Braemar Property Value Report: July-August 2019 (Arista Series)

Braemar Property Value Report: July-August 2019 (Arista Series)

School is back is session and the fall season is upon us.  Time to reflect on the last two months of our Braemar summer real estate market and see what happened with Braemar Arista Series home values.  In case you are not familiar with the the name, Arista Series homes are among the largest homes in Braemar, built by Brookfield Homes.  The Arista Series homes are one of three floor plans:  Arista, Buckingham and Canterbury.

There was only one Braemar Arista home that sold during the months of July and August.  As it turns out, I was the Buyer’s Agent on this deal.  That’s why it is highlighted in blue text.  Details of the sale are listed below:

Even though this was only sale, when combined with the entirety of the last twelve months of Arista home sales, the six and twelve month data points are updated.  That gives us a chance to see trends happening in the short term to the long term.  The latest six and twelve month average and median values are below:

Starting with the sold price column, we see that the six month average is slightly above the twelve month average.  Slightly above is still above and heading in the right direction for Braemar Arista home owners to gain more equity in our rising market.  The six month median is well above the twelve month median, a much more visible indicator that property values are moving up for Arista home owners.

Seller subsidy (closing cost assistance to buyers) is notably higher in both six month value points compared to the their twelve month counterparts.  Seems Braemar buyers in this price range are starting to request more closing cost help…and they are getting it.

Days on market has come down in both the six month average and median values compared to the twelve month average and median values.  This means Braemar homes in this higher price range are selling a little faster than they had been.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement within about five weeks.  You could also expect to pay a little less than 1.5% of the sales price, on average, in closing cost help to your buyer.

The next Braemar Property Value Report will be out in November.  Until then, feel free to reach out and learn about the benefits of our year end selling season if you are considering a sale in the next six or eight months.   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

 

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Braemar Property Value Report: May-June 2019 (Arista Series)

Braemar Property Value Report: May-June 2019 (Arista Series)

The Braemar real estate market has been busy, busy, busy.  Low inventory and high buyer demand have been the hallmark of 2019.  Right now, we are going to specifically go over the happenings with regard to Arista Series homes in Braemar during the last two months.  Arista Series homes are among the largest homes in Braemar, built by Brookfield Homes.  The Arista Series homes are one of three floor plans:  Arista, Buckingham and Canterbury.

There were four Arista homes that sold in Braemar in the months of  May and June.  The details of those sales are listed below:

The sold prices ranged from $537,500 to $625,000.  The low sold price seems to be due in large part to an unfinished basement.  The remaining three all had finished basements to some degree.  The degree to which they were finished, and type of exit (walk out vs. walk up) seem to make a difference in their sold prices.

When we take these sales and combine with them with the entirety of the last twelve months of Arista home sales, we get new six and twelve month data points, which are pictured below.

Looking first at sold prices, the six month average sold price has dipped ever so slightly below the twelve month average.  It’s a little more than a $1,000 difference.  Certainly not enough to be concerned with, particularly when you see that the six month median sold price is $9,500 higher than the twelve month average.  Arista home prices are holding steady at worst, continuing to push up in value at best.  Either way, it is not bad news.

Seller subsidy is not a great trend in either the six month average or six month median numbers.  Both are above their twelve month counterparts.  This means that in the more recent sales, buyers are getting more closing cost help.

Finally, days on market.  Remember, our new MLS, adopted in November 2019, stops counting days on market at different points than our previous MLS.  This has resulted in higher marketing times in the more recent sales.  However, even given the difference, marketing time in both six month values is below the twelve month values.  It seems Braemar Arista homes are selling faster.

If you placed your Braemar Arista home on the market, priced to current conditions, you could expect to be under contract and well on your way to settlement in about five weeks.  You could also expect to give a little more than 1% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in September.  Until then, when the time is approaching to sell your Braemar home, give me a call for the most accurate market analysis and best marketing plan for your 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

 

 

Relocating Buyer Chooses Braemar to Purchase a Single Family Home

Relocating Buyer Chooses Braemar to Purchase a Single Family Home

In early June, I had the pleasure of meeting a relocating couple from Connecticut.  With a couple kids, they were nervous about finding the right place to call home and not have an unreasonable commute to the job that brought them to the suburbs of D.C.  With only eight houses to show them the day our house hunt began, the choice came down to a single family home in Bridlewood or a single family home in Braemar.

The Bridlewood home was older, smaller and had one less full bathroom upstairs.  The Braemar home offered a lot more space, the third full bathroom upstairs and Corian counters instead of granite.  The list price difference was $10K…Braemar being the higher.  Well, being a Top Braemar Listing Agent, I knew the current price trend for Waverly models in Braemar.  For whatever reason, while the Bridlewood home was drawing a throng of buyers, this new Braemar listing on Noltland Castle was not drawing as big a crowd.  Probably the lack of granite counters.  And I’m being serious.  Buyers can be that petty.

My buyer and his wife thought about it over night.  The next day, he and his wife came to the office and we made an offer on the Braemar home.  What cinched the deal was showing them the amenities that Braemar has to offer.  Bridlewood didn’t stand a chance after that.

Today, July 19th (2019,) my buyer closed his deal on this Waverly model for $520,000, five thousand under list price.  Since he wasn’t asking for closing help, it made the $520,000 net competitive..  Meanwhile the Bridlewood home sold for only $3,000 less than what my buyer paid.  That Bridlewood home is still smaller, older and one less full bathroom.  My buyer made a fantastic choice and is so excited to move his family into their new home.

If you or someone you know is looking to buy or sell in Braemar, give me a call.  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

Another Single Family Home in Braemar SOLD!

Another Single Family Home in Braemar SOLD!

The 2019 Bristow real estate market has definitely been favoring sellers.  Since the beginning of the year, our market has not enough homes to meet demand.  Usually, demand wanes as we enter summer.  That’s because most folks are focused on summer vacation once the kids get out of school.  Not so this year.

When I first met with the seller of 12171 Hopper Lane, I really was worried about their idea of ideal timing.  The wanted to list in July.  As I said, that tends to be the vacation zone.  They were able to get their ducks in a row and target a mid-June list date.  The property was perfectly prepped for market.  New, neutral paint throughout, brand new carpet installed and staging done to show the home in its absolute best light. Continue reading

Just Sold:  Another Braemar Home Above List Price by Chris Ann Cleland

Just Sold:  Another Braemar Home Above List Price by Chris Ann Cleland

10024 Naughton Court in Bristow went under contract in 1 Day.

It all began about two years go.  Yep.  Two years ago.  That’s when the seller of this Waverly model in Braemar, located at 10024 Naughton Court, first reached out for me to give her an idea of what she would need to do to get her house ready for market.  She knew that there was a lot of updating that needed to be done and knew that she wouldn’t be able to do it over the course of a few months.  So we met and talked about what buyers expect when they are buying a home in Braemar.  Updated kitchens, new carpet, fresh paint and sometimes updated bathrooms.  Wanting the top of the market, the seller got to work over those two years.

Kitchen/Breakfast Nook

The kitchen was remodeled with granite counters, a gorgeous tile back splash and stainless steel appliances.  The white cabinets were also given updates to make them fresh again.  The basement flooring was replaced with luxury vinyl plank.  The master bathroom got a fresh face of ceramic tile and new fixtures.  And windows and doors in need of replacement were taken care of.  Even the exterior light fixtures were changed from the worn out brass to an oiled bronze.   The result was definitely a crowd pleaser.

Master Bathroom

Ideally the seller wanted to move in June, so her thought process was to list in late May and accommodate that.  We talked about the current state of the market in early 2019 and I counseled her that April was a better choice if she could do it.  Buyers were knocking themselves out to get Braemar homes, offering longer settlement dates and rent backs.  No real estate agent has a crystal ball, but who knew what would happen as we got closer to school being out and summer.  Past years indicated we could expect more homes flooding to market and longer marketing times as buyers were more interested in summer vacations.  So the seller listened to her experienced Braemar Listing Agent and put the home on the market April 13th.  Sure enough, within one day she had two offers both above her list price of $529,000 and both accommodating her desired settlement date in mid June.

Family Room, where a recliner was moved for the best picture.

On June 17th, this Waverly model in Braemar sold for $536,000.  The seller had to give no closing cost assistance and had a smooth transaction from start to finish with her buyers.  The only real kerfuffle in the deal was done at the hands of the Braemar covenants inspector.  Having the ear of our portfolio and general managers on-site, I was able to remediate one of the issues with a simple phone call.  A little common sense goes a long way.

When the time to sell your Braemar home is looming on the horizon, don’t think you are asking too much to meet with your listing agent well in advance.  The best agents in the business understand that it is never too early to get professional advice on updating your home.  And my knowledge of our neighborhood real estate market is a skill I hone daily.  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