Our 2013 All things Reston Real Estate Annual Update and Review

Posted by on Jan 2, 2014 in Reston Real Estate Report

Our 2013 All things Reston Real Estate Annual Update and Review

You know you’ve been waiting all year for it…and here it is!   Our 2013 Reston Year in Review update.

Happy New Year!                                                                                                        Winter 2014

Greetings!  I hope this finds you well and getting ready for a great 2014!  First off, thank you for your calls, your business and referrals – they are greatly appreciated!   2013 will go down as one of the best years ever for real estate in Reston and most of Northern VA.   After five challenging years, the economy is ready to burst out of the mold.  Stocks have had a banner run, housing is sizzling and jobs won’t be far behind.  According to MONEY magazine, predictions for 2014 show we are looking for a growth index of 3% for the first time since the housing collapse.  I have seen several articles stating that in the DC metro area home values are back to, if not exceeding, the prices we saw at the peak of the market several years ago.

Sales – Home sales were strong in all categories.  For the year we sold a total of 1158 homes in Reston vs 1085 in 2012 – a 7% increase.   Breakdown is as follows – 244 detached homes vs 245 last year, 509 townhouses vs 436 in 2012 and 405 condominiums vs 404 in 2012.  Exceptionally strong were townhouse sales.  Homes continued to sell in days and weeks vs months; many sellers saw multiple offers and homes selling over asking prices.

 

Currently on the market – January is always a great time to sell and here’s part of the reason why – as I write this, there are (just) 18 detached homes on the market for sale, 42 townhouses and 34 condos.   In my experience many sellers get the best price now (earlier in the year) by not waiting until Spring … spring is when ‘everybody’ wants to sell and for a home seller the less competition the better and yes, we sell houses every month, year after year!

 

Interest rates – 30 year fixed rates are trending in the mid to upper 4% range.  That is up about 1% from the record lows seen last spring but still incredibly attractive and makes housing affordable for many.   One option for the payment concerned/price sensitive buyer is to consider a 7/1 or 10/1 ARM.  This loan offers a fixed payment for 7 or 10 years on a thirty year amortization schedule with an interest rate almost 1% lower.   An ideal option for the buyer who knows they will be selling/moving in the next five to ten years.   Why pay the premium for a thirty year loan if you know you will be moving on long before the thirty years is up?

 

If you are considering selling your home call and put our 47 years of experience to work for you.  Questions, problems or just need a referral or reference please reach out to us!  Make it a great year!   Thanks!

 

JON

 

Jon Querolo, Assoc. Broker

‘The Reston Experts since 1967’

The Long and Foster Companies

703.585.4900 or 703.860.0144 (home)

 

www.restonproperties.com

 


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