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

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

It has been a string of gorgeous September days lately. Just the right temperature and beautiful blue skies, very similar to the sky in the picture above. While I would rather be out enjoying the day, work still needs to get done. For this Top Braemar Real Estate Agent, that means getting out another Braemar Property Value Report. Today’s report focuses on the sales of houses built by NV Homes in our neighborhood during the last two months of summer. Without further delay, let’s get to it.

During July and August there were six NV Homes that sold in Braemar. The details of those sales are listed below:

Wow! Very health sold prices in that sold price column. But how do the six and twelve month data points look?

Starting with the sold price column we see both the six month average and six month median values are most definitely higher than their twelve month respective values. This means NV Homes are still pushing up in value. This report the average was up 4% in six months. The median value was up 3% over six months. Compared to last report, the average growth is down 3% and the median growth is up 2%. Only time will tell where values go from here. All I know is that the summer brought a slowing of the buyer frenzy we had been experiencing since 2020. Even with that slow down, it has remained a healthy seller’s market.

The seller subsidy column is where we learn how much closing cost help buyers were able to negotiate from their sellers. The answer in the six month and twelve month median values is none. That means more than half the sellers in both time frames gave absolutely nothing in closing cost help. However, NV Home sellers have been giving something since there are values in the six month and twelve month average values. One of those seller is represented in the most recent sales above with $2,300 in seller subsidy. That’s only one seller out of six that gave any closing cost help. It is a rarity these days as buyers are competing against other buyers to be the offer chosen.

Days on market is where we find out how quickly NV Homes are going under contract. Very fast. The six month average marketing time was only three days compared to the seven days seen in the twelve month average. Meanwhile, the six month median marketing time is only two days, which is even faster than twelve month median marketing time of three days.

If you placed your NV Home on the market, priced to current conditions, you could expect it ot be under contract in less than one week. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in November. Until then, if you have been considering the sale of your Braemar home, waiting until next spring may not be the most beneficial move. Our year end housing market in Braemar is a powerful one, fueled mainly by the fiscal year for the Federal government beginning October 1st. New jobs are created and raises abound. Meanwhile, fewer sellers tend to take this time of year seriously. The sellers that do tend to make out very well. Call me and find out what a year end sale could mean for you. 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: January-February 2021 (NV Homes)

Braemar Property Value Report: January-February 2021 (NV Homes)

As usual, our transition from winter to spring has not been consistently in one direction. Warmer temperatures had us all ready to ditch our coats and shake off winter. Not so fast! Colder temperatures have arrived again. The one thing that has been consistently going in one direction is our Braemar real estate market. In this edition of the Braemar Property Value Report, I will examine the sales activity of houses built by NV Homes in our neighborhood during the months of January and February.

The first two months of the year yielded only one NV hgome sale in Braemar. The detail of that sale is listed below.

Taking this one sale and combining with the entire past twelve months of NV homes in Braemar, the six and twelve month data points are updated as reflected below:

Starting with the sold price column, it is great to see both the six month average and six month median sold prices higher than their respective twelve month values. This means NV homes in Braemar have been increasing in value. No surprise there from the seller’s market we have been experiencing.

In the seller subsidy column, I am surprised to see an increase in the amount of seller subsidy (closing cost help) from the twelve month average to six month average. In a seller’s market like ours, this is unusual. The six month median and twelve month median are more in line with what I expect to see in this market with intense buyer demand and limited inventory. More than half the sellers in both the six month and twelve month time frames gave nothing in closing cost help.

Days on market is also a column where we see unusual trends, inconsistent with a seller’s market. The six month average and six month median marketing times are higher than their respective twelve month values. Apparently there have been some NV homes that have lingered a little longer on the market . It certainly wasn’t the sale from this reporting period, which sold in four days.

If you placed your NV 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 give nothing in seller subsidy as buyers compete to win your home in multiple offer situations.

The next Braemar Property Value Report will be out in May. Until then, if you are interested in selling your NV home, get in touch with me for a free consultation. It may be a seller’s market, you can still leave money on the table. My professional marketing and unparalleled market knowledge will create the buyer enthusiasm needed to squeeze the absolute maximum out of your home sale. 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: November-December 2020 (NV Homes)

Braemar Property Value Report: November-December 2020 (NV Homes)

In my continuing quest to bring my fellow Braemar home owners the latest real estate market information pertaining to our neighborhood, I bring you this latest installment of the Braemar Property Value Report, focusing on sales of properties built by NV Homes. The reporting period will cover the last two months of 2020.

There were two NV Homes that sold between November and December. The details of those sales are listed below:

Given our intense buyer demand and very limited inventory, there are two things that stand out to me looking at those recent sales. The first is the high days on market for Marr Lodge. The second is the high seller subsidy for Chapeltown. Neither of these should be this inflated in a seller’s market, but seller complacency is starting to set in. One of these homes had absolutely unacceptable marketing photos, made worse by the fact that the home was not show ready…at least on picture day. The other had great marketing photos that displayed in high definition custom paint colors and finishes, and some possible wall paper, that the new owner would likely want to address in just about every room of the very large home. Rather than get either home in move-in ready condition, these sellers decided to let the seller’s market make it easy on them. Let’s see where that got us as we look at the updated six and twelve month value points for the entire year’s worth of NV Home sales.

Starting with the sold price column, we see that the six month average sold price has fallen below the twelve month average sold price. The same can be seen comparing the six month median sold price to the twelve month median sold price. This should not be happening in a seller’s market, but the less seller’s do to get their homes ready for market, the less buyers are going to be willing to pay.

When we get to the seller subsidy column we find out how much closing cost help NV Home buyers were able to negotiate from their sellers. The six month average seller subsidy more than doubled compared to the twelve month average. This is likely to the high closing cost help we see in one of the most recent sales. What I would expect to see in this seller’s market is displayed in the both median seller subsidy values. In both the six month and twelve month time frames, more than half of NV Home sellers gave nothing in closing cost help.

Finally, we get to days on market. It is not a good sign to see both the six month average and median marketing times having significantly lengthened compared to their respective twelve month values. Is it that demand for larger homes is cooling off, or that the seller complacency is biting sellers in these larger homes in the back side? Time will tell.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in three to four weeks. You could also expect to give nothing in closing cost help if you presented a move-in ready home to the buyers in the marketplace, or priced your home to reflect the lack of projects done.

The next Braemar Property Value Report will be out in March. Until then, when the time comes to sell your Braemar home, I would love to show you how my professional marketing and unparalleled knowledge of our neighborhood marketplace can net you more money in the sale of 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
www.ChrisAnnCleland.com

Braemar Property Value Report: September-October 2020 (NV Homes)

Braemar Property Value Report: September-October 2020 (NV Homes)

Showing property on a rainy day can be messy. Thank goodness for hooded rain jackets with deep pockets. Helps to not have to carry an umbrella. All part of being prepared when you are Top Real Estate Agent in the area. Another part of being a Top Agent, at least as far as I am concerned, is having a grasp on market data. One of the things that started me doing these Braemar Property Value Reports back in 2005 was a want to know what was happening my neighborhood. Being able to compile these reports and share them with you is something I take pride in.

Today’s Braemar Property Value Report focuses on the NV Homes in our neighborhood. During the months of September and October, there was only one NV Home that sold. The details of that sale are listed below.

Combining that one sale with the entire past twelve month of NV Home sales in Braemar, the six and twelve month data points are updated as reflected below.

Looking first at the sold price column, what indicates rising values are six month values higher than their respective twelve month values. In the case of this NV Home report, those six month values are falling below their twelve month counterparts. Having seen this in the Arista Home report, of equivalently large single family homes are featured, I’m not necessarily surprised by this. Could be a blip. Could be we are seeing the softening of the real estate market start here in the larger single family homes. When we had our slide in 2008, that’s where it started was larger single family home values. Unfortunately, all we can do is wait for the next report to see if this was a blip, or if the same happens next report.

The seller subsidy column is where we learn how much closing cost help sellers gave to their buyers. Her we find exactly what I would expect to find in the strong seller’s market we have been experiencing. The six month average seller subsidy has decreased more than half of what the twelve month average seller subsidy was. And the six and twelve month median values are in agreement at zero. This latter one is more telling because it means more than half the sellers in both time frames gave nothing in closing cost help.

Marketing time is showing conflicting information. The six month average days on market was two days shorter than the twelve month average days on market. That indicates that NV homes were selling faster in the shorter term. Meanwhile, the six month median has doubled compared to the twelve month median. However, the six month average and six month median marketing times are in agreement.

If you placed your NV Home on the market, priced to current conditions, you could expect it be under contract in two weeks. You could also expect to give nothing in seller subsidy.

The next Braemar Property Value Report will be out in January and will detail how we ended 2020. In the meantime, I wish you every happiness this holiday season. And if the need arises to sell your Braemar home, don’t hesitate to call me. Our year end selling season is one of the most powerful times of the year to sell and I would be happy to tell you why. 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 2020 (NV Homes)

Braemar Property Value Report: July-August 2020 (NV Homes)

Another late September day, another Braemar Property Value Report to share.  This one focuses on the sales of houses built by NV Homes in our neighborhood and covers the activity from July and August.

There were two NV homes that sold during our current reporting period.  Their sold prices were very close to each other at $552,000 and $565,000.  Looking at the details below, on paper it seems the only difference is one had a walk out basement exit and the other didn’t have an exit at all.  That $13,000 difference in sales price, if all else is equal, is what appraisers call a market extraction.  That’s how appraisers determine values of different upgrades or structural differences.  Find two that are mostly alike except for one thing  and figure how much that one thing the higher priced home had is worth.  There isn’t just a list of values for basement exits, extra bedrooms, bathrooms, upgraded kitchens, etc.  It’s all determined by market extraction and why values for upgrades and structures change so frequently.  It’s one of the reasons that hiring a listing agent that understands this principle is so important.  They may be able to find a higher extraction and raise your value.

Enough with the market extraction lesson, the details of those NV home sales are listed below:

As is my practice, I take these most recent sales and combine them with the rolling twelve months of NV home sales and extract six month and twelve month value points to tell us how our market is trending.  The updated values can be found below:

Starting with the sold price column we see that the six month average is a tad higher than the twelve month average sold price.  Meanwhile, the six month median is nearly $10,000 higher than the twelve month median.  While NV home values are still pushing up, their rate of gain is not as pronounced as we see in lower price ranges.  The higher price ranges in our market have not been seeing the frenzied activity of the low $500K and below homes.  Still, upward pressing values is still a good thing.

The seller subsidy column shows us how much closing cost help NV home sellers have been giving on average.  The six month average has fallen below the twelve month average by more than half.  And the six month median and twelve month median remain at zero.  The latter means that more than half of buyers for NV homes are foregoing closing cost requests, or having them negotiated away, in their transactions.  We do see in the two sales above that one seller gave nothing and the other gave $3,000.  Seeing $15,000 in closing cost help is going to be exceptionally rare in this seller’s market.

Days on market is where we find out how long it is taking NV homes to sell in Braemar.  Though only up by one day each, the six month average is higher than the twelve month average and so is the six month median compared to the twelve month median.  The two most recent sales show days on market of over three weeks.  As I stated earlier, the higher price ranges are not as fast as the lower priced single family homes in our market.

If you placed your NV home on the market, priced to current conditions, you could expect it to be under contract in two to three weeks.  You could also expect to give minimal closing cost help, if any at all.

The next Braemar Property Value Report will be in out in November.  Until then, I hope you all enjoy the fall season’s upcoming display of brilliant color.  Of course, if you have been thinking of taking advantage of the peaking prices in our neighborhood, or find yourself in a position where a move is inevitable, know that our year end market is one of my favorites in which to sell.  Demand is always there, but inventory is very low.  This year, that difference will be even more pronounced with higher buyer demand than we have seen many fall markets.  Give me a call and let’s see what a year end sale would mean for you.  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 Property Value Report: May-June 2019 (NV Homes)

Braemar Property Value Report: May-June 2019 (NV Homes)

Another sunny, hot and humid day is upon in Braemar.  What a perfect weekend day to enjoy our community pools.  No doubt it will be filled with families today.  This Top Braemar Real Estate Agent will stay in her air conditioned home office and plug away on what remains of her Braemar Property Value Reports.  This particular report focuses on the sales of single family homes built by NV Homes in our neighborhood during the months of May and June.  Let’s get right to it.

There were three NV Homes in Braemar that sold in the last two months.  Their sold prices ranged from $518,000 to $600,000.  Pretty big range.  As you will see from the detailed break out of those sales below, the lower end was a home with a finished basement with no exit.  What you don’t see in that detail sheet below was that the property on Island Fog was a Short Sale.  That meant a very patient buyer was needed to wait for Short Sale Approval.  The pain-in-the-butt factor for that process definitely knocked some money off that bottom line.  The other two seem to show a difference in what a finished basement with a walk out exit vs. an unfinished basement with no exit gets in the marketplace.

Taking these most recent sales and combining them with the entire last twelve months of NV Home sales, we get updated six and twelve month data points, which are pictured below.

To begin with, we see a favorable trend for NV Home owners in Braemar when it comes to sold price.  Both the six month average and six month median sold prices are above their respective twelve month data points.  This means that NV Homes in Braemar are still pushing up in value in the short term.

Seller subsidy, unfortunately is showing a trend in the short term that is not favoring Braemar NV Home sellers.  Bot the six month average and median seller subsidy values are well above their twelve month counterparts.  This means that Braemar buyers have been asking for, and receiving, more closing cost help from sellers.  Of course, looking to the most recent sales, the home on Arthur Graves Jr. could be the sole reason for these numbers being inflated in the short term.  That $20,000 in closing cost help sticks out like a sore thumb.

When it comes to days on market, which I like to refer to as marketing time, it seems that despite the increase I expected to see in comparing values longer term values from our old MLS, (which went out of service in November 2018,) to the new MLS which took over, we see a decrease in the six month average and median marketing times compared to the twelve month average and median marketing times.

If you placed your NV Home on the market, priced to current conditions, you could expect it to be under contract in about two weeks.  You could also expect to give about 2% of the sales price in closing cost help, possibly less.

The next Braemar Property Value Report will be out in September.  Until then, give me a call when you are ready to feel out the market for the sale of your Braemar 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