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