2010 Summer Real Estate Update

Posted

I hope you are having a great summer!  This is an abbreviated look at the Reston real estate market.  As always, call if you have a question, concern/problem or need specific information… better yet, stop in and visit at our new location on Lake Anne Plaza next to the church and boat docks.  The move has been great as we get to see on a daily basis old friends we have not seen for years and new.  Remember to visit the Saturday farmers market – voted one of the best in DC.  We have two new restaurants – Gsushi (next to the museum) great food; and Calypso Greek Taverna (opened mid-July in the old Il Cigno space) still one of the best places to dine and sit outside on the water.

For sale

Currently there are 254 homes for sale in Reston.  50 detached homes ranging from $345,000 to $1,395,000 w/ average list price (ALP) of $706,944; 101 townhomes ranging from $229,000 to $949,867 w/ ALP of $422,867 and 103 condominiums ranging from $105,000 to $1,199,000 w/ ALP of $314,247. Opinion – we could be selling more homes, if we had more inventory.  Years past (pre-2003) we would have inventory of between 500 and as many as 800 homes for sale.

Sold

Interest rates

Still absolutely incredible (and at 50 year lows some weeks) – currently about 4.5% on a thirty year fixed mortgage. Buyer tax credits are a thing of the past… although the time to get to settlement, if you were under contract by April 30, was extended until the end of September.  FHA still thriving w/ a minimum down payment of 3.5% – great for bringing first time home buyers into the market!

We are proud to have saved our sellers an average of $12,000 in 2009 by paying 4.5% vs. a 6% commission!

Jon Querolo, Broker

Beneficial Real Estate