2010 Fall Real Estate Update

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

2010 Fall Real Estate Update

I hope you had a great summer! As I write this I am feeling optimistic… it was great to see South Lakes beat Herndon in football for the first time in eleven or so years. But, honestly we support both schools (I am an HHS grad)… similar to those

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with family at Virginia and Virginia Tech. And how about those Redskins?! We‟re off to a decent start. I had the pleasure of meeting Albert Haynesworth at his amazing penthouse atop Midtown at Reston Town Center. I hope he sticks around as he seems like a nice guy and I was impressed. We are optimistic about real estate, especially in Reston, where it has been a very decent and productive year so far!While we continue to see doom and gloom in the news about the housing market, truth be told – people are continuing to buy and sell homes. Yes, home prices have experienced a correction. This type of correction is common within any economic sector when prices become over-inflated in a short period of time. What‟s important to remember is that it is still possible to sell your home and at a good price. This is especially true if you have a home that has been well maintained and priced within the range of similar homes on the market.
Pricing these days is an art. Price it at market and you run the risk of not getting full price with buyers wanting to get a „deal.‟ Pricing it just above market gives the sellers a chance to get a good price. Pricing it way above market and the home is almost surely going to take longer to sell and for way below what it would have had it been priced correctly.
Home buyers have more tools and resources than ever before at their disposal. Many buyers are „on the hunt‟ for quite sometime before they find exactly what they are looking for. When they see a home that has been on the market for a long period of time, the „I wonder what is wrong with this home‟ question comes to mind. This is why pricing is more important than ever. The stale listing syndrome can easily be avoided with the combination or proper pricing, preparation and marketing.
Interest rates
Wow! This was going to be on page 2 but deserves the front page…complements of my friend and banker Brian Pawsat – 30 year fixed currently 4.25%, 15 year fixed at 3.625% and a 5/1 ARM is just 2 ½%! The latter is ideal for a buyer who is buying a property they know they will not own for more than 5 years or the corporate person who knows they will be transferred before five years. If you have questions regarding refinancing and if you should consider it call me. “These rates are gonna wow you…”
For sale
There are currently 238 homes for sale in Reston. 53 detached homes ranging from $229,900 to $1,349,900 w/ an average list price of $648,286; 105 townhouses ranging from

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$209,900 to $899.900 w/ an ALP of $428,192; and 80 condominiums ranging from $105,000 to $1,300,000 w/ an ALP of $319,900. We have low inventory and buyers waiting in all price ranges!

Of note: The average seller received 97% of their asking price. Days to sell are running 30 to 60 days. The expiration of the buyer tax credits in June pulled many buyers, especially condo and townhouse buyers, due to price, into the first and second quarter. We now know the credits had a large impact on the market in the first half of the year in the under $450,000 markets.
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. Exceptional sales, service and savings to the Reston community for over 40 years – call the RESTON EXPERTS and save lots of $$$ too with our 4.5% listings and extraordinary marketing plans.
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 or always on the web at www.restonproperties.com. Check out the new Greek restaurant in the old Il Cigno space, great sushi next to the museum and a Thai restaurant opens soon!

Jon Querolo, Broker

Beneficial Real Estate

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