Braemar Property Value Report: July-August 2020 (Heritage Series)

Braemar Property Value Report: July-August 2020 (Heritage Series)

The arrival of fall is one of my favorite things in a calendar year.  Like many, I am anxious to see the brilliant display of fall foliage that is on the way.  In the meantime, allow me to share with you the most recent Braemar Property Value Report.  This one details sales of homes in the Heritage Series.  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.

 

During the months of July and August, there were fourteen Heritage homes that sold.  That’s a lot, but still not enough to meet our current buyer demand.  Details of those sales are listed below:

Taking these fourteen sales and combining them with the entire past twelve months of Heritage home sales in Braemar, our six and twelve month data points are updated as seen below:

Starting with the sold price column, we see increased values in the six month average and median sold prices over the twelve month average and median sold prices.  This means Braemar Heritage homes are continuing to increase in value.  That’s the beauty of a seller’s market.

In the seller subsidy column, we learn how much closing cost help Braemar Heritage home sellers are giving in their transactions.  The great news is that it is not much, if anything at all.  The six month average seller subsidy has been whittled down about one thousand dollars from the twelve month average.  Meanwhile, the median values still show us that more than half the sales, in the last six months and during the last year, are giving nothing in seller subsidy.

Days on market is another column where we see the seller’s market condition in full swing.  The six month average marketing time is less than half the twelve month average marketing time.  Meanwhile, the six month median days on market is exactly that same as the twelve month median.  Heritage homes in Braemar are selling quickly!

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect to be under contract in about a week or less.  You could also expect that you would have enough leverage in negotiations to not give anything in closing cost help.

The next Braemar Property Value Report will be out in November.  Until then, if you want to take advantage of the peaking values this seller’s market is producing, know that the year end market is going to push them even higher.  Why?  There are even fewer sellers this time of year and I can tell you, the buyers are still out looking for homes.  Give me a call and let’s look at what a year end sale would mean for 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

 

 

Braemar Property Value Report: July-August 2020 (Arista Series)

Braemar Property Value Report: July-August 2020 (Arista Series)

The chill of fall is in the air and reminding me why I love this time of year so much.  Brightly colored leaves will be a welcome sight next month.  Unfortunately for buyers, it seems the coming of fall doesn’t seem to have lightened demand for housing.

Right now, it is time for another Braemar Property Value Report, detailing sales of homes in the Arista Series.  Arista homes are the large single family homes built by Brookfield Homes in our neighborhood and are one of three models:  Arista, Buckingham or Canterbury.

During our current reporting period of July and August, there were four Arista homes that sold.  The details of those sales are listed below.

Combining these four sales with the entire previous twelve months of Arista home sales, back to June 2019, our updated six and twelve month value points are updated as seen below.

Starting with the sold price column, we see that both the six month average and six month median values are both higher than their respective twelve month values.  This means that Arista home values in Braemar continue to push upward.

The seller subsidy column is where we see how much closing cost help sellers are giving.  While the six month median and twelve month median values are identical, indicating no change, the six month average is slightly higher than the twelve month average.  As our market demand continues to increase prices and move homes quickly, buyers in upper price ranges may be struggling to afford every cost associated with buying them.  We see that half of the sellers in our current reporting period gave closing cost help, the other half gave none.

The last column shows us how long it has been taking to sell Braemar Arista homes.  Both the six month average and median marketing times are faster than their twelve month counterparts.  This means Braemar Arista homes are selling faster.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contract in about a week.  You could also expect you may have to give some closing cost.  Expect the worst, hope for the best.

The next Braemar Property Value Report will be out in November.  Until then, if you have been looking for the top of the market to sell your Braemar home, we are nearing that point.  We will only know we’ve hit the top when we start to see prices falling.  Now is an excellent time to sell.  Get in touch with me if you want to investigate the sale of 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: May-June 2020 (Ryan Homes)

Braemar Property Value Report: May-June 2020 (Ryan Homes)

This summer in the Bristow real estate market has been one for the books.  Despite the pandemic that hit this year, our demand for housing has reached a fever pitch.  Normally, come July and August, our real estate market is pumping the brakes as would-be buyers become more focused on vacations and back to school activities.  Not this year.  This has been the busiest July I have experienced since getting my license in 2005.

In today’s Braemar Property Value Report, which features sales of Ryan Homes in our neighborhood, we will be looking back to the activity from May and June.  During those two months, there were two Ryan Homes in Braemar that sold.  The details of those sales are listed below.

When looking at the two sold prices above we notice quite a spread in the two sold prices.  Who would expect a home with an unfinished basement and one less full bathroom to close for more than a home those items?  Well, upon closer inspection, the home at 12821 Gentle Shade was a foreclosure in rough shape.  It need carpet, paint, floors refinished, etc.  Not uncommon to find that sellers would couldn’t afford their mortgage payments also couldn’t afford to keep up with their homes. Nonetheless, that’s the reason for the difference.

Combining these two sales with the entire previous twelve months of Ryan Homes sales in Braemar, we get updated six and twelve month value markers that tell give us insight to our market.  Those updated value markers are found below.

Looking first at the sold column, we find both the six month average and six month median sold prices are substantially higher than their twelve month counterparts.  This means Ryan Home values in Braemar are still rising.

The seller subsidy column shows us what Ryan Home sellers have been giving buyers in closing cost help on average.  I’m a bit surprised to see both the six month average higher than the twelve month average AND the six month median higher than the twelve month median.  In most reports, I’m finding as buyer competition has increased, seller subsidy has decreased.  We’ll keep an eye on that for next report.

The days on market column shows us how long it has taken Ryan Homes to go under contract in our Braemar market.  This trend is exactly what I would expect to see.  Both the six month values are faster than their respective twelve month values.  This means Ryan Homes have been selling faster in the more recent sales.

If you placed  your Ryan Home on the market, priced to current conditions in Braemar, you could expect it to be under contract in less than a week.  You could also expect to pay a bit more  than 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in September.  Until then, I hope you enjoy the rest of your summer.  And if the time comes to sell your Braemar home, give me a call.  With top notch marketing and unparalleled knowledge of our neighborhood, I can help you maximize your profit in any market conditions.  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: May-June 2020 (Arista Series)

Braemar Property Value Report: May-June 2020 (Arista Series)

House hunting during July and August in Braemar can be brutal.  The heat and humidity can get to you, especially during a time when no overlapping showings can happen thanks to COVID.  I’ve been standing in the front lawns of quite a few area listings just waiting for my turn to show a property.  Couldn’t be happier than I am right now to be sitting in my air conditioned home typing this Braemar Property Value Update for Arista home owners in our neighborhood.  Arista homes are the large single family homes built by Brookfield Homes in our neighborhood and are one of three models:  Arista, Buckingham or Canterbury.

There were three Braemar Arista homes that sold during our most recent reporting period, which encompasses May and June.  The details of those sales are listed below.

At first glance you notice that the middle sale is highlighted in a pink.  That’s because that is a listing that I sold.  And looking in comparison with the other sales, it seems my sellers made out very well.  They sold in a shorter period of time than the other sellers, paid no closing cost help and considering the only three finished levels without a secluded lot, they did very well on their price.

When we take these three sales from May and June and compare them with the entire past twelve months of Braemar Arista home sales, we get updated six and twelve month data points, as seen below.

Looking first at the sold price column, we see that both the six month average and six month median sold prices are higher than their twelve month counterparts.  This means Braemar Arista homes are continuing to push up in value in this crazy seller’s market.

Another trend we see in a seller’s market is decreasing seller subsidy, or as it is also know, closing cost assistance.  Yes, the trend is certainly favoring sellers.  Both the six month average and median seller subsidy values are less than their twelve month counterparts.  Sellers aren’t having to give as much in closing cost help as they were.

Finally, looking at days on market, another seller’s market trend is clear. Both the six month average and six month median marketing times are shorter than their twelve month respective values.  This means Braemar Arista homes are selling faster.  Though these higher price range homes do tend to take a bit longer to sell than less expensive and smaller homes.

If you placed your Braemar Arista home on the market, priced to current conditions, your could expect it to be under contract in no more than a month, possibly even less time than that.  You could also expect you may have to pay less than 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be in out in September.  Until then, when the time comes to sell your Braemar home, give me a call for the most accurate evaluation of your home and a professional marketing plan that will maximize your profit.  Since 2005, No One Knows Braemar Better!

Chris Ann Clelan

Associate Broker-Licensed in VA

Long & Foster Real Estate

703-402-0037, ChrisAnn@LNF.com

www.SellingBraemar.com

www.UncompromisingValues.com

 

Another Late June Day, Another Braemar Home Sold

Another Late June Day, Another Braemar Home Sold

Yesterday I wrote about the Braemar home I sold at 9658 Granary Place Today, I’m here to tell you about the Braemar home I sold at 9725 Kinloss Mews.  While 9725 Kinloss Mews listed before 9658 Granary Place, as one of the largest homes in the neighborhood, I expected it would take about two weeks for it to go under contract.  It hit the market on May 15th (2020) priced at $610,000.  Sure enough, fourteen days later, it was under contract.

While the initial offer left a lot to be desired, the sellers decided that rather than reduce their price to catch another buyer, they would make a counter offer to the buyers who had taken the time to express interest.  The buyers accepted.

While the pandemic didn’t really affect our real estate market, it has impacted some supporting industries.  HVAC repair and service is one of them.  At least, that’s what Beltway Air Comfort Service would have us believe.  They failed three times to get the right parts over the course of weeks and, the day before settlement took five and a half hours to get the parts installed.  Didn’t even give my sellers a receipt.  When Mrs. Seller called to get a copy, she was told off by the owner of Beltway Air Comfort Service.  The owner was mad that he had to eat a 3% charge normally charged to customers paying by credit card (nothing I’ve heard of from the HVAC companies I recommend) because it wasn’t disclosed before my seller left town with her checkbook.  She was going to mail a check, but THEY made the choice to eat the charge.  They did the right thing and then blew all the good will by telling her off.  Then they went on to tell her they would de-prioritize her anytime she called for future service.  Who does that?  Once again, Beltway Air Comfort Service.  Note it and call any other company to service your HVAC if you want decent, professional service that knows how to treat their customers.

Thank goodness that even crappy contractors can get the job done, and despite taking a long time, it was done before the buyers signed for the home on June 26th.  Whew!

The final sold price of this Canterbury was $600,000.

If you are considering the sale of your Braemar home, we are experiencing high buyer demand and very low inventory.  That means we are in a seller’s market.  Give me a call for a free market analysis and my professional marketing plan that will get you top dollar and do it safely.  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 Single Family Home Sold Above List Price

Braemar Single Family Home Sold Above List Price

In the early days of the COVID quarantine, I met with the sellers of 9658 Granary Place They had purchased another home and were in a position to sell, regardless of the pandemic.  We looked at numbers and came to a number for a list price that was optimistic, but took into account the unfinished basement.  That list price was $485,000.

The sellers signed up with me the same day as our meeting.  That was April 2, 2020.  The home was vacant, lightly staged and professionally photographed by May 26th, when the listing became active on the market.  This was the first mid-sized single family home I had put on the market since the pandemic had hit our area.  I had been a bit nervous as to what kind of response it would get.  Larger homes were still taking a bit longer to sell.  Not this one.  The market response was overwhelming.  It felt like I had started a feeding frenzy in shark infested waters.

Within the span of three days, we had received five offers, and there were still interested buyers ready to throw their offers on the pile.  What they didn’t know, but I did, was the pile was amounting to a steep number thanks to the escalation clauses.  When we hit a pie in the sky number, the listing was pulled temporarily off the market to put a halt to the madness.  The sellers had decided they had enough offers to make a decision.

When the pie in the sky offer ($525,000) withdrew after cold feet and a good talking to from their dad who was providing the down payment, it was really down to two offers.  One that escalated to $503,500 and another that escalated to $502,000.  Neither had asked for closing cost help.  Numbers alone would have you pick the first one.  But what you need to know is the $502,000 did two smart things.  1) They had a home inspection with the right to void in a very quick time frame.  2) They offered a low appraisal guarantee of $7,000.  If the home didn’t appraise for $502,000, they would make up to $7K of difference.  That extra $1,500 sounded good, but didn’t come with any kind of assurance the buyers there would put money out of their own pocket if the home didn’t appraise at sales price.

The $502,000 offer was chosen and it was the smoothest rode to settlement I’ve had in Braemar yet this year.  No issues with termites, inspection, HOA or appraisal.  Today, 9658 Granary Court sold for $502,000, which was $17,000 above its list price.

To say there is limited inventory in our market is an understatement.  We may be living through unprecedented and scary times, but this is a seller’s market.  If you want top dollar for your Braemar home, call me and we can discuss marketing it safely while achieving that max profit for 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

Braemar Property Value Report: March-April 2020 (Ryan Homes)

Braemar Property Value Report: March-April 2020 (Ryan Homes)

Yikes!  The end of the month is only a couple days away and I’ve got two Braemar Property Value Reports left to share.  Today, let’s look at the Braemar Property Value Report that I put together for homes built by Ryan Homes in our neighborhood.

During our current reporting period, March and April 2020, there were three Ryan Homes that sold.  The details of those sales are listed below:

Taking these three sales and combining them with the entire past twelve months of Ryan Home sales in Braemar, our six and twelve month data points are updated as pictured below.

Starting first in the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values.  This means Ryan Homes in Braemar are still gaining value.

Next up is the seller subsidy column.  Seller subsidy is also known as closing cost help that sellers give buyers.  While the six month average seller subsidy is ever so slightly less than the twelve month average seller subsidy, the six and twelve month median values are exactly the same.  Looks like this is a an area that isn’t changing.

When it comes to marketing time we see conflicting information.  The six month average marketing time is longer than the twelve month average marketing time.  In contradiction, the six month median marketing time is a bit shorter than the twelve month median marketing time.  Hmm.  We’ll have to wait and see where this trend goes, but for now we’ll call it stable.

If you placed Ryan Home on the market, priced to current conditions in Braemar, you could expect it to be under contract in as little as a week, or as long as a month.  You could also expect to pay about 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in July.  Until then, despite the pandemic, we are experiencing a very strong seller’s market.  If you want to take advantage of it, hiring the right real estate agent has never been more important.  My top notch marketing, combined with the COVID showing precautions I recommend to sellers, can get you top dollar and keep you safe at the same time.  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

 

Are Braemar Single Family Homes Even Selling During the Pandemic?

Are Braemar Single Family Homes Even Selling During the Pandemic?

The pandemic has definitely brought a lot of change and uncertainty to our lives.  You may wonder how it is affecting our Braemar real estate market.  Well, to answer that question, I am here to give you a tale of two Braemar homes.

On May 15th 9725 Kinloss Mews (pictured above) hit the market priced at $610,000.  The market didn’t immediately go nuts, but in this upper price range, I never expect it too.  However, the activity did build fairly quickly.  There were a total of 24 showings before they received an offer on May 27th.  The next day, they were under contract with mutually acceptable terms.  I expected two weeks to get under contract for this one and 13 days is right on target.

I didn’t even get a chance to tell you about 9658 Granary Place It hit the market as an active listing on May 26th priced at $485,000.  That price point for a single family home in Braemar was like throwing chum in shark infested waters.  It has two finished levels, an updated kitchen, bonus room in master suite and a blank slate to finish the walk up level basement.  It had 21 appointments in 2 days!!  Once we had 5 offers in hand, we flipped the listing to temporarily off the market to stop the insanity.  There are only so many buyers you need to disappoint when in a multiple offer situation.

Without a doubt, our Braemar real estate market is favoring sellers.  With the expansion of Micron in Manassas bringing thousands of jobs to our back yard, having the Federal government as our primary economic force and mortgage interest rates still at historic lows, there is no end in sight to these conditions.  If you want to sell your Braemar home, give me a call.  I’ll get you top dollar with my top notch marketing and keep you safe during showings with COVID precautions.  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 2020 (NV Homes)

Braemar Property Value Report: March-April 2020 (NV Homes)

When I am preparing Braemar Property Value Reports, normally I like to space out the reports to appear online every other day.  However, this month has been rockin’ and rollin’.  I’ve got a listing in Braemar that is getting a ton of traffic, one in New Bristow Village that is getting even more and a Braemar listing coming up that I am staging this weekend.  Add to that three listings under contract, one in Haymarket, a townhouse in Braemar and another in Gainesville and there is much to be done.  Meeting appraisers, negotiating home inspections, presenting offers….you get the picture.  So while I have time, I’m putting out another Braemar Property Value Report. This one focuses on the single family homes built by NV Homes in our neighborhood.

Typically, as with other large single family homes in our neighborhood like the Arista Series, there aren’t very many sales in any one reporting period.  In our current reporting period of March and April 2020, there were six NV Homes that sold.  Details of those sales are listed below.

Taking these six sales from the past two months and combining them with the ten months worth of NV Home sales we saw before this reporting period, we get an entire year of sales data.  Our updated six and twelve month data points are pictured below.

Starting with sold price we see that the six month average sold price is over $10,000 more than the twelve month average sold price.  Tempering that great news, we do find that the six month median sold price is $1,500 below the twelve month median sold price.  All in all, it looks like NV Homes in Braemar are continuing to gain value.

Next up is the seller subsidy column, or what is also known as closing cost assistance from seller to buyer.  Both the six month average and median values here are well below their respective twelve month values.  Even in the six sales that occurred in our current reporting period, only one-third of home sellers gave any closing cost help, and when they did, it was minimal.  Clearly, sellers are giving less in seller subsidy thanks to the very competitive market we are experiencing.

Finally, days on market…or as I like to call, marketing time.  Here we have mixed information, but with such slight variation it hardly worth much attention.  The six month average marketing time is two days longer than the twelve month average marketing time.  Meanwhile, the six month median marketing time is one day shorter than the twelve month median marketing time.  This about as stable as you can get.

If you placed your Braemar NV Home on the market, priced to current conditions, you could expect ti to be under contract in about two and a half weeks.  You could also expect to pay very little in closing cost help, if anything.

The next Braemar Property Value Report will be out in July.  Until then, the question I am getting asked a lot right now is, “How is the pandemic affecting our real estate market?”  If you couldn’t tell from this market report, it doesn’t seem to have affected our Braemar real estate market at all.  Buyer demand is still very strong, making this a seller’s market.  It’s no surprise when you consider the thousands of jobs being added by the Micron expansion in Manassas and the historically low mortgage interest rates.

If you want to take advantage of our current seller’s market conditions in Braemar, give me a call.  There are added measures I am taking to make sure you sell your home safely, while still getting top dollar in the market.  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 2020 (Heritage Series)

Braemar Property Value Report: March-April 2020 (Heritage Series)

What a gorgeous start to the Memorial Day Weekend.  Doesn’t get any better than blue skies, sun and warm temperatures to kick off a long weekend.  While my fellow Braemar home owners are likely getting stocked up on hamburgers and hot dogs for holiday cookouts, I’m going to share with you another Braemar Property Value Report.  This one focuses on sales of Heritage homes in our neighborhood.  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 six Braemar Heritage homes that sold during the months of March and April.  The details of those sales are listed below:

Final sold prices ranged from $460,000 to $556,000.  You will notice that the $556,000 sale on Millbill is highlighted in pink.  It’s highlighted because I was the listing agent on that home.  While I am here like clockwork every other month bringing you property value reports, I also like to share that I do, in fact, list and sell homes in the neighborhood.  My sellers enjoy fantastic results.

Taking these six sales and combining them with the entire last twelve months of Heritage home sales, we get updated six and twelve month data points, as shown below:

Looking first at the sold price column, we see that both the six month average and six month median sold prices are higher than their respective twelve month values.  This means Braemar Heritage homes are still gaining value.

Seller subsidy (also known as closing cost assistance to buyer from seller) doesn’t show as clear a trend.  While the six month average seller subsidy is lower than the twelve month average, the six month median seller subsidy is higher than the twelve month median.  Still, looking at the highest number in this column, we see that seller subsidy is very modest in the current seller’s market.

Marketing time currently shows a trend in one direction.  Both the six month average and six month median marketing times are longer than the twelve month average and median marketing times.  This means it has taken a bit longer for Heritage homes to go under contract in the last six months.  Of course, looking at the most recent sales from March and April, it is likely the trend for marketing time will decrease 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 as little as a week, as long as a month.  You could also expect to pay less than half of 1% of the sales price in seller subsidy.

The next Braemar Property Value Report will be out in July.  Until then, the question I get asked most often right now is how the pandemic is affecting our real estate market.  Right now, it doesn’t seem to be affecting anything but HOW we list and tour houses.  Braemar is still experiencing a strong seller’s market thanks to historically low mortgage interest rates, the expansion of Micron in Manassas bringing thousands of jobs to our back yard and the Federal government being the largest economic force in our area.

If you have been considering the sale of your Braemar home, but have been hesitant because of the pandemic, let’s talk.  With my professional marketing and unparalleled knowledge of our market, we can list and sell your home safely and for top dollarSince 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