Braemar Reflection Quarterly: July-September 2022 (3rd Quarter)
The Braemar real estate market is shifting as mortgage interest rates climb. Suprisingly, home values, while not steeply increasing as they had done since 2020, are still seeing upward growth. In this edition of the Braemar Reflection Quarterly, the focus is on the semi-attached/semi-detached homes located off of Tarvie Circle.
During the third quarter of 2022, there were no Reflection homes that sold. Having no Reflection sales to report is not that unusual. These homes make up a very small percentage of homes in our overall Braemar community. What is new information is the updated six and twelve month data points tracked in this report. This is information based on two sales in the past year.
Starting with the sold price column, the six month average and median values are higher than the corresponding twelve month values. Completely in line with what I am finding throughout the vast majority of my Braemar market reports thus far. Home values have not begun to drop at this point in our market shift. We are really just seeing more deliberate actions by buyers. They are not prone to acting in a frenzied manner.
Seller subsidy (closing cost help to buyers) was zero down the line. While this also the majority of cases in Braemar sales recently, as mortgage interest rates increase, this will likely become a request from Braemar buyers who are looking to buy down their mortgage interest rate.
Days on market was single digits down the line. Had there been more recent sales in the third quarter, they would likely have shown about two weeks on market before going under contract.
If you placed your Braemar Reflection home on the market, priced to current conditions, you would be looking at approximately two weeks marketing time. You are also not likely to be dealing with multiple offers, but one buyer at a time. Waiving contingencies is not a thing anymore. Buyers are coming in with inspection contingencies, appraisal contingencies, and in some cases, home sale contingencies. As the market shifts, it is going to be more critical to get back to the basics and not assume any house will sell despite marketing or preparation. Proper pricing, preparing your home for market and making sure it is professionally marketed will all lift buyer enthusiasm.
The next Braemar Reflection Quarterly will be out in January. Right now, it looks like there may be no sales to report, but there is still time. Don’t be surprised if this report turns into a semi-annual report if that trend continues.
Between now and January, if you have a need to sell your Braemar home, get in touch with me for a complementary consultation. We can discuss your potential takeway from the current market, how long it would take to achieve that and what projects would be advised prior to list. It is always an honor to help my Braemar neighbors. Since 2005, No One Knows Braemar Better!