Wednesday, October 22, 2014

September Sales Show Seasonal Slump

Reston, VA. The volume of closed sales in September came in at a weak 67 units. In contrast July saw a yearly high of 112 units sold in Reston. The length of time needed to sell a home grew and while the average list price was $37,000 less than August, sellers are paying more in seller subsidies.

If you were purchasing real estate in September, you would have paid an average of $645,648 for a detached home in Reston, $303,324 for a condo and $426,894 for a townhome.  There were 16 detached homes sold, 17 condo units sold and 34 townhomes sold.

Reston real estate sales reflect a region-wide apathy. Fairfax County reported weak sales numbers as well (compared to September 2013 prices):

Average Sold Price is 3.24% lower
Units sold down 9.69%
Average Days on the Market – longer by 32.35%
Average Sales Price to Original List Price – 96.7% (more seller discounts)  
Inventory is 46.76% higher than in September of 2014

Advice for sellers is to price well, anticipate a longer time on the market and anticipate buyers asking for a deal. That does not mean you have to accept any offer.

Advice for buyers is to do your homework and review price comparables with your realtor. Understand the pricing and be reasonable with your offer. There are other buyers in the market. Despite the weak numbers, over half the buyers in Fairfax County in September (518 of 1007) had their contract offers accepted in the first 30 days. In fact, 265 were written and accepted in the first 10 days.

Call us today for a consultation on how we can help you understand and successfully buy and sell real estate in today’s market! We welcome your call.

Thursday, October 2, 2014

Reston Home Tour 2014

Save the date for the Reston Home Tour! 

October 18th from 10 am - 5 pm.

The theme this year is Reston@50 - Celebrating the Decades. The tour offers:
- Original Modernist Architecture designed by Charles Goodman
- a creative contractor's remodel adds another level
- down-sizing leads to a nine-month renovation on Lake Newport
- vaulted spaces and originally combined with Design on a Dime accessories
- an upsize in retirement with space to stargaze

The tour will also include a stop at the newly opened luxury apartment, The Avant. where participants will tour an 8th floor unit and enjoy a food tasting from each of Reston's decades provided by South Lakes HS Culinary Arts Program.

Tickets can be purchased at the Reston Museum, Appalachian Spring, GRACE, Lake Anne Florist. and The Wine Cabinet at North Point.

Thursday, September 18, 2014

Fall Home Maintenance Checklist

Thanks to John Riha and the National Association of Realtors for putting out these seasonal reminders to prep your home for the fall and winter season. To go to the original post visit Fall Home Maintenance Checklist.

Thursday, September 11, 2014

How much will I pay for a house....

                                 * data source RealEstate Business Intelligence, LLC

The August sales numbers have posted and the good news for sellers is that in the three counties of Arlington County, Fairfax County and Loudoun County the average sales price has risen from the same period last year. In Arlington the average sales price rose to $595,113 ( an increase of .11%), in Fairfax County it rose to $555,273 (an increase of 5.66%) and in Loudoun County it rose to $481,576 (an increase of 3.88%).

The good news for buyers is that inventory has increased from the same period last year in all counties as well. In Arlington, the active inventory reached 593 listings (up 50.89% from the same period last year). In Fairfax County the active inventory reached 3796 units (an increase of 54.94%) and in Loudoun County the inventory reached 2,294 listings (a 58.53% increase).

Understanding the real estate market will give you a strategic advantage when pricing a home for sale and when making an offer in an competitive environment. Contact us today to put our knowledge to work for you!

Wednesday, September 10, 2014

Washington, D.C. Agents Report Slowing Traffic

Credit Suisse issues a monthly detailed report on real estate trends such as buyer traffic, home prices, incentives, inventory levels and length of time to sell a property. This data is collected from agents in the top 40 housing markets. While all real estate is local it is important to note the trends of our larger market as well as nationally. Here are some comments from agents in our area about the local market in August:

- Area agents  reported slower than expected traffic and lack of urgency on the part of buyers in August.

- Agents highlighted an increased supply as well as lack of buyer confidence.

- 61% agents report an increase in time to sell in current versus past 30 days

- 0 % said they saw a decrease in incentives to buyers.

- 60% reported an increase in incentives to buyers.

                                * data from Credit Suisse Monthly Survey of Real Estate Agents

Contact us to receive a copy of the report or for more information.

Thursday, September 4, 2014

Financing a Winning Contract

Understanding the financial environment is important for both buyers and sellers. For buyers, the amount you borrow, your loan type and your lender will be under scrutiny from the seller. The seller needs to understand that loans types have different obligations and may impact the contract (example, appraisal standards for FHA/VA loans).

The following lists the financing for the properties that closed in August:

1 assumption
12 cash
65 convention
10 FHA
5 VA
2 other

Last month we looked at the discount that cash buyers were able to gain. This month the ratio of closed price to original list price averaged 95.48%, the median was 97.76 %. The low was 85.53%  and the high was 102.4%.

August Sales Show Slight Decline

Reston, VA. August real estate sales numbers reflect the typical end of summer slow down. And when you think of slow down perhaps coasting is a better visual rather then breaking. Of the 95 properties that sold in August the sold price to list price ratio reflects minimal change from July numbers. 

- The majority of the properties sold were listed in the previous 3 months: May (23), June (28), and July (29). Not eyebrow raising. But just a fact to keep in mind while looking at the average and median days on the market (43/26). 

- % Average Net Sold to List Price indicates how close the buyers and sellers are between offer and acceptance. The List Price is the list price when the offer was accepted. There is also the Original List Price. The price at which the seller initially offered the property. Look at the numbers:

% Average Net Sold to Original List Price is 95.94% 
% Median Net Sold to Original List Price is 96.66%

These numbers indicate that sellers  (again, mostly in May, June and July) have had to make more adjustments to meet buyer expectations. Indeed, only ten properties received full price (or better) offers. This number is down from the 16 full price (or better) properties that closed in July.

Understanding pricing metrics is key when listing and purchasing real estate. Contact us today!