Thursday, August 7, 2014
Last blog we looked at trends from the properties that sold in Reston in July. Today we are taking an in depth look at the financing of the 112 units that sold. This data is important to show trending of winning contracts.
Of the 112 properties that sold:
- 16 were cash (from $176k- $805K)
- 81 were conventional financing
- 5 were FHA
- 7 were VA
- 1 was private
- 1 was state funded program
- 1 was a 1041 exchange
If you are a selling a home, traditionally an all cash contract has less contingencies than one with a loan and is preferable than one with more contingencies. Expect that all cash buyers tend to offer less than full price because of the assured financing. How much of a discount can all cash buyers expect? All cash buyers in July paid an average of 97.55% of list price for the properties purchased. Surprisingly, this number is the same as the discount for all other financing types of properties sold (97.55%) so in this instance all cash buyers should not expect sellers to accept much less than the prevailing market rate.
In fact, I had a client selling a property and a prospective buyer made an all cash offer with a discount of 4%. The seller rejected the offer as the benefits of the all cash conditional was not enough to balance the difference. There were no anticipated issues with the appraisal as the property was priced in line with the COMPS. Indeed, this seller received a full price for the properties and none of the contingencies were a road block to a successful settlement both the buyer and the seller.
Tuesday, August 5, 2014
The volume of sales reached a yearly high of 112 units which is on pace for the last three months. June saw 108 units sold, May saw 105 units sold.
Buyers advanced some small gains in the average seller subsidy of $2,772 compared to June's number of $1,411. The median still remains at zero for the past 5 months. The average percent sold to list is 97.90% compared to June's number of 98.23%.
The average days on the market have show a steady increase over the last three months from 19 days in May, to 24 days in June and 28 days in July.
Understanding every one of these numbers is critical when list a home and writing an offer. Call us for your detailed market analysis today.
Tuesday, July 29, 2014
The Loudoun County real estate market saw gains in home sale prices over the first half of 2014. Despite the increase in inventory, the average sales price increased and days on the market decreased. In fact, 420 of the 632 units in June sold went under contract within 30 days. The average sales price to original list price saw more gains for sellers in June (98%) than in January (96.9%).
Contact us today for a consultation for buying and selling a home in today's market.
Monday, July 28, 2014
Indicators for the Fairfax County Real Estate Market improved for both buyers and seller through the first half of 2014. The concern in the beginning of the year was lack of inventory which was driving sales prices. Looking at the charts above, the market shows a significant increase in the number of units on the market providing buyers more choices. The percent of sold price to list price indicates seller's are still benefiting from the strong demand with some seller incentives to buyers.
The Reston, Virginia housing market shows steady growth through the 2nd Quarter of 2014. Consider the following:
The average list price that has risen over $85,000 from January ($412,539) to June ($497,705).
The average sold price has risen by almost the same amount from January ($405,285) to June ($487,509).
The average days on the market have decreased from 47 to 24.
The average percent of net sold price to list price is 98.23%. While buyers are showing the ability and willingness to pay higher prices this in no way is a free pass for sellers. For example, one townhome home in the Lake Anne area has experienced a $100,000 price adjustment and is still on the market after an initial list date in April. This is a home in good condition, has a desireable floor plan and is in a desirable neighborhood.
Call us today to schedule your appointment!
Friday, June 13, 2014
Spectacular views on Trump National Golf Course
Offered at $924,900
Enjoy this bright Baltusrol Model on Trump National Golf Course! This home features a dramatic 2-Story circular staircase and 2-Story Living Room along with 5 bedrooms and 3.5 baths. Other features include main level study with built-ins, hardwood floors, gourmet kitchen, family room with fireplace and bump out, a luxurious owner's suite with two sided gas fireplace, upscale marble master bath with two sided gas fireplace, upper level laundry room, daylight walk out lower level with full wet bar, additional bedroom/office and full bath. NO LAWN MAINTENANCE!
Dry River Court
Reston, VA 20191
We are pleased for our clients on the purchase of their new home in Reston, Virginia. From lenders to home inspectors our team was able to deliver exceptional service and quality results.