Braemar Reflection Quarterly: January-March 2023 (1st Quarter)

Braemar Property Value Report: January-March 2023 (Reflection Series)

Last, but certainly not least in my series of quarterly Braemar real estate market reports is this Braemar Reflection Quarterly. The focus here is on sales of homes on Tarvie Circle in our neighborhood. These single family home are considered to be semi-attached,or semi-detached, depending on how you look at things. The point of attachment for these homes is at the rear load garage. Reflection homes are attached in pairs, so there is only one neighbor to which each home is attached.

During the first quarter of 2023, there were two Reflection home sales. Details are listed below.

Both of these homes sold very close to their original list prices. One got a bump one-thousand dollars above list and the other got a one dollar bump above list. I think the major difference was the timing of the market. The first sale at 9660 Tarvie hit the market in mid-January. At that point in time, buyer behavior was still more cautious and slower to act. By the time the second listing at 9676 Tarvie hit the market in early March, buyers were acting quickly and decisively again. To me, this explains why one seller gave seller subsidy and the other didn’t. Market conditions have been dominated by buyer behavior. When buyers hesitate to write offers, it is often after two or three weeks on the market that sellers get nervous and are willing to work with the first offer they get. When buyers act quickly, sellers are more likely to push back or even get multiple offers.

When looking at the past twelve months of Reflection home sales in the neighborhood, we only have three total. However, when those three are diced into six and twelve month data points, here is what we get:

The sold price column shows a decrease in average and median values in both six month values compared to their respective twelve month values. This is not surprising given how buyer behavior had changed in the second half of 2022 and into the beginning of 2023.

Seller subsidy (closing cost help to buyers) has gone up in both six month values. However, with the twelve month median seller subsidy value at zero, we know that only one of these three sales gave any closing cost help. That’s not bad news.

Marketing times have gone up a tad in the six month values compared to their corresponding twelve month values. A jump of one and two days is nothing substantial.

If you placed your Braemar Reflection home on the market, priced to current conditions, you could expect it to be under contract in a week. If your home was properly prepared for buyers to see and professionally marketed, you could also expect the fruits of lifting the all important buyer enthusiasm. When buyers are excited about your home, you stand a better chance at aggressive offers that favor you, or getting multiple offers. Being able to advise my sellers on creating buyer enthusiasm is how my Braemar sellers reach the top of the market.

The next Braemar Reflection Quarterly will be out in July. Until then, if you want to know what your home is worth in the current market, I would be delighted to help you. Get in touch and let’s talk. 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 2021 (Ryan Homes)

Braemar Property Value Report: September-October 2021 (Ryan Homes)

The end of the holiday weekend is upon us. With company gone and having no desire to delve into the set up of my Christmas tree, I have decided to publish the next Braemar Property Value Report instead. You know a Braemar real estate agent loves their job when they willingly sit down to put together a market analysis versus any number of other non-work related activities. Loving what I do is truly a blessing.

In this edition of the Braemar Property Value the focus in on detached houses built by Ryan Homes in Braemar. During the current reporting period of September and October, there were five Ryan homes that sold. The details of those five most recent sales are detailed below:

Unlike last report where all but one of ten Ryan home sold prices was well above list price, this report shows three of five sold above list price. The second half of the year there was a shift in demand taking place. And though the all-out buyer frenzy has chilled, it is still a seller’s market. Demand is still outpacing supply.

Taking these five most recent sales and combining them with the entire past twelve months of Ryan home sales in Braemar, the six and twelve month data points tracked in this report are updated as seen below.

Starting in the sold price column we see both the six month average sold price and six month median sold price much higher than their respective twelve month values. Ryan homes are still gaining value.

Seller subsidy (closing cost help negotiated by buyers from sellers) is a non-factor with zeros down all the relevant time markers. This means not one Ryan home seller in twelve months has given closing cost help.

Days on market is single digits down the line, and only one digit off in the twelve month average. Ryan homes are continuing to sell fast.

If you placed your Ryan home on the market, priced to current conditions in our Braemar market, you could expect it to be under contract in about a week. You could also expect to give nothing in seller subsidy. Not represented in the stats of this report, however, you could expect to see home inspection and appraisal contingencies in your offers. As the buyer frenzy has quieted, buyers are less likely to waive all contingencies like they had been doing in the first half of the year.

The next Braemar Property Value Report will be out in January. Until then, I wish you all the best the holiday season has to offer. Of course, whenever the need to sell your Braemar home arises, I would love the opportunity to consult with you about the sale of your home. Despite the season or market conditions, creating and maintaining buyer enthusiasm is what it takes to make the absolute most the market will bear. And with my unparalleled neghborhood knowledge, my professional marketing and superior negotiation skills are even better at achieving both. Helping my Braemar neighbors sell is always among my greatest pleasures. 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