Braemar Property Value Report: March-April 2023 (Carriage Series)

Braemar Property Value Report: March-April 2023 (Carriage Series)

Despite the dreary weather this Saturday, the local real estate market is hopping. Showing houses during the misty precipitation today was a downer for a buyer-client who loves to see how much light a home gets. The second buyer-client of the day seemed unphased by the weather and had nothing but good things to say about the home she saw, even though it was decorated in a manner that didn’t suit her tastes. Beauty is in the eye of the beholder and a lot of things can influence that first impression, like a dreary day. Leaving lights on if you had showings on your listing on a dreary day is the best thing you can do.

That’s probbably more information than you expected in the open of this Braemar Property Value Report, focused on Carriage homes in our neighborhood. This edition looks back to the Carriage home sales from March and April. Carriage homes, I should clarify, are small to mid-sized detached homes characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

During the months of March and April there were two Carriage homes that sold in Braemar. The details of those sales are listed below:

In the most recent sales, one was the largest Carriage home floor plan available with a two car garage. The other was second to the smallest Carriage home floor plan with no garage. Each had a fully finished basement, but the larger was the only one with a basement exit. Neither gave seller subsidy (closing cost help to buyer) and they were both under contract in less than one week. Of course, they each sold well above their list prices.

When combined with all the Braemar Carriage home sales dating back to May 2022, the six and twelve month data points tracked in this report are updated as seen below:

Starting with the sold price column, this is the third straight report where both six month sold values are lower than their corresponding twelve month values. In a vacuum, that is not great news. However, the differential in both the average and median data sets is getting smaller compared to the Janaury/February 2023 report and the November/December 2022 report. Values are indeed headed back up and it is no surprise based on the severe inventory shortage our market is experiencing.

The seller subsidy column is showing improvement compared to what we saw last report. And with the two most recent sales detailed in this report, not one gave any seller subsidy. Given the high buyer demand and scarce inventory, the conditions are ideal to avoid seller subsidy requests all together. However, as mortgage interest rates drift up, it is not a given as buyers may legitimately need the assistance to buy. How your home is prepared for market, how it is priced and how it is marketed all matter in what your ultimate outcome will be when selling.

Days on the market have come back down compared to last report. Braemar Carriage homes are a hot item when they hit the market. They always have been. What we are seeing reflected in the six and twelve month values above is the change in buyer behavior that had waned a bit at the end of last year and beginning of this year.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or less. You could also set yourself for avoiding seller subsidy requests by making sure buyer enthusiasm is as high as it can get on your home. That’s what full-time, professional marketing agents like myself do. It certainly helps to know this community like the back of hand, calling it home myself.

The next Braemar Property Value Report will be out in July. I suspect we will see even more favorable numbers next report. Until then, if you want to know what your Bramear home is worth right now, get in touch for a no obligation consultation. It is my pleasure to chat with you about our local market and how we can set you up to maximize your take when you sell. 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: January-February 2023 (Carriage Series)

Braemar Property Value Report: January-February 2023 (Carriage Series)

Spring may not be officially here, but the change of season is in the air. Trees were budding and flowers were blooming even in late February. Has the spring real estate market started? You bet it has. Since becoming a real estate agent in 2005, I can tell you that January is the month that buyers kick into action. As of right now (early March,) they are competing hard for the homes available to buy.

In this edition of the Braemar Property Value Report, the focus is on what has happened in the first two months of the year, where our six month data points are compared with our twelve month data points and what is projected in the world of Carriage homes. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

In January and February there were three Braemar Carriage homes that sold. This is great to see since there were no Carriage home sales in our neighborhood in November and December. Details of the sales from the first two months of the year are listed below:

All of these sales were of three upper level bedroom Carriage homes: Maplewood and Norwood floor plans. These are the two smaller of the four available Carriage homes in our neighborhood. Each sold at or above their list price. That was not the case in September and October as sellers were coming to grips with the fact that buyer behavior had changed as a result of the steep increases to mortgage interest rates. They each gave something in seller subsidy (closing cost help to buyers,) though only one gave what was probably close to all of the closing costs of that buyer at $12,800. Finally, two were under contract in a week or less, and one took about one month to find its buyer.

Taking all three of these sales and combining them with the entire past twelve months of Braemar Carriage home sales, the data points tracked in this report are updated as follows:

Starting with the sold price column it is disconcerting to see that both six month sold prices have fallen below their respective twelve month sold prices. This happened last report as well, but as there were no sales to report in November and December, it wasn’t as alarming. Being engaged full-time in our real estate market, I know first hand that values haven’t dropped as much as they are no longer accelarating wildly upward. Looking into the last six months of sales, two-thirds of them are the smaller three bedroom floor plans. The last twelve months of sales are as close as you can get to a fifty-fifty split with an odd number with three bedroom models having the one house advantage. My gut is telling me that this drop of six month sold prices below the twelve month prices is really just a reflection of smaller homes dominating the Braemar Carriage home market in the last six months.

Seller subsidy, in both six month values compared to their corresponding twelve month values, has gone up. This is not surprising. The rise of mortgage interest rates was steep and did fall back into the sixes and sevens after hitting the eights last year. Buyers have settled with this being the new normal, but it doesn’t make houses any more affordable as values really haven’t dropped noticeably. Closing cost help requests are much more common. However, as we hit mid-February, buyer behavior started to repeat what we saw in 2020 and 2021. I have personally represented a seller who received multiple offers in January, and represented buyers who competed in multiple offer situations in February. The difference a month makes is huge. Some buyers are back to waiving contingencies, offering above list and not requesting seller subsidy.

Marketing time in both six month values has increased when compared to their respective twelve month values. Again, not surprising given the buyer behavior change that came over the market in mid to late summer last year. I think we will see marketing times speed up again as buyers compete over limited inventory.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be shocked at seller subsidy requests. Avoiding the pay out of closing costs to buyers and getting top dollar in this seller’s market is not a secret formula. Pricing right, having properly prepared your home for market and hiring an agent that professionally markets is what drives up buyer enthusiasm. Buyers may need a home, but if they aren’t excited about yours, the time it takes to sell and terms you eventually see in offers are not going to be as seller favored as they could be.

The next Braemar Property Value Report will be out in May. Until then, if you felt remorse at having missed the sale of your home in 2020 or 2021, early 2023 presents a great opporunity. Find out what your specific home is worth in the current market. Get in touch for your complementary consultation. It is one of my greatest pleasures to help my Braemar neighbors 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
703-402-0037, ChrisAnn@LNF.com
www.SellingBraemar.com
www.UncompromisingValues.com
www.ChrisAnnCleland.com

Braemar Property Value Report: September-October 2022 (Carriage Series)

Braemar Property Value Report: September-October 2022 (Carriage Series)

As we move through November and start preparing for year end holidays, the eleventh month of the year, as all odd numbered months, means it is time for me to get out my Braemar Property Value Reports. This particular report focuses on the sales of Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

September and October brought three Braemar Carriage home sales. Details of those sales are listed below.

Unlike last report, where the exception out of four sales was one that sold below list price, the exception this report is one out of three sold at list price. The other two of the most recent sales sold below their original list price. The list price column above shows original list price. We are now in a market where over zealous sellers are having to find more realistic list prices with price reductions.

Another couple of differences I see immediately compared to last report is that the majority of sales gave seller subsidy (closing cost assistance to their buyer) and the majority sold in two weeks or more. That’s a departure from last report where all the sales were seller subsidy free and the highest marketing time was thirteen days. Rising mortgage interest rates have changed buyer behavior to a much more methodical and deliberate way of acting. Believe it or not, there are still not enough homes to meet buyer demand, so market conditions favor sellers. It is an interesting time to be a professional real estate agent.

When the most recent sales are combined with all the Braemar Carriage home sales dating back to November 2021, the six and twelve month data points followed in this report do show changes.

Starting with sold prices, the six month average sold price is now only slightly higher than the twelve month average value, compared to the spread last report. And last report, the six month median was over one percent higher than the respective twelve month value. This report, they are the same. Our market is done with the exuberant growth we saw in 2020 and 2021, and is now in a more sustainable growth rate.

Seller subsidy, compared to last report, has increased in the six month average over the twelve month average. The six and twelve month median values here are still at zero. Given current trends, it won’t be too many reports more before there are numbers to report in median seller subsidy values. Obviously, it will first appear in the six month median values when it does appear.

Days on market still shows single digits down the line. Meanwhile, the six and twelve month average marketing times are higher than they were last report. If the buyer hesitancy to act continues and we do find ourselves building more inventory, these time frames will also increase in future reports. Right now, properly priced and well prepared homes are still selling in a reasonable time frame.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in about two weeks. And you plan to sell soon, you should probably prepare yourself for the idea of giving some seller subsidy. Buyers are finding this most helpful in buying down their interest rates. Some buyers simply can not afford to buy at today’s rates and need the buy downs to be able to purchase.

The most success any seller will have in our Braemar market is by creating buyer enthusiasm. Getting buyers excited about your home and ready to act decisively is what will get you the most money in the shortest time and put you in a position to deal with buyers who can go without seller subsidy. I’ve worked with buyers who request closing cost assistancer on properties, and then, when they find one that really lights them up, the request is never brought up out of fear they will lose the home. You don’t need multiple offers to get a fantastic offer. You just need to work with a full-time, professional agent that has the playbook to succeed, including professional grade marketing. My sellers have been have been beating the market averages as buyer behavior shifts, just as they had in the frenzy of the couple years.

The next Braemar Property Value Report will be out in January. Until then, enjoy every minute of the year end holidays with family and friends. And if the need to move arises, you can reach out to me anytime. My real estate business is operated year round. It is not just my spring sellers who enjoy top of market sales experiences. 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: July-August 2022 (Carriage Series)

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

Welcome to another edition of the Braemar Property Value Report. This particular edition focuses on the sales of Carriage homes in our neighborhood between the months of July and August. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood, Norwood, Oakdale and Parkdale.

During the last two months of summer, there were four Braemar Carriage homes that sold. Details of those sales are listed below.

Final sold prices are all over the place, but so are the features of these homes. Half have no garage. Half are only three bedroom homes, the other half four bedroom homes. Three of them had no exit from the basement. The only thing they all have in common is that they gave no seller subsidy (closing cost help to buyers.) Taking these four sales and combining them with the Braemar Carriage home sales dating back to September 2021, the six and twelve month market markers tracked in this report are updated.

Starting with the column on everyone’s mind, let’s begin with the sold prices. Compared to last report, the six month average and median sold prices are down a bit, not much. However, compared to their respective twelve month values within this report, both the six month average and median sold prices are higher. That still means Carriage homes in Braemar are continuing to gain value compared to last year.

Seller subsidy, despite none of the four most recent sales giving none, still has average values. The six and twelve month average values are lower than they were last report. All this means is that Braemar Carriage home sellers in both time frames gave closing cost help. The more important measurement here are the six and twelve month median seller subsidy values. This means that more than half of Braemar Carriage home sellers in both time frames gave nothing. It is a safe bet a Braemar Carriage home seller would not have to relent to giving seller subsidy if their home was priced right, properly prepared and professionally marketed. Those things are what increase buyer enthusiasm.

Finally, the days on market column shows six days down the line. Even in our most recent sales above, we see that some Braemar Carriage homes are taking longer than that to sell. However, the average and median marketing times is six days.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. Buyers have become slower to act as they are pinched between rising prices and increasing mortgage interest rates. However, demand is still not meeting supply. And as stated above, if your home was hitting the mark in maxing out buyer enthusiasm, you could expect to give nothing in seller subsidy. Be aware, as values continue to rise, it will become more common to see seller subsidy requests from buyers.

The next Braemar Property Value Report will be out in November. Until then, if a move may be on the horizon for you, it is never too early to reach out and get a handle on listing preparation projects. Interviewing agents two weeks or a month before you wish to hit the market may leave you crunched for time on suggested improvements prior to listing. It is my pleasure to help my Braemar sellers reach the top of the market. You can reach out to me anytime for your complementary 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

Maplewood Carriage Home in Braemar Just Sold for a Record High Price

What an honor it was to list 9477 Cromarty Court. Walking in to the listing appointment I knew I had a gem on my hands, which was going to be immensely helpful. Being a Maplewood model carriage home, it is the smallest square footage one could have in Braemar and still be considered a single family home. The sellers were all too aware of the very limited living space and had made some very wise renovations to the home to give what is essentially a detached townhouse, a roomier feel. One of my favorite renovations was the removal of a cabinet to open up the galley kitchen to the family room. They also added a live edge cherry breakfast bar so the breakfast nook could be more open space.

The thing that would make buyers fall in love and make the limited space work was going to be the lot. It was the only unobstructed water view in the neighborhood.

This charming home, with farmhouse decor throughout, hit the market on April 22nd priced at $584,000. The market around us was on fire. The original list price was going to be a tad lower. After watching the activity on Cromarty with a couple other listings, we upped the price before hitting the MLS as a Coming Soon listing.

The very first day on the market the first buyers through made an appointment. An offer was in my email within hours of that showing. With the sellers out of town and an offer deadline set for Monday, April 25th, that offer survived competiting with five additional offers. And today, those very happy buyers were able to close the deal on this gorgeous home. The final sold price was $620,000. That is a new record sold price for a Maplewood model in Braemar….EVER. The closest before this was one in February (just a few months ago) that sold for $576,000.

Did the highest offer win in the multiple offer situation? No. It is not always how high someone will bid, but how much of a low appraisal guarantee they can swallow if the home doesn’t appraise. In the case of the winning buyers, their offer was $10,000 lower than a competing offer, but they offered $50,000 more in a low appraisal coverage than those buyers did. That meant, not matter what, the home would sell for $620,000. With the highest sold price to date at $576,000, a low appraisal was a real concern. As it turns out, it happened not to be a concern. I make sure to arm appraisers with as much information as a I can even when appraisal is something a buyer will deal with in the event of a low outcome. It’s not a win, if it’s not a win for everyone.

At the closing table, it was obvious that the new owners are going to love the natural surroundings by this pond as much as the sellers did. There was talk of turtle eggs that will be hatching by the pond and a birds nest where eggs are found every season. The new buyers were delighting in hearing of their new outdoor neighbors.

It was a smooth road to closing with zero bumps in the road. Best of all, my sellers gave me a closing gift that made me smile from ear to ear.

The sellers had been receiving my Braemar Property Value Reports for years and that is why they chose to list with me. The fact that they gave me this personalized Yeti mug could not have been a better compliment. Now I’ll be taking this coffee mug with me to listing appointments in the neighborhood and letting folks know that sellers that hit a record high sold price for a Maplewoood gave it to me. Let me know if I can be of assistance to you.

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 (Carriage Series)

Braemar Property Value Report: March-April 2022 (Carriage Series)

Graduations and proms are the talk of social media. Spring has most definitely sprung. In this edition of the Braemar Property Value Report, we will look at how the Carriage home market is our neighborhood is doing against the back drop of sharp mortgage interest rate increases. If you are not familiar with what makes up a Carriage home in Braemar, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There was only one Braemar Carriage home that sold during the current reporting period of March and April. Details are listed below.

Should you be concerned that there was only one Carriage home sale in the months of March and April? No. During that time period, I was pleased to list 9477 Cromarty Court. That gave me a first hand look at the activity for homes like these. The demand is out of control for affordable homes in our neighborhood. (Yes, affordable single family homes in 2022 are in the low to mid six hundred thousands.) If more Carriage homes had hit the market in the early part of the year, there would be more sales to report.

Taking a freshened up twelve months of Braemar Carriage home sales from May 2021 to April 2022, our six and twelve month data points are updated as follows:

The sold price column is looking very healthy and reflective of continued seller market conditions, despite rising mortgage interest rates. Both the six month average and six month median sold prices are substantially higher than their respective twelve month values. Braemar Carriage homes are definitely continuing to gain value in this market.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their Braemar sellers. The only number not at zero is the twelve month average seller subsidy. Two sales out of a total of sixteen in the past year’s worth of Braemar Carriage home sales gave closing cost help. One gave $12,500. The other gave $2,000. How do you avoid giving closing cost help as a seller? Make sure your home creates buyer enthusiasm so buyers must put their best foot forward to win amongst their competitors.

Days on market shows single digits down the line. Braemar Carriage homes are selling very quicky as buyer demand continues to outpace homes coming on the market.

If you placed your Braemar Carriage 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 closing cost help if your home was properly prepared for the market and professionally marketed.

The next Braemar Property Value Report will be out in July. Until then, if you would like to take advantage of a home sale while the buyers are still outnumbering available inventory, get in touch with me for a no obligation consultation. No matter the market, my listing services start with preparation advice as far out as you want to discuss readying your home. Details matter. I also invest my sellers’ success with professional marketing. My Braemar sellers also get my unparalleled neighborhood knowledge, having called this neighborhood home and served the HOA for over seventeen years. 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: January-February 2022 (Carriage Series)

Braemar Property Value Report: January-February 2022 (Carriage Series)

On a rainy, drizzly or foggy day, the Sounds of Freedom can be heard and felt in our neighborhood. I certainly wish I had been paying closer attention to the Howitzer training schedule at Quantico. Given current world events, when awoken from my slumber to the sound of mortars, I was uneasy. Thank goodness we don’t often have that much noise from the Marine base. Weather conditions have to be just right for that much noise to make it our way.

Turns out it is just another Thursday in our Braemar neighborhood and the real estate market is still trending up. Too many buyers for too few homes creates a great time to sell. In this edition of the Braemar Property Value Report the focus is on sales of Carriage homes in our neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

In this report, which covers only the first two months of 2022 for sales, only one Braemar Carriage home sold. Details are listed below:

Those are not typos in the list and sold price. This Maplewood, the smallest of the Carriage homes in our neighborhood, sold for $51,000 over list price. That is most certainly an attention getter. It gave no seller subsidy and was under contract in five days. Bear this in mind because the six and twelve month data points compiled from the entire past twelve months of Braemar Carriage home sales is not showing super strong trends for sellers. Our market the second half of 2021 was certainly not as crazed as the first half and that is playing into the six month data. Let’s take a look.

Starting in the sold price column we see the six month average sold price is slightly above the twelve month average. Meanwhile, the six month median sold price is below the twelve month median sold price. Contradictory information can be an indicator of shifting trends, but I don’t think that is the case here. As mentioned above, the second half of 2021 was not as frenzied as the first half. The second half of the year in regard to the Braemar Carriage home market was also three bedroom model heavy. Smaller homes selling may be skewing this data as well.

Seller subsidy is any closing cost help negotiated by buyers from their Braemar sellers. The six month average seller subsidy ticked up substantially compared to the twelve month average. Both the six and twelve month median values being at zero tell us that more than half of sellers in both time frames gave no seller subsidy. And with the recent sale giving none, it is safe to assume this trend will continue as more buyers compete for fewer homes.

Days on market shows us how long it took Braemar Carriage homes to go under contract. Both six month values are slightly longer than their respective twelve month values. However, even the highest number represented by this data is single digits. That trend is continuing as we move through the early months of 2022.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it be under contract in a week or less. You could also expect to have enough buyers competing for your listing that seller subsidy should be a non-factor. Buyers are back to waiving contingencies like home inspection and when possible, appraisal. Did I mention it is a great time to sell?

The next Braemar Property Value Report will be out in May. Until then, if you would like to see what a 2022 sales would mean for you, I am happy to have that conversation. Get in touch for a no obligation market analysis. Even in a seller’s market, my commitment to professional marketing creates undeniable buyer enthusiasm that leads to record setting prices. Who you hire to sell your home matters. After all, you only get one chance to liquidate your largest asset. Since 2005, No One Knows Braemar Bettter!

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 (Carriage Series)

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

Happy New Year! I hope you all are enjoying the fresh start in 2022 and taking in some of the beauty the winter weather has brought. Snow can certainly be a pain, but I suggest enjoying the views while you can.

The New Year for this Braemar Real Estate Agent means getting a chance to wrap up 2021 with my Braemar Property Value Reports. Today I am bringing you the latest on Carriage homes in neighborhood. Braemar Carriage homes are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

In the last two months of 2021, there were two Braemar Carriage homes that sold. The details of those sales are listed below:

For homes that are very close to the same size, with same number of bedrooms and bathrooms and even basement finishes and exits, the final sold price difference is HUGE. Taking a virtual stroll through both listings, they were both professionally photographed and presented well online. What the Darnaway home had were some very specfic color choices on the walls, basic finishes throughout the ktichen and bathrooms and had no garage. However, it had an additional kitchen in the basement, making it a perfect in-law suite. Airedale ws updated throughout with not even a scrape of carpet on any floor. Top of the line finishes were used in the kitchen and owner’s bathroom. Furthermore, it was neutral throughout. Skipping listing preparation like painting and doing some modest flooring updates can leave money on the table. There should not be a $100,000 difference between these homes.

Taking these two sales and combining them with all the Braemar Carriage home sales from 2021, our six and twelve month data points are updated and continue to reflect a seller’s market.

Starting with the sold price column we see that both six month values are above their respective twelve month values. That’s good news. However, it should be noted that the rate of increase this report in the average is 2.7% and median is 1.8%. Last report, the average rate of value increase was 3.5% and the median rate of value increase was 4.5%. The second half of 2021 really cooled the all out buyer frenzy that had been happening since 2020, but that doesn’t mean that we aren’t still in a seller’s market. There is still not enough homes to meet buyer demand, but buyers are not going nuts when competing for homes now.

Seller subsidy is where we find out how much closing cost assistance Braemar Carriage home buyers were able to negotiate from their sellers. The six month average shows an increase in seller subsidy over the twelve month average. More importantly, the six and twelve month median values beiing at zero means that more than half of sellers in both time frames gave nothing in seller subsidy.

Days on market shows a one day uptick in marketing time in the both six month values compared to their respective twelve month values. Still, Braemar Carriage homes are going under contract in a matter of single digit days.

If you placed your Braemar Carriage home on the market, priced to current conditions, you could expect it to be under contract in about one week. You could also still reasonably expect to give nothing in seller subsidy if your home has created enough buyer enthusiasm to make it in demand enough for buyers to compete. With the cooling off of the buyer frenzy, you could also expect to see a home inspection contingency in whatever offer you accept.

The next Braemar Property Value Report will be out in March. Until then, if you are considering a move in 2022, it is never too early to consult with a local expert. My unparalleled neighborhood knowledge and professional marketing have been making my Braemar sellers the absolute max the market will allow for year. 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 (Carriage Series)

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

The year end holidays are rapidly approaching and for so many, things slow down a bit this time of year. Does it slow down in the world of Braemar real estate? Not as much as you may think. In this edition of the Braemar Property Value Report I will show you how Carriage homes in Braemar fared in the months of September and October. If you are unfamiliar with what constitutes a Braemar Carriage home from any other home in our neighborhood, they are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

There were three Braemar Carriage homes that sold during the current reporting period. Coincidentally, that is the same number of Carriage home sales that happened in the previous reporting period. Details of the sales from September and October are listed below:

At first glance, the things that stand out to me in the sales above are that only one of the three sold significantly above its list price. One of three gave a significant amount of closing cost help. And one of the three took longer than single digits to sell. When combined with the entire previous twelve months of Braemar Carriage home sales, the six and twelve month data points are updated as seen below:

Starting with the sold price column, we still see significantly higher prices in both six month values when compared to their respective twelve month values. Increases in value are always great news to Braemar Carriage home owners. However, the six month growth rates seem to have waned a bit. Last report, the six month average growth rate was 7% and the six month median growth rate was 10%. In this report, the month average growth rate has dropped to 5%. The six month median growth rate is also at 5% this report. Could it be that the market is shifting? Only time will tell so looking to future Braemar Property Value Reports will give more of an indication of any trends. For now, the trend is still upward growth in value.

Seller subsidy is where we learn how much closing cost help Braemar buyers were able to negotiate from their Carriage home sellers. Seeing one Braemar Carriage home sale this report with nearly 2% seller subsidy is certainly unusual. In the entire past twelve months of Braemar Carriage homes sales there have been only two of twenty that have given any seller subsidy. Timing wise, it was one sale this report and one sale last report. This definitely indicates a cooling of the buyer frenzy we have seen throughout 2020 and in the first half of 2021. While conditions still favor sellers, the herd of buyers is thinning out and the ones remaining are not as quick to act, and able to ask for more.

Days on market is really very stable. The six and twelve month average marketing times are five days, while the six and twelve month median marketing times are at four days. Braemar Carriage homes are selling very quickly.

If you placed your Braemar Carriage home on the market, priced to current conditons, you could expect it to be under contract in one week, maybe two max. You could also expect to have some seller subsidy requests. The amount you are able to knock it down will largely by determined by the negotiation strength of your listing agent.

The next Braemar Property Value Report will be out in the New Year. Until then, if the need arises to sell your Braemar Carriage home, know that the year end market is one of the most powerful a seller can encounter. Inventory shortage along with strong emotions regarding “home for the holidays” with serious buyers are factors that can equate to a very profitable sale. Of course, hiring a local, professional marketing agent like myself is a key to maxing your profit when selling. Even in a seller’s market, money can be left on the table through lack of preparation and poor marketing, which do not create buyer enthusiasm. Don’t let that happen to you. Get in touch with me for a 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 Property Value Report: July-August 2021 (Carraige Series)

Braemar Property Value Report: July-August 2021 (Carraige Series)

Even though it is technically still summer until September 21st, after school starts and we begin the month of September, it feels like the unofficial beginning of fall. July and August sure went by in a flash, and with them more Braemar Carriage home sales to report in this edition of the Braemar Property Value Report. Since this report focuses solely on Braemar Carriage home activity, it is important to know what defines a Carriage home in our neighborhood. They are characterized by the lack of an attached garage. When these homes have a garage, it is detached and sits in back of the home, accessed by a private driveway off of the street, or off of a shared alley in the back of the home.  The floor plans, from smallest to largest, are: Maplewood,  Norwood,  Oakdale and  Parkdale.

During the current reporting period, there were three Braemar Carriage homes that sold. The final sold prices ranged from $531,000 to $615,000. Details of those three sales are listed below:

Sold prices keep marching up. For specifics on how the market is doing, let’s take a look at our updated six and twelve month data points.

Starting with the sold price column we see big increases from both the twelve month average and median to their respective six month average and median values. The jumps were 7% and 10% in value. Last report, we saw values jumps of 6% and 8%. Braemar Carriage homes, despite what was overall a slowing in the market during the summer months, have appreciated at an even better rate than previous reporting. As I recall, Braemar Carriage homes were the least impacted by lack of sales in our real estate crash over a decade ago. These homes will be the last to show any slowing of the market.

Seller subsidy is where we see how much closing cost assistance buyers were able to negotiate from their Braemar Carriage home sellers. The six and twelve month average seller subsidy numbers indicate that across the board, very few buyers even ask for closing cost help. The six and twelve month median values at zero show us that more than half of buyers in both time frames needed no closing cost assistance.

Marketing time is still super fast. We see single digits down the line with the only change being a one day decrease from the twelve month average marketing time of five days to the six month average marketing time of four days. Carriage homes are always one of the hottest selling homes in Braemar. That also makes them one of the smartest investor purchases in our neighborhood.

If you placed your Braemar Carriage 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 no seller subsidy as buyers continue to compete to get under contract.

Just because we are entering the year end market does not mean that the real estate market will slow. In fact, it is typical for activity to pick up about this time as folks are done with vacations. More importantly, the Federal government’s new fiscal year starts October 1st, filled raises and new job opportunities for employees and contractors.

The next Braemar Property Value Report will be out in November. Until then, get in touch with me to find out what a sale in the near future would mean for you both financially and logistically. 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