Braemar Property Value Report: March-April 2022 (NV Homes)
What a gorgeous, sunny weekend! Summer is just around the corner, but the temperatures today make it feel like it is in full swing already. Before we get too far removed mentally from spring, let’s take a look back at the Braemar real estate market as it relates to houses built by NV Homes in our neighborhood. In this edition of the Braemar Property Value Report, we look back to the sales activity from March and April and check in on our updated six and twelve month data points.
There were two NV homes that sold between the beginning of March and end of April. Their sold prices are vastly different at $675,000 and $799,900.
How does a home with more square footage, an additional bathroom and loft level sell for $124,000 less than its competitor? The obvious answer to me is that it never hit the open market, instead taking a sight unseen offer. It sold from coming soon status. This happens sometimes when the sellers don’t want to be troubled with showings. However, if you put a price tag on what showings might mean to their bottom line, sellers will often bite the bullet and go to market. It is unlikely that an unfinished basement vs. a finished basement in Braemar has hit a delta of $124,000. Typically, that difference is a max of $40,000 or $50,000. It could also be that the home would not have shown well and selling from coming soon status was a blessing. We will never know why, we will only know that that a cul-de-sac lot home with four levels, one of which being an unfinished basement, sold for a lot less than a smaller, somewhat updated competitor.
Taking the past twelve months of NV home sales dating back to May 2021 to April 2022, our six and twelve month data points are updated as seen below.
Starting with the sold price column, we see that both six month sold prices are above their respective twelve month values. This means that NV homes in Braemar are continuing to gain value, despite the early year mortgage interest rate increases.
Seller subsidy (closing cost help to buyers) is zero in all values except the twelve month average. This is a result of one NV home seller out of thirteen in the past twelve months that gave $2,300 in closing cost help. Likely this was a credit in lieu of requested repairs. Certainly, with limited inventory continuing, buyers must write seller favored terms to have their offers accepted.
Days on market, though showing the most minimal increases in both the six month values compared to their twelve month counterparts, remains in single digits. NV homes are continuing to sell fast.
If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in less than one week. You could also still expect to give nothing in closing cost help. That may change if mortgage interest rates continue to increase. For now, they are steadied out around five and a quarter percent.
The next Braemar Property Value Report will be out in July. Until then, I hope you enjoy all kinds of sun in the fun. Of course, if the need to sell your Braemar home arises, I would love to consult with you and show you what my proven listing process can do to increase your bottom line buy stepping up buyer enthusiasm. Since 2005, No One Knows Braemar Better!