Braemar Reflection Quarterly: July-September 2019 (3rd Quarter)

Braemar Reflection Quarterly: July-September 2019 (3rd Quarter)

Reflection Series Home

Bringing up the rear in the Braemar Quarterly property value reports is this one for the Reflection Series.  Unfortunately the term “Reflection Series” that was chosen by Brookfield Homes when they named this style of home does nothing to conjure the image of the homes themselves.  They are the semi-detached single family homes on Tarvie Circle, attached by the rear load garage in sets of two.

There were no Reflection homes that sold during the third quarter of 2019.  However, in dropping the 2018 third quarter sales from the rolling pool of Reflection sales I keep saved in the MLS, I do get a chance to update the six and twelve month value points.  That still gives us an idea in the shorter term how things have been going.

Starting with sold price, it is a good thing to see both the six month average and six month median sold prices above their twelve month counterparts.  This means that in the most recent sales, Reflection home values were still pushing up.

Seller subsidy (a.k.a. closing cost assistance from sellers to buyers) shows a good trend, and frankly, one that is inconsistent with what I have noticed in the majority of Braemar Property Value Reports.  The six month seller subsidy values are below the twelve month seller subsidy values.  Given that this is inconsistent with rising seller subsidy elsewhere in our neighborhood, and with no recent sales to add any insight to this, I would not get my hopes up that seller subsidy is falling.

Days on market shows another good trend,  but this one happens to be consistent with what I have seen in another Braemar Property Value Reports I have prepared.  The six month marketing times are shorter than the twelve month marketing times.  This means Reflection homes have been selling faster.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect to have it under contract in under two weeks.  You could also expect to pay out about 1.5% of the sales price in closing cost assistance to your buyer.

The next Braemar Reflection Quarterly will be out in January.   Until then, I wish you every happiness as you celebrate the year end holidays.  As always, when the time comes to sell your Braemar home, give me a call for the most accurate assessment of your home’s value and top notch professional marketing to get the most the market will allow at any given 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

Braemar Reflection Quarterly: April-June 2019 (2nd Quarter)

Braemar Reflection Quarterly: April-June 2019 (2nd Quarter)

9684 Tarvie Circle sold for $444,000 on May 31, 2019.

Before my open house at 12849 Rannoch Forest this afternoon, this dedicated Braemar Real Estate Agent has put together the last of my quarterly property value reports.  Today you will learn what happened in the second quarter of 2019 in the world of Braemar Reflection Series homes.  If you aren’t familiar with what a Braemar Reflection home is, they are the semi-detached single family homes located off Tarvie Circle.  They are attached only at the rear load garage to one neighboring property.

Between April and June, there were two sales of Braemar Reflection homes.  I am very pleased to have listed and sold, for the second time, 9684 Tarvie Circle.  Because it was my listing, it is highlighted in pink in the detailed list below.

While my listing was not the highest sold price, for what it offered it sold for a very good price.  The high sold price of $492,500 included four finished levels.  My listing had two finished levels.  It also went under contract in less than a week.

Taking these two most recent sales and combining them with the entire twelve months worth of Reflection Series sales, our six and twelve month data points are updated as follows:

While the median sold price is unchanged from the twelve month value to the six month value, the average sold price has increased in the six month value compared to the twelve month value.  That means that these semi-detached homes in Braemar are still pushing up in value.  It may not be by leaps and bounds, but an increase is an increase.

A bigger change in the short term, compared to the long term, is a decrease in seller subsidy (closing cost assistance to buyers.)  The six month average and median seller subsidy values are both below their twelve month counterparts.  Being out in the Braemar real estate market helping buyers and sellers day in and day out, it is no surprise given the lack of inventory and high buyer demand, that buyers are having to temper their requests for closing cost help.  In the case of 9684 Tarvie, my sellers were able to offset the cost of that seller subsidy by increasing their sales price.  Not an unusual strategy when a buyer must have the closing cost help.

As you may recall, days on the market has undergone a change in how it is reported in our new MLS, which was adopted by the market in November.  Until we have a year’s worth of the new data, which will be the first report of 2020, these numbers are unreliable.  As presented, the increase of the six month days on market numbers compared to their twelve month counterparts, indicates that it is taking longer to sell a semi-detached home in Braemar.  That is simply not what I am experiencing.  It will be wonderful if our MLS would adopt the same stopping point for counting marketing time that our previous one did.  I won’t hold my breath.

If you placed your Braemar Reflection home on the market, priced to current conditions, within a month and half you would be under contract and well on your way to closing.  You could also reasonably expect to about 2% of the sales price in closing cost help.

The next Braemar Reflection Quarterly will be out in October.  Until then, when the sale of your Braemar semi-detached home is on the horizon, give me a call.  You only get one shot to maximize the profit from the sale of your home.  Since 2005, No One Knows 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