Braemar Property Value Report: March-April 2019 (NV Homes)

Braemar Property Value Report: March-April 2019 (NV Homes)

As I type this on the gorgeous Saturday of Memorial Day Weekend, I can close my eyes and picture the giggles and splashing happening at the Braemar pools.  Summer is here, even if it isn’t official on the calendar.

Right now, it is time for another Braemar Property Value Report featuring sales of NV Homes in our neighborhood during the months of March and April.  As it turns out, there were only two NV Homes that sold during that time frame.  Final sold prices were $539,900 and $582,000.  The details of those sales are listed below:

Taking these two NV Homes sales and combining them with the previous twelve months of NV Homes sales, the six and twelve month data points are updated as follows:

Starting with sold prices, we see the six month average and median values are the same, and both significantly above their respective twelve month values.  This mean NV Homes are gaining value.

Seller subsidy, also known as closing cost assistance from seller to buyer, is an area not so seller friendly.  Both the six month average and median seller subsidy values are significantly above their twelve month counterparts.  Unfortunately, this means on average, NV Homes sellers are giving more in closing cost help to their buyers in recent history.

Days on market is going to be unreliable until we get to the reports coming out in January.  Our new MLS, which we switched to in November last year, stops counting days on market when contingencies are removed if sellers are still willing to accept showings in pursuit of back up offers.  Therefore, it is not surprising to sell the six month days on market numbers nearly double the twelve month days on market.  Not to worry. When the time comes to sell, when I am looking at comps, I hand calculate how long it has been taking comparable homes to go under contract.  One day our MLS will understand that is the only number sellers care about.

If you placed your NV Home on the market, priced to current conditions, you could reasonably expect to be under contract and well on your way to settlement in a little less than two months.  You could also expect to give about 2% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in July.  Until then, when the time to sell your home is on the horizon, reach out and let’s start talking.  My unparalleled knowledge of the neighborhood and marketing expertise is the perfect combination to get you the absolute most for 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

 

 

 

Braemar Property Value Report: March-April 2019 (Heritage Series)

Braemar Property Value Report: March-April 2019 (Heritage Series)

Graduation time is approaching and I know several families with seniors at Patriot High School that are excited to see this time come for their kids.  Of course, the excitement is tempered with a bit of sadness.  Time flies and when something like a graduation marks exactly how much time has gone by, it can give you pause.  Take time to enjoy the moments and celebrate safely.

Speaking of time, enough has passed to present you with another Braemar Property Value Report.   The various editions of the Braemar Property Value Report come out every two months and tracks sales of particular home types in our neighborhood, tracking values along the way.  This report focuses on sales of Braemar Heritage Series homes.   Heritage Series 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.

Tied with Braemar townhouses for the most sales in the months of March and April, Heritage homes saw nine sales in our current reporting period.  That’s a lot of sales activity!  The sales are detailed below.

The sales ranged in final sold price from $442,000 to $550,000.  I was pleased to sell 12146 Millbill Court, highlighted in pinkish-purple above.  It is the oldest home on the list and sold above list price, with multiple offers, for the highest price of any of those built in the 1990’s.  And despite the marketing time listed above, it was under contract in two days.  It took twenty-two days to remove the contingencies.  That means our new MLS is still reporting marketing time in a manner in-congruent with what we had been used to, making marketing time above unreliable.

Taking these sales and combining them with the entire past twelve months of Heritage home sales, we get new six and twelve month data points.   Those figures are listed below.

Starting with sold price, it is fantastic to see both the six month average and median sold prices above their twelve month counterparts.  This means values of Braemar Heritage homes are still increasing.

When it comes to seller subsidy, also known as closing cost assistance sellers give buyers, the six month average is below the twelve month average, while both the six and twelve month median values are zero.  In the seller’s market, many buyers have been having to forego closing cost help, or settle for lower amounts, to win out in multiple offer situations.  More good news for Braemar Heritage home owners.

Marketing time, as mentioned above when discussing the sale of 12146 Millbill Court, is a number that is not counted the same as it used to be in our old MLS.  Previously, as soon as a home went under contract, no matter variety of contract status was published, the days on market counter stopped in our old MLS. However, in November, we switched to an MLS that only stops the days on market counter if you choose the contract status indicating there are no contingencies in the contract.  It’s a mess.  So when I see that marketing time has increased in both the six month values compared to their twelve month counterparts, I am not at all panicked.  Braemar Heritage homes are going under contract fast!

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract and well on your way to closing in fifteen to twenty days.  You could also expect to pay 1/2% of the sales price in closing cost help, if any at all, to your buyer.

The next Braemar Property Value Report will be out in July.  Until then, rest assured that when the time comes for you to sell your Braemar home, I will hand calculate marketing times during our meeting.  I know you don’t care how long it takes to get contingencies removed, but how long it takes to make a deal with a buyer.  And my unparalleled knowledge of our neighborhood and top notch marketing, will get your home under contract for the maximum amount of money in short order.  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: July-August 2018 (NV Homes)

Braemar Property Value Report: July-August 2018 (NV Homes)

Did you know that as of today, there are twenty-one homes on the market in Braemar? They aren’t all single family homes, like the NV Homes in our neighborhood.  In fact, single family homes priced over $450,000 in Braemar make up ten of those listings.  And it is taking a while to get them under contract.  A quick look at those ten single family home listings in Braeamr over $450,000 tells me that they are averaging thirty-four days on the market….and they haven’t even been chosen yet!    One of the many reasons it is important to hire a Top Braemar Listing Agent.

Right now, this Top Braemar Listing Agent is going to update you as to what’s happened with NV Home resales in our neighborhood between July and August in this edition of the Braemar Property Value Report.  I have made it part of my job to stay on top of our local market.  I don’t know of any other real estate agent that serves Braemar that delves this deep into what’s happening in our neighborhood.

There was only one NV Home in Braemar that sold in during our current reporting period.  It was a Rutherford that sold for $485,000, having been listed for $500,000.  Details of that sale are below:

Not much can be determined by NV Home values by one sale.  That’s why this sale is added to my rolling twelve month store of NV Home sales in Braemar, and six and twelve month values pulled out.  When I do that, here’s what we find:

The trend you want to see in the sold price numbers is higher values in the six month average and median compared to their twelve month counterparts.  That is definitely what we find with NV Home values in the six month values compared to the twelve month values.  That means NV Homes are still pushing up in value.

When it comes to the seller subsidy (closing cost assistance) category, we want to see the opposite.  The best trend for sellers here is to have lower figures in the six month values when compared to the twelve month.  Once again, Braemar NV Home sellers in the last six months have been given less closing cost assistance to their buyers.  Gotta love that.

Days on market, or marketing time, is another category where we like to see more recent numbers trending down, compared to the whole year.  While the six month median value is two days longer than the twelve month median, the six month average value is thirty-one days shorter than the twelve month average.  That big a decrease in average marketing time is a great thing to see.  The two day increase in median value?  Not to worry.

If you placed your Braemar NV Home on the market, priced to current conditions, this report indicates  you could expect it to be under contract in two weeks.   However, at the start of this report, you heard the average days on the market for larger single family homes was thirty-four days for home still lingering on the market.  Who you hire to market your home matters and can affect marketing time and your final sold price.  As for what you could expect to pay in closing cost help, that would be an average of less than 1% of the sales price.

The next Braemar Property Value Report will be out in November.  Until then, when you are ready to sell your Braemar home, hire wisely.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

Braemar Property Value Report: March-April 2018 (NV Homes)

Braemar Property Value Report: March-April 2018 (NV Homes)

While this top Braemar Real Estate Agent has been busy with various stages of selling Braemar homes, I am sure that a lot of you have been prepping for the opening of the Braemar pools.  There were several emails that came through about the change of the pool passes.  Getting the new pass, swimsuits and sunscreen have been projects for many Braemar households.   Meanwhile, the pool I’m playing in is Braemar real estate market data.

This Braemar Property Value Report focuses on sales of NV Homes in our neighborhood during the months of March and April.  So without further delay, let’s get to it.

There was only one NV Home in Braemar that sold during our current reporting period.  It is detailed below:

The way I used to do these market reports, having one sale for a reporting period could make our values seem to go up and down like a yo-yo.  Now, by taking this most recent NV Home sale and placing in with the sales of NV Homes in Braemar for the last year, we can derive six and twelve month data points and get a better sense of where values are heading.  Here’s what those data points look like, updated with the sale above:

In a rising market, the six month sold prices are higher than the twelve month sold prices.  Here we see our six month average is higher than the twelve month average, but the six month median is below the twelve month median.  What does that mean?  It means values are holding steady.  In the meantime, the seller subsidy (closing cost assistance) values in the six month data points are lower than the twelve month data points.  That’s great news!  Seller subsidy is going down, meaning Braemar sellers are keeping more money when they sell.  Marketing time is another story.  The six month average is double the marketing time we see in the twelve month average.  However, this doesn’t panic me when I see the six month median is only one week, compared to about two weeks in the twelve month median.  There was one sale in the last six month that took 314 days to happen and it is throwing that average value.

If you placed your NV Home on the market, priced to current market conditions in Braemar, you could expect your home to be under contract in a week or two.  You could also expect to pay about one percent or so of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in July.  Hope you enjoy some fun in the sun at the pools between now and then.  And as always, if you want to know the value of your specific home in our Braemar market, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

 

 

Braemar Property Value Report: March-April 2018 (Arista Series)

Braemar Property Value Report: March-April 2018 (Arista Series)

In client conversations, we are already talking about the end of the school year.  That’s an important date on many buyer and seller timelines.  Hard to believe it is just around the corner.  The calendar seems to move much faster as you get older.  Nothing you can do about it, but enjoy every minute, every hour, every day.

When the calendar hit May, my Braemar real estate brain had an alarm sounding.  Time for more Braemar Property Value Reports.  A lot of Bristow real estate agents may occasionally update you on market conditions, but not me.  I’m your dedicated Braemar Real Estate Agent and I take keeping you apprised of your home’s value seriously.  I know if I don’t take my job seriously, I won’t be on your mind when it’s time to sell your Braemar home.  And while I’m great at market reports, I’m even better at selling Braemar homes.

This Braemar Property Value Report focuses on sales of the larger single family homes built by Brookfield Homes known as the Arista Series.  Floor plans in this series are the Allister, Buckingham and Canterbury.

Two Canterbury model homes sold during the months of March and April.  The details of those sales are listed below:

You can see that in black and white, these homes are not much different, even though the sold prices are vastly different.  The locations in the neighborhood are quite a bit different.  Lot can make a big impact on your home’s value.  So can professional marketing of your listing.  Even if you are lacking a desirable lot, professional marketing can bring you more money in that one and only chance you get to sell.

When we take these sales and put them with the rolling sales data for the last year, here’s what we find:

You can see the six month average and median sold price are both higher than the twelve month average and median sold price.  It may not be by leaps and bounds, but these homes are continuing to inch forward in value.  It’s not taking any less time to get under contract, but the closing cost help (seller subsidy) does seem to be coming down in the six month values.

 

 

If you placed your Braemar Arista Series home on the market, priced to current conditions, you could expect it to be under contract in as little as a month and a half.  You may also sell without having to pay much of anything in closing cost help.

The next Braemar Property Value Report will be out in July.  Until then, when you are ready to sell your Braemar home and need to maximize your profit, give me a call.  Since 2005, No One Knows Braemar Better!

Chris Ann Cleland 

Associate Broker-Licensed in VA

Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com