Braemar Property Values: July-August 2015 (Heritage Series)
Funny that I should be writing this report on a day when I was actually out on a listing appointment for a Heritage Series home in the neighborhood. Then again, I guess it may not be that coincidental because the vast majority of my business does come from Braemar. And this fall, listing agreements are getting signed to take advantage of what I'm beginning to call our second spring market.
Let's get down to it and see what happened with Braemar Heritage Series home values for the last two months of the year. Heritage Series homes, for those who may not be familiar, are the mid-sized single family homes, built by Brookfield Homes, with two car attached garages including the following floor plans: Exeter, Yardley, Zachery & Waverly.
There were five Heritage Series homes that sold during July and August; two Exeters, two Yardleys and one Zachery. The high sold price was $465,000 and the low sold price was $375,000. That low number is really low for a Heritage home and was that of a Yardley in the shabbiest condition I have ever seen in the neighborhood. The new average market value of $419,000 is impacted by that low sale. That means you shouldn't take too much stock in the difference of 6% loss in average market value since last report and a loss of 4% since last year. Removing it from the comps brings the average market value up $10,000, but would still show losses, though not as significant.
If you placed your Braemar Heritage home on the market, priced to current conditions, you could expect it to be under contract in an average of about a month. You could also expect a buyer to ask for an average of about 1.5% of the sales price in closing cost help.
The next Braemar Property Value Report will be out in late November and will detail sales from the months of September and October. Until then, when you are ready to sell, give me and call and let's talk about the value of your specific Braemar home. No One Knows Braemar Better!
Come join my own Braemar neighborhood Facebook group: BRAEMAR (Bristow,VA.) I started the group as an easy way to disseminate these property reports, but you can start any neighborhood conversation you like there. One of the best parts of the group is reuniting lost pets with their owners.
Statistics compiled using the MRIS (Metropolitan Regional Information Systems.)