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Reston Real Estate Blog

One of our current projects…just listed!

Posted by on Aug 20, 2015 in Reston Real Estate Report

One of our current projects…just listed!

Spectacular Lake Anne waterfront in Reston’s first and most asked for cluster – Waterview Cluster.  First open Sunday August 23 1 to 4!  More info!

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Summer 2015 All Reston Real Estate update

Posted by on Jul 17, 2015 in Reston Real Estate Report

Summer 2015 All Reston Real Estate update

Happy Summer!
Greetings and happy summer to you and family! Here is a brief look at the Reston real estate market. We continue to benefit from low interest rates but with a rising inventory of homes for sale. The Silver Line metro center is up and running and reports are great…high ridership, very dependable and few of the traffic snafus some had predicted.
Sales – Reston home sales are strong and running at a slightly higher pace than last year. For the first six months of the year we sold 552 homes vs 497 last year. The average days on market/time to sell is (just) 34 days. Exceptionally strong were sales of single family homes, especially under $700,000 and townhouses under $400,000. Also, incredibly active has been homes walking distance to metro. Condos sales have been slower. Best sellers (and for record prices!) are homes that have been updated with nice/top line appliances and finishes. 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 rates – Continue to be very attractive and in the low 4%’s for thirty year fixed; fifteen year fixed available in the low 3’s! Lenders are again rolling out and promoting 1, 3 and 5 year ARMS by offering lower initial interest rates. As Reston’s housing stock ages we are seeing renewed interest in home renovation loans. These are ideal for the buyer buying an older property needing updates. The appraisal is based on the home having updates done, the buyer is given funds to do the updates without paying from cash savings and putting the cost of repairs and updates into the new mortgage. Call for more details or a reference on a good loan officer.
New construction – Currently no new construction is available for sale. The new ‘Harrison’ is open and welcoming tenants at Reston Parkway and Temporary Road. The old 7/11 on Sunrise Valley Drive along with Wells Fargo Bank have closed pending the massive redevelopment of what is commonly known as the Sheraton/Reston International Center property. The International Center building was recently sold and will be updated. The Sheraton hotel remains but major buildings – residential and commercial – and retail is planned for the site.
What’s new/what’s going on – The farmers market and bazaar at Lake Anne Saturday mornings until Fall. Expanded boat rentals are back at Lake Anne, Thursday to Sunday. Best picks – our new favorites Barcelona Wine Bar and BarTaco at Reston Town Center – great concepts and staff (owned by same people). You can never go wrong at Clyde’s and my go to meal in summer is the traditional lobster roll at Jackson’s.
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

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Spring 2015 All Reston Real Estate Update

Posted by on Apr 20, 2015 in Reston Real Estate Report

Spring 2015 All Reston Real Estate Update

Happy Spring!
Greetings and happy spring to you and family!
First, a big shout out to Robert (Bob) E Simon turning 101! An amazing human being!
This is a brief look at the Reston real estate market. Sales are up in Reston; mortgage interest rates still way down. We continue to benefit from low interest rates and a decent employment market driving the local economy. Corporate tenants love being in Reston, the overall quality of life, the amenities and proximity to Dulles Airport (while still being close enough to downtown Washington) make it a sought after corporate home. The Silver Line Metro at Wiehle Ave. is open and the latest numbers show ridership is better than expected at the Wiehle Ave location.
Sales – Reston home sales are strong. Sales for the first quarter of 2015 were up 15% over last year (from 190 to 218). In the first quarter of the year we sold 41 detached homes (vs. 35 last year), 104 townhouses (93 the year before) and 73 condominiums (vs. 62 a year ago). The average sales price was up 5% to $461,066. Buyers continue to be willing to pay top dollar for homes that are updated, upgraded and well maintained. Good houses are again selling in days, not weeks or months and the best with multiple offers. 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 rates – Simply amazing and under 4% for thirty year fixed; fifteen year fixed available in the low 3’s! We are beginning to see renewed interest in 7/1 and 10/1 loan programs. These loans are based on the typical 30 year payment schedule but the interest rate is fixed for 7 or 10 years. The loans are due or renegotiated at the end of the term. Because the lender can revise the rates based on market conditions in 7 or 10 years they carry lower interest rates…ideal for a buyer who knows they will not be in the home for more than 7 or 10 years making their mortgage payments lower. Call for more details or a reference on a good loan officer.
New construction – Currently there is nothing available in new construction for sale in Reston – everything currently on the boards is rentals – and nothing on the horizon. For those wanting ‘new’ it’s Loudoun County or further out. We find most people prefer Reston and have no interest in a long commute, few amenities and mind numbing traffic. The new ‘Harrison’ is open (rentals) and welcoming tenants at Reston Parkway and Temporary Road.
What’s new/what’s going on – The farmers market at Lake Anne starts Saturday May 2nd. Expanded boat rentals are back at Lake Anne, Thursday to Sunday. Changes – Singh Thai has opened their new restaurant in the old Jasmine Café – check it out, totally redone and food is always good. Paolo’s, an original town center restaurant is closing end of April, will reopen as Neyla Mediterranean Bistro (owners are same people) after extensive renovations. Highly anticipated Barcelona Wine Bar and Bartaco opening soon serving upscale Spanish cuisine at the town center – can’t wait to try this!
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 referrals and support as always!
JON

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Our 2014 All things Reston Real Estate Annual Update and Review Reston Real Estate Report

Posted by on Jan 5, 2015 in Reston Real Estate Report

Our 2014 All things Reston Real Estate Annual Update and Review Reston Real Estate Report

Happy New Year!                                                                                       Winter 2015

Greetings!   I hope you had a good holiday season and are looking forward to 2015.

Real estate wise 2014 was the year that was, and wasn’t. The first six months of the year were on track to be similar to 2013. But in July the market took a turn and we never quite recovered. Even with a thriving stock market and low interest rates buyers had pretty much disappeared from the market. The forecasts from people much smarter than me – National Association of Realtors, economists at FNMA and Freddie Mac to name a few – are predicting 2015 will be the best year since 2007. 

Some reasons given are millennials will come into the market after being absent for some time, interest rates will remain low, but threats of rising to 5% by year end will encourage (force) many to buy sooner vs. later and overall confidence in the job market and economy is fairly strong right now. 

SALES – Sales for the year were down 12% from 1170 units in 2013 to 1024 in 2014. Breakdown is as follows – 201 detached homes vs 245 last year, 465 townhouses vs 516 in 2013 and 358 condominiums vs 409 in 2013.   The ‘average days to sell’ was 33 days across all categories up from the average of a mere 21 days it took to sell in 2013. By all measures that is still an amazing statistic – in years past the average home in Reston took 96 days to sell! Other positive news is the average sales prices for detached homes were up 5% and townhouses were up 6%, condominiums were unchanged for the year. 

Currently on the market – January is traditionally a strong selling month. This year we will start with a much higher inventory than in years past. Currently there are 210 properties for sale in Reston – 34 detached homes, 78 townhouses and 98 condos – vs 94 one year ago. 

Interest rates – 30 year fixed rates are again trending near record lows. We are placing loans under 4%. 

Thoughts – NAR recently released a ten year study about selling seasons and confirmed what we have known for years. If you are thinking of selling be on the market sooner rather than later. You do not want to wait, along with many others, for ‘the spring market’ as there will be greater competition; sellers continue to get a better price in the earlier months of the year. Compounded with threats of rising interest rates makes January/February the better time to bring your home to the market. 

As always, thank you for your calls, questions and most importantly your referrals! I am never too busy to answer a call or email if you have a question, problem or concern. 

Jon Querolo, Assoc. Broker

The Long and Foster Companies

703.585.4900 or 703.860.0144 (home) or jon@restonproperties.com 

Celebrating our 48th year serving the Reston community

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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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One of our current projects…just listed!

Posted by on Aug 20, 2015 in Reston Real Estate Report

One of our current projects…just listed!

Spectacular Lake Anne waterfront in Reston’s first and most asked for cluster – Waterview Cluster.  First open Sunday August 23 1 to 4!  More info!

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