Braemar Property Value Report: July-August 2019 (Heritage Series)
What’s not to love about a gorgeous fall afternoon? At least I got to enjoy a bit of it before landing at my desk and typing up the latest Braemar Property Value Report. This report focuses on the sales activity from July to August in the Heritage Series. 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.
There were two Braemar Heritage homes on that sold in the last two months. Those sales are detailed below:
While most of my business is listing homes, there is about 25% of that comes from representing buyers. The reason the sale on Noltland Castle is highlighted in blue is that I represented the buyer on that sale. Listings that I sell that end up in this report are highlighted in pink. I was delighted to get such a great deal on Noltland Castle for my buyers. I had just sold a Waverly on Naughton Court for $536,000, which was better in the kitchen, but less in that it had one less full bathroom and it did not have an exit from the basement. So if you ask me, my buyers got a great deal. It certainly pays to have me on the listing side.
Taking these two sales and putting them with the last twelve months of Braemar Heritage home sales, we get updated six and twelve month data points. Here’s what they are right now:
Looking first at sold prices, we see both the six month average and median sold prices are above their respective twelve month sold prices. This means values of Heritage homes in Braemar is still inching up. For how much longer? I wish I had that crystal ball, but agents in the market can feel a shift coming.
Seller subsidy (a.k.a. closing cost help to buyers) is unchanged in the six month median compared to the twelve month median at zero. Meanwhile, the six month average seller subsidy fell 10% below the twelve month average seller subsidy. Buyers have been requesting less closing cost help to get under contract in the seller’s market we have been experiencing.
Days on market, or marketing time as I like to call it, shows a decrease in the six month values compared to their twelve month counterparts. This means that Braemar Heritage homes have been selling even faster.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in about a week. You could also expect to pay an average of about 1/2% of the sales price in closing cost help to your buyer.
The next Braemar Property Value Report will be out in November. Until then, if you are concerned about the talk you are hearing of impending recession, but were thinking of selling, call me to find out why the fall market is strong choice. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate