There is nothing like a snow storm in March to shake things up. Mother Nature came by with some accumulation for us in March. Not exactly what those of us that had wished for snow were desiring, but that's the way it goes. Wish for snow and Mother Nature sends you white colored slush.
On the real estate front the careful what you wish for adage could also be applied. So without further delay, let's look back at the first two months of 2013 and real estate sales for the Arista Series homes in Braemar. These are the large single family homes built by Brookfield Homes and include the following floor plans: Allister, Buckingham and Canterbury.
There were no resales to report in the last two months of 2012 of Arista homes in Braemar. In January and February combined, there was one. It was an Allister with three bedrooms, three and a half bathrooms and an unfinished basement. I want you to keep that in mind because most of the Arista homes in Braemar have four to five bedrooms and usually have a finished basement. This Allister listed for $374,900 and sold for $401,000. Since this is the only sale in the Arista Series it becomes our new average market value. It represents a 15.6% decrease in average market value since last year. That doesn't panic me at all. I think this home would have sold for closer to its list price last year.
Here are some takeaways for all Arista home owners in Braemar. This report does indicate that if you placed your Allister, Buckingham or Canterbury home on the market, priced to current market conditions, you could expect it to be under contract in less than a week. You could also expect a buyer to forego closing cost assistance to secure your home. The Braemar real estate market has become intensely competitive. As a result, buyers are learning they can't ask for the sun, moon and stars anymore and expect to win a bid in a multiple offer situation.
The next Braemar Property Value Report will be out in May and will detail sales from March and April. Until then, if you are thinking of selling your Braemar home, call me for a free market analysis of your specific home's value in today's market. I've been a Braemar resident and full-time Bristow Real Estate Agent since 2005. I've also been a Short Sale Agent since 2007. I know our local market and how your home fits into it. No one knows Braemar better!
Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®
Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information Systems.)
You can see the most recent property values in Braemar by clicking the links below:
Carrige Series (smaller single family homes with detached garages, Brookfield Homes)
Courtyard Series (executive style home, five to a private driveway, Brookfield Homes)
Heritage Series (mid-sized single family homes, Brookfield Homes)
Braemar Townhouse Report ( traditional townhouses with small back yards)