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