Braemar Property Value Report: January-February 2020 (Ryan Homes)

Braemar Property Value Report: January-February 2020 (Ryan Homes)

Another day in self-isolation, another Braemar Property Value Report to share with my fellow Braemar home owners.  No matter what is happening in our market, this Top Braemar Real Estate Agent is on the job.  This particular report focuses on property values of single family homes built by Ryan Homes in our neighborhood.  Let’s get to it.

Despite the fact that there were no Ryan Homes sold in the first two months of 2020, our current reporting period, the six and twelve month data points did get recast when the sales from January and February 2019 fell off and the six and twelve month markers shifted.  The latest value points are listed below.

In the sold column we have conflicting information.  The six month average sold price has fallen below the twelve month average sold price.  That would normally mean decreasing values.  However, the six month median sold price is above the twelve month median sold price.  That would normally mean increasing values.  We’ll have to wait and see what the next report brings.

The seller subsidy column, meanwhile, shows a definitive trend.  Both the six month average and six month median values are below their respective twelve month values.  This means that  in our competitive market place, where buyers are often competing for fewer homes, buyers are foregoing large closing cost requests, or not requesting closing cost help at all, to get under contract. Will this continue?  There is plenty demand despite the pandemic we are experiencing, but more on that later.

Days on market is a bit troubling.  Both the six month average and six month median marketing times are much higher than their twelve month respective values.  This means it has been taking longer to sell Ryan Homes.  Our next report should clear up what’s going on there.  It doesn’t match with what I’ve personally experienced as a Braemar Listing Agent in recent history.

If you placed your Ryan Home on the market, priced to current conditions, this report indicates you could expect it to be under contract in an average of about sixty days, maybe more.  You could also expect to give less than 1% of the sales price in closing cost help.

How will the unprecedented precautions being taken to prevent the spread of COVID-19 affect our real estate market?  It is hard to tell, but from where I sit as a full-time Bristow Real Estate Agent, I am still taking listings and helping buyers.  Properties are still going under contract.  Remember, there is a large demand for housing in our area thanks to the expansion of Micron in Manassas.  That expansion is adding more jobs in our back yard than Amazon relocating to Arlington did to our state.  Of course, we’ve already seen many Micron employees relocating here since the close of their Utah plant.   Some buyers and sellers not needing to be in the market at this time may pull back from fear, but we still have plenty of people relocating into the area, and enough relocating out of the area, to keep our market going.

If you find yourself needing to sell during this time, it has never been more important to work with a full-time, experienced professional who is in business in good times and uncertain times.  I’m here for you whenever the need arises.  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 Property Value Report: January-February 2020 (Arista Series)

Braemar Property Value Report: January-February 2020 (Arista Series)

As I find myself practicing social distancing to protect myself, and the community at large, from the spread of COVID-19, I have plenty of Braemar Property Value Reports to keep me busy.  Today I am going to kick off the string of property value reports with this one for the Arista Series homes in Braemar.  Homes known as Arista homes are the largest homes in Braemar built by Brookfield Homes.  The floor plans include the Allister, Buckingham and Canterbury.  The most commonly seen of these floor plans in Braemar is the Canterbury.

During the reporting period of January and Febuary 2020, there were no Arista homes that sold.  No new sales doesn’t mean we don’t have updated values.  With a twelve month rolling store of data from Arista home sales in Braemar, I just freshen up the six and twelve month value points.  When I do, here’s what we get:

Looking first to property values, we see that the six month average sold price is well above the twelve month average sold price.  This would indicate Braemar Arista home values are definitely increasing in the more recent sales.  However, that is before we look at the six month median falling slightly below the twelve month median which would indicate that Braemar Arista home values are more stable in value.  With no new sales to compare to these two values, all I can tell you is that demand for single family homes in Braemar is still high.  Don’t panic.

When it comes to seller subsidy (also known as closing cost assistance to buyers,) there is a more clear trend.  Both the six month average and six month median values are well below their twelve month counterparts.  To win in this competitive market place, Braemar Arista home buyers are having to minimize seller subsidy requests to get their offers accepted by sellers, particularly in multiple offer situations.

Days on market reveals data that shows stability.  The six month average marketing time is a week shorter than the twelve month average marketing time.  However, the six month median marketing time is exactly the same as the twelve month marketing time.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about three weeks time, maybe a bit more.  You could also expect to pay less than 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in May.  Until then, know that our area is experiencing very intense buyer demand.  If you have been considering the sale of your own Braemar home, now really could be the best time to sell.  Call me for a free 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

 

Helping a Buyer Move Up to a Larger Braemar Home

Helping a Buyer Move Up to a Larger Braemar Home

Yesterday I told you about a home I sold on Kirkmichael Terrace Turns out those sellers also wanted to buy in the Bristow/Gainesville area.  We started house hunting in June.  In fact, we started looking at homes before we listed theirs.  There was one particular home that really caught their eye in Morris Farm, but after seeing several others from Virginia Oaks to New Bristow Village, that first one in Morris Farm fell right off the cue.

When it came time to make offers, things were tough.  Their home on Kirkmichael Terrace was not yet under contract.  Their first offer was on a different Braemar home  and those sellers weren’t interested in a home sale contingency.  By the time my buyers had their home on Kirkmichael under contract, they were no longer interested in pursuing that first Braemar home.  They tried one other in New Bristow Village which had been at the top of their list, but again, a foolish seller didn’t think they would be qualified to purchase.  Nevermind that a top producing lender in the market had done the pre-approval letter.  Both of those sellers’ loss was the seller at Kinloss Mews’ gain.

I remember seeing 9742 Kinloss Mews hit the market in April at $629,500 and thinking it was overpriced.  Wasn’t my listing, so I paid it little attention.  Slowly it came down to $614,900 and, after my feedback from my showing with these buyers, it dropped to $599,900.

As a Top Braemar Real Estate Agent I knew there was one, possibly two, issues that were keeping buyers from eating up this fantastic Canterbury model.  The first potential issue were the double power transmission lines that buyers were passing on the way to the property.  I’ve seen many an interested buyer lose interest when they see those metal giants soaring above with the high voltage cables.  The second issue was probably the bigger problem.

Kinloss Mews is situated at the corner of Tartan Hills Parkway at a dead end that is cued up and ready in the long term plan of Prince William County, to be cut through to a future development off of Pioneer Drive. The current political climate has shot down efforts to develop a community there, but with a state route number already on the books for Pioneer Drive, a handful of lots already owned by Brookfield Homes, and a structure marked to be saved as historic, well….the writing is on the wall.  A development is likely to happen, but who knows how far out in the future.  My buyers had all this information in hand, as well as the telephone line easement between them and what will eventually be a development.  After much research and realization that this home would be worth more at the end of a wooded cul-de-sac, they made an offer and got under contract.  They were getting a bargain.

My very lucky buyers got this home for $600,000 and got $10,000 in closing cost help.  Their home inspector had a special infrared camera that found a new roof leak that ended up being fixed prior to settlement.

If you had told me in April that I would end up selling this Canterbury on Kinloss Mews to my buyers for $600,000 I would have thought you were nuts.  Sure, I thought it was over priced at $629,500, but I figured someone would jump at $615,000.  That’s the danger of overpricing your home, even in a seller’s market.  Buyers know you are overpriced and by the time you right it, buyers then wonder why you have been on the market so long and want to take you even further down.

Price right from the get go and hire an agent that knows the factors that may affect your Braemar home’s value.  My job as a listing agent is to get the most money for your home.  As a buyer’s agent, my job is to get the best deal for my buyer.  Want me on your side?  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

 

 

 

 

 

 

Another Single Family Home in Braemar SOLD!

Another Single Family Home in Braemar SOLD!

The 2019 Bristow real estate market has definitely been favoring sellers.  Since the beginning of the year, our market has not enough homes to meet demand.  Usually, demand wanes as we enter summer.  That’s because most folks are focused on summer vacation once the kids get out of school.  Not so this year.

When I first met with the seller of 12171 Hopper Lane, I really was worried about their idea of ideal timing.  The wanted to list in July.  As I said, that tends to be the vacation zone.  They were able to get their ducks in a row and target a mid-June list date.  The property was perfectly prepped for market.  New, neutral paint throughout, brand new carpet installed and staging done to show the home in its absolute best light. Continue reading

Braemar Property Value Report: January-February 2018 (NV Homes)

Braemar Property Value Report: January-February 2018 (NV Homes)

It is the second day of spring and the residents of Braemar are experiencing a snow day.  Seems nuts, but it happens.  I’m a lifelong resident of Northern Virginia. March snow storms are not completely out of the ordinary.  They don’t happen every year, but every five or eight years, you get hit with one.

For a top producing Braemar Real Estate Agent, a snow day is a great time to put together another Braemar Property Value Report.  Today’s “snow day” report focuses on homes built by NV Homes in Braemar.

Unfortunately, for the first two months of the year, there were no NV Homes that sold.  However, that doesn’t mean we can’t get a look at what the updated six and twelve month values tell us.

When we look at the six month median and average sold price values, we find that they are lower than the twelve month median and average sold values.  That’s not great news.  Then again, we are really going on only two months of home sales making up the six month values.  Those were in November and December.  We can’t truly determine a pattern until we consistently have more information.

What we can determine from those six month values is that if you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in a week or so.  It might take a tad longer, but I doubt it would take the 109 days showing in the six month average. That number is skewed by an NV Home that lingered due to poor marketing and too high a price.  You could also expect to pay about 1.5% of the sales price in closing cost to the the buyer (seller subsidy.)

The next Braemar Property Value Report will be out in May.  Until then, when you are ready to sell your NV Home, give me a call.  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 Property Value Report: November-December 2017 (Ryan Homes)

Braemar Property Value Report: November-December 2017 (Ryan Homes)

What a great couple of days to be out and about in Bristow and Gainesville.  It has been sunny and relatively warm.  However, it does look like we have some cooler temperatures coming tomorrow.  A look at the forecast tells me we aren’t with the 15 degree temperature swings.  At least the daylight we are gaining each day is constant.

Right now, it is time for another Braemar Property Value Report.  This one brings up the rear of the single family home reports for the neighborhood and focuses on Ryan Homes properties that sold in the last two months of 2017.

There were Ryan Homes that sold during our reporting period, ranging from $445,000 to $515,000.  The details of those sales are detailed below:

If we take these sales and plug them in with our rolling six and twelve month values, what we find is that the six month average sold price has softened quite a bit compared to the twelve month average sold price.  In a complete contradiction of that information is the fact that the median sold price is only $100 less in the six month value vs. the twelve month value.  This is likely an indicator of more stable market values than the average sold price change in the short term indicates.

The average and median seller subsidy (closing cost help) is virtually unchanged in the short term compared to the long term.  However, the six month marketing time (DOM) compared to the twelve month value indicates that it has been taking longer to sell Ryan Homes in Braemar.

If you placed your Ryan Home on the market, priced to current market conditions, you could expect it to be under contract in two months or less.  (I would think much less given our lack of inventory heading into spring right now.)  You could also expect to pay about $8,000 in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, if you want to know how the market is affecting your specific home’s value, give me a call.  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 Property Value Report: November-December 2017 (NV Homes)

Braemar Property Value Report: November-December 2017 (NV Homes)

Having been on two Braemar listing appointments this weekend, I have been digging into lots and lots of comps.  That means really digging into MLS listings.  It always troubles me that there are still agents that will barely fill out relevant information in the MLS when marketing a home.  Things I’ve seen left out of pick list items include whether or not a home has a finished basement, deck, patio, fenced back yard and on and on.  In my world the more information you give a buyer, the better, especially if the alternative is leaving OUT valuable information.  That’s one of the reasons I believe so strongly in these market reports that I do for Braemar.

This particular Braemar Property Value Report included NV Homes sold between November and December 2017, of which there were three.  The details of those sales are listed below:

If you are anything like me, the first thing that stands out is the first sale listed and its DOM (days on market.)  That home was on the market just 51 days shy of one full year.  That, in my Braemar real estate world, is unacceptable.  It was a combination of poor listing prep, bad marketing photos and unrealistic asking price that started that had that listing languishing on the market.  One thing I preach to my sellers is no one is going to over pay for a home.  And even projects as simple as carpet and paint make a HUGE difference in buyer perception.  And professional photography makes all the difference when it is show time.

Outside of that listing, we have two other NV Homes that sold in a week or less.  That’s more like it.  When we take all three sales and put them in with our rolling six and twelve month data, we find that prices have softened a bit in the short-term.  Seller subsidy (closing cost help) has increased a bit in the short-term.  And since the average marketing time is going to be thrown off by the anomaly of the 314 day guy, I’m choosing to focus my attention on median here, where we see that in the short-term, homes are selling faster.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect your home to be under contract in a week or two.  You could also expect you would pay about 1.5% to 2% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, please give me a call if you have been thinking of selling your Braemar home.  Our market has buyers just waiting to pounce on Braemar homes.  And it’s my job to get you the absolute most for your sale.  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

 

 

Six Bedroom Braemar Home SOLD, Just in Time for the Holidays

Six Bedroom Braemar Home SOLD, Just in Time for the Holidays

On October 18th, I had the pleasure of listing 12278 Scotts Mill Drive.  Being a six bedroom Zurich model with a covered front porch, fully finished walk out basement on a wooded cul-de-sac lot I knew this would be a home in demand.  When we ran the comparable sales, and determined there wouldn’t be much competition, the seller committed to pre-list preparation to list at $485,000.  We were reaching slightly beyond the top of the market and only market response would tell if the seller would be rewarded.

After nearly two weeks on the market, and about two dozen showings, the market response was the home was priced too high.  So an adjustment to $475,000 was in order.  Within a week of that price change, the seller had two offers.  Negotiations weren’t easy as pie, but the seller got what he wanted (a full price offer) and so did the buyer that seemed to want the house the most ($10,000 in closing cost help.)

After an uneventful appraisal, where I was there at the home to meet the appraiser with the second offer, property survey, floor plan and list of updates to the home, the sales price was confirmed at $475,000.  Yippee!  And there was worry that the house across the street at a recent sales price of $460,000 would skew this appraisal.  I actually used it as a comparable for the appraiser, if you can believe that.  If only sellers in Braemar realized how important was when they hired their listing agents.

This home went to settlement on December 8th at $475,000.   The seller was very happy with his choice of listing agents.  If you asked him what he thought of my performance, I am sure the words “strong negotiator” would be in the mix.

Selling Braemar homes all year round is what I do.  It is my specialty.  And this sale, as well as others happening now, prove the last quarter of the year is a great time to sell.

When you are ready to sell, give me a call and I’ll show you what my market knowledge can mean to your bottom line.  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 Property Value Report:  July-August 2017 (Arista Series)

Braemar Property Value Report:  July-August 2017 (Arista Series)

Labor Day weekend certainly didn’t get off to a sunny start yesterday.  The drizzling rain made it fairly miserable.  Seems you will have a chance to enjoy the last days of the Braemar pool season today and tomorrow though.

Right now, it is time for another Braemar Property Value Report.  This one is focused on Arista Series home sales in Braemar.  Arista Series homes are the large, single family homes built by Brookfield Homes.  The floor plans include the Allister, Buckingham and Canterbury.

Unlike last report when we had no recent sales to report, we have one to tell you about for the months of July and August.  The sale was a Buckingham model, details below:

As a Braemar Real Estate Agent, there are a couple things that concern me about this most recent Arista Series sale.  For starters, it listed below $500,000.  It sold for even less.  Worse yet, it gave 3.5% of the sales price in closing cost help.  That’s a lot!  In my eyes, this home could have garnered a higher price.  And I say that because I’m seeing smaller homes sell for more than this.

When you look at the six and twelve month average and median values in the Arista Series homes in Braemar, the six month values are dramatically affected by the addition of this most recent sale.  It was only one of two sales in the last six months.  The other sale in the last six months was also low at $499K.  It was a foreclosure flip.  Knowing this, it is not surprising to see that the six month values are well below the twelve month average and median sold prices.  As for closing costs, the twelve month median value is the highest of the median and averages.  The only good news is that the six month market values are lower than the twelve month marketing values.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in one to two months. You could also expect to pay about $8,000 to $10,000 in closing cost help.

Braemar Arista homes are certainly able to sell for more than we have seen in the last six months.  Listing preparation and marketing, including professional photographs are going to make all the difference in how your home appeals to buyers.

The next Braemar Property Value Report will be out in November, at which time we will focus on the sales that happened in September and October.  Until then, if you want to find out what your home is worth in the current market place, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Another Yardley Sold in Braemar!

Another Yardley Sold in Braemar!

On April 26th (2016,) I had the pleasure of listing this five bedroom Yardley at 10140 Broadsword Drive.  With three finished levels, a walk out basement with an additional full bathroom and a lot backing to trees, we landed on a list price of $469,400.  Two offers and twenty-two days later, this home went under contract on May 12th.

10140 Broadsword Drive sold for $475,000 on July 29, 2016.

Originally, settlement date was set to occur on July 14th.  Thankfully, my sellers were very understanding when that date had to be pushed two weeks when the loan had an underwriting delay.

Settlement occurred on July 29th.  The final sales price was $475,000.  

Chris Ann Cleland, Braemar Real Estate Agent, 703-402-0037When you are ready to sell your Braemar home, give me a call for a free market analysis.  Selling Braemar homes is my specialty.  No One Knows Braemar Better!

Chris Ann Cleland, Associate Broker-Licensed in VA

Long & Foster REALTORS®, Manassas VA

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.comwww.UncompromisingValues.com