Braemar Property Value Report: November-December 2019 (Arista Series)

Braemar Property Value Report: November-December 2019 (Arista Series)

Who is out there enjoying the sunshine and temps in the low fifties today?  Sure it’s a weekday and the majority of Western Prince William County is at work, but that doesn’t mean you can’t enjoy it. The sun shining in the windows is lovely.  Too bad the weekend is cuing up to be nasty weather-wise. Just like the real estate market, the weather is beyond our control.

In this edition of the Braemar Property Value Report we take a look back at the last two months of sales activity in the Arista Series 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 prevalent of these floor plans in Braemar is the Canterbury.

Getting right to it, there was one Canterbury that sold in December.  Details of the sale are below:

I’m sure I am not the only one scratching my head and wondering why five bedroom, three and a half bathroom Canterbury with a fully finished walk out basement sold for only $574,900.  It turned my stomach to see that one.  Well, part of the issue is that the sale was a Short Sale.  Short Sales are distressed sales where the owners of a home are upside down in their mortgage vs. what they will get for the sale of their home.  Even still, as a veteran Short Sale Agent that saw plenty of action in our neighborhood during the market down turn, I can say that the investors on the back end of the mortgage don’t give these homes away.  They usually want market value.  If this is what a bank considers market value for a Canterbury in Braemar, there could be trouble ahead.  The good news is that this shouldn’t be a comparable sale for any seller with equity.  Nonetheless, that isn’t going to stop buyers from pulling it up on any number of sites and getting unrealistic expectations of what a large single family home in Braemar is worth.  The latter could certainly affect our property values.  After all, buyers are half of the equation.

 Updating the six month and twelve month data points with the entire year’s worth of sales for Arista homes in 2019, here’s what we see:

Starting with sold price, we see the six month average is well above the twelve month average sold price.  However, the six month median has barely moved from the twelve month median.  Best case, Arista homes are still gaining ground in terms of value.  Worst case, they are holding steady.

Seller subsidy (closing cost assistance to buyers) is showing some good trends for Braemar home sellers.  The six month average seller subsidy is a good chunk below the twelve month average seller subsidy.  Meanwhile the six month median is slightly below the twelve month median.  Overall, this means Arista home sellers have been giving less closing cost help.

Days on market shows a trend I don’t like in the averages.  The six month average average marketing time is about fifty percent longer than the twelve month average marketing time.  I would love to blame the Short Sale that sold this reporting period that that one went under contract in twenty-five days!  Once again, however, the median values are where we find stability.  The six month median marketing time and the twelve month median marketing time are exactly the same.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about four to six weeks.  You could also expect to pay an average of about 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in March.  Until then, if you have you been considering a spring sale, now is the time to get started.  By the time we are in the actual spring season, the spring selling season is well under way.  Now is the time to get on the market and get your price when the competition is minimal. Give me a call and let’s talk market timing.  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)

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!

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: May-June 2019 (Ryan Homes)

Braemar Property Value Report: May-June 2019 (Ryan Homes)

With just a few days left in July, I’m getting the last of the Braemar Property Value Reports out for public consumption.  It’s an internal deadline that I set for myself that I will have these out by the last day of the month following the reporting period.  Real estate agents being independent contractors with no one to answer to, setting deadlines is a business practice you will find among top agents.

This particular Braemar Property Value Report covers the sales of single family homes, built by Ryan Homes, during the months of May and June.  During that time, there were four resales, ranging in sold price from $475,000 to $570,000.  Details of those sales are listed below.

Taking these sales above and combining them the entire preceding twelve months of Ryan Home sales, we get new six and twelve month data points, pictured below.

Examining the trends in the sold prices, there is an increase in both the six month average and six month median sold prices from their respective twelve month values.  This means Ryan Homes are still pushing up in value.

When it comes to seller subsidy, a.k.a. as closing cost assistance to buyers,  a trend presents itself that does not favor Ryan Home sellers.  Both the six month average and six month median seller subsidy values are higher than their twelve month counterparts.  This means buyers have been asking for, and receiving, more seller subsidy in the most recent sales.

Days on market, a category that has become unreliable with a change in how that data is recorded in our new MLS, which was adopted in November 2018, we see that the six and twelve month averages are the same.  The six month median is only one day shorter than the twelve month median.

If you placed your Ryan Home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in a month at worst.  You could also expect to pay about 1.5% of the sales price in closing cost help.

The Braemar Property Value Report will be out in September.  Until then, if you want to investigate what the market might bring in regards to your own home’s value, give me a call for the most accurate, free, market analysis.  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: May-June 2019 (Arista Series)

Braemar Property Value Report: May-June 2019 (Arista Series)

The Braemar real estate market has been busy, busy, busy.  Low inventory and high buyer demand have been the hallmark of 2019.  Right now, we are going to specifically go over the happenings with regard to Arista Series homes in Braemar during the last two months.  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 were four Arista homes that sold in Braemar in the months of  May and June.  The details of those sales are listed below:

The sold prices ranged from $537,500 to $625,000.  The low sold price seems to be due in large part to an unfinished basement.  The remaining three all had finished basements to some degree.  The degree to which they were finished, and type of exit (walk out vs. walk up) seem to make a difference in their sold prices.

When we take these sales and combine with them with the entirety of the last twelve months of Arista home sales, we get new six and twelve month data points, which are pictured below.

Looking first at sold prices, the six month average sold price has dipped ever so slightly below the twelve month average.  It’s a little more than a $1,000 difference.  Certainly not enough to be concerned with, particularly when you see that the six month median sold price is $9,500 higher than the twelve month average.  Arista home prices are holding steady at worst, continuing to push up in value at best.  Either way, it is not bad news.

Seller subsidy is not a great trend in either the six month average or six month median numbers.  Both are above their twelve month counterparts.  This means that in the more recent sales, buyers are getting more closing cost help.

Finally, days on market.  Remember, our new MLS, adopted in November 2019, stops counting days on market at different points than our previous MLS.  This has resulted in higher marketing times in the more recent sales.  However, even given the difference, marketing time in both six month values is below the twelve month values.  It seems Braemar Arista homes are selling faster.

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 in about five weeks.  You could also expect to give a little more than 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in September.  Until then, when the time is approaching to sell your Braemar home, give me a call for the most accurate market analysis and best marketing plan for your 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: March-April 2019 (NV Homes)

Braemar Property Value Report: March-April 2019 (NV Homes)

As I type this on the gorgeous Saturday of Memorial Day Weekend, I can close my eyes and picture the giggles and splashing happening at the Braemar pools.  Summer is here, even if it isn’t official on the calendar.

Right now, it is time for another Braemar Property Value Report featuring sales of NV Homes in our neighborhood during the months of March and April.  As it turns out, there were only two NV Homes that sold during that time frame.  Final sold prices were $539,900 and $582,000.  The details of those sales are listed below:

Taking these two NV Homes sales and combining them with the previous twelve months of NV Homes sales, the six and twelve month data points are updated as follows:

Starting with sold prices, we see the six month average and median values are the same, and both significantly above their respective twelve month values.  This mean NV Homes are gaining value.

Seller subsidy, also known as closing cost assistance from seller to buyer, is an area not so seller friendly.  Both the six month average and median seller subsidy values are significantly above their twelve month counterparts.  Unfortunately, this means on average, NV Homes sellers are giving more in closing cost help to their buyers in recent history.

Days on market is going to be unreliable until we get to the reports coming out in January.  Our new MLS, which we switched to in November last year, stops counting days on market when contingencies are removed if sellers are still willing to accept showings in pursuit of back up offers.  Therefore, it is not surprising to sell the six month days on market numbers nearly double the twelve month days on market.  Not to worry. When the time comes to sell, when I am looking at comps, I hand calculate how long it has been taking comparable homes to go under contract.  One day our MLS will understand that is the only number sellers care about.

If you placed your NV Home on the market, priced to current conditions, you could reasonably expect to be under contract and well on your way to settlement in a little less than two months.  You could also expect to give about 2% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in July.  Until then, when the time to sell your home is on the horizon, reach out and let’s start talking.  My unparalleled knowledge of the neighborhood and marketing expertise is the perfect combination to get you the absolute most for 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

 

 

 

How Long Does it Take a Braemar Single Family Home to Go Under Contract?

How Long Does it Take a Braemar Single Family Home to Go Under Contract?

10024 Naughton Court in Bristow went under contract in 1 Day.

The amount of time it takes a Braemar single family home to go under contract depends on many factors.  Buyer demand in the marketplace for the size of home being sold.  Price.  Condition.  And not to be overlooked, the marketing skills of the Listing Agent.

On Saturday, April 13th (2019,) I brought 10024 Naughton Court to the market. It was priced at $529,000 and offered three fully finished levels, four bedrooms, three and a half bathrooms, a renovated kitchen, new carpet, paint, upper level laundry and main level study.  The owner, who had begun listing conversations with me two years previously, had taken a lot of care in getting her home into show ready condition.  The task can be overwhelming, but not if you get started early like she did.

Kitchen/Breakfast Nook

One the final touches were made, I scheduled a pre-picture appointment to make sure that we would not be overlooking any details come picture day. Part of my job as a Top Braemar Listing Agent is to make sure that my listings are professionally photographed and look perfect on picture day.  Sometimes that means staging bedrooms, bathrooms or kitchens a few days prior.  Or it can be as simple as getting items into place on picture day.  Just like your mom used to lick her finger and get a wild hair to stay down on your head before a family portrait was snapped, I’m there to make sure no detail gets overlooked.  One such detail before the front shots were snapped at 10024 Naughton Court was moving ten bags of mulch into the garage.  They had been delivered between our staging appointment and picture day.  Sure my outfit got messy, but the house was literally picture perfect.  That’s what matters.

Family Room, where a recliner was moved for the best picture.

Hitting the market mid-morning on Saturday, I didn’t expect much action, especially since there was an open house scheduled for the next day.  However, three buyer agents called to let me know they would be submitting offers after their showings.  Two of them submitted offers THAT NIGHT.  And both of those offers were over list price.  That’s the power of professional marketing by a Top Braemar Listing Agent.

By the time the open house was over, and dozens of buyers desiring to live in Braemar had been through the home, many of them ill prepared to make a serious offer with homes of their own to sell that weren’t even on the market, this Naughton Court beauty was under contract.  One day was all it took to check all the boxes, and then some, to make my seller happy.

You’ll have to stay tuned for the details on the final sold price.  Closing is set for June 17th.  Until then, if you have been thinking of taking advantage of this intense buyer demand happening our market, 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 Property Value Report: January-February 2019 (Arista Series)

Braemar Property Value Report: January-February 2019 (Arista Series)

As I type up this most recent Braemar Property Value Report for home sales in the Arista Series, it is St. Patrick’s Day.  Will the luck of the Irish be with us in this report? Thankfully, luck has nothing to do with the market.  It’s all supply and demand.  Keeping regularly tabs on the market stats gives us the best idea of where supply and demand are trending.

Before we get to the report itself, if you don’t know what a Braemar Arista Series home is, they are the largest homes built by Brookfield Homes in Braemar.  The floor plans include the Allister, Buckingham and Canterbury.

During the current reporting period of January and February, there were no Arista homes that sold.  Supply problem or demand problem?  Hmm.  We’ll know next report because there are currently quite a few Arista homes on the market.

What we can do is take a look at the refreshed six and twelve month average and median values. 

Unfortunately, the six month average and median sold prices have fallen below the twelve month average and median sold prices.  Values had been slipping in recent sales near the end of the year.  That is an indication that demand for the largest homes in the neighborhood was waning.  Only time will tell if that continues.

Seller subsidy (closing cost assistance to buyers) is much lower in the six month values compared to the twelve month values.  Buyers in the most sales did not require large amounts of closing cost help.  That’s good news.

When it comes to days on market (marketing time) we see mixed information.  The six month average marketing time is lower than the twelve month marketing time.  Meanwhile, the six month median marketing time is higher than the twelve month median.  Neither change is very dramatic.

If you placed your Braemar Arista home on the market, priced to current conditions, these numbers indicate that your home should be under contract and well on it’s way to settlement, in eight to ten weeks.  You could also expect to pay a small amount in closing cost help.

The next Braemar Property Value Report will be out in May.  Until then, if you would like to know what your home would be worth in today’s market, call me for a free market analysis.  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

www.UncompromisingValues.com