Our All Reston 2018 Real Estate Update – the year in review
Happy New Year! Winter 2019 CELEBRATING 52+ YEARS SERVING THE REAL ESTATE NEEDS OF RESTON Greetings! I hope you had a good holiday season and look forward to 2019! Hard to believe we are celebrating our 52nd year selling real estate in the town we love and call home. When my mother, Norma, joined Jeffrey O. Wellborn at Wellborn Properties in the summer of 1967 we never anticipated becoming one of Reston’s oldest, and few still in existence, family businesses. We could not do, what we do, without you. And for that we are most thankful. SALES – 2018 was another good year for Reston home sales. The number of homes sold for the year was up from 2017. 1,312 homes sold in 2018 vs. 1265 in 2017. Breakdown is as follows –264 detached homes (251 last year), 593 townhouses (543 in 2017) and 455 condominiums (471 one year ago). The average ‘days to sell’ was 52 days, down from the average of 63 it took in 2017. The ‘average’ condo sold for $325,200; townhouse for $479,600 and the average for a detached home sold was $725,900. The seller received on average 98% of their asking price with townhouses selling at 99% of asking price. Currently on the market – Wow! In my 40 years of tracking the Reston real estate market I have never seen the inventory at an all time record low. Traditionally, January is a strong month for home sales; this year we will start with lower inventory than last year. If you are planning to sell this year, you may want to go on the market sooner (now) and not later to take advantage of the incredibly low inventory of homes for sale/competition. Currently there are (just) 105 homes for sale in Reston vs. 125 last year at this time – 15 detached homes, 24 townhouses and 66 condos. The average list price is $554,475 up from $510,700 last year – (SFD ALP $771,223; townhouse = $620,846; condominium = $489,820. ALERT: WE NEED LISTINGS…THERE ARE CURRENTLY ONLY 15 DETACHED HOMES AND 24 TOWNHOUSES FOR SALE IN ALL OF RESTON/ACROSS ALL PRICE RANGES – LOW INVENTORY + AFFORDABLE INTEREST RATES + LOTS OF BUYERS LOOKING = A GREAT TIME TO SELL…CALL ME FOR MORE INFO/LET’S CHAT! Interest rates – Home mortgage rates are steady – currently a 30 year fixed is @ 4.375% up from 4% one year ago. With the FED planning to increase interest rates this year, we can expect to see mortgage interest rates trending up. Of note/what people are talking about: Here is the most popular item of interest people have called about or stopped in to ask about during the year…and it’s a repeat from last year unfortunately. Hands down the big topic is the paid parking at Reston Town Center. As I write this, by my unofficial count, over 20 businesses have closed and left since paid parking started. Latest to leave – Williams and Sonoma and the Pottery Barn; restaurants M&S Grill, Busara and Hen Penny. On a positive note Mason’s Famous Lobster Rolls opened in the space vacated by Red Velvet Cupcakery. #2 topic – Wegmans coming to town (Reston Parkway and Sunrise Valley and the Toll Road). #3 the possibility of redevelopment coming to Hidden Creek Country...
read moreOne of our current projects – Just Listed and Coming Soon!
Wow, just wow…you will not find a nicer home for the money – over $50,000 in top line updates from polished concrete floors to imported fixtures thru-out…new kitchen, baths, flooring, HVAC a 10+++ Offered at $325,000. Clink link for pix and tour.
read moreOne of our current projects – Just listed and Coming Soon!
Spectacular lake front home on one of the best waterfront lots in all of Reston – over $150,000 in recent updates and improvements – new kitchen, baths, floors, HVAC and roof, entire house wrapped in Hardiplank siding…click the link for tour and more information. 11161 Lake Chapel Lane @819,900
read moreMONEY magazine names Reston best place to live in Virginia!
This just in, Money Magazine has named Reston the best place to live in Virginia! Questions about living here and why we have called Reston home for over 50 years…call or email. http://time.com/money/5108196/best-places-to-live-every-state-us/
read moreOur All Reston Real Estate 2017 update – the year in review
Greetings! I hope you had a good holiday season and look forward to 2018! 2017 marked the 50th anniversary of us serving the real estate needs of the Reston community. When my mother, Norma, joined Jeffrey O Wellborn at Wellborn Properties in the summer of 1967 we never anticipated becoming one of Reston’s oldest, and few still in existence, family businesses. We could not do, what we do, without you. And for that we are touched and thankful. As we start 2018 we want you to know we are always here to serve you. We are proud to be now selling homes to a third generation, the grandchildren of some of our original clients. As we say day after day, year after year, for all of your real estate needs, call The Reston Experts! Buying, selling, investing, questions, concerns or problems or simply a referral of a vendor or handyman we welcome your calls and emails. SALES – 2017 was another good year for home sales. The number of homes sold for the year was unchanged/same as 2016. 1,279 homes sold in 2017 vs 1278 in 2016. Breakdown is as follows – 251 detached homes (272 last year), 543 townhouses (vs. 529 in 2016) and 485 condominiums (vs. 477 one year ago). The average ‘days to sell’ was 34 days down from the average of 43 it took in 2016. The ‘average’ condo sold for $311,200; townhouse for $454,600 and the average for a detached home sold was $704,900. Currently on the market – Wow! While traditionally, January is a strong month for home sales; this year we will start with much lower inventory than last year. If you are planning to sell this year, you may want to go on the market sooner (now) and not later to take advantage of the incredibly low inventory of homes for sale/competition! Currently there are (just) 121 homes for sale in Reston vs. 163 last year at this time – 13 (29 a year ago) detached homes, 31 townhouses (44 one year ago) and 77 condos (vs. 93 last year this time). The average list price is $510, 700 up from $492,060 last year (SFD average list price (ALP) $831,800; townhouse ALP $596,500; condominium ALP $419,900. ALERT: THERE ARE CURRENTLY ONLY 17 DETACHED HOMES AND 31 TOWNHOUSES FOR SALE IN ALL OF RESTON – NOW IS A GREAT TIME TO SELL – CALL ME FOR MORE INFO/LET’S CHAT! Interest rates – Home mortgage rates are steady – currently 30 year fixed is @ 4%. With the FED planning three interest rates this year, we can expect to see mortgage interest rates trending up. And, how about that stock market…closing over 25,000 for the first time ever! Meet the neighbors: We love our location on Lake Anne Plaza and have some fabulous corporate neighbors. One of the best is Just Cats Clinic. Just Cats Clinic is a feline exclusive full service veterinary clinic offering top notch feline care including preventative exams and vaccines, a full range of diagnostics, dentistry, surgery, laser therapy, acupuncture, and even luxury boarding. They are proud to be accredited by the American Animal Hospital Association and to be a Gold Standard Cat Friendly Practice from the American Association of Feline Practitioners! Of note/what people talking about: Here is...
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From our home to yours…Happy Holidays and Merry Christmas!
At this time of year we would be remiss if we did not say thank you for your business, your calls, your referral of friends and family and most of all your friendship. I have never felt for one day I was going off to ‘work’. It has been a privilege to work and live in a community I adore. I am grateful every day for the support we have received from the community for now over 50 years. Thank you for inviting us into your homes and entrusting us to work with you, your children and now grandchildren, neighbors and friends. Merry Christmas and Happy New Year! Jon Querolo and...
read moreOur Fall 2017 All Reston Real Estate update is out…
Reston Real Estate Market Update Fall 2017 I hope you had a great summer! Here is a brief look at the Reston real estate market. We continue to benefit from low interest rates and low inventory of homes for sale. The inventory in all categories – detached homes, townhomes and condominiums – has been unchanged from the past year. For sale – There are currently 279 homes for sale in Reston. Breakdown is as follows: 63 detached homes with an average list price of $777,312; 80 townhouses with an ALP of $516,241; and 136 condominiums with an ALP of $443,918. Sales – Reston home sales are strong and running at a slightly higher pace than last year. For the third quarter we sold 342 homes vs 332 last year. The average sales price was unchanged compared to one year ago – $453,281 vs $453,921 (2016). The average seller got 99% of their asking price. I have remarked before that Reston is not an inexpensive place to live, never was, never will be. We have yet to see a noticeable jump/increase in sales prices due to metro coming to town. I do think most of it was already factored in to the prices BEFORE metro arrived. The inventory of detached homes and townhomes continues to remain low with properties in nice shape and updated selling in the first few weeks, some with multiple offers. Condos are in plentiful supply with lots for sale…and, little selling at Reston Town Center. We are not sure if the paid parking fiasco has affected sales but from a visitor (and PR) perspective activity and retail/restaurant sales would appear to be negatively affected. For most current Reston real estate market conditions click here – Reston Market update Interest rates – Continue to be very attractive and currently below 4% for thirty year fixed; fifteen year fixed available in the low 3’s. Interest rates have been at near record lows for so long we take for granted how good they are. We have been told for several years, they have to go up; we are still waiting to see if they do. The stock market continues to defy the odds and is at record highs. If you have children of home buying age talk to them about buying ‘something’ to get a foot in the market. Young and/or first time home buyers should buy something/anything they can afford; it may not be their dream or ‘forever’ home but they can purchase with a minimal down payment, enjoy it for several years and if the stars align sell it and move to something else in several years or better yet keep it and start building equity with a real estate rental portfolio. Refinancing? Curious if it works for you…call for a reference on a good loan officer. What’s new/what’s going on – Our first new construction in years of homes for sale is here! Sunrise Square is a cluster of 34 luxury townhouses – four levels, two car garages, rooftop decks + elevator options. Location is quite good, short walk to Reston Town Center and will be accessible to metro when the town center station opens in a few years. From $860,000 to $950,000. This is the site of the old American Press Institute building on...
read moreJust listed in Bentana Park – 2 BRS/2Baths at $235,000!
This is the most sought after floor plan in sought after Bentana Park – two BRs + two full baths! Top floor location backing to woods. Huge rooms thru-out + 10 foot ceilings in living room. Superb brick construction and concrete floors between units. Condo fee covers all utilities. Short walk to Wiehle Ave metro, minutes to Reston TC and Lake Anne for shops, farmers market and more. click here for tour and info
read moreReston (again) named one of the best places to live in US…call us for all your real estate needs…happily serving the Reston community for over 50 years…
Another great reason we call Reston home…” Of the three Virginia communities on this year’s list, Reston ranked the highest. It is just above nearby Ashburn, which placed at No. 30; and Midlothian, located near Richmond in Chesterfield County, at No. 49. Reston is also the highest-ranked community in the DC Metro, with the area’s only other nod coming for Rockville at No. 39…” MONEY Magazine Reston Once Again Recognized by Money Magazine as a Top Place To Live in...
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Jon Querolo (pronounced: core-elle-o) provides clients with unparalleled real estate knowledge and experience. 