Braemar Property Value Report: May-June 2020 (NV Homes)

Braemar Property Value Report: May-June 2020 (NV Homes)

The month of July is flying by.  Seems I’ve been viewing property with buyers just about every day of the month too.  With the limited inventory available, whenever something pops on the market you must spring into action.  And with COVID showing restrictions not allowing for overlapping showings, if a property is popular enough, you can end up not being able to book a showing if all the slots fill up early.

This afternoon, however, I am enjoying some much needed desk time in my home office.  That is what is allowing me to bring you this most recent Braemar Property Value Report for the NV Homes in our neighborhood, with sales from May and June.  Let’s get right to it.

There were four NV Homes that sold in our neighborhood during the months of May and June. The details of those sales are listed below.

Taking all four of these sales and combining them with the entire past twelve months of NV Home sale data, our six and twelve month value points are updated as reflected below.

Looking first at the sold price column, the trend is that values are increasing in the six month data points vs. the twelve month data points.  NV Home values are continuing to rise.

The seller subsidy column is where we see how much closing cost help NV Home sellers have been giving to buyers.  Not surprisingly, the six month average seller subsidy is lower than the twelve month average seller subsidy.  And the six and twelve month median values are the same at zero.  In fact, if you look at the most recent sales listed above, not one Braemar NV Home seller had to give closing cost help.

Finally, when we get to days on market we see that our already fast marketing times in the twelve month value points has shortened a bit more in the six month data points.  NV Homes are selling even faster!

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 or two weeks.  You could also expect to give minimal, if any, closing cost help.

The next Braemar Property Value Report will be out in September.  Until then, if the time comes to sell your NV Home, give in touch with me for the most accurate analysis of your home’s value and top notch marketing to maximize your profit.  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 (NV Homes)

Braemar Property Value Report: November-December 2019 (NV Homes)

Happy Monday!  This happens to be my favorite day of the week.  Of course, back to work is the association most folks have with Monday, and it’s no different for me.  I just happen to love my job as a Top Braemar Real Estate Agent.

Today I’m going to share with you the latest Braemar Property Value Report, focused on sales of houses built by NV Homes.  This edition focuses on the sales activity of NV Homes during the months of November and December 2019.

There was only one NV Home that sold during the last two months of 2019.  It sold for $560,000 and the detail of that sale is listed below.

Taking this sale and adding it to the entire year’s worth of NV Home sales from 2019, our six and twelve month data points are updated to reveal the following:

Let’s start by examining the sold price column.  The first thing I notice when I look here is that the six month average sold price is higher than the twelve month average sold price.  That alone would an indication that NV Home prices continue to increase in the more recent sales.  Then I notice that the six month median sold price and the twelve month median sold price are exactly the same.  This alone would indicate NV Home values are steady.  Finally, looking at the most recent sale of a large, three finished level NV Home at $560,000, which is below all the median and average sold prices…well that concerns me.  We’ll have to wait and see what our next report shows for value, but I feel safe calling them stable for now.

When it comes to seller subsidy, we see a good seller favored trend when we see that the six month average seller subsidy (closing cost assistance to buyers) is quite a chunk of change lower than the twelve month average seller subsidy.  Then again, we see that the six month median and twelve month median seller subsidy values are exactly the same.  So what how does the most recent sale compare with seller subsidy.  It’s seller subsidy was higher than any of the above.  Again, we’ll have to wait and see what our trend is.  Right now, we’ve got mixed messages.

Looking at days on market (marketing time) there is a definite trend.  Both the six month average and six month median marketing times are longer than their respective twelve month counterparts.  Our most recent sale on Island Fog also shows this to be true.  While the length of time it is taking to go under contract has increased, it is still not anything troubling.

If you placed your NV Home on the market, priced to current conditions in Braemar, you could expect it to be under contract in about three weeks.  You could also expect to pay about 1% of the sales price, maybe a little more, 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 that the 2020 spring market may be your time to list, the time to act is now.  Real estate spring is happening NOW.  It always happens earlier than Mother Nature’s spring.  Demand is high and our supply is pitifully low.  Give me a call and let’s talk timing, price and marketing.  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 2019 (NV Homes)

Braemar Property Value Report: January-February 2019 (NV Homes)

Doing a quick spray of windshield fluid and swipe of the wiper blades yesterday I noticed quite a bit of pollen.  Spring is here!  Of course, we won’t know about the actual spring market real estate values until we have moved past it, but right now we have a chance in this edition of the Braemar Property Value Report to look at the first two months of 2019 and what is happening with NV Home values in the neighborhood.

Unfortunately, there were no NV Homes that sold during January and February.  However, that doesn’t mean we don’t get updated data points.  The six and twelve month weigh points we use for market indicators shifts every report.  Right now, this is what the six and twelve month values look like for NV Homes.

Let’s start with sold price.  The six month average sold price is slightly above the twelve month average sold price.  That’s good news!  However, the six month median sold price is $25,000 less than the twelve month median.  Not good news.  And without any NV Homes sold in our current reporting period, well, that leaves this experience Braemar Real Estate Agent to go with her gut.  There is incredible demand for homes in our neighborhood, though most demand seems to be below the $500,000 price point.  NV Home prices are most likely stable, but we’ll need to see some sales to be definite about it.

Next up, seller subsidy.  There is a very clear indication of a market trend here.  Both the six month average and median values are higher than their twelve month counterparts.  This means sellers have been giving more closing cost help to their buyers in the most recent sales.

Finally, we come to days on market.  You probably remember that our region switched to a new MLS system in the late fall and that the new MLS system calculates this figure differently.  Until we have a year’s worth of data under our new Bright MLS, or Bright decides to calculate days on market the way our previous MLS did, we have apples compared to oranges.  While there isn’t a lot of change from the six month marketing time values to the twelve month marketing time values, it is more likely than not that just the new MLS system will scare us with an increased days on market in recent sales.  The good news is that when I run comps for individual home owners, I can manually calculate marketing time given the information on the listing.

If you placed your NV Home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about a month.  You could also expect to give about 1.5% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in late May.  Until then, when you see a move on your horizon, give me a call for your home’s specific value in the current market.  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