Braemar Property Value Report: July-August 2022 (Arista Series)

Braemar Property Value Report: July-August 2022 (Arista Series)

The season of pumpkin spice has arrived. As you drive through Braemar you can see the leaves are starting their autumnal transition. Ready or not, fall is here. In this edition of the Braemar Property Value Report the focus is on Arista Series homes in our neighborhood. Arista homes are the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans.

During the last two months of summer, which are the slowest months of our real estate market, there were no Arista home sales to report. Not to worry. With an updated array of Arista home sales from September 2021 to August 2022, the six and twelve month data points are updated as seen below.

Starting with the sold price column, the trend of increasing Arista home values in Braemar is evident. Both six month values are higher than their respective twelve month values. News of values decreasing should not have you in a panic. It is not true.

When it comes to seller subsidy (closing cost help to buyers,) the numbers are increasing. This is not surprising given the fact that buyers are getting pinched with affordability issues with rising prices and rising interest rates. Still the six month median value is still at zero. That means more than half of Braemar Arista home sellers gave nothing in seller subsidy in that time frame.

Days on the market shows a week or less to go under contract in both six month values. With no July and August sales going into that value, I would not put much trust in it. During July and August homes were taking a little longer to sell. Nothing crazy. Maybe two weeks or less for a properly prepared and professionally marketed listing. We will have a better idea of marketing time for Braemar Arista homes next report.

If you placed your Braemar Arista home on the market, priced to current conditions you could expect it to take about two weeks or less to go under contract. Believe it or not, our fall market is a very powerful one. You could also expect to give some seller subsidy. The more enthusiastic buyers are about your home, the less likely you will have to give that kind of consideration. Marketing matters.

The next Braemar Property Value Report will be out in November. Until then, if you want to investigate the sale of your Braemar home, don’t hesitate to reach for your complementary consultation. Getting Braemar sellers to the top of the market is my specialty. 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: May-June 2022 (Ryan Homes)

Braemar Property Value Report: May-June 2022 (Ryan Homes)

The last of the Braemar Property Value Reports for single family home sales in May and June is coming to you now. This one in particular focuses on the houses built by Ryan Homes in our community. Let’s get right to it.

There were three Ryan Homes that sold between the beginning of May and end of June. Details of those sales are found below.

A quick look tells me these are all healthy sales happening in a seller’s market. They all sold above their list price, none gave any seller subsidy (closing cost help to the buyer) and they all went under contract in single digit days. Combining these sales with all the Ryan Home sales in Braemar going back to July 2021, the twelve months worth of data is pulled out into six and twelve month data points.

Starting with the sold price column, both the six month average and six month median sold prices are higher than their respective twelve month values. Compared to last report, these lifts that are seen in the six month values above their twelve month counterparts are improved. The six month average sold price has doubled the lift above the twelve month value. The six month median sold price is now above the twelve month median, which wasn’t the case last report. Yes, our market is still a seller’s market. The feeding frenzy resulting in a pile of offers with buyers waiving every conceivable contingency may be gone, but there are still more buyers than there are properties for them to buy. Buyers are just acting more deliberately.

Seller subsidy is now at zero in the six month average. However, the twelve month average has increased by by just under one hundred dollars. Clearly, a Ryan Home seller in the November/December time frame that gave seller subsidy has moved off the six month time frame and is now being counted in the twelve month time frame. In that twelve month time frame there were twenty-four Ryan Home sellers in Braemar. Only two of them gave seller subsidy. None gave any in the six month time frame.

Days on market has gone to a faster pace by one day in both the average and median. Last report, both six month values were a little longer. Even then, nothing to be concerned about. Marketing time is also showing us the continuation of the seller’s market in Braemar, despite rising mortgage interest rates.

If you placed your Ryan Home on the market, priced to current conditions in Braemar, you could expect to be under contract in a week, maybe two. July and August are times when the market does take a breath. Sellers think it is a great time to list when school is out and flock to market. Buyers are worn out from the house hunt and decide it is a great time to slow down, take vacations and have some fun in the sun. It is a typical seasonal disconnect. And as discussed above, you could expect to give nothing in seller subsidy. You could expect to see one, maybe two offers if you are lucky. And in the market now, buyers are not waiving contingencies. We are seeing more typical offers than the frenzy of the last couple years produced.

The next Braemar Property Value Report will be out in September. Until then, if you want to investigate the potential sale of your Braemar home before the end of the year, get in touch for your complementary consultation. My pride and joy is getting my Braemar sellers top of the market through proper listing preparation, professional marketing and skilled negotiation. Take a look at the presentation of my latest listing at 12607 Cessford. 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: April-June 2022 (Reflection Series)

Reflection Series Home

Braemar Reflection Quarterly: April-June 2022 (Reflection Series)

Have you been hearing of doom and gloom in the real estate market? Well, not everyone who opens their mouths on the topic should be considered trusted resources. There are plenty of talking heads ranting about a market crash on the horizon. From where I sit as a full-time Braemar Real Estate Agent, I am just not seeing it. I know buyers would love to believe it is true, but prices keep going up and now, mortgage interest rates are going up too. There is certainly an affordability pinch happening, but that doesn’t mean we are headed for a crash.

In this edition of the Braemar Reflection Quarterly, we will look back at the second quarter’s sales activity for the semi-attached/semi-detached single family homes located on Tarvie Circle. They are the single family homes that are attached to one neighboring home at the rear load garage only.

There was only one Reflection home that sold between the beginning of April and end of June. The details of that sale are listed below.

This home closed in mid April, before interest rates shot up to just below six percent. It sold for forty-thousand more than its list price and gave no seller subsidy (closing cost help.) It only took seven days for it to go under contract. All in all, a very healthy sale.

Taking this sale and combining it with all three Reflection home sales that happened since the beginning of the third quarter of 2021, the updated six and twelve month data points show us the continuing trend of a seller’s market.

Starting with the sold price column, it is great to see both the six month average and six month median sold prices above their respective twelve month values. This means home values have gone up again in the more recent sales. The lift the short term values are seeing above the longer term values is not as high as we saw last report. This is what we expect to see as inventory remains an issue, but buyers are squeezed by mortgage interest rate increases. Home values will continue to push up, but at slower, more steady pace.

Seller subsidy is a column that shows absolutely none given in either time frame. That’s a symptom of buyers having to remain competitive in a market with not enough homes. We might see seller subsidy make a come back as buyers may want additional help buying their mortgage rate down.

Days on market shows a slight improvement, though none was needed, to the time it takes to go under contract. Both six month values are faster than their twelve month counterparts. Another indicator of the continuing seller’s market.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also expect to give nothing in seller subsidy. As far as multiple offers, you may not see those, but it only takes one serious buyer to make a deal. Buyers are acting much more deliberately than they were in the all out frenzy we were seeing from 2020 to early 2022. Gone are the days of waiving every conceivable contingency and offering low appraisal guarantees. We are experiencing more normal offers. Don’t get me wrong. Buyers still need to be competitive to go under contract. And if they are represented by agents who believe the market is crashing, the only thing that may crash if their own hopes of buying a home. You can’t will a market crash into existence with low offers.

The next Braemar Reflection Quarterly will be out in October. Until then, if you would like to investigate what a sale in 2022 would mean for you, I am happy to discuss it. Get in touch for your complementary consultation. You will be sure to hit the top of the market with my listing preparation advice, professional market, expert negotiation and unparalleled knowledge of our neighborhood. 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 2022 (Ryan Homes)

Braemar Property Value Report: March-April 2022 (Ryan Homes)

You can almost feel the excitement in the air. A long weekend is just around the corner and summer will be unofficially underway. Is the excitement still in the air in the Braemar real estate market? In this edition of the Braemar Property Value Report we look back at what happened with the houses built by Ryan Homes in our neighborhood for the months of March and April. We will also get a chance to see the updated six and twelve month market markers. Let’s get right to it.

There were only two Ryan homes that sold during our current reporting period. There wasn’t a huge gap in sold price with one selling at $690,000 and the other selling at $710,000. Details of both sales are listed below:

The happiest things for would-be Ryan home sellers to see is that seller subsidy (closing cost help to buyers) is at zero in both and days on market is a week or less in both.

Taking these sales and combining them with Ryan home sales in Braemar going back to May 2021, our updated six and twelve month market markers are updated and may indicate a slight shift in the market.

Starting with the sold price column we find that the six month average sold price has increased about one percent from the twelve month average. Increases in six month value are what we have been seeing in the seller’s market conditions of late. However, the six month median sold price has fallen below the twelve month median sold price. We will have to see what next report shows us, because recent multiple offer scrums in the neighborhood tell me we are still seeing very high buyer demand.

Seller subsidy is where we learn how much closing cost help sellers gave buyers. In the case of Ryan home sellers, the amount of closing cost help has been nothing in recent sales. However, the six month average seller subsidy is a little higher than the twelve month average. Not to worry, the six and twelve month median seller subsidy values remain at zero. This means more than half of Braemar Ryan home sellers gave nothing in closing cost help in both time frames.

Marketing time has increased in both six month values compared to their respective twelve month values. This are not big increases. Buyers are being more deliberate in their actions as mortgage interest rates have increased. They are not as susceptible to pouncing on listings immediately.

If you placed your Ryan home on the market, priced to current conditions, you could expect it to be under contract in a week or so. You could also expect to give nothing in seller subsidy. Home inspection contingencies are making a come back, but largely seem to be of the right to void variety from what I am experiencing.

The next Braemar Property Value Report will be out in July. Until then, if you would like to investigate what a 2022 sale would mean for you, don’t hesitate to reach out for a confidential consultation. I have made it my business to be the most informed agent in the neighborhood. And I consider it my best talent to create buyer enthusiasm around my listings, maxing out my seller’s 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
www.ChrisAnnCleland.com

Braemar Property Value Report: March-April 2022 (NV Homes)

Braemar Property Value Report: March-April 2022 (NV Homes)

What a gorgeous, sunny weekend! Summer is just around the corner, but the temperatures today make it feel like it is in full swing already. Before we get too far removed mentally from spring, let’s take a look back at the Braemar real estate market as it relates to houses built by NV Homes in our neighborhood. In this edition of the Braemar Property Value Report, we look back to the sales activity from March and April and check in on our updated six and twelve month data points.

There were two NV homes that sold between the beginning of March and end of April. Their sold prices are vastly different at $675,000 and $799,900.

How does a home with more square footage, an additional bathroom and loft level sell for $124,000 less than its competitor? The obvious answer to me is that it never hit the open market, instead taking a sight unseen offer. It sold from coming soon status. This happens sometimes when the sellers don’t want to be troubled with showings. However, if you put a price tag on what showings might mean to their bottom line, sellers will often bite the bullet and go to market. It is unlikely that an unfinished basement vs. a finished basement in Braemar has hit a delta of $124,000. Typically, that difference is a max of $40,000 or $50,000. It could also be that the home would not have shown well and selling from coming soon status was a blessing. We will never know why, we will only know that that a cul-de-sac lot home with four levels, one of which being an unfinished basement, sold for a lot less than a smaller, somewhat updated competitor.

Taking the past twelve months of NV home sales dating back to May 2021 to April 2022, our six and twelve month data points are updated as seen below.

Starting with the sold price column, we see that both six month sold prices are above their respective twelve month values. This means that NV homes in Braemar are continuing to gain value, despite the early year mortgage interest rate increases.

Seller subsidy (closing cost help to buyers) is zero in all values except the twelve month average. This is a result of one NV home seller out of thirteen in the past twelve months that gave $2,300 in closing cost help. Likely this was a credit in lieu of requested repairs. Certainly, with limited inventory continuing, buyers must write seller favored terms to have their offers accepted.

Days on market, though showing the most minimal increases in both the six month values compared to their twelve month counterparts, remains in single digits. NV homes are continuing to sell fast.

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 week. You could also still expect to give nothing in closing cost help. That may change if mortgage interest rates continue to increase. For now, they are steadied out around five and a quarter percent.

The next Braemar Property Value Report will be out in July. Until then, I hope you enjoy all kinds of sun in the fun. Of course, if the need to sell your Braemar home arises, I would love to consult with you and show you what my proven listing process can do to increase your bottom line buy stepping up buyer enthusiasm. 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: November-December 2021 (Ryan Homes)

Braemar Property Value Report: November-December 2021 (Ryan Homes)

The picture above felt all too appropriate for this edition of the Braemar Property Value Report. Though we are here and now in 2022, this particular installment looks back to the last two months of 2021 for the most recent sales activity for Braemar houses built by Ryan Homes. After that, a brief look at the six and twelve month data points will tell us how Ryan homes in Braemar are trending. I still remember selling that Ryan Home in eight days in a much different market.

There were two sales of Ryan homes in Braemar in November and December. The details of each are listed below:

Neither of these sales is overly impressive. Then again, one was essentially an owner representing himself, but paying for MLS (multiple listing service) placement and the other was a home with amateur marketing. The Ballagan home was the limited service agent/owner self-representation. He sold $20,000 below list price, gave $10,000 in closing cost help and it took him nearly a month to do it. Not good, nor indicative of what our fourth quarter market had to offer. The other sold $100 above list price, but gave $15,000 in closing cost help. (gulp) I have done several Braemar Property Value Reports for this same time period. These are the only two single family homes to give seller subsidy in the last two months of November. Professional marketing agents are worth what they charge for what they bring to the table. Say a seller paid 1% more for an agent that did professional marketing on the second home, they would likely have still saved that $15,000 in closing cost help request. A net win! The description of the home tells the tale of a cul-de sac home with roof and appliances only three years old. Sellers get the marketing and representation they pay for. Who knows how good a deal the first home could have had with an agent negotiating on their behalf? No seller subsidy and probably closer to list price. Both more than worth it. Buyer enthusiasm doesn’t exist for no reason. You need to create it.

Taking all the sales from 2021 and parsing out the six and twelve month data points I follow in this report, here is what we get:

Starting with the sold price column, the good news for Ryan home owners is that values are still rising, in spite of the most recent sales. Look for the rate of increase to slow in 2022, as myself and other are predicting the 2022 growth will be very modest.

Seller subsidy values, despite the very large amounts given in the recent sales, on average are still very low. Obviously, the six month average is elevated from the twelve month average because of the two sales from November and December. However, the fact that the six and twelve month median values are at zero tell us that more than half of Ryan home sellers in both time frames gave nothing in closing cost help. Hire the best negotiators and get the best results.

Days on market, again…despite the two most recent sales, is still very fast when it comes to average and median values. Hire professional marketing agents and your home will sell quickly.

If you placed your Ryan home in Braemar on the market, priced to current conditions, you could reasonably expect it to be under contract in a week. You could expect to give nothing in closing cost help. However, buyers have been coming back with the typical contingencies in their offers since the second half of 2021. Those are financing, appraisal and home inspection.

The next Braemar Property Value Report will be out in March. Until then, if 2022 is the year you think you may want to sell, now is the time to start talking to your real estate professional. Give me a shout. My unparalleled neighborhood knowledge (and pride,) combined with my professional marketing make my Braemar sellers very 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 Property Value Report: November-December 2021 (Arista Series)

Braemar Property Value Report: November-December 2021 (Arista Series)

Happy New Year and welcome to the most recent edition of the Braemar Property Value Report (BPVR) for Arista homes in our neighborhood. I simply could not resist putting up a photo taken of our own Allister after one of a few storms during snowmaggedon of 2009-2010. The snow in the wee hours of Monday morning certainly did catch a lot of folks off base. Thankfully, at least in Braemar, there seem to be only some downed trees to contend with and some hastily plowed streets.

In this edition of the BPVR the focus is on the last two months of sales activity for the largest homes built by Brookfield Homes in our neighborhood. Those are the Arista Series homes and include the following floor plans: Allister, Buckingham and Canterbury. Unfortunately, there were no sales to report in the last two months of 2021, but with updated six and twelve month data points looking back at all the sales from 2021, we do get to see how the year for Arista home values in Braemar ended.

Looking first at the sold price column, the best news is that both six month values are higher than their respective twelve month values. This means Braemar Arista homes ended the year still gaining value. Granted, the rate of increase slowed since last report, but not by too much. Growth rate decreased by 0.4% on average and 0.6% median. Predicitons for 2022 are that homes will continue to rise in value, but by about 3% for the whole year.

Seller subsidy is where we learn how much closing cost help Arista home buyers were able to negotiate from their sellers. The six month average seller subsidy has increased compared to the twelve month average, which means there have been some seller subsidy requests increasing that. However, with both the twelve month average and median being at zero, we know that more than half of Arista home sellers in both time frames gave nothing in closing cost help.

Days on market ticked up in both six month values compared to their respective twelve month values. The latter half of 2021 did see some momentum shift, but the advantage in the market is still with sellers.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in two weeks or less. You could also expect a better than fifty percent shot at not having to give any seller subsidy. You should also be prepared for buyers to have home inspection contingencies. The buyer frenzy has chilled to a point where these are back in the norm.

The next Braemar Property Value Report will be out in March. Until then, if 2022 is the year a move may be in your future, it is never too early to consult with a listing agent. My Braemar sellers reap the benefits of my listing preparation advice, professional marketing, advanced negotiation skills and unparalleled neighborhood knowledge. No matter the market, it is import to create buyer enthusiasm and keep it throughout the transaction if you are going to get the maximum amount from the sale of your largest asset. Give in touch to set up your free, no obligation consultation. 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 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 Property Value Report: September-October 2021 (Ryan Homes)

Braemar Property Value Report: September-October 2021 (Ryan Homes)

The end of the holiday weekend is upon us. With company gone and having no desire to delve into the set up of my Christmas tree, I have decided to publish the next Braemar Property Value Report instead. You know a Braemar real estate agent loves their job when they willingly sit down to put together a market analysis versus any number of other non-work related activities. Loving what I do is truly a blessing.

In this edition of the Braemar Property Value the focus in on detached houses built by Ryan Homes in Braemar. During the current reporting period of September and October, there were five Ryan homes that sold. The details of those five most recent sales are detailed below:

Unlike last report where all but one of ten Ryan home sold prices was well above list price, this report shows three of five sold above list price. The second half of the year there was a shift in demand taking place. And though the all-out buyer frenzy has chilled, it is still a seller’s market. Demand is still outpacing supply.

Taking these five most recent sales and combining them with the entire past twelve months of Ryan home sales in Braemar, the six and twelve month data points tracked in this report are updated as seen below.

Starting in the sold price column we see both the six month average sold price and six month median sold price much higher than their respective twelve month values. Ryan homes are still gaining value.

Seller subsidy (closing cost help negotiated by buyers from sellers) is a non-factor with zeros down all the relevant time markers. This means not one Ryan home seller in twelve months has given closing cost help.

Days on market is single digits down the line, and only one digit off in the twelve month average. Ryan homes are continuing to sell fast.

If you placed your Ryan home on the market, priced to current conditions in our Braemar market, you could expect it to be under contract in about a week. You could also expect to give nothing in seller subsidy. Not represented in the stats of this report, however, you could expect to see home inspection and appraisal contingencies in your offers. As the buyer frenzy has quieted, buyers are less likely to waive all contingencies like they had been doing in the first half of the year.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best the holiday season has to offer. Of course, whenever the need to sell your Braemar home arises, I would love the opportunity to consult with you about the sale of your home. Despite the season or market conditions, creating and maintaining buyer enthusiasm is what it takes to make the absolute most the market will bear. And with my unparalleled neghborhood knowledge, my professional marketing and superior negotiation skills are even better at achieving both. Helping my Braemar neighbors sell is always among my greatest pleasures. 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: September-October 2021 (Heritage Series)

Braemar Property Value Report: September-October 2021 (Heritage Series)

The day before Thanksgiving may be a day of food preparation for a lot of folks, but for this Braemar Real Estate Agent it is a day of putting together another in my string of Braemar Property Value Reports. Staying on top of the Braemar real estate market is essential and actually putting together these marketing reports gives me market insights that simply pulling market data and slapping it online or in a postcard never would.

Today’s Braemar Property Value Report is focused on the sales of Heritage homes in our neighborhood for the months of September and October. Heritage homes are mid-sized single family homes, built by Brookfield Homes.  They have two car attached garages and include the following floor plans:  Exeter, Yardley, Zachery (a.k.a. Zurich) & Waverly.  The homes built by Coscan in Braemar North Gate are also included in this group, as they are similar in size.

There were five Heritage homes that sold from the beginning of September to the end of October. That’s four less than happened last report. Details of the most recent sales are listed below:

There are three things that stand out looking at these sales. First, none of them sold above their list price. Second, more sellers than not gave seller subsidy (closing cost assistance.) Third, days on market before going under contract is going into double digits in most of these sales.

Taking these five sales and combining them with the entire past twelve months of Heritage home sales in Braemar, the six and twelve month data points that are central to this market report are updated as seen below. Let’s delve into each data point in more detail.

Starting with sold price, the good news is that both six month values are higher than their respective twelve month values. Braemar Heritage homes have gained in value again. However, the rate of increase has slowed down. Last report, the six month average rate of increase in value was 4% and the six month median rate of increase was 5%. This report, the six month average rate of increase has been cut by half at 2%. The six month median rate of increase is less dramatic a decrease at 4%. If this were the only indicator of a shifting market, it would be less compelling.

Seller subsidy is a column were we see very little change in the six month average to the twelve month average. And the six month and twelve month median values being at zero tells up that in those time periods, more than half of sellers gave no closing cost help. What is concerning is that the majority of sales that happened in September and October gave seller subsidy. Seems that buyers are less likely to waive the request, and for that matter, they are also no longer waiving inspections. The market has definitely shifted since the first half of the year, but conditions still favor sellers. The all-out buyer frenzy has cooled though.

Marketing time in the six and twelve month value points doesn’t show cause for alarm. There are only slight increases in both six month values compared to their twelve month counterparts. What is concerning is the days on market racked up by the most recent sales. If that trend keeps up, the six month average and median will be increasing more significantly in the next report.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about two weeks or so. You could also expect to see offers from buyers that include closing cost help and inspection contingencies.

The next Braemar Property Value Report will be out in January. Until then, I wish you all a very happy holiday season. And of course, when the need arises to sell your Braemar home, I encourage you to reach out to me for a no obligation consultation. As unbelievable as it may be, money can be left on the table even in a seller’s market. The key to success is creating and maintaining buyer enthusiasm. My unparalleled neighborhood knowledge, combined with my marketing and negotiation skill sets, get my Braemar sellers the absolute max the market will bear. 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