Braemar Reflection Quarterly: October-December 2021 (4th Quarter)

Reflection Series Home

Braemar Reflection Quarterly: October-December 2021 (4th Quarter)

The first Monday of 2022 means it is time for the Monday-Friday employees among us to get back to work, though for many it will be virtual thanks to Mother Nature’s gift of snow. It won’t surprise many of you to know that, as a Top Braemar Real Estate Agent, I worked putting together quarterly market reports all weekend. Real estate is a self-motivated career. As independent contractors, we each have the ability to do as much, or as little as we want to keep our businesses going. I choose to go above and beyond the typical norm in our area and inform my fellow Braemarians of property values regularly.

Today I bring you the fourth quarter report for Reflection Series homes in our neighborhood. Reflection Homes in Braemar are located off of Tarvie Circle. They are the semi-attached/semi-detached homes that are attached to one neighborhoring property at the rear load garage.

Because Reflection homes make up a very small number of homes in the overall Braemar community, home sales are not as common as they are in other types of homes. This report has been done quarterly in hopes that is the appropriate interval to notice changes. I will be paying attention in 2022 and may adjust this report to be the only semi-annual if need be. For now, we’ll end the year the way we went through it, with a quarterly report.

There were no Reflection homes that sold in the last three months of 2021. That means the six and twelve month data points relied on in this installment were made up of only the other remaining sales from 2021. Both were in the last six months, making six and twelve month values the same.

This market report then is relying on my experience in preparing the other market reports and my extensive knowledge in working with two dozen buyers and sellers in 2021.

Market prices have been going up, but the growth rate is not as steep as it had been earlier in 2021.

Seller subsidy (closing cost help buyers negotiate from sellers) has seen a bit of a comeback. It’s still not the norm to see the majority of sellers giving any seller subsidy, but it is not absent from the market at large either.

Marketing times are not changing greatly, but I have noticed some sales taking way longer than they should. Poor marketing is usually the culprit. Even in a seller’s market, having a properly prepared home and professional marketing is the only way to get buyers enthusiastic about your home.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in less than two weeks. You could also expect to get away with no seller subsidy if your home has created that all important buyer enthusiasm. You could also expect your buyer to have a home inspection contingency. These made a come back in the second half of 2021.

The next Braemar Reflection market report will be out next spring. Until then, if you would like to read my real estate market predictions for 2022, you can do that by clicking here. If you have been thinking that 2022 is the year that you want to make a move, there is no time like the present to have that initial conversation. Get in touch and let’s chat. 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 Reflection Quarterly: July-September 2021 (3rd Quarter)

Reflection Series Home

Braemar Reflection Quarterly: July-September 2021 (3rd Quarter)

The time has come for another Braemar Reflection Quarterly. This is the Braemar market report for the semi-attached homes located only on Tarvie Circle in our neighborhood. These homes are unique in that they are only attached at the rear load garage to one neighboring home. In this edition we look back on the third quarter of 2021 to see what happened in the zReflection market.

Between the months of July, August and September, there was only one Braemar Reflection home that sold. Not unusual for only one sale of these homes in a three month span. That’s why this is only a quarterly report. The details of the third quarter sale for 2021 are listed below:

The sold price of $640,000 is certainly the highest we have seen in the last year of Reflection homes. The one sale from the second quarter was just over the $600K mark. We are well into the six hundreds with this one.

Taking the past year’s worth of Braemar Reflection home sales and parsing them down to six and twelve month data points, this is the result:

The six month average and six month median sold prices are identical. Nonetheless, they are both way above their respective twelve month values. The growth rate in the six month average sold price this report is 12%. The six month median sold price growth this report is even higher at 14%. Compared to the second quarter’s average growth rate of 15% and the median growth of 23%, these third quarter growth rates are lower. While we are still in a seller’s market, it seems the all out buyer frenzy has cooled a bit, but not ended.

Now to the seller subsidy column where we learn how much closing cost assistance Braemar Reflection home buyers were able to negotiate from their sellers. While the most recent sale is none, the six month average and median at $4,000 tells us that last report seller subsidy was a factor. The more telling number are the median values being $4,000 as well tells us that more than half the seller’s in both time frames gave at least $4,000.

When it comes to days on market, the magic number seems to be eight. All values are in agreement at eight days marketing time except the twelve month average of nine days.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in a little over a week. You could also expect you may have to give some seller subsidy.

The next Braemar Reflection Quarterly will be out in the New Year. Until then, when the need or want to sell your Reflection home in Braemar arises, I would love the chance to talk to you about how I help my sellers get maximum profit by increasing buyer enthusiasm. Even in a seller’s market, it matter. My professional marketing combined with my unparalleled knowledge of Braemar never ceases to make my Braemar sellers extremely happy. 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 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!

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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: January-March 2020 (1st Quarter)

Braemar Reflection Quarterly: January-March 2020 (1st Quarter)

Reflection Series Home

Happy Friday!  It may not be the sunniest day, but the temps are great, the sun is in and out of the clouds and it isn’t raining.  Sure is nicer than yesterday.  In fact, when I am done writing this Braemar Reflection Quarterly report, I may just go for a stroll.  That’s the one good thing I see that our shelter-in-place directive has produced…a lot more people taking walks in the neighborhood.

This Braemar Reflection Quarterly covers the sales activity of Reflection homes in Braemar, which are the semi-detached homes located off of Tarvie Circle, for the first quarter of the year.  Let’s dive right in.

There was only one Reflection home that sold during the first quarter.  Details of that sale are listed below:

Taking that one sale and adding it to the previous three quarters of Braemar Reflection home sales, our six and twelve month data points are updated as follows:

Starting with the sold price column, there is an increase in the six month average sold price over the twelve month average sold price.  Meanwhile, the six month and twelve month median sold prices are the same.  To me, this indicates stable values for Braemar Reflection homes.

The seller subsidy column shows decreases in both six month values compared to their respective twelve month values.  This means buyers have been having to forego large, or closing cost requests altogether in our competitive market.

Finally, the days on market column shows a slight increase in the six month average marketing time compared to the twelve month average marketing time.  Meanwhile, the six and twelve month median marketing times are exactly the same.  More stability.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in one to three weeks.  You could also expect to pay a very minimal amount in closing cost help to your buyer.

Will the measures our state government has taken to slow the spread of COVID affect our Braemar real estate market?  By the time the second quarter reports are out in July, we’ll have an idea if there is an effect.  Until then, if you find yourself in a position to sell your Braemar home, give me call for a free, professional market analysis.  I can help you sell your home safely and for maximum profit.  Hiring the right listing agent has never been more important.  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: October-December 2019 (4th Quarter)

Braemar Reflection Quarterly: October-December 2019 (4th Quarter)

Reflection Series Home

Welcome to another Braemar Reflection Quarterly.  While we are well into 2020, this report looks back to the fourth quarter of 2019 and details sales of the semi-detached single family homes on Tarvie Circle in Braemar.

From the beginning of October to the end of December, there were two Reflection homes that sold in Braemar.  The details of those sales are listed below.

While both homes were Annan floor plans with fully finished, below ground basements, one of these homes had a loft which brought an additional bedroom and full bathroom for an additional $25,000 in final sold price.

Taking both of these sales and combining with every Reflection home sale that happened in 2019, we get an entire year’s worth of data.  Breaking out the six and twelve month data points is how we are able to get a sense of how our market changed over the year.  This is the only way to project what the first quarter of 2020 may have in store.

Looking first at the sold price column, we see the six month average and median sold prices are both above their respective twelve month sold prices.  That means that semi-detached homes in Braemar are continuing to push upward in value.

Next, the seller subsidy column bears some good news.  The six month average and median seller subsidy (also known as closing cost assistance to buyers) is substantially lower than the twelve month average and median seller subsidy values.  While one of the sales from the last quarter of 2019 did have a buyer asking for and receiving $7,275, the other was a sale where no closing cost help was given.  Time will tell if the latter may be occurring more frequently.

Finally, days on market (also known as marketing time) reveals that the six month average marketing time has decreased by four days compared to the twelve month average marketing time.  The six month median marketing time, however, is nearly twice as long as the twelve month median marketing time.  Again, time will tell which is a trend and which was a fluke.

If you placed your semi-detached Braemar home on the market, priced to current conditions, you could expect it to be under contract in about a month. You could also expect to an average of less than 1% of the sales price in closing cost help.

The next Braemar Reflection Quarterly will be out in April.  Until then, enjoy our transition into spring and know that if you want to hit the spring market with your Braemar home, NOW is the time.  Give me a call for a free, in-depth marketing analysis and learn how my professional marketing gets my Braemar sellers top dollar in the shortest amount of time.  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 2019 (3rd Quarter)

Braemar Reflection Quarterly: July-September 2019 (3rd Quarter)

Reflection Series Home

Bringing up the rear in the Braemar Quarterly property value reports is this one for the Reflection Series.  Unfortunately the term “Reflection Series” that was chosen by Brookfield Homes when they named this style of home does nothing to conjure the image of the homes themselves.  They are the semi-detached single family homes on Tarvie Circle, attached by the rear load garage in sets of two.

There were no Reflection homes that sold during the third quarter of 2019.  However, in dropping the 2018 third quarter sales from the rolling pool of Reflection sales I keep saved in the MLS, I do get a chance to update the six and twelve month value points.  That still gives us an idea in the shorter term how things have been going.

Starting with sold price, it is a good thing to see both the six month average and six month median sold prices above their twelve month counterparts.  This means that in the most recent sales, Reflection home values were still pushing up.

Seller subsidy (a.k.a. closing cost assistance from sellers to buyers) shows a good trend, and frankly, one that is inconsistent with what I have noticed in the majority of Braemar Property Value Reports.  The six month seller subsidy values are below the twelve month seller subsidy values.  Given that this is inconsistent with rising seller subsidy elsewhere in our neighborhood, and with no recent sales to add any insight to this, I would not get my hopes up that seller subsidy is falling.

Days on market shows another good trend,  but this one happens to be consistent with what I have seen in another Braemar Property Value Reports I have prepared.  The six month marketing times are shorter than the twelve month marketing times.  This means Reflection homes have been selling faster.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect to have it under contract in under two weeks.  You could also expect to pay out about 1.5% of the sales price in closing cost assistance to your buyer.

The next Braemar Reflection Quarterly will be out in January.   Until then, I wish you every happiness as you celebrate the year end holidays.  As always, when the time comes to sell your Braemar home, give me a call for the most accurate assessment of your home’s value and top notch professional marketing to get the most the market will allow at any given time.  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