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Fall 2014 Reston Real Estate Market Update

Posted by on Sep 29, 2014 in Uncategorized

Fall 2014 Reston Real Estate Market Update

Reston Real Estate market update                                                                        Fall 2014 

I hope you had a great summer! Lots of exciting things are happening in our town. First, the Silver Line Metro opened for business. This will be a great amenity to already thriving Reston, the town center, local business districts and residents of the surrounding area(s).   I have checked out the traffic situation for the past month at many different times of day and so far the concerns of massive traffic backups and delays don’t appear to be the case.   The Avant at Reston Town Center, the first new construction in Reston in years, opened to tenants – the building and amenities are stunning! Ted’s Bulletin and World of Beer both opened at the town center to great reviews – World of Beer offers live entertainment too!   Meanwhile Lake Anne Center continues to struggle and saw the closing of two long time businesses – Jasmine Café shut its doors unexpectedly and the Lakeside Pharmacy, owned by Larry Cohn, sold its building and the business has been liquidated.   Larry was an all-around great human being, friend to all and fixture on the plaza for 40 years. 

What’s new?

As I write this, the Harrison @ Reston Town Center – twin towers going up on Reston Parkway on the old Parc Reston condo site – is coming along quickly. They are rental buildings and are currently pre-leasing from a showroom across the street.   There are two pending re-zonings underway – first on the surface parking lot at the town center fronting Reston Parkway (the only surface parking left at the town center) and also a rezoning to demolish what you would know as the FedEx building and replace it with a tower of some sort – most likely business and not residential. The Planning Commission hearing for the redevelopment of Crescent Apartments (Lake Anne) scheduled for November 5th has been indefinitely deferred (not sure what that means). 

No word/all is quiet on the future of the Reston National Golf Course and also the plans to redevelop the Spectrum strip shopping centers (Lerner Corporation) at the town center…both generate lots of calls to my office. 

For sale

There are currently 302 homes for sale in Reston (up significantly from recent years). Breaks down as: 70 detached homes with an average list price of $758,241; 106 townhouses w/ an ALP of $480,000; and 126 condominiums w/ an ALP of $390,000. While 302 homes for sale is up from the last few years this is still a manageable number when compared with an inventory from 600 to 800 units in the early 2000 years. 

Of note: Total sales for January thru end of September 2014 were 732 units vs. 852 last year down about 16% (120 units). Days to sell are running about 30 days and the average seller continues to receive almost 98.5% of their asking price. 

While the number of sales was down, the average sales prices were up in all categories over the previous year – ASP for a detached home was $717,000 ($680,000 last year), townhomes was $449,000 ($427,000 in 2013) and $348,000 for condos ($340,000 in 2013). 

As Reston’s housing stock continues to age it is important as a homeowner that you invest in and continue to improve your property. Reston has become an expensive place to live and just this month was again voted one of the top 10 places to live in the US by Money Magazine. But, with that said, most of our housing is the late 60s to mid-90s vintage. Buyers going to eastern Loudoun County have many options in new homes to choose from, they are a totally different product from what is found in Reston. Improving your kitchen and bathrooms will insure that your home will sell for top dollar…and quicker than an unimproved property.   Most buyers do not have the time, money or interest in doing upgrades to a dated property and in many cases you will more than recoup the money invested.

Interest rates

Currently, thirty year mortgage rates are about 4.25. Rates are even lower for the consumer considering a 10/1 or 7/1 ARM.   This loan has the payments of a thirty year mortgage but the loan is due in either ten or seven years. These loans carry lower interest rates as the lender knows they will not be committing to a thirty year term (and can get their money back sooner). Another popular option is a “15 year” (which eliminates a lot of interest payments over the life of the loan) and available with a ¼ to ½% lower rate than the 30 year – ideal for faster equity build up. 

If you would like any real estate information or know anyone who is seeking to buy or sell a home, please contact me. I will use my experience and knowledge to ensure a timely and financially satisfactory transaction. 

As always, we appreciate your calls, emails, questions and referring your friends and family. Visit us on historic and wonderful Lake Anne Plaza at the boat dock. Please check us out and keep in touch on Facebook or always, 24/7 @ www.restonproperties.com. Our new and improved website allows you to search all area homes for sale. We have simplified the search area by adding popular searches – waterfront, detached, luxury condos, etc. – where with the click of the button you can view all available matching homes. 

And finally, we have an extensive list of preferred vendors and contractors we have refined and built over the past 45 years. If you need a simple handyman to fix a small repair or a laundry list of delayed items, a painter, hardwood floors redone or installed, new kitchen or bath, plumbing or heating maintenance and repairs call the office or email and we will get you taken care of.

 

 

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Summer 2014 Reston Real Estate Market Update

Posted by on Jul 22, 2014 in Reston Real Estate Report

Summer 2014 Reston Real Estate Market Update

Happy Summer!                                                                                                  Summer 2014

Greetings and happy summer to you and family!  I hope you are having a great summer so far.  This is a brief look at the Reston real estate market.  Home sales are sizzling in Reston along with some amazing heat!  We continue to benefit from low interest rates and low inventory of homes for sale.  Excitement of the pending opening of the new Silver Line Metro at Wiehle Ave. on July 26th has brought many new and prospective buyers to the community.

Sales – Reston home sales are strong yet running at a slightly slower pace than last year.  For the first six months of the year we sold 96 detached homes (vs. 120 last year), 236 townhouses (278 in 2013) and 186 condominiums (vs. 202 in 2013).  The average days on market/time to sell is (just) 30 days for all categories.  Exceptionally strong sales were noted in condos at the town center and any townhouse or detached home with a main level master bedroom.   As we have stressed for years:  homes always sell quickly and for top dollar if well maintained and priced appropriately.  Upgraded and top notch homes get top price!   If you have thought about selling now is an ideal time, call me to discuss your plans, I can help with vendors, work to be done, staging, etc.

Interest ratesSimply amazing and in the low 4%’s for thirty year fixed; fifteen year fixed available in the low 3’s!  If you can afford the higher payment the 15-year is always a good way to go as it saves many thousands of dollars over the life of the loan in interest.   Call for more details or a reference on a good loan officer.

New construction –   Currently no new construction is available in Reston.  The new ‘Avant’ is open and welcoming new tenants at Reston Town Center (across the park from Midtown).  Construction is underway on the twin towers at Reston Parkway and Temporary Road.   Will be luxury rentals and called The Harrison at Reston Town Center.

What’s new/what’s going on – I have been busy listing and selling homes – thank you for your referrals!  Summer concerts are at Lake Anne and RTC, farmers market and bazaar at Lake Anne Saturday mornings until Fall.  Expanded boat rentals are back at Lake Anne, Thursday to Sunday.  Best picks – Ariake for Japanese food, Il Fornaio for Italian, Jacksons and Passion Fish cannot go wrong ever, Kalypso for the food and setting on Lake Anne.   Long time stalwart on Lake Anne Jasmine Café closed suddenly and will not reopen, look for a new restaurant to take over soon!

If you need help with real estate, have a question or problem or know of someone needing a Realtor please think of me and thanks for your help and support as always!

JON

Jon Querolo, Assoc. Broker

The Reston Experts since 1967

The Long and Foster Companies

703-585-4900 or 571-926-9085

 

 

 

 

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Real estate tips – tip #7 Think Big!

Posted by on Apr 2, 2014 in Reston Real Estate Report

Real estate tips – tip #7 Think Big!

As Reston celebrates its 50 birthday and its founder Robert E Simon his 100 birthday this week I am reminded of the importance of thinking big and setting goals.   I am constantly in awe of the vision it took in the early 60s to buy this property and to conceptualize the schools, the lakes, the shopping centers, pools, tennis and a golf course, the housing to be offered and to lay the ground work for what would become Reston Town Center.   Whether in my personal life or my business life it has always served me well to have a ‘road map’ of  basic goals and commit them to paper.   I have young clients who come to see me in their 20s with a plan – we are going to rent for a year, save some money and then we are going to buy a home.   Ditto for new investors – we have saved some money and we are going to focus on buying one investment property a year.

The beauty of having a plan is it keeps you focused and on track.    It is easy to get caught up in the minutiae of day to day life and have the months roll into years.  But with a plan you can review and reflect on how things are going and most importantly change or modify it.    I think you will find if you take the time to write down some basic life and or business goals you will find it can have a profound effect on your life.

If you are thinking about buying or selling a home, call me, Jon Querolo, at Long and Foster Realtors at 703-585-4900.

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Real estate tips -tip #6 The first impression

Posted by on Mar 18, 2014 in Reston Real Estate Report

Real estate tips -tip #6 The first impression

While you may have little immediate and direct control over the events that shape the economy or housing market, you do have control over the sale of your home. A real estate transaction involves a significant portion of your wealth. Professional management of the process is crucial for financial success. Proper preparation and marketing, now more than ever, play a huge role when selling a home. The more REALTORS® and qualified buyers who know about your home will result in more showings. Once there, a fantastic first impression is essential. It is very important to realize that most people act upon their first impression. Many potential buyers will decide pretty quickly upon entering your home whether they love it or hate it. That is why making a positive first impression is so important. It is like jump starting the selling process. More interest means competing bids. Proper preparation is key. It is amazing how accomplishing several small tasks can change the overall impression buyers will have on your home. Knowing what to do and when to do it is crucial.

If you are thinking about buying or selling a home, call me, Jon Querolo, at Long and Foster Realtors at 703-585-4900.

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Real estate tips – tip #5 Making your house accessible

Posted by on Feb 25, 2014 in Reston Real Estate Report

Real estate tips – tip #5  Making your house accessible

Having your house on the market involves a certain invasion of privacy.  If you’re lucky, agents will be previewing it and showing it to buyers with some regularity.  On one hand, you’ll want to make it reasonably accessible to real estate professionals and their prospects.   On the other hand, you don’t want to step out of your shower as a local broker is bringing in a group of buyers.

In many areas agents use a handy little tool of the trade called a ‘lockbox’.   On an occupied property, agents call first and let the owner know when they’ll be by.   If no one is home, an agent with a special key card can open the box, retrieve the key and let themselves in.  The other extreme of accessibility is requiring a day’s notice, and insisting that your listing agent accompany each showing.  This will eliminate a lot of the inconvenience to you, but it will also eliminate most of the showings of your house.  Whatever arrangements you work out, keep in mind that the easier you make it for us to see and show your home, the easier you make it for us to sell it more quickly.

If you are thinking about buying or selling a home, call me, Jon Querolo, at Long and Foster Realtors at 703-585-4900.

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Real estate tips – Tip #4 Negotiating with the sellers

Posted by on Feb 7, 2014 in Reston Real Estate Report

Real estate tips – Tip #4 Negotiating with the sellers

One of the first questions many prospective buyers ask us when they find the perfect house is “will they take less?” The agent can’t tell you what the sellers will take, and the only way to test their bottom line is to make an offer.  If you can negotiate a lower price or better terms than the original offering, you may possibly save yourself some money, but could risk losing a home you really love in the process.

If your offer is below the sellers’ bottom line, they will probably make you a counter offer.  If your bid is too low, you run the risk of offending them.   Your offer may not be taken seriously  — especially if it is far below market value.

Another risk is that while you and the sellers are trading offers and counter offers, another buyer may come in with a more attractive bid.  If this happens before your negotiations are concluded, your sellers may accept the competing offer.  Before you decide what kind of offer to make, weigh the benefits and risks of going in with a lower price than what the sellers are asking.

If you are thinking of buying or selling a home, call me, Jon Querolo, at Long and Foster Realtors at 703-585-4900

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Real estate tips – tip #3 Guidelines for househunters

Posted by on Jan 31, 2014 in Reston Real Estate Report

Real estate tips – tip #3 Guidelines for househunters

Finding the perfect house for your family is just the first step toward moving you into a new home.  The second step is negotiating the sales agreement with the sellers — both the price and the terms.

To find out if the asking price is in line with the neighborhood, you can ask the Realtor to provide you with the “comparables” — selling prices for similar homes located nearby.  The agent can tell you how these houses may differ from the one you’re considering buying.   Use this information to help decide whether a particular property is a good value.  If the price seems too high, perhaps the sellers are willing to negotiate.   The Realtor can’t tell you what to offer or what the sellers will accept — the sellers probably won’t know what they’ll accept until they are presented with a written offer–but the information provided can help you decide how much you want to pay.

If you are thinking about buying or selling a home, call me, Jon Querolo, at Long and Foster Realtors at 703-585-4900

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Real estate tips – tip #2 Fixing up to sell

Posted by on Jan 24, 2014 in Reston Real Estate Report

Real estate tips – tip #2 Fixing up to sell

A paint brush and a scrub brush can help you get top dollar when it’s time to sell your home.  Start with a close look at the walls and ceiling, both the condition and the color of the paint.  Cracked drywall and peeling paint are not only unsightly, but can be misleading.   If your ceiling needs touch up, for example, buyers may be wary about the roof or structural integrity of your home, even if the problems are purely cosmetic.

People will try to imagine their furniture in your rooms.  If you have strong decorating tastes, such as bold colors or lots of printed wallpaper, think about neutralizing them.

Cleanliness is also very important, especially in the kitchen and baths.  Buyers react emotionally to houses and it’s hard to fall in love with dirty dishes, dustballs and bathtub rings.  Before you allow the agents to show your home, go through each room and make it shine.  It really does make a difference.

If you are thinking about buying or selling a home, call me, Jon Querolo, at Long and Foster Realtors at 703-585-4900 – The Reston Experts since 1967.

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Sales up 20% in December…this bodes well for a great Spring!

Posted by on Jan 20, 2014 in Reston Real Estate Report

Sales up 20% in December…this bodes well for a great Spring!

Sales up 20%!  Your all Reston Real Estate market report is here – click here for The Report from the Reston Experts.

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Real estate tips – tip #1 Is it time to move?

Posted by on Jan 17, 2014 in Reston Real Estate Report

Real estate tips – tip #1 Is it time to move?

Sometimes the need for a move may be obvious.  For instance, your work might require you to transfer to to a new city.  Other times, the changes in your life and your housing needs may be less obvious.   You might have twins, the last child in your family may be leaving home, or your might receive a big increase in income.

If you notice that your house or condominium is no longer serving your needs, it may be time call in a professional Realtor for expert advise.  He or she may suggest that you remodel your present home or find one that is more suitable to your lifestyle.

If you do decide to move, what should you consider before listing your home and beginning the search for a new one?  You’ll want some idea of how much you can expect to get for your present home and how much you can afford for a new one.  You’ll also need information about financing and the multitude of loan programs that are now available.

If you are thinking about buying or selling a home, call me, Jon Querolo, at Long and Foster Realtors at 703-585-4900.

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Fall 2014 Reston Real Estate Market Update

Posted by on Sep 29, 2014 in Uncategorized

Fall 2014 Reston Real Estate Market Update

Reston Real Estate market update                                                                        Fall 2014 

I hope you had a great summer! Lots of exciting things are happening in our town. First, the Silver Line Metro opened for business. This will be a great amenity to already thriving Reston, the town center, local business districts and residents of the surrounding area(s).   I have checked out the traffic situation for the past month at many different times of day and so far the concerns of massive traffic backups and delays don’t appear to be the case.   The Avant at Reston Town Center, the first new construction in Reston in years, opened to tenants – the building and amenities are stunning! Ted’s Bulletin and World of Beer both opened at the town center to great reviews – World of Beer offers live entertainment too!   Meanwhile Lake Anne Center continues to struggle and saw the closing of two long time businesses – Jasmine Café shut its doors unexpectedly and the Lakeside Pharmacy, owned by Larry Cohn, sold its building and the business has been liquidated.   Larry was an all-around great human being, friend to all and fixture on the plaza for 40 years. 

What’s new?

As I write this, the Harrison @ Reston Town Center – twin towers going up on Reston Parkway on the old Parc Reston condo site – is coming along quickly. They are rental buildings and are currently pre-leasing from a showroom across the street.   There are two pending re-zonings underway – first on the surface parking lot at the town center fronting Reston Parkway (the only surface parking left at the town center) and also a rezoning to demolish what you would know as the FedEx building and replace it with a tower of some sort – most likely business and not residential. The Planning Commission hearing for the redevelopment of Crescent Apartments (Lake Anne) scheduled for November 5th has been indefinitely deferred (not sure what that means). 

No word/all is quiet on the future of the Reston National Golf Course and also the plans to redevelop the Spectrum strip shopping centers (Lerner Corporation) at the town center…both generate lots of calls to my office. 

For sale

There are currently 302 homes for sale in Reston (up significantly from recent years). Breaks down as: 70 detached homes with an average list price of $758,241; 106 townhouses w/ an ALP of $480,000; and 126 condominiums w/ an ALP of $390,000. While 302 homes for sale is up from the last few years this is still a manageable number when compared with an inventory from 600 to 800 units in the early 2000 years. 

Of note: Total sales for January thru end of September 2014 were 732 units vs. 852 last year down about 16% (120 units). Days to sell are running about 30 days and the average seller continues to receive almost 98.5% of their asking price. 

While the number of sales was down, the average sales prices were up in all categories over the previous year – ASP for a detached home was $717,000 ($680,000 last year), townhomes was $449,000 ($427,000 in 2013) and $348,000 for condos ($340,000 in 2013). 

As Reston’s housing stock continues to age it is important as a homeowner that you invest in and continue to improve your property. Reston has become an expensive place to live and just this month was again voted one of the top 10 places to live in the US by Money Magazine. But, with that said, most of our housing is the late 60s to mid-90s vintage. Buyers going to eastern Loudoun County have many options in new homes to choose from, they are a totally different product from what is found in Reston. Improving your kitchen and bathrooms will insure that your home will sell for top dollar…and quicker than an unimproved property.   Most buyers do not have the time, money or interest in doing upgrades to a dated property and in many cases you will more than recoup the money invested.

Interest rates

Currently, thirty year mortgage rates are about 4.25. Rates are even lower for the consumer considering a 10/1 or 7/1 ARM.   This loan has the payments of a thirty year mortgage but the loan is due in either ten or seven years. These loans carry lower interest rates as the lender knows they will not be committing to a thirty year term (and can get their money back sooner). Another popular option is a “15 year” (which eliminates a lot of interest payments over the life of the loan) and available with a ¼ to ½% lower rate than the 30 year – ideal for faster equity build up. 

If you would like any real estate information or know anyone who is seeking to buy or sell a home, please contact me. I will use my experience and knowledge to ensure a timely and financially satisfactory transaction. 

As always, we appreciate your calls, emails, questions and referring your friends and family. Visit us on historic and wonderful Lake Anne Plaza at the boat dock. Please check us out and keep in touch on Facebook or always, 24/7 @ www.restonproperties.com. Our new and improved website allows you to search all area homes for sale. We have simplified the search area by adding popular searches – waterfront, detached, luxury condos, etc. – where with the click of the button you can view all available matching homes. 

And finally, we have an extensive list of preferred vendors and contractors we have refined and built over the past 45 years. If you need a simple handyman to fix a small repair or a laundry list of delayed items, a painter, hardwood floors redone or installed, new kitchen or bath, plumbing or heating maintenance and repairs call the office or email and we will get you taken care of.

 

 

Read More