Braemar Condo Quarterly: July-September 2020 (3rd Quarter)

Braemar Condo Quarterly: July-September 2020 (3rd Quarter)

Fall has arrived, and with it, the opportunity to look back on the Braemar condo market and see what happened in the third quarter of this unusual year. In keeping with every Braemar Condo Quarterly I have published to date, let’s start with the sales from the third quarter, which are seen below.

In the six sales that happened in the third quarter, five of them were on Caithness Circle. It is an odd happenstance when a handful of neighbors outgrown their homes and sell in a couple weeks or months of each other. If you notice that one sale of the six is highlighted in pink, that’s because it was my listing. What’s not seen here is that my sellers were able to negotiate a two month rent back which saved their bacon and allowed them to not have to move to temporary housing while shopping for their next home. That type of contractual win is worth a lot of money and aggravation for move up sellers in this intense seller’s market with very limited inventory.

When taking this six Braemar condo sales and combining them with the previous three quarters worth of sales, we get a complete year’s worth of data. Our updated six and twelve month markers (seen below) give us indications as to where our market is heading.

Looking first at the sold price column, we see that both the six month average and six month median sold prices are above their respective twelve month values. This means that Braemar condos, like just about everything else in this market, continue to climb in value.

Seller subsidy is where we get to find out how much closing cost help sellers gave to Braemar condo buyers. It is not a surprise to see that in the six month values, compared to the twelve month values, show that seller subsidy is decreasing. Out of the six month recent sales listed above, four of them gave seller subsidy. Some of that may have been requested in their initial offer, or in the case of some sales, may be credits given at the time of home inspection. My sale, for instance, had a buyer not asking for any closing cost assistance. At the time of home inspection, the age and condition of the roof became a real concern. The buyer had asked for a lot more than the actual cost of the roof. Thankfully, my sellers were able to get a quote from a roofer and counter with a reasonable seller subsidy for the buyer to take care of replacing the roof during their ownership period.

Finally we get to days on market, or marketing time as I like to call it. Both the six month average and six month median marketing times are identical, showing four days to get under contract. The only one longer is the twelve month average marketing time. Braemar condos are getting eaten up quickly by buyers in the market.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in less than a week, maybe even a couple of days. You could also expect, because you are likely dealing with first time buyers with limited cash on hand, to give some closing cost help.

The next Braemar Condo Quarterly will be out in January and will show us how the Braemar condo market closed out the year. Until then, know that if the sale of your Braemar condo is looming on the horizon, the year end market is a powerful one. There are still serious buyers, but even fewer selllers this time of year. Give me a call and see what a year end sale may 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

This Braemar Condo Just Sold for $305,000

This Braemar Condo Just Sold for $305,000

On July 24th (2020,) 12175 Caithness Circle in Braemar’s condos, Barrhill at Inverness Village, hit the market priced at $305,000.  It only took one day and one buyer for it to go under contract.  When you get the terms you want in the first offer, why wait?

What ended up being just as important as the sales price was having short contingency time frames and a two month post settlement occupancy agreement.  The short contingency time frames allowed the sellers to write offers on their next home with coinciding settlements contingency instead of a home sale contingency.  The rent back was their fall in the event they couldn’t get an offer accepted right away in this competitive market.

Since being under contract, the sellers (as buyers) have made about four offers on  homes.  Not one has been accepted, and not because they weren’t great offers.  The competition is fierce.  Buyers are willing to forego inspections and appraisals entirely.  It’s rough out there, hence the reason the post settlement occupancy was so important.

Today this one sold for full list price of $305,000.   And the former owners will be covered with their post settlement occupancy.

If the time to sell and buy in THIS market is around the corner for you, hiring an agent that understands how to protect your interests on the sale is just as important as hiring one that can show you property with short notice.  My clients the wealth of market experience I have accumulated over the years as a Top Producing Agent in the Bristow area.  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

Braemar Condo Quarterly: April-June 2020 (2nd Quarter)

Braemar Condo Quarterly: April-June 2020 (2nd Quarter)

Summer is definitely here, and as usual, it is hot and humid.  And during these hot and humid months, our Bristow real estate market usually slows a bit.  Not this year!  Our market is crazy busy.  Sellers are cleaning up and buyers are frantic to get a home.  This Braemar Condo Quarterly value report will cover the sales activity in the second quarter, which are the months of April, May and June.

There were five Braemar condos that sold in the second quarter.  The details of those sales are listed below:

Taking these five sales during the second quarter of 2020 and combining them with the sales in the three quarters previous, we get an entire year’s worth of sales data.  Here are the updated six and twelve month data points:

Starting with the sold price column, we see what I would expect to see.  Both the six month average and six month median sold prices are above their respective twelve month values.  Braemar condos are gaining value.

The seller subsidy column is where we see how much closing cost help Braemar condo sellers are giving in their sales.  Again, not surprising to see that seller subsidy in the six month values is below their respective twelve month values.  Even in the five sales we see itemized above, there was only one buyer out of five that got any closing cost help at all.  Clearly, now is the market where Braemar condo sellers can truly maximize profit.

Finally, looking at days on market, we see the average and median marketing time in the six month values is only three days.  That’s below the twelve month average marketing time of seventeen days and below the twelve month median marketing time of six days.  Braemar condos are flying off the shelves.

If you placed your Braemar condo on the market, priced to current conditions, you could expect it to be under contract in days.  You could also expect you may get a buyer that will forego a closing cost help request.

The next Braemar Condo Quarterly will be out in October.  Until then, if you have a Braemar condo you want to sell, give me a call.  I will be happy to put my years of experience in our market to work for you.  And if you are buyer looking for a Braemar condo, I will have hitting the market very soon.  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

 

Braemar Condo Quarterly: January-March 2020 (1st Quarter)

Braemar Condo Quarterly: January-March 2020 (1st Quarter)

Hope all of you have been weathering the shelter-in-place with calm and confidence.  It’s crazy how quickly our societal norms changed when the threat of the pandemic arrived.  Of course, it will take some time to see how the surroundings shut downs are going to affect our real estate market.  These market reports that I do are based on looking backward.  Today’s report, The Braemar Condo Quarterly, covers the first quarter of condo sales in our neighborhood.

There was only one Braemar condo that sold during the first quarter.  Here are the details of that sale:

One sale alone isn’t enough to interpret anything.  That is why it is combined with the previous three quarters of Braemar condo sales, going back to the second quarter of 2019, and pulling six and twelve month data points,which are reflected below.

Looking first at the sold price column, we see that the six month average sold price is slightly higher than the twelve month average sold price.  However, the six month median sold price is slightly below the twelve month median.  With the current sale at $312,000, above all of those values, it is safe to say that our Braemar condo values are remaining stable.  They may even continue to increase, as they have been doing.

The seller subsidy column tells us how much closing cost assistance sellers are giving to buyers.  Mind you, these are usually never offerings at the outset, but part of offer negotiation.  The six month average and six month median seller subsidy figures are both higher than their respective twelve month values.  This means that buyers have been requesting, and receiving, more closing cost help in the more recent sales.   Just looking to the one that closed in February above and we see even THAT seller subsidy figure is higher than our six month values.  Increased closing cost help is often a side effect of rising sales prices.  Buyers need more money for down payment and reserves, and thus, need seller subsidy to make the deals work.

Finally, we get to the days on market column, which I refer to as marketing time.  Both the six month average and median marketing times are higher than their twelve month counterparts.  Don’t be disheartened.  Take a look at our most recent sale, which was under contract in three days.  We’ve still been seeing Braemar properties selling quickly when priced correctly and marketed professionally.

If you placed your Braemar condo on the market, priced to current conditions, you could expect that it may take as long as one month to go under contract, but more likely much less time than that.  You could also expect to give about 2% of the sales prices in closing cost help.

The next Braemar Condo Quarterly will be out in July.  By then, we will see whatever impact, if any, the pandemic related shelter-in-place and shut downs, have had on our market.  For now, you can still list your home, or buy one.  We are working within CDC guidelines, which has changed how many people can be at a showing, procedures for showing homes, etc.

Until July, if you are in a position where you find the sale of your Braemar condo necessary, never fear.  I can get this done for you safely and professionally while achieving maximum market value for you.  Give me a call and let’s talk.  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

Braemar Condo Quarterly: July-September 2019 (3rd Quarter)

Braemar Condo Quarterly: July-September 2019 (3rd Quarter)

The fourth quarter of the year is upon us, bringing us brilliant fall colors and chilly temperatures to Bristow.  Of course, with the third quarter behind us, we can look back and track some Braemar property values.  This report, the Braemar Condo Quarterly, looks at sales of the townhouse style condos in our neighborhood.  Those condos are located on Caithness, Moxleys Ford, Lord Lovat and Heykens.

During the third quarter, which encompasses the months of July, August and September. there were two Braemar condos that sold.  Details of those sales are listed below:

Taking these two sales and combining them with the previous three quarters worth of sales, we have one year’s worth of Braemar condo sales.  From that, we get updated six and twelve month data points, which are as follows:

Starting with sold price, it is good to see that both the six month average and six month median sold prices are higher than their twelve month respective values.  This means that Braemar condos are still pushing up in value.

Seller subsidy, also known as closing cost assistance to buyers, saw an increase in the six month values compared to their twelve month counterparts.  This is not a great trend for sellers, but it could be a lot worse.  Buyers can ask for 3% or more of the sales price in seller subsidy when presenting their offer.   What we see here in the six month values, buyers are asking for about 1.5% of the sales price in closing cost help.  Lack of inventory to meet buyer demand has kept buyers making the most competitive offers they can.

Finally, days on market reveals conflicting information.  The six month average marketing time is two days longer than the twelve month average marketing time.  Not a drastic increase at all, but an increase in marketing time nonetheless.  Meanwhile, the six month median marketing time is three days shorter than the twelve month median marketing time.  Three days shorter in one statistic, two days longer in another.  I am happy to call this even and proclaim that marketing time is largely unchanged.

If you placed your Braemar condo on the market, priced to current market conditions, you could expect it to be under contract in as little as a few days, or as long as nearly three weeks.  You could also expect to give about 1.5% of the sales price in closing cost help to your buyer.

The next Braemar Condo Quarterly will be out in January.  Until then, if a move is in your future, give me a call for the most accurate information on our market and your home’s value. 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

 

Braemar Condo Quarterly: April-June 2019 (2nd Quarter)

Braemar Condo Quarterly: April-June 2019 (2nd Quarter)

Having been out and about with Bristow buyers for the last week, I can sincerely say that sitting inside and type a market report at my desk, enjoying the air conditioning, is a real treat.  It has been down right swampy feeling around here lately.  If you do happen to be out, I hope you are at least enjoying our Braemar pools.

The second quarter of 2019 is most certainly behind us, making it time for another Braemar Condo Quarterly report.  This particular edition is looking back to the sales of condos in Braemar between the months of April and June.  During that time period, there were six Braemar condos that sold, ranging in price from $260,000 to $319,000.  The details of those sales are listed below.

 

One detail that is not listed above is the fact that the lowest dollar value sale above at $260,000 was a bank owned property, more commonly known as a foreclosure.  However, even with that one sale, it seems values of Braemar condos are up in the short term.  Here’s a break out of six month average and median values compared to twelve month average and median values.

The six month average sold price is above its twelve month average counterpart, and the six month median sold price is above its twelve month median counterpart.  This means that values of Braemar condos are going up!

Looking at the seller subsidy (closing cost assistance from seller to buyer) column, we see a downward trend in the short term. Both the six month average and median values in this category are below their twelve month counterparts.  This means sellers are having to give less in closing cost help as our market has so many buyers competing for properties.

Finally, days on market seems fairly stable.  The six month average is only three days longer than the twelve month average.  The six month median is only one day longer than the twelve month median.  And until we get one entire year’s worth of data with the new method of counting days on market, this comparison means little to nothing anyway.  Our January 2020 report will be the first one with one year’s worth of days on market data from our new MLS.

The next Braemar Condo Quarterly will be out in October.  Until then, when it is time to sell your Braemar condo, give me a call.  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

 

Braemar Condo Quarterly: October-December 2018 (4th Quarter)

Braemar Condo Quarterly: October-December 2018 (4th Quarter)

While I am nestled safe and sound in my own Braemar home, snow accumulating outside in our first 2019 snow event, I might as well share one of my Braemar market reports.  This month all types of homes are due for updated reports, but since the homes featured in the quarterly reports only get updates four times a year, I thought I would start there. The first in the Braemar quarterly reports, which is this one, focuses on the sales of Braemar condos, also known as the Barrhill at Inverness Village Condos.

There were two condos in Braemar that sold in the fourth quarter of 2019.  They were both two bedrooms with one full bathroom and one half bathroom.  They each also had a garage.  There were some differences in final sold prices, one being $264,000 and the other being $272,000.  Details on the sales are below:

Taking these two sales and including them in the last year’s worth of Braemar condo sales, the numbers I like to see are the six and twelve month sold price, seller subsidy and DOM, or marketing time.  That last number is going to be off with the change to the Bright MLS that our area has undergone.  Our previous MLS stopped counting days on the market as soon as you went under contract.  Not Bright.  Bright only stops counting days on market when all the contingencies to the contract have been removed.   That change to the new MLS happened in November.  Let’s see how it affected our six month values compared to the twelve month values.

Given the explanation above, let’s look at the marketing time comparisons first.  I am not surprised to see higher days on market in the six month average and median values compared to the twelve month values.  We’ll only have the best idea of marketing time when we have ALL of our data coming from Bright MLS.  That won’t be until the first quarter of 2020’s report.

The sold prices in the six month average and media are both above the twelve month values.  This is great news.  Values are increasing.

Seller subsidy (closing cost assistance to buyers) has gone up in the six month average compared to the twelve month average, and is the same in the six month and twelve month median.  This means sellers have been giving a bit more in closing cost help more recently.

If you placed your Braemar condo on the market, priced to current conditions, you could expect to have a contract with all the contingencies removed within about forty days.  You could also expect to give about 1.5% of the sales price in closing cost help.

Stay safe during this snow storm.  If you don’t need to go out, don’t.  If you get bored and want to talk real estate,as your Braemar Real Estate Resource, I’m here to lend my expertise.  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

 

 

Braemar Condo Quarterly: October-December 2017 (4th Quarter)

Braemar Condo Quarterly: October-December 2017 (4th Quarter)

This New Year’s Day I decided to hit the ground running.  Taking the Christmas tree down, and all the holiday decorations, can wait until later.  Right now, it’s time for another Braemar Condo Quarterly report.  This one will look back to the sales that happened in the fourth quarter of 2017.

As it turns out, there were three Braemar condo sales in the fourth quarter.  They are detailed below.

If you’ve been following this report in the recent years, you know that Braemar condo sales don’t go much above $260,000.  In fact, the average and median values have been lingering around $250,000 for literally years.  It was great to see a two bedroom Braemar condo pull a $276,000 sold price.  Even the other sales are a minimum of $260,00, which furthers my belief that off season selling is the way to go.  We are blessed with year round demand  in our area.  Competing with everyone that wants to sell in the spring seems to bring prices down.  The fall sold price are looking way better than what we saw earlier in the year.

Braemar Condo Quarterly (4th Quarter 2017)

When you look at the six month average and median sold prices, you can see that fall flurry of sales has brought a refreshingly higher round of sold prices, compared to the twelve month median and average sold prices.  The seller subsidy (closing cost assistance to buyers,) ticked up in the shorter term values.  The shorter term reveals that Braemar condo market times are under a week, both median and average values.

If you placed your Braemar condo on the market, you could expect it to be under contract in a week.  You could also expect to pay about 2.5% of the sales price in closing cost help to the buyer.

If you’ve been thinking that 2018 may be the time to sell your Braemar condo, call me soon.  Despite the frigid temperatures, Braemar buyers are out shopping now.  If you wait until spring, you are quite likely to find yourself at a disadvantage, competing with more Braemar condos on the market.

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