Braemar Property Value Report: March-April 2023 (NV Homes)
As this beautiful May Sunday winds down, it is my pleasure to bring you the latest Braemar Property Value Report for the houses built by NV Homes in our neighborhood. This particular report looks back to the sales activity of March and April 2023 and the updated six and twelve month data points from NV home sales from May 2022 to April 2023.
Unfortunately, there were no NV home sales that happened in Braemar in March or April. This is not because homes were listed and not being chosen. On the contrary, virtually every house listed in our neighborhood has been gobbled up by the frantic buyers in our market in a matter of days. Buyer demand continues to be extremely high and buyers have returned to quick, decisive action. Inventory, on the other hand, has been harder to come by. Nonetheless, without recent sales, the six and twelve month data points tracks in this report are updated when March and April 2022 fall of off the cue of the past twelve months of sales.
It is not a great sign to see both six month sold prices (which happen to be identical to each other since only two sales happening in that six month time frame) below their respective twelve month sold prices. The last time both six month sold prices were above, or at least equal to their corresponding twelve month sold prices was the November-December 2022 report. The good news here is that since last report the difference between the six month median sold price and twelve month median sold price has closed nearly seven-thousand dollars. The difference in six month average sold price compared to the twelve month average sold price is about the same since last report. If there are NV homes that come on the market during this heightened buyer demand in the next month and a half, it is likely the sold prices in the six month values in future reports will continue to dig out of the deficit they have had against the the twelve month values lately.
Seller subsidy, also known as closing cost help to buyers, has gone down in both six month values this report compared to last report. Only one of the two sales making up the six month numbers in the sample above gave seller subsidy. Unfortunately, the twelve month average seller subsidy is higher than it was last report. Seller subsidy requests from buyers can certainly be avoided if more than one is competing to win your home. It is getting buyers to compete, or act quickly and decisively for fear of missing out, that professional marketing agents like myself can help you achieve.
Days on market have improved in nearly all the data points above this report compared to last report, the one exception being the six month median marketing time. As with all the values in this report, these six month values are coming from times when buyer behavior had changed to a more deliberate course, than the frenzy we are once again seeing.
If you placed your Braemar NV home on the market, priced to current conditions, you could reasonably expect to be under contract in a week, maybe a tad longer. And you could avoid seller subsidy requests by getting buyers excited about your home. That means being well prepared inside and out, pricing right and being professionally marketed to amp up buyer enthusiasm.
The next Braemar Property Value Report will be in July. Until then, I do hope you get to enjoy some fun in the sun. However, if you start to wonder what your home may be worth as a future sale looms, it is my pleasure to have that conversation with you. There is no obligation for me to review your property value in the current market. It is my pleasure to keep you informed and show you how my Braemar sellers hit the top of the market when they sell. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate