2010 Annual Real Estate Update

Posted by on Jun 20, 2011 in Reston Real Estate Report

2010 Annual Real Estate Update

I hope you had a great holiday season and that 2011 is your best year ever! Below is my Annual Update on the Reston real estate market. Also, some reflection, thoughts and comments on what the coming year might hold. I hope you find it informative

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and helpful. In the future if you prefer to receive the newsletter electronically send your email address to jon@beneficialRE.com or better yet visit us in person at our new offices on wonderful Lake Anne Plaza at the boat docks – coffee is always on!

2010: While the housing market continues its gradual recovery nationwide without the aid of the tax credit, homes are selling in Reston. Overall it was a very good year. Although it will likely be uneven at times, slow growth is believed to be the trend moving forward. Interest rates hit a new historic low again, a major factor in helping keep mortgage payments incredibly affordable. You could not find a better real estate market nationwide than the DC metro area in general and Reston in particular.

Buyers waiting for the market to reach its ‘low point’ are now moving forward in order to take advantage of the excellent opportunities which include a limited selection of homes in Reston, affordable prices and historically low interest rates. If 2009 and 2010 were ‘make do/getting by’ years, 2011 should be better for most. We have little inventory of homes for sale, Midtown the large, luxury twin towers at the town center are sold out of new units and excitement is building as Metro starts to become a reality. Reston continues to be a ‘destination point’ and sought-after place to live. Currently, there are just 24 detached homes for sale, 52 townhouses and 40 condominiums – 116 total units.

Opinion: If there is a negative to the story it is that we continue to suffer from lack of inventory. We have witnessed cycles in the past where the typical inventory would be in the 600 to 800 units for sale. 116 homes between $150,000 and $1,500,000 is not much selection to choose from. There is plenty of pent up demand and buyers waiting for more homes to come on the market. If you are considering selling, you may want to do it sooner vs. later. Historically sellers get a better price early in the year when there is little competition vs. waiting until spring when there tends to be more on the market.

While maximizing profitability and getting the most for your property is always important, today’s real estate market requires an even greater amount of due diligence when preparing to sell a home in order to achieve those goals. Proper marketing, placement, and items many might take for granted such as property description and photos when advertising a home for sale, play heavily in the mix. As the Reston experts since 1967 I can help you coordinate repairs and stage your home, market and negotiate the best price and terms, help coordinate your move and help find your new home.

SOLD

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in 2010: There were 1082 homes sold in Reston in 2010 vs. 1143 in 2009.

OF NOTE: Prices appreciated a bit compared to the previous year. We did see some short sale and foreclosure activity in the townhouse and condo markets. In many instances these sales could have an adverse effect on the averages. When pricing a property to sell in this market remember that real estate is a ‘by neighborhood’ value transaction. It is important to deal with short sale and foreclosure stats in context with ‘normal’ sales and have a Realtor advisor you trust explain the circumstances behind each and every sale. A short sale or foreclosure has extenuating circumstances and does not make the value of another property. Days to sell improved in all types.

INTEREST RATES: Mortgage money is plentiful and currently a 30-Year fixed mortgage can be found in the 5% range. We see dips into the four’s. Forecast is that rates will continue to slowly rise thru the year.

If you are looking to sell your home, let my knowledge of the local market work for you to get the best price for your home in the least amount of time. We pride ourselves on offering exceptional sales, service and savings to the Reston community with over $2,000,000,000 in managed sales. As always, thanks for your continued support and referrals…follow us on Facebook (Jon Querolo), learn more and search homes for sale at our website… www.restonproperties.com.

And with that said…I wish you much success and happiness in the New Year!

Jon Querolo, Broker


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