seemed to pass so slowly. Lately, it has been zipping past. Obviously, as a Top Bristow Real Estate Agent, the passage of time to me is often tied to how busy I am. In the spring things were a bit quiet, but folks were still selling and buying. Lately, the Bristow real estate market has been a break neck pace. And there’s been so little inventory if you reference a property by street name, odds are another full-time agent in the market will know exactly which home you are talking about and have at least one buyer in mind for it.

Today I bring you the most recent Braemar Property Value Report for Carriage homes in Braemar, looking back to the months of September and October. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale. And this time of year, it is worth mentioning, they remind me very much of a home you would see in a Christmas tree village scene.

During the last two months, there were five Braemar Carriage homes that sold. Their final sold prices ranged from $445,000 to $506,000. Details of all five sales are listed below:

Just looking at this list of homes sold, I know I showed three of these properties and wrote three offers for different buyers on them. Seems that no matter how many homes are selling, our market needs more. Taking these five sales and combining them with the entire past twelve month of Carriage home sales, the six and twelve month data points are updated to give us a refreshed picture of what’s happening in the market.

First stop is the sold price column. Here we see what I would expect to see–both the six month average and six month median sold prices are higher than their respective twelve month values. This means Braemar Carriage homes are still gaining value, and in healthy strides.

Seller subsidy is where we get to learn how much closing cost help sellers agreed to give buyers in their transactions. While four of the five most recent sales gave nothing, only one sale gave a small credit, which I suspect was negotiated for inspection repairs. As a result of sales like the most recent ones, the six month average seller subsidy has significantly decreased compared to the twelve month average. Meanwhile, both the six and twelve month median seller subsidy values remain at zero, which means more than half of sellers in both of those periods gave nothing in closing cost help. Again, not surprising given the intense buyer demand and lack of inventory. Buyers are having to foot their own bill to purchase in this market.

Last up is the days on market column, or marketing time, as I like to call it. The six month average marketing time was two days faster than the twelve month average marketing time. Meanwhile, the six and twelve month median are the same at five days.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in less than a week, maybe a week and a half. You could also reasonably expect to give no closing cost help.

The next Braemar Property Value Report will be out in January, at which point we will be able to see how Braemar Carriage home values did at the close of the year. I expect nothing but good news on that front. In the meantime, if a Braemar home sale is looming on the horizon, you may want to investigate our year end market, rather than waiting for spring. It is a powerful time of year to sell with a lot less competition than spring usually brings. Get in touch with me to find out what listing sooner might mean to your bottom line. 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