Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Reflection Series Home

Braeamar Reflection Quarterly: January-March 2022 (1st Quarter)

Welcome to another edition of the Braemar Reflection Quarterly. This report details sales of the semi-attached/semi-detached homes on Tarvie Circle. While they look like detached single family homes from the curb, in the back they are attached to one neighbor in a duplex-like fashion, only at the garage. These homes make up only forty-four of the over two-thousand, eight hundred properties in Braemar, so sometimes it feels like quarterly reports are even too frequent. If we go too many quarters without a sale this year, I may make this a semi-annual report.

We get to start off the year examining the sale of one Reflection Series home that sold in January. Details are listed below.

There are many thing about this sale that show the presence of the seller’s market. Selling above list price is one of them. Two others are giving no seller subsidy (closing cost help to buyer) and going under contract in only two days.

When combined with the Reflection home sales from the second, third and fourth quarter of 2021, we have a total of only three sales. However, taking the six and twelve month data points from that pool of data our market markers are updated.

Being the only sale in the last six month, our most recent Reflection home sale makes up both the six month average and median values. Compared to the twelve month average and twelve month median sold price, we still see upward growth in home values. Not surprising since our market continues to have very high demand and limited inventory.

Seller subsidy is zero down the line in all but the twelve month average. That is because one sale out of three in the last year gave $8,000 in closing cost help. One out of three sales giving closing cost help is not great, but still keeps the median values at zero. Your odds of having to give closing cost help if you sell your Reflection home have been slim, but with rising interest rates, don’t be surprised to see seller subsidy increase this year.

Days on market shows that Reflection homes are selling even faster. Again, this is due to high demand and very little inventory.

If you placed your Reflection home on the market, priced to current conditions, you could expect to be under contract within a week. And whether or not you gave any seller subsidy may depend on large part who you hire to represent you. Relying solely on seller market conditions and hiring low rate agents who do very little to drive up buyer enthusiasm will cost you more than you save in commission every time. Even in a seller’s market, you can leave money on the table. Creating buyer enthusiasm through proper listing preparation and professional marketing keep you at the top of what any market will bear.

The next Braemar Reflection Quarterly will be out in July. Until then, if you would like to investigate the 2022 sale of your Braemar home, get in touch for a no obligation analysis. We can discuss current demand and how rising interest rates may or may not be a factor for you in your next purchase. 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 Reflection Quarterly: April-June 2021 (2nd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: April-June 2021 (2nd Quarter)

Today I bring you the last of the Braemar quarterly property value reports for the second quarter of 2021. This edition of the Braemar Reflection Quarterly focuses on the sales of Reflection homes in Braemar located off of Tarvie Circle that are single family homes, attached only at the garage, and adjoined as such to one neghboring property.

There was only one Reflection home that sold in the second quarter. That’s actually good news because the last time there was any Reflection home sales to report was the fourth quarter of 2020. The details of the second quarter 2021 sale is listed below:

Seeing a jump from a list price to sold price of $10,000 is nice to see. It offsets the $8,000 seller subsidy request (closing cost help to buyer.) Taking this quarter’s sale and combining it with the last three quarters of sales, the six and twelve month data points are updated as seen below:

Because there was only one sale in the six month data range, both the six month average and median data points are identical. The sold price price column does show an increase from both the twelve month average and twelve month median sold prices compared to the six month values. Like everything else in this seller’s market impacting Braemar, Reflection homes are continuing to increase in value.

The seller subsidy column is where things are bit different for Reflection homes. In just about every other report I have compiled for Braemar property values, average and median seller subsidy is absent in the six month values and might be around $1,000 or less in the twelve month average as buyers ask less and less of sellers just to get under contract with so liittle inventory on the market. The Reflection homes are still seeing substantial seller subsidy requests.

Days on market is a literally a day or two longer in average and median values in other Braemar property reports. Still six to eight days is not a long time to be on the market. My guess is that buyers are weighing a semi-attached home against detached options that may be available at the time. It is an unusual configuration and clearly, not enough to stall buyers for too long.

If you placed your Reflection home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect to pay about 1.5% of the sale price in seller subsidy.

The next Braemar Reflection Quarterly will be out in October. Until then, when the time comes to sell your home, the preparation and marketing will be critical in creating buyer enthusiam. It is buyer enthusiasm that wrings every penny and the absolute best terms the market will bear out of your home. Outstanding listing preparation advice (lowest dollar outlay for the biggest bang on the market) and professional marketing are standard in my business no matter the 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
www.ChrisAnnCleland.com