Braemar Property Value Report: January-February 2023 (Ryan Homes)

Posted on March 12, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Ryan Homes)

It is a quiet and dreary Sunday in Braemar, except for the excitement of a fleeting snowstorm. What a perfect way to experience snow. It fell rather heavily for about an hour, but never accumulated. Sitting in my home office sipping hot tea, it was a scene that soothed my soul. After a very busy Saturday showing property from Winchester to Stafford to different buyer-clients, bringing you another Braemar Property Value Report feels down right relaxing.

This particular report focuses on houses built by Ryan Homes in our neighborhood. This reporting period covers the first two months of the year in terms of resales and takes a look at updated six and twelve market markers to see where our market is trending. I’m here to tell you, the trends I have been seeing in most of the Braemar Property Value Reports I type are not ones that will be reflected in future reports, but we’ll get to that later.

During the months of January and February, there was only one Ryan home that sold in our neighborhood. Details of that sale are listed below.

It is rather discouraging, after the barnstorming buyer demand our market has experienced to see a single family home in Braemar sell for forty thousand below list and take thirty-seven days to go under contract. The positive in this sale, going by what we see in these stats, is that the seller gave no seller subsidy (closing cost help to buyer.) When you take a look at the listing photos, it is an appealing, albeit basic home lacking in professional grade marketing. Professional marketing is one of the key ingredients to lifting buyer enthusiasm. When buyers are excited about a home, they are more likely to act quickly and decisively. And sellers are certainly more likely to get a reasonable list price in an offer, if not more, when buyers are excited about the property.

Combining this sale with the Ryan home sales in Braemar dating back to March 2022, the six and tweleve month data points tracked in this report are updated as seen below.

The sold price column shows a trend I have seen in nearly all the Braemar Property Value Reports from this reporting period. Both six month sold prices have fallen below their twelve month sold prices. It is not by a lot and given the extreme amount of buyer demand we are experiencing since February, it is unlikely this trend will continue downward. Buyers have gotten used to the higher mortgage interest rates and are back in the market acting much more quickly and decisively. Multiple offers are being seen again, as well as the waiver of contingencies. Both of these things had fallen off in the vast majority of sales as of mid summer 2022.

Seller subsidy shows only values in the average data points. And it is no surprise to the see the six month value being higher than the twelve month value. What is nice to see is that both six and twelve month median seller subsidy numbers are zero. This means more than half of the Ryan home sellers in both time periods gave no closing cost help.

Days on market shows a slight increase in marketing time in both six month values compared to their corresponding twelve month values. Given the pause of the overwhelming buyer demand in the latter part of 2022 and even in January this year, this is not unexpected. I suspect six month marketing times will be coming down in future reports given current market conditions.

If you placed your Ryan home on the market, prriced to current conditions in Braemar, you could certainly expect to be under contract in a week. You should also not be alarmed at closing cost requests. However, as mentioned earlier in this report, the way to get the best outcome when you list for sale is to make sure you are properly priced, the home is well prepared and that it is professionally marketed. Market conditions alone are no guarantee of the best outcome.

The next Braemar Property Value Report will be out in May. If you would like to know what your specific home is worth at any time, don’t hesitate to reach out. It is my pleasure to walk through the ins and outs of our Braemar market and get you the most it will bear 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 Reports: January-February 2023 (NV Homes)

Posted on March 10, 2023 by cacleland

Braemar Property Value Reports: January-February 2023 (NV Homes)

Before we slide into the weekend, I thought I would share another Braemar Property Value Report. This particular installment focuses on houses built by NV Homes in our neighborhood and where we stand with the the first two months of the year behind us.

During the months of January and February, there was only one NV home that sold. Details of that sale are listed below.

Things that are great to see about this sale are that it sold just above its list price, gave no seller subsidy (closing cost help to buyer) and was under contract in only two days. While we may have ended 2022 with buyers in a less active state than we had seen in the previous years and even the beginning of last year, 2023 has definitely started with more buyer activity. It seems buyers have absorbed the higher mortgage interest rates as the new normal and going about business as usual.

When taking the sale from this reporting period and combining it with all the Braemar NV home sales dating back to March 2022, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, the first thing I notice is that both six month values are significantly below their corresponding twelve month values. Last report, the six month median had fallen below the twelve month median, but the six month average was still a tad above the twelve month average. If buyer behavior had not turned around this year and brought us back to quick, decisive action and well prepared homes getting multiple offers, I would be concerned that we were at the beginning of a down turn. I suspect we will see this gap between six and twelve month sold price groupings narrow come next report.

Seller subsidy is still up in both six month values compared to their respective twelve month values. This is not surprising since mortgage interest rates have made home affordability tougher on buyers. Seller subsidy requests are much more common now. However, the extreme buyer demand coupled with lack of inventory may turn this trend around this year as well.

Days on market in the six month values is higher than the corresponding twelve month values. Again, not a real big shock. Buyer behavior, as discussed earlier in this report, changed once we got into summer last year and continued to be more deliberate and slower for the rest of 2022. This may be a trend we see reverse this year as well based on current buyer behavior.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it would be under contract in about two weeks. You should also not be surprised by seller subsidy requests. Of course, putting yourself in the absolute best position in any market starts with getting buyers excited about your home. Pricing properly, doing listing preparation so your home shows well and is in move-in ready condition, and hiring an agent that will market your listing professionally are all within your control. Market conditions in a seller’s favor should not be relied upon as the sole factor to a great outcome.

The next Braemar Property Value Report will be out in May. Until then, or at any time, when you want to know your specific home is worth in the current market, reach out to me for a no obligation consultation. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!

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

Posted on March 2, 2023 by cacleland

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

There is no doubt that spring is here. Flowers are blooming, trees are budding and as far as the real estate market is concerned, buyers are out in full force. Let’s dive into this Braemar Property Value Report, focused on Arista homes in our neighborhood, and see how 2023 got started. For the sake of clarification, Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is the most common in Braemar.

There was one Canterbury sold during the last two months. Details of that sale are listed below.

This sale tells the tale of what was happening in late summer to the end of last year. This home was originally listed in August 2022. After two price decreases from $860,000, it landed at $825,000. That listing was pulled in November and relisted with a different MLS number in late November. It went under contract twice in December, the last of which went to closing last month. Sellers at that time were having a hard time digesting the buyer behavior change and the fact that the steep increase in mortgage interest rates made listing higher than the last sale in the neighborhood not a great idea.

Taking this one sale and combining it with the entire past twelve months of Arista home sales, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, it is good news that both six month sold prices above their corresponding twelve month sold prices. This indicates, despite the latter half of 2022 being a more stable seller’s market, that Arista home prices have been steadily increasing. It isn’t by leaps and bounds as we saw in 2020 and 2021, but any upward growth is positive.

Seller subsidy (closing cost help to buyers from sellers) has actually come down in the six month average compared to the twelve month average. That, I must say, was unexpected. It seems buyers have settled into the six to seven percent mortgage interest rates as being the new normal. What is more important is that with both median values being zero, more than half of Arista home sellers in Braemar gave no closing cost help in the last six months and the last twelve months.

Days on market is really the only place we see a significant change not in favor of sellers. The six month average marketing time is more than double the twelve month average marketing time. When talking averages, a high days on market sale like the one detailed in this report will skew data. Looking at median values, the six month median is still longer than the twelve month median. Buyers in the last six months have been acting much more deliberately.

Based on the findings in this report, if you placed your Braemar Arista home on the market, priced to current conditions, you could expect it be under contract in about two weeks. The pace is picking up though. Buyer activity is starting to rival what we saw in 2021 and once again, our market doesn’t have enough inventory to meet demand. Still, it would not be startling to see offers with seller subsidy requests. Sellers can decrease the odds of those requests and increase the odds of top dollar by pricing right, doing the proper preparation and hiring an agent that professionally markets their home. Those are the things that increase buyer enthusiasm.

The next Braemar Property Value Report will be out in May. In the meantime, if you want to know what your house would be worth in the current market, or what projects you might need to take on prior to listing for best results, get in touch for your no obligation consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2022 (Ryan Homes)

Posted on January 24, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (Ryan Homes)

January is passing by fast and I’m down to my last two Braemar market reports. Today the focus is on houses built by Ryan Homes in our neighborhood. In this edition of the Braemar Property Value Report for Ryan Homes we will see how values, and other telling stats, ended the year.

During the months of November and December there were two Ryan homes that sold. Their sold prices were nearly one hundred thousand dollars apart. Ryan Homes built a large variety of homes from mid-size single family to much larger homes. The details of those sales are right below this paragraph.

The first thing to note is that neither sold for their list price. List price in these reports is the original list price. The Bainbridge model on Moss Tower had one price reduction, took twenty-five days to go under contract and gave a $20,250 closing cost credit to the buyer. The Avalon model on Ballagan never reduced its price, was under contract in six days and gave nothing in seller subsidy. Setting the right list price is much more important now that the buyer frenzy is gone.

Taking these sales and combining them with all the Ryan home sales back to January 2022, the six and twelve month markers tracked in this report are updated.

In the sold price column we see that both six month values are above their corresponding twelve month values. This would be indicative of values still pushing up in what is still a seller’s market. Just because buyers aren’t acting in a frenzy with mutiple offers within days, there is not enough inventory to meet demand. The rise of mortgage interest rates just made buyers act more deliberately.

Seller subsidy (closing cost help to buyers) has definitely increased over the last six months. Both six month values are higher than their respective twelve month values. Some sellers are even offering seller subsidy while sitting on a list price the market is rejecting. My advice to my sellers on offering any concession in the MLS is clear–don’t do it! Your buyer may not need it, but once it is offered, they are taking it anyway. Believe me, if a buyer needs closing cost help, they will ask you.

Days on market is showing increases in the last six months, which is not a surprise with buyer behavior having changed. Sellers can still set themselves up for a faster, more profitable sale by making sure they are priced right, their home is properly prepared for the market and that their listing agent is committed to professional marketing. Getting buyers enthusiastic about your home is where you hit the top of the market.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in about two weeks. Seller subsidy requests are more likely these days, but remember, lifting buyer enthusiasm and making buyers fear they will miss out on a great find is where your negotiating power lies.

The next Braemar Property Value Report will be out in March. Between now and then, if you have been thinking of selling your home, let’s talk. I have been helping Braemar sellers reach the top of the market, no matter market conditions, for eighteen years. Put my considerable experience and well honed skills to work for you. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: September-October 2022 (Ryan Homes)

Posted on November 23, 2022 by cacleland

Braemar Property Value Report: September-October 2022 (Ryan Homes)

On this Thanksgiving Eve I am pleased to bring you the last of the Braemar Property Value Reports focusing on single family home sales in our neighborhood. This report looks at the sales of houses built by Ryan Homes in our neighborhood. Let’s get right to it.

There were two Ryan homes that sold in Braemar during the months of September and October. The details of those sales are listed below.

You may be wondering, why is one sale in pink type? That is because it was my listing. On the surface you may also wonder, how does a home with a walk out basement sell for less than a home with no exit from the basement. If you take a look at 9528 Ballagan, you will notice that there was a lack of kitchen and bathroom updates. The hardwood floors were not in the greatest condition, but time was tight getting the home on the market as the sellers had already gone under contract on the home of their choice. Instead of cosmetic updates, the sellers did some deferred maintenance issues, including rebuilding a deck. By the time they hit the market, they had just three days to get their home under contract to remove their home sale contingency in their purchase contract. It got done and without having to complete any inspection repairs on their list side or give any seller subsidy, which the other sale gave. It was a success for the sellers. There are always buyers that will be able to see beyond basic, or outdated, finishes at the right price.

Taking these two sales and combining them with the Ryan home sales in Braemar going back to November 2021, the year’s worth of sales data marches forward two months and the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, both the six month values are still above their corresponding twelve month values. However, compared to last report, the gap between the six month and twelve month sold prices is narrowing. This is something seen in the majority of single family home reports I have compiled for Braemar this reporting period. Buyer behavior has changed with rising mortgage interest rates. They are not acting in a frenzy. Multiple offers is no longer something you can expect. One buyer at a time is what most sellers are encountering. As a result, the growth in value by leaps and bounds has become much more steady, but hopefully, more sustainable.

Seller subsidy (closing cost help to buyers) has increased in the six month average compared to last report, but decreased in the twelve month average when looking at last report. More importantly, with both the six and twelve month median values at zero means more than half of sellers in both time frames gave none. This is good news, as many agents and lenders are advising sellers to advertise seller subsidy to help with buying down the rate for a buyer’s mortgage. My professional opinion, as my sellers know well, is not to offer anything in seller subsidy. If a buyer needs it, they will ask. If they don’t need it, you will never know as you are giving it regardless if you offered.

Days on market, not surprisingly with buyer behavior changing, is creeping up compared to last report. While there are still not enough homes to meet buyer demand, we are still in a seller’s market. However, there are plenty of agents out there thinking we have entered a buyer’s market. That understanding on an agent’s behalf would result in lower offers on behalf of their buyers, or poor advice to their sellers, like lowering list price if their home hadn’t sold in five days.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in two weeks or so. Seller subsidy requests are certainly becoming more common, but every choice made about preparing your home for market, how to price and whether or not you hire a listing agent that believes in professional marketing, it is going to affect buyer enthusiasm. The more excited buyers are about your home in any market, the more likely you are to sell faster than your competitors and get terms that favor you.

The next Braemar Property Value Report will be out in January. I do hope you enjoy Thanksgiving and the rest of our year end holidays, spending time with friends and family. And if a move looks like it is on your horizon, know that my business runs year round. Get in touch and set up your complementary consultation whenever the the need arises. In fact, the more time you have to plan listing projects the better. In other words, you can not contact me too early. Since 2005, No One Knows Braemar Better!

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

Posted on November 11, 2020 by cacleland

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

A rainy fall day is a good day to bring you another Braemar Property Value Report. Of course, from where I sit as a Top Braemar Real Estate Agent, I think any day is a good day for Braemar Property Value Report. Today’s report focuses on Heritage homes in our neighborhood. Heritage homes are mid-sized single family homes, built by Brookfield Homes. They have two car attached garages and include the following floor plans: Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly. The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.

Looking back to September and October, there were eight Heritage homes that sold in our neighborhood. The details of those sales are listed below:

At a glance, we see that sold prices ranged from $515,000 to $586,000. Only three of eight sellers gave any seller subsidy and there is only one double digit days on market (DOM.) Taking these eight sales and combining them with the entire twelve months of Braemar Heritage home sales, our six and twelve month data points are updated as seen below:

Starting with the sold price column, we find both the six month average and six month median sold prices are higher than their respective twelve month sold prices. This means Heritage homes in Braemar are still gaining value. No surprise in our scarce inventory/high demand market.

Next up is the seller subsidy column, where we learn how much closing cost assistance sellers gave to buyers in their transactions. The six month average seller subsidy is slightly lower than the twelve month average seller subsidy. The six month median and twelve month median seller subsidy values are in agreement at zero. That means in both those time period of sales, more than half the sellers gave nothing in closing cost help.

Days on market shows an already healthy twelve month average marketing time shrinking by one week in the six month average. As for the median values, they are both at five days. That means more than half the sellers in each of those time frames got under contract in five days or less.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect that you would not have to give any seller subsidy.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness this upcoming holiday season. Of course, if the need arises to sell your Braemar home between now and next report, don’t hesitate to get in touch. Our year end market is incredibly powerful and may be just what you need. I am happy to conduct a free consultation to explain what a year end sale could mean to you. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: July-August 2020 (Arista Series)

Posted on September 17, 2020 by cacleland

Braemar Property Value Report: July-August 2020 (Arista Series)

The chill of fall is in the air and reminding me why I love this time of year so much. Brightly colored leaves will be a welcome sight next month. Unfortunately for buyers, it seems the coming of fall doesn’t seem to have lightened demand for housing.

Right now, it is time for another Braemar Property Value Report, detailing sales of homes in the Arista Series. Arista homes are the large single family homes built by Brookfield Homes in our neighborhood and are one of three models: Arista, Buckingham or Canterbury.

During our current reporting period of July and August, there were four Arista homes that sold. The details of those sales are listed below.

Combining these four sales with the entire previous twelve months of Arista home sales, back to June 2019, our updated six and twelve month value points are updated as seen below.

Starting with the sold price column, we see that both the six month average and six month median values are both higher than their respective twelve month values. This means that Arista home values in Braemar continue to push upward.

The seller subsidy column is where we see how much closing cost help sellers are giving. While the six month median and twelve month median values are identical, indicating no change, the six month average is slightly higher than the twelve month average. As our market demand continues to increase prices and move homes quickly, buyers in upper price ranges may be struggling to afford every cost associated with buying them. We see that half of the sellers in our current reporting period gave closing cost help, the other half gave none.

The last column shows us how long it has been taking to sell Braemar Arista homes. Both the six month average and median marketing times are faster than their twelve month counterparts. This means Braemar Arista homes are selling faster.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect you may have to give some closing cost. Expect the worst, hope for the best.

The next Braemar Property Value Report will be out in November. Until then, if you have been looking for the top of the market to sell your Braemar home, we are nearing that point. We will only know we’ve hit the top when we start to see prices falling. Now is an excellent time to sell. Get in touch with me if you want to investigate the sale of your Braemar home. 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: July-August 2019 (Arista Series)

Posted on September 10, 2019 by cacleland

Braemar Property Value Report: July-August 2019 (Arista Series)

School is back is session and the fall season is upon us. Time to reflect on the last two months of our Braemar summer real estate market and see what happened with Braemar Arista Series home values. In case you are not familiar with the the name, Arista Series homes are among the largest homes in Braemar, built by Brookfield Homes. The Arista Series homes are one of three floor plans: Arista, Buckingham and Canterbury.

There was only one Braemar Arista home that sold during the months of July and August. As it turns out, I was the Buyer’s Agent on this deal. That’s why it is highlighted in blue text. Details of the sale are listed below:

Even though this was only sale, when combined with the entirety of the last twelve months of Arista home sales, the six and twelve month data points are updated. That gives us a chance to see trends happening in the short term to the long term. The latest six and twelve month average and median values are below:

Starting with the sold price column, we see that the six month average is slightly above the twelve month average. Slightly above is still above and heading in the right direction for Braemar Arista home owners to gain more equity in our rising market. The six month median is well above the twelve month median, a much more visible indicator that property values are moving up for Arista home owners.

Seller subsidy (closing cost assistance to buyers) is notably higher in both six month value points compared to the their twelve month counterparts. Seems Braemar buyers in this price range are starting to request more closing cost help…and they are getting it.

Days on market has come down in both the six month average and median values compared to the twelve month average and median values. This means Braemar homes in this higher price range are selling a little faster than they had been.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement within about five weeks. You could also expect to pay a little less than 1.5% of the sales price, on average, in closing cost help to your buyer.

The next Braemar Property Value Report will be out in November. Until then, feel free to reach out and learn about the benefits of our year end selling season if you are considering a sale in the next six or eight months. Since 2005, No One Knows Braemar Better!