Braemar Property Value Report: September-October 2022 (Ryan Homes)

Braemar Property Value Report: September-October 2022 (Ryan Homes)

On this Thanksgiving Eve I am pleased to bring you the last of the Braemar Property Value Reports focusing on single family home sales in our neighborhood. This report looks at the sales of houses built by Ryan Homes in our neighborhood. Let’s get right to it.

There were two Ryan homes that sold in Braemar during the months of September and October. The details of those sales are listed below.

You may be wondering, why is one sale in pink type? That is because it was my listing. On the surface you may also wonder, how does a home with a walk out basement sell for less than a home with no exit from the basement. If you take a look at 9528 Ballagan, you will notice that there was a lack of kitchen and bathroom updates. The hardwood floors were not in the greatest condition, but time was tight getting the home on the market as the sellers had already gone under contract on the home of their choice. Instead of cosmetic updates, the sellers did some deferred maintenance issues, including rebuilding a deck. By the time they hit the market, they had just three days to get their home under contract to remove their home sale contingency in their purchase contract. It got done and without having to complete any inspection repairs on their list side or give any seller subsidy, which the other sale gave. It was a success for the sellers. There are always buyers that will be able to see beyond basic, or outdated, finishes at the right price.

Taking these two sales and combining them with the Ryan home sales in Braemar going back to November 2021, the year’s worth of sales data marches forward two months and the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, both the six month values are still above their corresponding twelve month values. However, compared to last report, the gap between the six month and twelve month sold prices is narrowing. This is something seen in the majority of single family home reports I have compiled for Braemar this reporting period. Buyer behavior has changed with rising mortgage interest rates. They are not acting in a frenzy. Multiple offers is no longer something you can expect. One buyer at a time is what most sellers are encountering. As a result, the growth in value by leaps and bounds has become much more steady, but hopefully, more sustainable.

Seller subsidy (closing cost help to buyers) has increased in the six month average compared to last report, but decreased in the twelve month average when looking at last report. More importantly, with both the six and twelve month median values at zero means more than half of sellers in both time frames gave none. This is good news, as many agents and lenders are advising sellers to advertise seller subsidy to help with buying down the rate for a buyer’s mortgage. My professional opinion, as my sellers know well, is not to offer anything in seller subsidy. If a buyer needs it, they will ask. If they don’t need it, you will never know as you are giving it regardless if you offered.

Days on market, not surprisingly with buyer behavior changing, is creeping up compared to last report. While there are still not enough homes to meet buyer demand, we are still in a seller’s market. However, there are plenty of agents out there thinking we have entered a buyer’s market. That understanding on an agent’s behalf would result in lower offers on behalf of their buyers, or poor advice to their sellers, like lowering list price if their home hadn’t sold in five days.

If you placed your Ryan home on the market, priced to current conditions in Braemar, you could expect your home to be under contract in two weeks or so. Seller subsidy requests are certainly becoming more common, but every choice made about preparing your home for market, how to price and whether or not you hire a listing agent that believes in professional marketing, it is going to affect buyer enthusiasm. The more excited buyers are about your home in any market, the more likely you are to sell faster than your competitors and get terms that favor you.

The next Braemar Property Value Report will be out in January. I do hope you enjoy Thanksgiving and the rest of our year end holidays, spending time with friends and family. And if a move looks like it is on your horizon, know that my business runs year round. Get in touch and set up your complementary consultation whenever the the need arises. In fact, the more time you have to plan listing projects the better. In other words, you can not contact me too early. 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
www.ChrisAnnCleland.com

Braemar Property Value Report: May-June 2022 (Heritage Series)

12607 Cessford Drive Listed for $675,000 on July 20, 2022

Braemar Property Value Report: May-June 2022 (Heritage Series)

It is time for another Braemar Property Value Report. This one focuses on the sales of Heritage Series homes in our neighborhood. If you are not familiar with what constitutes a Heritage home in Braemar, they are the 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 May and June there were five Heritage homes that sold in Braemar. Details of those sales are listed below.

At first glance, what I notice about these sales is that every one of them sold above their original list price. (List price in a good number of instances was changed after the properties were under contract, which I find to be one of the worst ideas ever.) None of these sellers have to give any seller subsidy (closing cost help to buyers,) and all but one sold in less than a week.

Combining these sales with all of the Braemar Heritage home sales dating back to July 2021, our one year’s worth of sales yields us updated six and twelve month data points. Those are pictured below.

The sold price column shows both six month values well above their respective twelve month values. This means Heritage homes in Braemar are continuing to increase in value despite the steep increase in mortgage interest rates. We are still in a seller’s market where inventory is outnumbered by the amount of buyers house hunting.

Seller subsidy shows nominal amounts in both average values. In the last six months, one Heritage home seller in eleven gave seller subsidy In the last twelve months, five sellers out of twenty-six gave some. Obviously, this is not an issue in the most recent sales. And in both time frames, more than half of sellers gave nothing in closing cost help.

Days on market shows Braemar Heritage homes are selling very quickly. They are even selling faster than they did last report. News of a market crash is definitely not accurate. Want the best result when you sell? Don’t hire an agent complaining about a shift. Hire one that is too busy selling houses to complain about it.

If you placed your Braemar Heritage home on the market, based on current market conditiosn you could expect it to be under contract in less than one week. July and August are months where it may take longer. That’s because sellers think the best time to sell is when school is out. Unfortunately, buyers are worn out from the market find it the best time to go on vacation. As for seller subsidy, odds are in your favor you wouldn’t have to give any. Hire an outstanding listing agent with negotiation skills and your odds of giving none improve dramatically.

The next Braemar Property Value Report will be out in September. Until then, if you know someone looking for a mid-sized single family home in our neighborhood, check out my latest listing at 12607 Cessford Drive. And if the sale of your Braemar home is the horizon, get in touch to schedule your complementary consultation. My Braemar sellers get top of the market through proper listing preparation, professional marketing and top notch negotiation skills. Let me get you the same results. 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
www.ChrisAnnCleland.com

Braemar Property Value Report: July-August 2021 (Ryan Homes)

Braemar Property Value Report: July-August 2021 (Ryan Homes)

Another gorgeous September day brings another Braemar Property Value Report. The days are gradually cooling off, and perhaps our real estate market as well. In this edition of the BPVR we focus on sales of houses built by Ryan Homes in the neighborhood during the last two months of summer.

During July and August there were ten Ryan Homes in our neighborhood that sold. I was pleased to have listed one, which you will see highlighted in pink below:

Sold prices ranged from $610,000 to $770,000. I know the listing I had at 12809 Gentle Shade Drive hit a happy spot with buyers despite not having top of the line updates and a fully finished basement, getting $68,000 above list price. That’s the biggest leap from list price to sold price in the most recent sales. See what hiring a professional marketing agent that knows the neighborhood like the back of her hand can do for you.

Taking these ten sales and combining them with the last twelve months of Ryan Home sales in Braemar, our six and twelve month data points are updated and continue to show the strength of our seller’s market.

Starting with the sold price column, we see both the six month average and six month median values are higher than their respective twelve month values. Despite the buyer frenzy cooling off a bit this summer, Ryan Homes are still gaining value. And unlike some of the homes I have reported on lately, Ryan Homes saw a steady rate of increase in the twelve month average to the six month average of 2% since last report. Better yet, while some homes have seen decreases in median value gains since last report, Ryan Homes saw a 5% uptick since last report’s 2% median growth. All great news.

Seller subsidy is where we learn how much closing cost help buyers were able to negotiate from their sellers. Down the line in the ten most recent sales, the answer is zero. That is also the answer in the seller subsidy average and median values with the exception of the twelve month average. Out of twenty-three sales in the past twelve months, only one seller gave closing cost assistance, which is why the average is such a low value.

Days on market is five days down the line. Some of the most recent sales happened ever faster than that, some longer. However Ryan Homes are still selling ridiculously fast as inventory still is not enough to meet buyer demand.

If you placed your Ryan Home on the market, priced to current conditions in our Braemar real estate market, you could expect your home to be under contract in less than one week. You could also expect to give nothing in closing cost help.

The next Braemar Property Value Report will be out in November and will let us know if fall is off to a strong start, which I suspect it will be. Our year end market is usually a great one, fueled by the beginning of the fiscal year for the Federal government. Until then, if you want to investigate the possibility of selling your Braemar home, get in touch with me. Since 2005, No One Knows Braeamar 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
www.ChrisAnnCleland.com