Braemar Property Value Report: September-October 2020 (Ryan Homes)

Braemar Property Value Report: September-October 2020 (Ryan Homes)

Having closed out September and October, it is time to bring you another Braemar Property Value Report. Today’s report focuses on the houses built by Ryan Homes in our neighborhood.

There were two Ryan homes that sold during the last two months. As you will see by the details of both sales below, there is quite a bit of difference in their sold prices. What is not noted is the square footage of the homes. However, you have probably rightly guessed by now that the Chandler model is a lot larger than the Victoria model.

Taking these two sales and combining them with the entire past twelve months worth of Ryan home sales in Braemar, the six and twelve month data points are updated as seen below:

Everyone loves to start with the sold column, and so do I. Here we find that both the six month average sold price and the six month median sold price are higher than their respective twelve month sold prices. This means that Ryan homes are continuing to gain value in this seller’s market.

Seller subsidy, also known as closing cost cost assistance from seller to buyer, is another column that shows seller favored trends in the more recent sales. Both the six month average seller subsidy and the six month median seller subsidy are lower than their twelve month counterparts. In particular, I am loving the six month median $1,500 seller subsidy. This value means that of the Ryan home sellers in the last six months, more than half of them gave $1,500 or less. That’s another product of the intense buyer demand and scarce inventory we are facing.

Days on market shows us how long it took Ryan homes to go under contract. The six month average marketing time is nearly two weeks faster than the twelve month average marketing time. Better yet, both the six and twelve month median marketing times are in agreement at four days. This means that in both time periods, more than half of Ryan home sellers were under contract in four days or less.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect it to be under contract in less than one week. You could also expect to give very little in seller subsidy.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best this holiday season. Of course, if the need arises to sell your Braemar home, don’t hesitate to reach out. Our year end market is a very powerful time to sell. You may find waiting until spring to list unnecessary. Get in touch and I’ll be happy to show the benefits of listing in each market and we’ll figure out what works best for you. 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 Report: September-October 2020 (NV Homes)

Braemar Property Value Report: September-October 2020 (NV Homes)

Showing property on a rainy day can be messy. Thank goodness for hooded rain jackets with deep pockets. Helps to not have to carry an umbrella. All part of being prepared when you are Top Real Estate Agent in the area. Another part of being a Top Agent, at least as far as I am concerned, is having a grasp on market data. One of the things that started me doing these Braemar Property Value Reports back in 2005 was a want to know what was happening my neighborhood. Being able to compile these reports and share them with you is something I take pride in.

Today’s Braemar Property Value Report focuses on the NV Homes in our neighborhood. During the months of September and October, there was only one NV Home that sold. The details of that sale are listed below.

Combining that one sale with the entire past twelve month of NV Home sales in Braemar, the six and twelve month data points are updated as reflected below.

Looking first at the sold price column, what indicates rising values are six month values higher than their respective twelve month values. In the case of this NV Home report, those six month values are falling below their twelve month counterparts. Having seen this in the Arista Home report, of equivalently large single family homes are featured, I’m not necessarily surprised by this. Could be a blip. Could be we are seeing the softening of the real estate market start here in the larger single family homes. When we had our slide in 2008, that’s where it started was larger single family home values. Unfortunately, all we can do is wait for the next report to see if this was a blip, or if the same happens next report.

The seller subsidy column is where we learn how much closing cost help sellers gave to their buyers. Her we find exactly what I would expect to find in the strong seller’s market we have been experiencing. The six month average seller subsidy has decreased more than half of what the twelve month average seller subsidy was. And the six and twelve month median values are in agreement at zero. This latter one is more telling because it means more than half the sellers in both time frames gave nothing in closing cost help.

Marketing time is showing conflicting information. The six month average days on market was two days shorter than the twelve month average days on market. That indicates that NV homes were selling faster in the shorter term. Meanwhile, the six month median has doubled compared to the twelve month median. However, the six month average and six month median marketing times are in agreement.

If you placed your NV Home on the market, priced to current conditions, you could expect it be under contract in two weeks. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in January and will detail how we ended 2020. In the meantime, I wish you every happiness this holiday season. And if the need arises to sell your Braemar home, don’t hesitate to call me. Our year end selling season is one of the most powerful times of the year to sell and I would be happy to tell you why. 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 Report: September-October 2020 (Courtyard Series)

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

Seems I am usually scrambling near the end of the odd numbered months to get these Braemar Property Value Reports together. This month, I am definitely ahead of schedule. And what a great month to be getting an early start. It will leave time for Thanksgiving planning and holiday decorating.

Today’s Braemar Property Value Report focuses on the Courtyard homes in our neighborhood. Braemar Courtyard homes are the single family homes located on Orland Stone, Pentland Hills and Playfair.  Five homes share a courtyard driveway and have a strip of yard separating them from each other.  I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon.  What they lack in lawn, they more than make up for in generous bedrooms sizes.

During our current reporting period of September and October, only Braemar Courtyard home sold. The details of that sale are listed below:

Being a much smaller percentage of home styles in Braemar, it is not unusual to see sparse sales of Courtyard homes in any given time period. However, combining the current reporting period with the prior ten months of Braemar Courtyard home sales, we get an entire year’s worth of information that we can break into six and twelve month data points. This is what lets us know what’s been happening in the market.

Starting with the sold price column, we see healthy increases in the six month average and median values compared to their respective twelve month values. This means Braemar Courtyard homes have been gaining value in the most recent sales.

Seller subsidy is where we learn how much closing cost help sellers gave to buyers in their transactions. The six month average seller subsidy is down a good chunk of change compared to the twelve month average. Meanwhile, both median values are at zero. The latter means that in both sample sizes, more than half of the sellers didn’t give any closing cost help at all. Buyers are having to make extremely competitive offers to get under contract.

Days on market is the final column and where we learn how long it took for Braemar Courtyard homes to go under contract. The six month average was two days quicker than the already fast six days seen in the twelve month average marketing time. Both median values are in agreement at four days. Braemar Courtyard homes, like just about every home style, are getting gobbled up fast in this low inventory/high demand market.

If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in less than a week. You could also expect to give nothing in closing help.

The next Braemar Property Value Report will be out in January. Until then, I wish you every happiness the holiday season has to offer. If you find yourself with the need to sell between now and then, don’t hesitate to reach out and find out the benefits of our year end market vs. waiting for spring. 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 2020 (2nd Quarter)

Braemar Reflection Quarterly: April-June 2020 (2nd Quarter)

Reflection Series Home

It is time for another Braemar Reflection Quarterly, featuring sales of homes on Tarvie Circle that are semi-detached.  What does that mean?  This single family homes with rear load garages are attached to one neighbor only at the garage.

During our current reporting period, which includes the months of April, May and June, there were no Reflection homes that sold.  However, that doesn’t mean we can’t get a peek at our updated six and twelve month data points.

The six month average and median sold price is based on one sale in March.  That value is below both the twelve month average and twelve month median sold prices.  Not enough to say that Reflection home values are waning for sure.  We’ll need more data.  What I can tell you is that our Braemar marketplace has record high demand at the moment and any home priced right and in good condition is flying off the shelves.

When it comes to seller subsidy, the sale making up our six month values gave none.  That’s definitely what I am seeing more and more in our market.  I suspect this is something we will continue to see in most price ranges, with the exception of entry level homes.

Days on market was lower in the one sale making our six month average and median values.  Only five days to go under contract.  That is certainly in line with what I would expect right now.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it would be under contract in a week or less.  You could also expect that you would not have to pay a buyer’s closing costs.

The next Braemar Reflection Quarterly will be out in October.  Until then, if the sale of your Braemar home is on the horizon, give me a call for the most accurate 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

Another Late June Day, Another Braemar Home Sold

Another Late June Day, Another Braemar Home Sold

Yesterday I wrote about the Braemar home I sold at 9658 Granary Place Today, I’m here to tell you about the Braemar home I sold at 9725 Kinloss Mews.  While 9725 Kinloss Mews listed before 9658 Granary Place, as one of the largest homes in the neighborhood, I expected it would take about two weeks for it to go under contract.  It hit the market on May 15th (2020) priced at $610,000.  Sure enough, fourteen days later, it was under contract.

While the initial offer left a lot to be desired, the sellers decided that rather than reduce their price to catch another buyer, they would make a counter offer to the buyers who had taken the time to express interest.  The buyers accepted.

While the pandemic didn’t really affect our real estate market, it has impacted some supporting industries.  HVAC repair and service is one of them.  At least, that’s what Beltway Air Comfort Service would have us believe.  They failed three times to get the right parts over the course of weeks and, the day before settlement took five and a half hours to get the parts installed.  Didn’t even give my sellers a receipt.  When Mrs. Seller called to get a copy, she was told off by the owner of Beltway Air Comfort Service.  The owner was mad that he had to eat a 3% charge normally charged to customers paying by credit card (nothing I’ve heard of from the HVAC companies I recommend) because it wasn’t disclosed before my seller left town with her checkbook.  She was going to mail a check, but THEY made the choice to eat the charge.  They did the right thing and then blew all the good will by telling her off.  Then they went on to tell her they would de-prioritize her anytime she called for future service.  Who does that?  Once again, Beltway Air Comfort Service.  Note it and call any other company to service your HVAC if you want decent, professional service that knows how to treat their customers.

Thank goodness that even crappy contractors can get the job done, and despite taking a long time, it was done before the buyers signed for the home on June 26th.  Whew!

The final sold price of this Canterbury was $600,000.

If you are considering the sale of your Braemar home, we are experiencing high buyer demand and very low inventory.  That means we are in a seller’s market.  Give me a call for a free market analysis and my professional marketing plan that will get you top dollar and do it safely.  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 Single Family Home Sold Above List Price

Braemar Single Family Home Sold Above List Price

In the early days of the COVID quarantine, I met with the sellers of 9658 Granary Place They had purchased another home and were in a position to sell, regardless of the pandemic.  We looked at numbers and came to a number for a list price that was optimistic, but took into account the unfinished basement.  That list price was $485,000.

The sellers signed up with me the same day as our meeting.  That was April 2, 2020.  The home was vacant, lightly staged and professionally photographed by May 26th, when the listing became active on the market.  This was the first mid-sized single family home I had put on the market since the pandemic had hit our area.  I had been a bit nervous as to what kind of response it would get.  Larger homes were still taking a bit longer to sell.  Not this one.  The market response was overwhelming.  It felt like I had started a feeding frenzy in shark infested waters.

Within the span of three days, we had received five offers, and there were still interested buyers ready to throw their offers on the pile.  What they didn’t know, but I did, was the pile was amounting to a steep number thanks to the escalation clauses.  When we hit a pie in the sky number, the listing was pulled temporarily off the market to put a halt to the madness.  The sellers had decided they had enough offers to make a decision.

When the pie in the sky offer ($525,000) withdrew after cold feet and a good talking to from their dad who was providing the down payment, it was really down to two offers.  One that escalated to $503,500 and another that escalated to $502,000.  Neither had asked for closing cost help.  Numbers alone would have you pick the first one.  But what you need to know is the $502,000 did two smart things.  1) They had a home inspection with the right to void in a very quick time frame.  2) They offered a low appraisal guarantee of $7,000.  If the home didn’t appraise for $502,000, they would make up to $7K of difference.  That extra $1,500 sounded good, but didn’t come with any kind of assurance the buyers there would put money out of their own pocket if the home didn’t appraise at sales price.

The $502,000 offer was chosen and it was the smoothest rode to settlement I’ve had in Braemar yet this year.  No issues with termites, inspection, HOA or appraisal.  Today, 9658 Granary Court sold for $502,000, which was $17,000 above its list price.

To say there is limited inventory in our market is an understatement.  We may be living through unprecedented and scary times, but this is a seller’s market.  If you want top dollar for your Braemar home, call me and we can discuss marketing it safely while achieving that max profit for you.  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

Are Braemar Single Family Homes Even Selling During the Pandemic?

Are Braemar Single Family Homes Even Selling During the Pandemic?

The pandemic has definitely brought a lot of change and uncertainty to our lives.  You may wonder how it is affecting our Braemar real estate market.  Well, to answer that question, I am here to give you a tale of two Braemar homes.

On May 15th 9725 Kinloss Mews (pictured above) hit the market priced at $610,000.  The market didn’t immediately go nuts, but in this upper price range, I never expect it too.  However, the activity did build fairly quickly.  There were a total of 24 showings before they received an offer on May 27th.  The next day, they were under contract with mutually acceptable terms.  I expected two weeks to get under contract for this one and 13 days is right on target.

I didn’t even get a chance to tell you about 9658 Granary Place It hit the market as an active listing on May 26th priced at $485,000.  That price point for a single family home in Braemar was like throwing chum in shark infested waters.  It has two finished levels, an updated kitchen, bonus room in master suite and a blank slate to finish the walk up level basement.  It had 21 appointments in 2 days!!  Once we had 5 offers in hand, we flipped the listing to temporarily off the market to stop the insanity.  There are only so many buyers you need to disappoint when in a multiple offer situation.

Without a doubt, our Braemar real estate market is favoring sellers.  With the expansion of Micron in Manassas bringing thousands of jobs to our back yard, having the Federal government as our primary economic force and mortgage interest rates still at historic lows, there is no end in sight to these conditions.  If you want to sell your Braemar home, give me a call.  I’ll get you top dollar with my top notch marketing and keep you safe during showings with COVID precautions.  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 (NV Homes)

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

It is time for another Braemar Property Value Report.  As the social distancing that has been happening for over a week is beginning to wear on us, I am thankful to have tasks like this to do.  These reports have been part of my bi-monthly routine since the middle of 2005.  This particular report focuses on property values of single family homes built by NV Homes in Braemar.

There were two NV Homes that sold in the first two months of 2020.  The details of those sales are listed below.

Taking these two sales and adding them to the entire past twelve months of NV Home sale data, our six and twelve month data points are updated as seen below.

Looking first at the sold price column, it is good to see the six month average sold price higher than the twelve month average sold price.  In a conflicting trend, we see that the six month median sold price is lower than the twelve month median.   Hard to say which way values are heading.  Our most recent sales have a wide price gap at $561,500 and $651,000.  We will have to wait and see where we go next report.

The seller subsidy column shows a definite trend.  Both the six month average and six month median sold prices are well below their respective twelve month values.  This means that buyers have been foregoing or limiting requests for closing cost help from sellers in the competitive market that buyers are facing.

Days on market shows very stable average marketing times in the six month value compared to the twelve month value.  Just under two weeks to get an NV Home under contract in both.  Meanwhile, the six month median marketing time is half the already low twelve month marketing time of eight days.  NV Homes are selling quickly.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect it would take no more than two weeks to go under contract.  You could also expect to pay minimal amounts of seller subsidy, if any.

Will the pandemic we are facing of COVID-19 affect our Braemar real estate market?  Perhaps in the very short term, but likely not as bad as you may think.  Fearful buyers and sellers that do not have to relocate may pull back and put off their real estate plans.  However, there are plenty of buyers coming to our market with the expansion of Micron in Manassas.  Did you know that Micron’s expansion is bringing more jobs to our local area than Amazon’s move to Virginia did to the entire area?  Buyer demand will continue to be there for any seller wanting, or needing to capitalize.

One thing that will change is mortgage interest rates.  We are seeing them begin to increase.  The reason being that mortgage rates are based on the value of ten year treasury bonds.  Whenever a Federal government bailout happens, it is money being borrowed against those ten year treasury bonds, raising mortgage interest rates.  The good news for the market in general is that mortgage interest rates had been so low anyway, it won’t be so damaging.

The next Braemar Property Value Report will be out in May.  By then we will know what affect COVID-19 has had on our market in the months of March and April.  Until then, if the need arises for you to sell, give me a call.  No matter the market condition, I am here to help you maximize your Braemar home’s value.  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 Braemar Home Under Contract After Multiple Offers

Another Braemar Home Under Contract After Multiple Offers

On March 6th (2020,) I had the pleasure of introducing 12157 Millbill Court to the market.  The sellers had done kitchen and bathroom updates in the last two years.  Before listing they had new carpet installed and worked on de-cluttering and staging the home so would be ready for its professional photo shoot.

While Mother Nature gave us a drizzly and cloudy day for the photo shoot, it didn’t matter.  The interior of the home was smiling widely.  The listing was put in the MLS as “coming soon” and the throng of buyers and their agents was unleashed on my cell phone.

There is no getting into a “coming soon” listing before it becomes “active.”  A listing agent who allows anyone to tour a listing that is coming soon can be subject to a $5,000 fine in our marketplace. 

On Friday, March 6th, the listing rolled to active and the showings commenced.  The very first schedule request we had, toured the property on the 6th and wrote an offer as soon as they left.  Even having an offer that first day, my sellers wanted to wait to review offers until the weekend was over.  By that time, they had three offers.

To say there is intense buyer demand in Bristow is an understatement.  At present, the coronavirus has only impacted our market in that mortgage interest rates are getting even lower, heightening buyer demand even more.  Of course, the Micron expansion in Manassas continues to be a major economic force, bringing more employees to the area.

This Braemar home will go to settlement on April 30th.  You’ll have to stay tuned to this blog for the final sold price.  In the meantime, if you want to sell during this time of intense buyer demand while prices are soaring, I am here to help.  Call me for a free consultation on how to get the best results.  Even in a seller’s market, the agent you hire makes a difference to your bottom line.  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: November-December 2019 (Ryan Homes)

Braemar Property Value Report: November-December 2019 (Ryan Homes)

As January draws to a close, I am here at my desk getting the last of the Braemar Property Value Reports, detailing sales from the last two months of 2019, published.  Today’s edition focuses on houses built by Ryan Homes in Braemar.

Between November and December 2019, there were three Ryan Homes that sold in Braemar.  Final sold prices ranged from $485,000 to $540,000.  The details of those three sales are listed below.

Taking all three of three Ryan Home sales and combining them with the entire year’s worth of Ryan Home sales from 2019, our six and twelve month data points are updated and give us the indicators as to what has been happening in our market.  Here is the updated six and twelve month snapshot:

Looking first at the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values.  This means Ryan Homes have been pushing up in value in the last six months.

When it comes to seller subsidy (closing cost help to buyers,) we see another seller favored trend.  Both six month values are below their twelve month counterparts.  This means that in the last six months, buyers have been asking for less closing cost help.

Days on market (marketing time) shows a trend in the opposite direction.  Both the six month average and six month median marketing times are longer than the corresponding twelve month values.  This means it has been taking a little longer to sell Ryan Homes in the last six months of sales.

If you placed your Ryan Home on the market, priced to current conditions in Braemar, you could expect it to be under contract in about two to four weeks.   You could also expect to give less than 1% of the sales price in closing cost help to your buyer.

The next Braemar Property Value Report will be out in March.  Until then, if you have been thinking the spring 2020 market may be when you want to sell, know that real estate spring happens a lot sooner than Mother Nature’s spring.  Right now buyer demand is very high and we have little to nothing on the market.  Those are the conditions that are most seller favorable.  Give me a call and let’s talk timing, price and marketing to get you the absolute most the market will bear.  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