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