Summer 2015 All Reston Real Estate update

Posted by on Jul 17, 2015 in Reston Real Estate Report

Summer 2015 All Reston Real Estate update

Happy Summer!
Greetings and happy summer to you and family! Here is a brief look at the Reston real estate market. We continue to benefit from low interest rates but with a rising inventory of homes for sale. The Silver Line metro center is up and running and reports are great…high ridership, very dependable and few of the traffic snafus some had predicted.
Sales – Reston home sales are strong and running at a slightly higher pace than last year. For the first six months of the year we sold 552 homes vs 497 last year. The average days on market/time to sell is (just) 34 days. Exceptionally strong were sales of single family homes, especially under $700,000 and townhouses under $400,000. Also, incredibly active has been homes walking distance to metro. Condos sales have been slower. Best sellers (and for record prices!) are homes that have been updated with nice/top line appliances and finishes. If you have thought about selling now is an ideal time, call me to discuss your plans, I can help with vendors, work to be done, staging, etc.
Interest rates – Continue to be very attractive and in the low 4%’s for thirty year fixed; fifteen year fixed available in the low 3’s! Lenders are again rolling out and promoting 1, 3 and 5 year ARMS by offering lower initial interest rates. As Reston’s housing stock ages we are seeing renewed interest in home renovation loans. These are ideal for the buyer buying an older property needing updates. The appraisal is based on the home having updates done, the buyer is given funds to do the updates without paying from cash savings and putting the cost of repairs and updates into the new mortgage. Call for more details or a reference on a good loan officer.
New construction – Currently no new construction is available for sale. The new ‘Harrison’ is open and welcoming tenants at Reston Parkway and Temporary Road. The old 7/11 on Sunrise Valley Drive along with Wells Fargo Bank have closed pending the massive redevelopment of what is commonly known as the Sheraton/Reston International Center property. The International Center building was recently sold and will be updated. The Sheraton hotel remains but major buildings – residential and commercial – and retail is planned for the site.
What’s new/what’s going on – The farmers market and bazaar at Lake Anne Saturday mornings until Fall. Expanded boat rentals are back at Lake Anne, Thursday to Sunday. Best picks – our new favorites Barcelona Wine Bar and BarTaco at Reston Town Center – great concepts and staff (owned by same people). You can never go wrong at Clyde’s and my go to meal in summer is the traditional lobster roll at Jackson’s.
If you need help with real estate, have a question or problem or know of someone needing a Realtor please think of me and thanks for your help and support as always!
JON


Related Reston Real Estate Articles

Fall 2011 Real Estate Market Update
Our 2014 All things Reston Real Estate Annual Update and Review Reston Real Estate Report
Our Spring 2017 All Reston Real Estate Update