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

 

 

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