Braemar Reflection Quarterly: October-December 2020 (4th Quarter)

Braemar Reflection Quarterly: October-December 2020 (4th Quarter)

Reflection Series Home

Wrapping up the Braemar market reports for this weekend, I bring you the Braemar Reflection Quarterly. This report focuses on the sales of the semi-detached homes located on Tarvie Circle that are attached to one other home only at the rear load garage. This particular edition covers the activity from the fourth quarter of 2020.

Thankfully, there were two sales of Braemar Reflection homes in the last three months of the year. There were two quarters of absolutely no Reflection home sales in 2020. The details of the fourth quarter sales are listed below:

The first thing you may notice is that the first home, with one more bedroom and bathroom on the loft level, sold for a little less than a home without a loft bedroom/bathroom. It is important to note that one, located at 9560 Tarvie, was a bank owned property. It was not in great condition.

Taking these fourth quarter sales and adding them in with the only other Reflection home sale that happened during 2020, we have a total of three Reflection home sales from which to pull our updated six and twelve month data points. They are listed below:

Starting with the sold column we see that the six month average sold price is well above the twelve month average sold price. However, the six month median sold price is a little over $200 above the twelve month average. At worst, this means semi-detached homes in Braemar are holding steady in value. At best, it means they are gaining value. Only more sales in 2021 will tell us which is correct, but I would place my money on values going up giving the low inventory and intense buyer demand that our marketplace is experiencing right now.

In the seller subsidy column we get to see how much closing cost help buyers negotiated from sellers. With the bank sale above giving an enormous amount of closing cost and only parsing these numbers from three Reflection home sales for 2020, these numbers are higher than what I am finding in other Braemar market reports. While the six month average seller subsidy here is higher than the twelve month average, it is probably more fair to look at median seller subsidy in the twelve month time range. This tells us that two of three of the Braemar Reflection home sellers (traditional home owners, not banks) gave absolutely nothing in closing cost help. Because of the nature of the home sale that gave that enormous seller subsidy being a bank sale, it is not going to be a comparable sale for any traditional equity sale where a home owner sells their property. I only hope that bank owned properties don’t start popping up more frequenting in the market.

When it comes to the days on market (DOM) column we see both the six month average and median values are longer than their respective twelve month values. Clearly, the marketing time of nineteen days taken by the banked owned sale is skewing these figures, Looking to the twelve month median days on market, we see that two of three semi-detached Braemar home sellers had their homes under contract in five days or less last year.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract a week or less. You could also expect, if higher buyer demand and limited inventory continue in 2021 (which is exactly what we are finding right now) to pay nothing in seller subsidy as buyers compete to win your home.

The next Braemar Property Value Report will be out in April. That’s when we will know what kind of a start our Braemar Reflection home market got off to in 2021. Until then, if you want to investigate the sale of your home while our Braemar home values are peaking this year, get in touch with me. Since 2005, No One Knows Braemar Better!

This image has an empty alt attribute; its file name is large.png

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

Just Sold: Semi-Detached Single Family Home in Braemar

Just Sold: Semi-Detached Single Family Home in Braemar

9684 Tarvie Circle sold for $444,000 on May 31, 2019.

It’s always a great feeling to sell a home for a Braemar seller, and have the buyer that purchased it come back and hire you to sell it again.  As a matter of business practice, I will not practice dual agency, which is where I would represent both sides of a transaction.  No matter what happens, even if a relative wants to buy my listing, I refer the buyer to another agent.  My business practice as a Top Braemar Listing Agents is to stick with my sellers.  So when these buyers that have hired me to sell the homes they purchased as my listings, it is an honor.

In the case of 9684 Tarvie Circle, it was a particularly great feeling because the seller was a licensed real estate agent, whose license was on referral.  Did she know a lot of other agents?  Yes!  Did she have agents that were former business associates she had worked with?  Yes! Yet she called me to sell her Braemar home.  Why?  Because she knows my reputation in the neighborhood and my sales record.  She knew I would get it done right and for top dollar.

Kitchen, 9684 Tarvie

The property had been improved since the owner purchased it in 2016 for $404,000.  The powder room had been completely renovated to feature a floor to ceiling tiled accent wall.  The kitchen was looking great with the new granite counters.  And the modern touch of the ship-lap accent wall in the family room, along with updated light fixtures and brand new carpet on the upper level, took years of this home’s appearance.  In addition to visually appealing updates, the home essentially got organ transplants with two new HVAC units.  Given the amount of updates, listing at $439,000 didn’t seem optimistic at all.  That much gain in less two and a half years is not typical, but these owners really did make the home shine.  If they had finished the basement, they could have listed for much more.

Ridiculous to have to prove those steps down were within the property lines with a survey.

One of the reasons that this seller chose me is my connection to the on-site management staff. Living in the neighborhood and serving on my sub-association board, I have developed relationships with the staff from CMC that allow me to help sellers solve HOA violations quickly.  In this case, there was no getting around the need to physically draw five steps down from the family room to the back yard on a survey of the yard.  When you make modifications to your Braemar home, you need to apply for them.  Rather than spending $350 on a survey to complete the application, thereby correcting the violation, I proposed a solution that made the need for the survey much cheaper for the seller, and very attractive for the buyer.  The seller and buyer split the cost of the survey.  Don’t get me started on why this process of drawing these steps that came about two and a half feet out from the back of the was even necessary.

Not surprisingly, this semi-detached home on Tarvie Circle had multiple offers after two days on the market.  It sold above list price for $444,000 on May 31st.

When the time comes to sell your Braemar home, give me a call for a consultation about the market and what you can expect in terms of price and how long it will take to sell.  Selling Braemar homes is my specialty.  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 Reflection Quarterly: July-September 2018 (3rd Quarter)

Braemar Reflection Quarterly: July-September 2018 (3rd Quarter)

Let’s wrap up the month of October with the final report of my quarterly Braemar market reports.  This is the Braemar Reflection Quarterly.  It covers sales of the semi-attached homes located on Tarvie Circle, behind the Safeway shopping center, that are attached at the garage only.

There was quite a bit of sales activity in the third quarter, where we saw four Reflection homes sell.  The details of those sales are listed below:

All of the sales in the third quarter were homes that had no egress from the basement.  Come to think of it, I’m not sure there are any Reflection homes with basement egress.  If you have one, I’d love to hear about it and know if it was added after construction.  When we take these four sales and plug them in with the previous three quarters of sales activity, we get new six and twelve month data points, as follows:

The trend we most like to see in the sold price column is higher values in the six month average and median compared to the twelve month average and median.  While the six month average sold price is higher than the twelve month average sold price, the median sold price is exactly the same in the six and twelve month median values.  This is mixed information.  Average sold price increase in the six month over the twelve month indicates Reflection home prices are rising.  However, the same value in the six and twelve month median indicates Reflection home prices are stable.  Only time will tell which is correct.

The seller subsidy (closing cost help to buyers) is showing a definite trend.  The six month average and median seller subsidy are both higher than their twelve month counterparts.  That means sellers are giving more money in closing cost help.

Days on market (marketing time) is showing stability and a quickening of the sales of Reflection homes in Braemar.  The six month average marketing time is shorter than the twelve month average marketing time.  However, the six and twelve month median marketing times are the exact same.  Which is correct?  We have to wait for the next report to find out.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks.  You could also expect to pay about 2% of the sales price in closing cost help.

The next Braemar Reflection Quarterly will be out in January.  Until then, if the need to move arises, don’t count out our year end real estate market.  Give me a call for a free market analysis and I’ll tell why the year end selling season is my favorite market.  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 Reflection Quarterly: April-June 2018 (2nd Quarter)

Braemar Reflection Quarterly: April-June 2018 (2nd Quarter)

From the looks of the forecast for today, it seems as though we are going to have a really gorgeous summer day.  Not too hot and not too humid.  Hope you get out to enjoy something fun.  Maybe some time at one of our two community pools in Braemar.  Or a game of tennis at the under-utilized tennis courts.  For me, the outdoor fun can start after I type up this latest edition of the Braemar Reflection Quarterly.  It focuses on sales of the semi-attached single family homes on Tarvie Circle.

In the second quarter of 2018, there was only one Reflection home that sold.  Details are below:

When we take this one sale and add It to our rolling twelve months of Reflection home sales, here’s what we get:

There is a lot of good news when we look at the six month data points and compare then with our twelve month data points.  For starters, the six month average and median sold prices are higher then the twelve month average and median sold prices.  The seller subsidy (closing cost help to buyers) is lower in the six month average and median values compared to the twelve month average and median seller subsidy.  Finally, the marketing time (days on market) is one week in the six month average and median data points, which is slightly improved from the twelve month median, but drastically improved from the twelve month average.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could reasonably expect it to be under contract in about a week.  you could also expect to give about 1% of the sales price in closing cost help to your buyer.

The next Braemar Reflection Quarterly will be out in October.  Until then, if you want to know how the current market conditions are affecting your 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