Every two months I calculate Braemar Property Values for the various homes in our community of Braemar. This particular report covers the Heritage Series homes. What's a Heritage series home? That's easy. A Heritage Series home is one of the mid-size single family homes with attached garages, built by Brookfield Homes. They come in four models: Exeter, Zachary, Yardley and Waverly. Yardleys are by far the most commonly seen of the Heritage Series.
In the last two months, four Heritage Series homes have sold in Braemar. Not surprisingly, they are all Yardley models. You'll see below that the average sales price, seller subsidy (closing cost assistance from seller to buyer) and average days on the market are listed for this report, last report and last year's report.
The average sales price this report is up over 3% compared to the last report, comprised of sales in January and February 2010. Meanwhile, year over year, Braemar homes in the Heritage Series have a much more substantial increase of over 9% in value. Looks like our Braemar market recovery is well underway.
If you placed your Yardley model, or other Heritage Series home on the market, and priced it to current market conditions, you could expect to have it under contract in slightly more than two weeks time. There has been very high demand in our market for these mid-sized homes, and not enough inventory to meet that demand. Also, you could expect to pay less than 1% of the sales price in seller subsidy. As more and more buyers compete for fewer properties, they will make their offers more competitve by not asking for closing cost assistance, or asking for a very small amount.
The next Braemar Property Value Report will be out in July. Until then, you can check average sales prices dating back to 2005 on my website: www.nvarealestate.net. Simply click the link for Braemar Property Value Report Online and scroll down to Heritage Series for those mid-sized home figures.
If you are thinking of buying or selling a Braemar home, give me a call. No one knows Braemar better!
Chris Ann Cleland, Realtor, Licensed in VA, Long & Foster