Braemar Property Value Report: May-June 2022 (Courtyard Series)
Welcome to another Braemar Property Value Report. This particular edition looks to the homes sold in the Courtyard Series in Braemar duing the months of May and June. Courtyard homes are located on Orland Stone, Pentland Hills and Playfair. Five detached homes share a courtyard driveway and have a strip of yard separating them from each other. I often refer to them as city homes or executive style homes, as they require the most minimal lawn maintenance and have very contemporary floor plans named the Arlington, Ballston and Clarendon. What they lack in lawn, they more than make up for in generous bedrooms sizes.
During our current reporting period there were three Braemar Courtyard homes that sold. Details of those sales are listed below.
At first glance I notice a few things. All but one sale sold above list price. All but one sale gave no seller subsidy (closing cost assistance to the buyer.) And all but one sale was under contract in a matter of days. The stand out in every instance was one property. Was there something significantly different about it? It was slightly outdated and sold two important appliances (microwave and dryer) as-is. They also offered that seller subsidy in the listing for a decorator credit. Not at all what I recommend to my sellers, but hey, they weren’t my sellers. You never know what buyer out there is going to love the home the way it is.
Taking these three sales and combining them with the Braemar Courtyard home sales going back to July 2021, our six and twelve month data points are updated. Here’s what we get:
Starting with the sold price column, the trend of increasing values stand right out. Both the six month sold prices are above their respective twelve month values. If there is a cooling off in the market, you wouldn’t know it by looking in this column.
Seller subsidy made a come back thanks to a seller generously offering seller subsidy. We will never know if they had to do that. Best I have to tell you is that more than half of Braemar Courtyard home sellers in both the six month and twelve month time frames gave nothing in seller subsidy. If you hire an agent that helps you build buyer enthusiasm through proper listing preparation and professional marketing and follows up with skill negotiation, odds are strong you wouldn’t have to give any either.
Days on market shows a decrease in marketing time. That’s more great news consistent with a seller’s market. Again, you wouldn’t know of any change in the market, despite talking heads all around talking about it, by looking at these numbers.
If you placed your Braemar Courtyard home on the market, priced to current conditions, you could expect it to be under contract in a week or so. In July and August, the time may be longer. This is the time of year we see a disconnect between buyers and sellers. Sellers think it’s a great time to list when school is out. Buyers think it is the perfect time to take a break from the market and go on vacation. As mentioned above, if you had great representation, you could also expect to give nothing in closing cost help.
The next Braemar Property Value Report will be out in September. Until then, when it is time for you to sell, know that relying on market conditions or placing the primary hiring decision based on commission charged is no way to get the best outcome. Get proper listing preparation advice, professional marketing and skilled negotiation. Call for your complementary consultation. It’s my pleasure to get my Braemar sellers to the top of the market. Since 2005, No One Knows Braemar Better!
Chris Ann Cleland
Associate Broker, Licensed in VA
Long & Foster Real Estate