Braemar Property Value Report: March-April 2023 (Ryan Homes)

Posted on May 23, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Ryan Homes)

It is time for another Braemar Property Value Report, focusing on the sale of houses built by Ryan Homes in our neighborhood. This particular edition looks back at the resales from March and April. Let’s get right to it.

During our current reporting period, there were two Ryan homes that sold in Braemar. Having one sale with the severe inventory shortage we have been facing would have been cause for celebration. Having two sales feels like a miracle. The details of those sales are listed below.

What I love seeing is that both sales sold above ltheir list prices, gave no seller subsidy (closing cost help to buyer) and were under contract in only five days each. In our last report, the only sale of a Ryan home in the neighborhood took thirty-seven days to sell and sold below list price. That home backed to the power transmission lines on Ballagan Court. A location like that is always impacted by the factor of backing to power lines, no matter what type of market we are in.

Taking these two most recent Ryan home sales and combining them with all the Ryan home sales in Braemar dating back to May 2022, the six and twelve month data points followed in this report are updated as seen below.

You don’t know this yet, but based on every other report I have done in the March and April 2023 reporting time frame, this report is showing some good signs. For starters, both six month sold prices are above their respective twelve month values. Some reports are still showing twelve month sold prices above six month sold prices in their median and average subsets, which indicates softening values. While this was the case with Ryan homes last report, it is not the case now. Ryan home values are healthy!

Seller subsidy shows the identical amount in the twelve month average as we saw last report. The six month average has decreased since last report. Better news still is that both the six and twelve month median seller subsidy values remain at zero. That means more than half of Ryan home sellers in Braemar gave none in both time frames. The fact that seller subsidy has yet to creep into the six month median value in this Ryan home report is impressive. Another mark of good overall health for Ryan homes.

Days on market has most noticeably improved in the six month median value compared to what we saw last report. That’s due in no small part to the two sales that happened this reporting period. Otherwise, marketing times in the other data points have remained virtually the same.

If you placed your Ryan home on the market, priced to current conditions, you could expect to be under contract in a matter of a week or two. You could also minimize any closing cost requests, and increase the odds of getting multiple offers, by making sure your home is properly priced, well prepared inside and out and that is is professionally marketed. These are the things I counsel all of my Braemar sellers about. You don’t get a second chance to make a first impression. Making sure your first impression creates buyer enthusiasm is a must.

The next Braemar Property Value Report will be out in July. Between now and then I do hope you get to enjoy some quality fun in the sun time. Summer vacation is something we aspire to all year. Naturally, if the need to sell your home arises, or you just want to get a jump on preparing your home for a future sale, get in touch for your no obligation consultation. It is my pleasure to get my Braemar seller clients the top of 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
www.ChrisAnnCleland.com

*The image of the house above is Copyrighted by HomeVisit and used with their permission.

Braemar Property Value Report: March-April 2023 (NV Homes)

Posted on May 21, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (NV Homes)

As this beautiful May Sunday winds down, it is my pleasure to bring you the latest Braemar Property Value Report for the houses built by NV Homes in our neighborhood. This particular report looks back to the sales activity of March and April 2023 and the updated six and twelve month data points from NV home sales from May 2022 to April 2023.

Unfortunately, there were no NV home sales that happened in Braemar in March or April. This is not because homes were listed and not being chosen. On the contrary, virtually every house listed in our neighborhood has been gobbled up by the frantic buyers in our market in a matter of days. Buyer demand continues to be extremely high and buyers have returned to quick, decisive action. Inventory, on the other hand, has been harder to come by. Nonetheless, without recent sales, the six and twelve month data points tracks in this report are updated when March and April 2022 fall of off the cue of the past twelve months of sales.

It is not a great sign to see both six month sold prices (which happen to be identical to each other since only two sales happening in that six month time frame) below their respective twelve month sold prices. The last time both six month sold prices were above, or at least equal to their corresponding twelve month sold prices was the November-December 2022 report. The good news here is that since last report the difference between the six month median sold price and twelve month median sold price has closed nearly seven-thousand dollars. The difference in six month average sold price compared to the twelve month average sold price is about the same since last report. If there are NV homes that come on the market during this heightened buyer demand in the next month and a half, it is likely the sold prices in the six month values in future reports will continue to dig out of the deficit they have had against the the twelve month values lately.

Seller subsidy, also known as closing cost help to buyers, has gone down in both six month values this report compared to last report. Only one of the two sales making up the six month numbers in the sample above gave seller subsidy. Unfortunately, the twelve month average seller subsidy is higher than it was last report. Seller subsidy requests from buyers can certainly be avoided if more than one is competing to win your home. It is getting buyers to compete, or act quickly and decisively for fear of missing out, that professional marketing agents like myself can help you achieve.

Days on market have improved in nearly all the data points above this report compared to last report, the one exception being the six month median marketing time. As with all the values in this report, these six month values are coming from times when buyer behavior had changed to a more deliberate course, than the frenzy we are once again seeing.

If you placed your Braemar NV home on the market, priced to current conditions, you could reasonably expect to be under contract in a week, maybe a tad longer. And you could avoid seller subsidy requests by getting buyers excited about your home. That means being well prepared inside and out, pricing right and being professionally marketed to amp up buyer enthusiasm.

The next Braemar Property Value Report will be in July. Until then, I do hope you get to enjoy some fun in the sun. However, if you start to wonder what your home may be worth as a future sale looms, it is my pleasure to have that conversation with you. There is no obligation for me to review your property value in the current market. It is my pleasure to keep you informed and show you how my Braemar sellers hit the top of the market when they sell. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: March-April 2023 (Heritage Series)

Posted on May 19, 2023 by cacleland

Braemar Property Value Report: March-April 2023 (Heritage Series)

As we pass into the latter half of May, the time has come to look back to the months of March and April in another Braemar Property Value Report. This particular report focuses on sales of homes in the Heritage Series in our neighborhood. Heritage Series homes are the mid-sized detached homes built by Brookfield Homes. Their floor plans include the Exeter, Yardley, Waverly and Zachery. And since the community of Braemar started in Braemar North Gate with Coscan, before being acquired by Brookfield Homes, the floor plans that make up Braemar North Gate are also included in this report.

There was only one Braemar Heritage home that sold in all of Braemar during the months of March and April. That is one more home sale that some other home types saw in those two months. Our neighborhood, and overall market, has been experiencing a major inventory shortage. Details of that one sale are listed below.

A quick glance shows three components of a healthy seller’s market. This home sold above list price, gave no seller subsidy (closing cost help to buyer) and was under contract in three months. Of course, when this sale is combined with the seventeen sales dating back to May 2022 of Heritage homes in Braemar, the six and twelve month data points tracked in this report show the effect that changing buyer behavior had on the last six months of homes sales.

Starting with the sold price column, for the third report in a row, we see that both six month sold prices are below their corresponding twelve month sold prices. The last time we saw six month values higher than twelve month values was in the September-October 2022 report. However, with the buyer behavior back to decisive and quick action, it is likely we will see this gap between the six month sold prices close in both the average and median data sets in future reports.

Seller subsidy has been climbing in these values for months…all but the twelve month median value that is, which has remained at zero. In this report, both six month values are lower than they were last report. Again, if buyer behavior keeps up and doesn’t lag going into the summer, this is another area where we likely to see even more improvement in the next report.

Days on market shows a trend that I was not expecting. Both six month marketing times are still longer than their respective twelve month marketing times. In particular, the six month median time seems to have jumped the highest since last report. The most recent sale doesn’t reflect that, and the market suggests we are past longer marketing times for now.

If you placed your Braemar Heritage home on the market, priced to current demand, you could expect it to be under contract in about a week. You could also minimize any seller subsidy requests and improve the odds of extremely seller favored terms in your offer(s) by creating buyer enthusiasm with your listing. Pricing right, being properly prepared and having your listing professionally marketed are the essentials to getting buyers to act quckly and decisively for fear of missing out on your home. Those are the homes where buyers compete and sellers get the best terms. Relying soley on market conditions for the best outcome is never a guarantee.

The next Braemar Property Value Report will be out in July. Until then, if you have been wondering what your home may be worth in our current market, please don’t hesitate to reach out. Helping my Braemar seller clients reach the top of the market is something that makes me very proud. It starts with a simple conversation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2023 (Ryan Homes)

Posted on March 12, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Ryan Homes)

It is a quiet and dreary Sunday in Braemar, except for the excitement of a fleeting snowstorm. What a perfect way to experience snow. It fell rather heavily for about an hour, but never accumulated. Sitting in my home office sipping hot tea, it was a scene that soothed my soul. After a very busy Saturday showing property from Winchester to Stafford to different buyer-clients, bringing you another Braemar Property Value Report feels down right relaxing.

This particular report focuses on houses built by Ryan Homes in our neighborhood. This reporting period covers the first two months of the year in terms of resales and takes a look at updated six and twelve market markers to see where our market is trending. I’m here to tell you, the trends I have been seeing in most of the Braemar Property Value Reports I type are not ones that will be reflected in future reports, but we’ll get to that later.

During the months of January and February, there was only one Ryan home that sold in our neighborhood. Details of that sale are listed below.

It is rather discouraging, after the barnstorming buyer demand our market has experienced to see a single family home in Braemar sell for forty thousand below list and take thirty-seven days to go under contract. The positive in this sale, going by what we see in these stats, is that the seller gave no seller subsidy (closing cost help to buyer.) When you take a look at the listing photos, it is an appealing, albeit basic home lacking in professional grade marketing. Professional marketing is one of the key ingredients to lifting buyer enthusiasm. When buyers are excited about a home, they are more likely to act quickly and decisively. And sellers are certainly more likely to get a reasonable list price in an offer, if not more, when buyers are excited about the property.

Combining this sale with the Ryan home sales in Braemar dating back to March 2022, the six and tweleve month data points tracked in this report are updated as seen below.

The sold price column shows a trend I have seen in nearly all the Braemar Property Value Reports from this reporting period. Both six month sold prices have fallen below their twelve month sold prices. It is not by a lot and given the extreme amount of buyer demand we are experiencing since February, it is unlikely this trend will continue downward. Buyers have gotten used to the higher mortgage interest rates and are back in the market acting much more quickly and decisively. Multiple offers are being seen again, as well as the waiver of contingencies. Both of these things had fallen off in the vast majority of sales as of mid summer 2022.

Seller subsidy shows only values in the average data points. And it is no surprise to the see the six month value being higher than the twelve month value. What is nice to see is that both six and twelve month median seller subsidy numbers are zero. This means more than half of the Ryan home sellers in both time periods gave no closing cost help.

Days on market shows a slight increase in marketing time in both six month values compared to their corresponding twelve month values. Given the pause of the overwhelming buyer demand in the latter part of 2022 and even in January this year, this is not unexpected. I suspect six month marketing times will be coming down in future reports given current market conditions.

If you placed your Ryan home on the market, prriced to current conditions in Braemar, you could certainly expect to be under contract in a week. You should also not be alarmed at closing cost requests. However, as mentioned earlier in this report, the way to get the best outcome when you list for sale is to make sure you are properly priced, the home is well prepared and that it is professionally marketed. Market conditions alone are no guarantee of the best outcome.

The next Braemar Property Value Report will be out in May. If you would like to know what your specific home is worth at any time, don’t hesitate to reach out. It is my pleasure to walk through the ins and outs of our Braemar market and get you the most it will bear when you sell. Since 2005, No One Knows Braemar Better!

Braemar Property Value Reports: January-February 2023 (NV Homes)

Posted on March 10, 2023 by cacleland

Braemar Property Value Reports: January-February 2023 (NV Homes)

Before we slide into the weekend, I thought I would share another Braemar Property Value Report. This particular installment focuses on houses built by NV Homes in our neighborhood and where we stand with the the first two months of the year behind us.

During the months of January and February, there was only one NV home that sold. Details of that sale are listed below.

Things that are great to see about this sale are that it sold just above its list price, gave no seller subsidy (closing cost help to buyer) and was under contract in only two days. While we may have ended 2022 with buyers in a less active state than we had seen in the previous years and even the beginning of last year, 2023 has definitely started with more buyer activity. It seems buyers have absorbed the higher mortgage interest rates as the new normal and going about business as usual.

When taking the sale from this reporting period and combining it with all the Braemar NV home sales dating back to March 2022, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, the first thing I notice is that both six month values are significantly below their corresponding twelve month values. Last report, the six month median had fallen below the twelve month median, but the six month average was still a tad above the twelve month average. If buyer behavior had not turned around this year and brought us back to quick, decisive action and well prepared homes getting multiple offers, I would be concerned that we were at the beginning of a down turn. I suspect we will see this gap between six and twelve month sold price groupings narrow come next report.

Seller subsidy is still up in both six month values compared to their respective twelve month values. This is not surprising since mortgage interest rates have made home affordability tougher on buyers. Seller subsidy requests are much more common now. However, the extreme buyer demand coupled with lack of inventory may turn this trend around this year as well.

Days on market in the six month values is higher than the corresponding twelve month values. Again, not a real big shock. Buyer behavior, as discussed earlier in this report, changed once we got into summer last year and continued to be more deliberate and slower for the rest of 2022. This may be a trend we see reverse this year as well based on current buyer behavior.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it would be under contract in about two weeks. You should also not be surprised by seller subsidy requests. Of course, putting yourself in the absolute best position in any market starts with getting buyers excited about your home. Pricing properly, doing listing preparation so your home shows well and is in move-in ready condition, and hiring an agent that will market your listing professionally are all within your control. Market conditions in a seller’s favor should not be relied upon as the sole factor to a great outcome.

The next Braemar Property Value Report will be out in May. Until then, or at any time, when you want to know your specific home is worth in the current market, reach out to me for a no obligation consultation. It is my pleasure to get my Braemar sellers the top of the market. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2023 (Heritage Series)

Posted on March 8, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Heritage Series)

The odd numbered months are always the busiest for this Braemar Real Estate Agent. Those are the months I compile the majority of my Braemar market reports. Today, the focus is on the Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood. 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 (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

During the reporting period of January and February 2023, there were no Heritage home sales to report. This is only the third time this has happened since I started authoring these reports in 2005. The first time was January and February 2008. The second time was November and December 2010. Every other reporting period has had at least one sale to report. There is usually always something going on in our market. Thankfully, we are not a spring-only market.

Despite the lack of recent sales, the opportunity to look at trends still exists as the months of January and February 2022 drop off the year’s worth of sales I track and updated average and median values are run.

Starting with the sold price column, both six month values are below their corresponding twelve month values. This was the case last report as well. If you click that link and look at the report for November and December, you will see the gap between the six and twelve month value sets was much larger. The good news this report, even with no sales to report, is that the gap is narrowing between the six and twelve month sold prices.

Seller subsidy (closing cost help to buyers) also shows both six month values higher than their respective twelve month values. These numbers are also larger than they were last report. Not surprising at all given that we are looking back in time. Two thirds of the way through 2022 is when mortgage interest rates more than doubled from where they had started that year. With values steady, this impacted affordability for buyers. Many had to ask for seller subsidy to assist with rate buy downs to keep shopping in the same price points. Believe it or not, mortgage interest rates have a much larger affect on affordability than prices. The good news is that interest rates did back down from their high of 2022 and buyers have settled into the new normal of rates in the sixes and sevens.

Days on market shows that it took longer to go under contract in both six month values compared to their twelve month counterparts. When mortgage interest rates rose, buyer behavior changed. Gone was the frenzy to get under contract and offer way above list. Buyers were in the mode to deliberate and go in with a well thought out offer. This appears to be changing.

January started off with a lot of buyer demand and extremely limited inventory. Sometime in mid-February, buyer behavior started to mimic what we saw in 2020 and 2021. Multiple offers in a matter of days, above asking price and with minimal or no contingencies. If you thought you missed the best market to sell, turns out, you have another chance.

If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in a week or two. You should also not be surprised by seller subsidy requests, but they are avoidable. All the best offer terms come to sellers who have priced right, prepared their homes for market and hired an agent that professionally marketed the home. When buyers are excited about a property, no matter the price range, they compete. Market conditions alone (lots of buyers and not enough homes) are not something to be relied on solely for best results.

The next Braemar Property Value Report will be out in May. At any time, when you want to know what your Braemar home is worth in the current market, please don’t hesitate to get in touch and schedule a free consultation. Getting Braemar sellers the top of the market is my mission and it always starts with a friendly conversation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: January-February 2023 (Arista Series)

Posted on March 2, 2023 by cacleland

Braemar Property Value Report: January-February 2023 (Arista Series)

There is no doubt that spring is here. Flowers are blooming, trees are budding and as far as the real estate market is concerned, buyers are out in full force. Let’s dive into this Braemar Property Value Report, focused on Arista homes in our neighborhood, and see how 2023 got started. For the sake of clarification, Arista homes were the largest homes built by Brookfield Homes in our neighborhood and include the Allister, Buckingham and Canterbury floor plans. The Canterbury is the most common in Braemar.

There was one Canterbury sold during the last two months. Details of that sale are listed below.

This sale tells the tale of what was happening in late summer to the end of last year. This home was originally listed in August 2022. After two price decreases from $860,000, it landed at $825,000. That listing was pulled in November and relisted with a different MLS number in late November. It went under contract twice in December, the last of which went to closing last month. Sellers at that time were having a hard time digesting the buyer behavior change and the fact that the steep increase in mortgage interest rates made listing higher than the last sale in the neighborhood not a great idea.

Taking this one sale and combining it with the entire past twelve months of Arista home sales, the six and twelve month data points tracked in this report are updated as seen below.

Starting with the sold price column, it is good news that both six month sold prices above their corresponding twelve month sold prices. This indicates, despite the latter half of 2022 being a more stable seller’s market, that Arista home prices have been steadily increasing. It isn’t by leaps and bounds as we saw in 2020 and 2021, but any upward growth is positive.

Seller subsidy (closing cost help to buyers from sellers) has actually come down in the six month average compared to the twelve month average. That, I must say, was unexpected. It seems buyers have settled into the six to seven percent mortgage interest rates as being the new normal. What is more important is that with both median values being zero, more than half of Arista home sellers in Braemar gave no closing cost help in the last six months and the last twelve months.

Days on market is really the only place we see a significant change not in favor of sellers. The six month average marketing time is more than double the twelve month average marketing time. When talking averages, a high days on market sale like the one detailed in this report will skew data. Looking at median values, the six month median is still longer than the twelve month median. Buyers in the last six months have been acting much more deliberately.

Based on the findings in this report, if you placed your Braemar Arista home on the market, priced to current conditions, you could expect it be under contract in about two weeks. The pace is picking up though. Buyer activity is starting to rival what we saw in 2021 and once again, our market doesn’t have enough inventory to meet demand. Still, it would not be startling to see offers with seller subsidy requests. Sellers can decrease the odds of those requests and increase the odds of top dollar by pricing right, doing the proper preparation and hiring an agent that professionally markets their home. Those are the things that increase buyer enthusiasm.

The next Braemar Property Value Report will be out in May. In the meantime, if you want to know what your house would be worth in the current market, or what projects you might need to take on prior to listing for best results, get in touch for your no obligation consultation. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2022 (Ryan Homes)

Posted on January 24, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (Ryan Homes)

January is passing by fast and I’m down to my last two Braemar market reports. Today the focus is on houses built by Ryan Homes in our neighborhood. In this edition of the Braemar Property Value Report for Ryan Homes we will see how values, and other telling stats, ended the year.

During the months of November and December there were two Ryan homes that sold. Their sold prices were nearly one hundred thousand dollars apart. Ryan Homes built a large variety of homes from mid-size single family to much larger homes. The details of those sales are right below this paragraph.

The first thing to note is that neither sold for their list price. List price in these reports is the original list price. The Bainbridge model on Moss Tower had one price reduction, took twenty-five days to go under contract and gave a $20,250 closing cost credit to the buyer. The Avalon model on Ballagan never reduced its price, was under contract in six days and gave nothing in seller subsidy. Setting the right list price is much more important now that the buyer frenzy is gone.

Taking these sales and combining them with all the Ryan home sales back to January 2022, the six and twelve month markers tracked in this report are updated.

In the sold price column we see that both six month values are above their corresponding twelve month values. This would be indicative of values still pushing up in what is still a seller’s market. Just because buyers aren’t acting in a frenzy with mutiple offers within days, there is not enough inventory to meet demand. The rise of mortgage interest rates just made buyers act more deliberately.

Seller subsidy (closing cost help to buyers) has definitely increased over the last six months. Both six month values are higher than their respective twelve month values. Some sellers are even offering seller subsidy while sitting on a list price the market is rejecting. My advice to my sellers on offering any concession in the MLS is clear–don’t do it! Your buyer may not need it, but once it is offered, they are taking it anyway. Believe me, if a buyer needs closing cost help, they will ask you.

Days on market is showing increases in the last six months, which is not a surprise with buyer behavior having changed. Sellers can still set themselves up for a faster, more profitable sale by making sure they are priced right, their home is properly prepared for the market and that their listing agent is committed to professional marketing. Getting buyers enthusiastic about your home is where you hit the top of the market.

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 about two weeks. Seller subsidy requests are more likely these days, but remember, lifting buyer enthusiasm and making buyers fear they will miss out on a great find is where your negotiating power lies.

The next Braemar Property Value Report will be out in March. Between now and then, if you have been thinking of selling your home, let’s talk. I have been helping Braemar sellers reach the top of the market, no matter market conditions, for eighteen years. Put my considerable experience and well honed skills to work for you. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2022 (NV Homes)

Posted on January 23, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (NV Homes)

Happy Monday! This is my favorite day of the week. It helps that I absolutely love my job as real estate agent. I do remember dreading Mondays in virtually every job I held before finding my calling.

In today’s Braemar Property Value Report the focus is on houses built by NV Homes in our neighborhood and the sales activity from the last two months of 2022. During November and December, there was only one NV Home that sold. Details are listed below.

It hadn’t been an issue in deciding which list price to choose in 2019 to late last year because homes sold so quickly that sellers were not faced with lowering their prices. That’s not to say that sellers were able to get any price they slapped on a property. Some still had to come down in price, but none that I took note of in my BPVRs. Recently, as mortgage interest rates have gone up, and seller expectations are having a hard time catching up, I find myself in a position to make a determination when choosing list price. I decided it would be best to go with original list price.

In the sale above, it really does show how over pricing from the beginning can hurt a seller. Sellers may hear that they will be lucky to get a full list price offer then decide that they will go with a higher list price. Some think they need negotiation room. Believe me, there is no need for negotiation room in a market where buyer demand is still outpacing supply. This seller chose to list at $825,900. After twenty-seven days on the market and two significant price reductions, this home made a deal for $752,900 and the seller ended up giving seller subsidy (closing cost help.) Racking up days on the market is not a good thing. It makes buyers wonder what is wrong with a home if a property sits longer than two weeks.

Taking this sale and all the NV Home sales in Braemar that happened in 2022, the six and twelve month data points are updated as seen below.

The six month average sold price is slightly higher than the twelve month average sold price. This would be great if echoed by the six month median being higher than the twelve month median. Unfortunately, the six month median sold price has fallen significantly below the twelve month median sold price. It is far too soon to say that prices are softening. More information is needed. The market has definitely shifted away from buyer frenzy to more deliberate buyer actions.

Seller subsidy is higher in both six month values compared to their respective twelve month values. This is not surprising given the mortgage interest rate increases. Closing cost help is not an uncommon request from buyers struggling with affordability from both high prices and rising interest rates. However, a well prepared and professionally marketed home that is priced right will always set a seller up for the best negotiating position, possibly even avoiding seller subsidy.

Days on market have crept up significantly in the six month values compared to their corresponding twelve month values. With buyer behavior having changed, and some sellers still employing tactics of overpricing, the result is sitting on the market longer. Again, sellers hiring an agent who has experience beyond 2020 and 2021 and that buyer frenzy will stand a much better chance at not making mistakes that would have them linger on the market and sell for less than list price.

If you placed your Braemar NV home on the market, priced to current conditions, you could expect it to be under contract in two weeks to one month. (More likely two weeks if you hire an experienced, local agent.) You can expect seller subsidy requests. You are also unlikely to be working with more than one offer at at time. The key to getting buyers off the fence is creating buyer enthusiasm.

The next Braemar Property Value Report will be out in March. Until then, if you want to investigate what a sale in 2023 could mean to you, please reach out and let’s talk. With over eighteen years experience getting Braeamar sellers top of the market (no matter the market) I would love to do the same for you. Since 2005, No One Knows Braemar Better!

Braemar Property Value Report: November-December 2022 (Heritage Series)

Posted on January 20, 2023 by cacleland

Braemar Property Value Report: November-December 2022 (Heritage Series)

Before the weekend, booked with showings for my buyer-clients, I am getting out this most recent Braemar Property Value Report focused on Heritage Series homes in our neighborhood. Heritage homes are the mid-sized single family homes, built by Brookfield Homes in our neighborhood. 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 (before Brookfield Homes took them over) in Braemar North Gate are also included in this group, as they are similar in size.

This report looks back to November and December 2022. During that time there were three Heritage homes that sold. Details are listed below.

First thing that pops out to me is that every one of these listings sold below their original list price. It seems as though sellers have been overly optimistic recently and feel they need room to negotiate. Unfortunately, if a listing is overpriced when it hits the market, you can bet on the fact that as the days on market kees going up, buyers are wondering what is wrong with the home. Pricing right from the beginning is the best strategy. Accumulating too many days on the market doesn’t equate to making more money in the long run, but less.

When combining these three sales and combine them with all the Heritage home sales in Braemar for 2022, the six and twelve month data points tracked herein are updated and reveal a shift in the market.

In the sold price column we find that both the six month sold prices have fallen below their respective twelve month sold prices. This is the first time we have seen this in a long time. Could be the beginning of softening values, but we need to see more sales in the next reports. Believe it or not, despite how it may feel, we are still in a seller’s market based on the fact that there are more buyers in our market looking than homes available to buy.

Seller subsidy (closing cost help to buyers) requests are more likely now due to the increase of mortgage interest rates we saw in the last six months of the year. Two out three of the most recent sales gave seller subsidy. Perhaps the best news is that with both median seller subsidy values at zero, more than half of sellers in both time frames did not give any seller subsidy.

Days on market are creeping up in both six month values compared to their corresponding twelve month values. Buyers are no longer acting in a frenzy, but are more deliberate when house hunting now.

If you placed your Braemar Heritage home on the market, priced to current conditions you could expect it to be under contract in about two weeks. As for whether or not you would have to give seller subsidy, a lot of that depends on the negotiating position you put yourself in. Setting a list price that isn’t over reaching, making sure your home is properly prepared for the market and having a local, full-time agent like myself that is committed to professional marketing is what gets buyers enthusiastic about your listing. And when buyers are afraid they are going to miss out on a home, you can get them to act quicker and ask for less in their offers for fear of losing a great property.

The next Braemar Property Value Report will be out in March. Between now and then, if you want to know what a 2023 sale would mean for you, I would love the chance to consult with you. With over eighteen years experience in this business, it is my pleasure to put my skills to work for my fellow Braemarians and get them the max the market will allow. Since 2005, No One Knows Braemar Better!

Selling Braemar

Braemar Real Estate Information Courtesy of Chris Ann Cleland, Associate Broker, Long & Foster Real Estate

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