Braemar Property Value Report: September-October 2020 (NV Homes)

Braemar Property Value Report: September-October 2020 (NV Homes)

Showing property on a rainy day can be messy. Thank goodness for hooded rain jackets with deep pockets. Helps to not have to carry an umbrella. All part of being prepared when you are Top Real Estate Agent in the area. Another part of being a Top Agent, at least as far as I am concerned, is having a grasp on market data. One of the things that started me doing these Braemar Property Value Reports back in 2005 was a want to know what was happening my neighborhood. Being able to compile these reports and share them with you is something I take pride in.

Today’s Braemar Property Value Report focuses on the NV Homes in our neighborhood. During the months of September and October, there was only one NV Home that sold. The details of that sale are listed below.

Combining that one sale with the entire past twelve month of NV Home sales in Braemar, the six and twelve month data points are updated as reflected below.

Looking first at the sold price column, what indicates rising values are six month values higher than their respective twelve month values. In the case of this NV Home report, those six month values are falling below their twelve month counterparts. Having seen this in the Arista Home report, of equivalently large single family homes are featured, I’m not necessarily surprised by this. Could be a blip. Could be we are seeing the softening of the real estate market start here in the larger single family homes. When we had our slide in 2008, that’s where it started was larger single family home values. Unfortunately, all we can do is wait for the next report to see if this was a blip, or if the same happens next report.

The seller subsidy column is where we learn how much closing cost help sellers gave to their buyers. Her we find exactly what I would expect to find in the strong seller’s market we have been experiencing. The six month average seller subsidy has decreased more than half of what the twelve month average seller subsidy was. And the six and twelve month median values are in agreement at zero. This latter one is more telling because it means more than half the sellers in both time frames gave nothing in closing cost help.

Marketing time is showing conflicting information. The six month average days on market was two days shorter than the twelve month average days on market. That indicates that NV homes were selling faster in the shorter term. Meanwhile, the six month median has doubled compared to the twelve month median. However, the six month average and six month median marketing times are in agreement.

If you placed your NV Home on the market, priced to current conditions, you could expect it be under contract in two weeks. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in January and will detail how we ended 2020. In the meantime, I wish you every happiness this holiday season. And if the need arises to sell your Braemar home, don’t hesitate to call me. Our year end selling season is one of the most powerful times of the year to sell and I would be happy to tell you why. 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
www.ChrisAnnCleland.com

Braemar Property Value Report: March-April 2020 (NV Homes)

Braemar Property Value Report: March-April 2020 (NV Homes)

When I am preparing Braemar Property Value Reports, normally I like to space out the reports to appear online every other day.  However, this month has been rockin’ and rollin’.  I’ve got a listing in Braemar that is getting a ton of traffic, one in New Bristow Village that is getting even more and a Braemar listing coming up that I am staging this weekend.  Add to that three listings under contract, one in Haymarket, a townhouse in Braemar and another in Gainesville and there is much to be done.  Meeting appraisers, negotiating home inspections, presenting offers….you get the picture.  So while I have time, I’m putting out another Braemar Property Value Report. This one focuses on the single family homes built by NV Homes in our neighborhood.

Typically, as with other large single family homes in our neighborhood like the Arista Series, there aren’t very many sales in any one reporting period.  In our current reporting period of March and April 2020, there were six NV Homes that sold.  Details of those sales are listed below.

Taking these six sales from the past two months and combining them with the ten months worth of NV Home sales we saw before this reporting period, we get an entire year of sales data.  Our updated six and twelve month data points are pictured below.

Starting with sold price we see that the six month average sold price is over $10,000 more than the twelve month average sold price.  Tempering that great news, we do find that the six month median sold price is $1,500 below the twelve month median sold price.  All in all, it looks like NV Homes in Braemar are continuing to gain value.

Next up is the seller subsidy column, or what is also known as closing cost assistance from seller to buyer.  Both the six month average and median values here are well below their respective twelve month values.  Even in the six sales that occurred in our current reporting period, only one-third of home sellers gave any closing cost help, and when they did, it was minimal.  Clearly, sellers are giving less in seller subsidy thanks to the very competitive market we are experiencing.

Finally, days on market…or as I like to call, marketing time.  Here we have mixed information, but with such slight variation it hardly worth much attention.  The six month average marketing time is two days longer than the twelve month average marketing time.  Meanwhile, the six month median marketing time is one day shorter than the twelve month median marketing time.  This about as stable as you can get.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect ti to be under contract in about two and a half weeks.  You could also expect to pay very little in closing cost help, if anything.

The next Braemar Property Value Report will be out in July.  Until then, the question I am getting asked a lot right now is, “How is the pandemic affecting our real estate market?”  If you couldn’t tell from this market report, it doesn’t seem to have affected our Braemar real estate market at all.  Buyer demand is still very strong, making this a seller’s market.  It’s no surprise when you consider the thousands of jobs being added by the Micron expansion in Manassas and the historically low mortgage interest rates.

If you want to take advantage of our current seller’s market conditions in Braemar, give me a call.  There are added measures I am taking to make sure you sell your home safely, while still getting top dollar in the 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

Braemar Property Value Report: May-June 2019 (NV Homes)

Braemar Property Value Report: May-June 2019 (NV Homes)

Another sunny, hot and humid day is upon in Braemar.  What a perfect weekend day to enjoy our community pools.  No doubt it will be filled with families today.  This Top Braemar Real Estate Agent will stay in her air conditioned home office and plug away on what remains of her Braemar Property Value Reports.  This particular report focuses on the sales of single family homes built by NV Homes in our neighborhood during the months of May and June.  Let’s get right to it.

There were three NV Homes in Braemar that sold in the last two months.  Their sold prices ranged from $518,000 to $600,000.  Pretty big range.  As you will see from the detailed break out of those sales below, the lower end was a home with a finished basement with no exit.  What you don’t see in that detail sheet below was that the property on Island Fog was a Short Sale.  That meant a very patient buyer was needed to wait for Short Sale Approval.  The pain-in-the-butt factor for that process definitely knocked some money off that bottom line.  The other two seem to show a difference in what a finished basement with a walk out exit vs. an unfinished basement with no exit gets in the marketplace.

Taking these most recent sales and combining them with the entire last twelve months of NV Home sales, we get updated six and twelve month data points, which are pictured below.

To begin with, we see a favorable trend for NV Home owners in Braemar when it comes to sold price.  Both the six month average and six month median sold prices are above their respective twelve month data points.  This means that NV Homes in Braemar are still pushing up in value in the short term.

Seller subsidy, unfortunately is showing a trend in the short term that is not favoring Braemar NV Home sellers.  Bot the six month average and median seller subsidy values are well above their twelve month counterparts.  This means that Braemar buyers have been asking for, and receiving, more closing cost help from sellers.  Of course, looking to the most recent sales, the home on Arthur Graves Jr. could be the sole reason for these numbers being inflated in the short term.  That $20,000 in closing cost help sticks out like a sore thumb.

When it comes to days on market, which I like to refer to as marketing time, it seems that despite the increase I expected to see in comparing values longer term values from our old MLS, (which went out of service in November 2018,) to the new MLS which took over, we see a decrease in the six month average and median marketing times compared to the twelve month average and median marketing times.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in about two weeks.  You could also expect to give about 2% of the sales price in closing cost help, possibly less.

The next Braemar Property Value Report will be out in September.  Until then, give me a call when you are ready to feel out the market for the sale of your Braemar home.  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