Braemar Property Value Report: September-October 2018 (Heritage Series)

Braemar Property Value Report: September-October 2018 (Heritage Series)

Driving through Braemar, I notice more and more houses displaying holiday lights, or Christmas trees in the window.  It all brings a smile to my face. Eventually, I’ll get up the motivation, after watching enough Hallmark Christmas movies, to get up my own tree, but for now, my motivation lies in getting the latest in property value news out to the neighborhood.  This Braemar Property Value Report focuses on homes in the Heritage Series.  Heritage Series 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.

This particular reporting period, covering sales between September and October, comes up with only three Braemar Heritage homes that sold.  the details of these sales are listed below:

As you can see, there is quite a difference in the lowest sold price and the highest sold price.  Big difference like that can throw off a tracking of average and meidan values.  That’s one of the reasons I have adjusted the way I do these reports and look at those values.  What happens next is I simply replace the data from September and October 2017, with these three sales in my rolling twelve month data store.  Then I parse out the six and twelve month values, giving us this:

For starters, looking at the six month average and median sold prices we see that they are both falling below the twelve month average and median sold prices.  that’s not great news and could be an early indication that Heritage home values are starting to slip.  At least two of the current three sales reported above fall about the six month median.  Only one falls above the six month average.  Time will tell if this is truly a slip in value, or a momentary anomaly.  After all, with news that Amazon is basing one of its headquarters in Arlington, a boost in market value in our entire metropolitan marketplace is expected.

The six month average seller subsidy (closing cost help to buyers) is a tad higher than the twelve month average.  However, the six month median seller subsidy is lower than the twelve month seller subsidy.  Looks like Braemar Heritage home owners continue to give about the same amount of closing cost help in their deals.

Finally, days on market shows that the six month average and median values are below the twelve month average and median values.  In the cast of the median, it is only by one day.  This means that it is taking about the same amount of time to sell a Braemar Heritage home as it has for the past year.

If you placed you Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a month. You could also expect to give about 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in January and will detail our year end market, which happens to be one that I believe in very strongly.  It gets a bum rap from most real estate agents, but there really is a something magical in finding a home during the holidays.  And that kind of emotional pull by buyers, with limited inventory, can do wonders for a seller.  Want to explore the option of selling in the off-spring market?  Give me a call.  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

 

 

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Braemar Property Value Report: September-October 2018 (Arista Series)

Braemar Property Value Report: September-October 2018 (Arista Series)

Before starting some preparation for Thanksgiving dishes tomorrow, I thought it would be a good idea to put out this Braemar Property Value Report detailing sales of Arista Series homes in our neighborhood for September and October.  Even though it is fall, there is a lot going on in our market, not even mentioning the news that Amazon chose Arlington for its headquarters.  It is likely some of those newly employed by Amazon will be moving to Prince William County and an Arista Home would be a great choice for them.  If you are wondering what Arista homes are,  they  are the largest homes built by Brookfield Homes and include the Allister, Buckingham and Canterbury floor plans.  

There was only one Arista home that sold in our current two month reporting period.  It was a Canterbury that sold for $570,000.  It had originally listed for an optimistic $615,000.  The final list price, in the details below was $589,900.

When we take this sale and run updated six and twelve month data points, here is what we find:

The good news is that the six month average and median sold prices are higher than the twelve month average and median sold prices.  The trend present in comparing the six month values to the twelve month values is that Arista home prices are still going up.  However, it is not great to know that the most recent sale falls below all but the twelve month average.  If future sales continue to slump, this trend will be coming to a halt.

A trend that is not great for seller is that the average and median six month seller subsidy (closing cost help to buyers) is much higher than the twelve month average and median seller subsidy values.  As our marketplace has been dealing with slowing demand, buyers are asking for more and more closing help.  However, there may be a tad of hope that the most recent sale in October gave no closing help.  Unfortunately, I think that may because of the low sales price.

When it comes to days on market, or marketing time, not much has changed in the short term compared to the longer term.  Arista homes are taking about the same amount of time to sell.  Perhaps we’ll get a lift in marketing time and sold prices as those new Amazon employees discover these lovely homes in Braemar.

If you placed your Arista home on the market, priced to current conditions, you could expect it to sell in as little as a month and a half or as long as nearly eleven weeks.  You could also expect to pay $10,000 to $12,000 in seller subsidy.

The next Braemar Property Value Report will be out in Januaury.  Until then, I hope you have a wonderful holiday season.  If you find yourself in a position to sell between now and then, give me a call.  The year end market has a lot of benefits I would love to share with you.  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

Braemar Property Value Report: May-June 2018 (Ryan Homes)

Braemar Property Value Report: May-June 2018 (Ryan Homes)

It may not have felt like all that bad of a thunderstorm, but the storm we had around 2pm today in Bristow knocked a big tree down off of Tartan Hills Parkway in Braemar.  Thankfully, the tree isn’t blocking the road, but it is blocking the path on the Broadsword Drive side of Tartan Hills Parkway.  I was on my way to re-stage a listing that just came back on the market when I saw that downed tree.  Turns out our neighborhood is great at keeping our on-site managers informed.  I called as soon as I drove past the tree, but the staff was already aware and had phoned it in to BrightView.

Right now, it is time for another Braemar Property Value Report.  This one focuses on single family dwellings built by Ryan Homes in our neighborhood.  And while there were no sales of Ryan Homes to report in May and June we still have updated data from the past year to review.

There is some contradictory sold price data when we compare the six month sold prices to the twelve month sold prices.  Increase in six month over twelve month sold prices means values are going up.  Decreases in six month compared to twelve month sold prices means values are slipping.  Well, the six month average sold price is higher than the twelve month average, but the six month median is lower than the twelve month median.  Since neither marks a huge change in either direction, this is a sign of stability in sold prices of Ryan Homes.

The seller subsidy in the six month values is a good chunk below the seller subsidy in the twelve month values.  This means sellers of Ryan Homes have not been giving their buyers as much in closing cost help.  Another good trend is that days on market is down in the six month values compared to the twelve month values.  This means it is taking less time to sell Ryan Homes in Braemar.

If you placed your Ryan Home on the market, priced to current conditions, you could expect it to be under contract in a month.  You could also expect to pay less than 1% of the sales price in closing cost assistance.

The next Braemar Property Value Report will be out in September.  Until then, if you want to know how the most recent sales activity in Braemar is affecting your home’s values, give me a call at 703-402-0037.  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

 

Braemar Property Value Report: May-June 2018 (NV Homes)

Braemar Property Value Report: May-June 2018 (NV Homes)

The opening sentence of my Braemar market reports always seems to be the hardest to get past.  Sure I’ve examined the sales and crunched the numbers myself, which puts me way above what most Bristow area agents are willing to do for their market area.   Somehow, the most intimidating factor about the reports is the open.  It’s a good thing we are past that part now and this Top Braemar Real Estate Agent can share some valuable information with you.

This particular Braemar Property Value Report focuses on the sales activity of NV Homes in Braemar during the months of May and June.  That activity includes four NV Home sales, all of which are listed in detail below:

After laying out the data for the two month reporting period, I then go back and put these sales for May & June 2018 in place of the May & June 2017 sales.  That gives us twelve months worth of data points that I slice into six month and twelve month average and median values.  Here’s what we get with the updated values:

The way to compare six and twelve month data samples is see what changes are happening in the short term (six months) compared to the long term (twelve months.)  Well, the first thing we examine are the sold prices.  Both six month values are above the twelve month values, which is fantastic.  There is a particularly larger jump from the twelve month average sold price to the six month average sold price.  Values of NV Homes in Braemar are going up.

Another good trend for Braemar NV Home sellers is the decrease of seller subsidy (closing cost assistance to buyers) in the six month values to the twelve month values.  Likewise, a reduction in time it takes to go under contract in the six month values is great to see compared to the twelve month values.  In particular, the six month average days on market is substantially lower than the twelve month average.  All good news for NV Home owners in Braemar.

If you placed your NV Home on the market, priced to current conditions, you could expect your property to be under contract in a little more than a week.  You could also expect to pay about one half to three quarters of one percent of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in September.  Until then, when you want to know the value of your home in today’s market, or the optimum time of year to sell, give a call at 703-402-0037.  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

 

 

Braemar Property Value Report: May-June 2018 (Heritage Series)

Braemar Property Value Report: May-June 2018 (Heritage Series)

It’s a dreary Monday in Braemar.  At least it isn’t raining.  After Saturday’s all day down pour, I am thankful for the break.  Of course, there is no break when it comes to selling real estate, at least not for this Top Braemar Real Estate Agent.  Time to get out another Braemar Property Value Report.  This one focuses on sales of Heritage Series homes in May and June.  Heritage Series 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.

There were eight Heritage Series homes that sold between the beginning of May and end of June.  The details of each sale are listed below:

You can see there is a wide range of sold prices, but most of the sales are grouped around $470,000-$475,000.  When we take these sales and update our twelve months worth of Heritage Series sales, here is what come up with:

While the increases in average and median sold price in the six month values compared to the twelve month values are not huge, they are still increases.  That’s good to see when you look at the most recent activity.   Seller subsidy (closing cost assistance to buyers) is unchanged in the six month median compared to the twelve month median.  The seller subsidy is the six month average is every so slightly less than the twelve month average.  Marketing time has come down from the twelve month average and median days on market when compared to the six month average and median value.   These are all good trends, no matter how slight.

If you placed your Braemar Heritage Series home on the market, priced to current conditions, you could expect it to be under contract in about two to three weeks.  You could also expect to pay 1% to 1.5% of the sales price in closing cost assistance.

The next Braemar Property Value Report will be out in September.  Until then, when you want to know how the most recent sales in the neighborhood are affecting your specific home’s value, give me a call at 703-402-0037.  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

 

 

 

Braemar Property Value Report: May-June 2018 (Arista Series)

Braemar Property Value Report: May-June 2018 (Arista Series)

Braemar Property Value Report:  May-June 2018 (Arista Series)

In my comings and goings out of the Tartan Hills Village section of Braemar, I have been noticing a lot of Canterbury style homes on the market.  While the activity happening right now won’t show up in this edition of the Braemar Property Value Report, the Arista Series home sales that happened between May and June will be covered here. If you don’t know what an Arista Series home is, it is the larger single family homes in Braemar, built by Brookfield Homes, and include the Allister, Buckingham and Canterbury floor plans.  These homes are found in New Castle Village, Highland Village and the Tartan Hills area of Braemar.

There were two Canterbury models that sold during May and June.  The details of those sales are listed below:

When we take these two sales and combine them with our rolling twelve months of Arista Series home sales and update our six and twelve month data points, here is what we see:

The first thing you may notice is that both sales that happened in our current reporting period have higher sold prices than the six month average and median sold prices.  That’s great.  And that is probably what is pulling the six month average and median sold prices up over the twelve month average and median sold prices.  Higher sold prices in the short term (six month range) compared to the long term (twelve month range) means increasing home values.

When it comes to seller subsidy, the six month average and median are a little lower than there twelve month average and median values.  This is also a good trend.  It means Braemar Arista Series sellers are giving less in closing cost assistance to buyers. Unfortunately, the marketing time seen in the six month average and median values is higher than the twelve month marketing values.  While home values are increasing, it may be taking longer to get under contract.

If you placed your Braemar Arista Series home on the market, priced to current conditions, you could expect it to be under contract in about three months.  However, if the current trends I am seeing with Canterburys on the market, sporting under contract riders on the sign posts in a matter of a one a week or two is any indication, this number may be higher than what we are currently experiencing in our summer market.  This report also indicates you could expect to pay about 1.5% of the sales price in closing cost help.

The next Braemar Property Value Report will be in September.  Until then, if you want to know how the current market is affecting your specific home’s value, give me a call at 703-402-0037.   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

 

Another Braemar Single Family Home Goes Under Contract

Another Braemar Single Family Home Goes Under Contract

On May 5th, I had the pleasure of listing 12146 Millbill Court in Braemar.  Pride of ownership was so obvious in this cul-de-sac charmer.  All the windows, sliding doors, hardwood floors, carpet, roof, gutters, deck and appliances had been replaced withing the last four years.  In that same time frame, the owners had updated the lighting and fixtures in the bathrooms, and added granite counters there and in the kitchen.

Initially, the home was priced at $508,000.  After three weeks on the market, the sellers received their first offer, but what the buyers wanted and the seller would accept were not intersecting at all.  After that, the sellers and I knew that a price improvement to $499,900 was in order.  A month after their first offer, another offer came in.  Again, no intersection between buyers and sellers, so there was no deal.

There were a handful of false starts with other buyers who expressed interest and then disappeared. Not every home goes under contract in less than five days, nor should it.  In this case, it took sixty-six days for the sellers to encounter a buyer that was willing to terms acceptable to them.  It took time and determination from this Listing Agent and the Sellers to prove to the market why this home was worth more than a lot of buyers thought.

This lovely home will close on August 31st, at which time the final sold price will be revealed.  Until then, if you want to know what your Braemar home is worth in the current market, give me a call at 703-402-0037.  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