The Reston real estate market has been moving briskly this Spring. Low interest rates have brought out the buyers and very low inventory has been causing competitive situations on some listings. Buyers are still extremely price sensitive so the sellers that start too high are still seeing their houses sit and sit while the properties that start at market price are going in days. Sellers that are brave enough to list slightly under market are often drawing multiple offers and
selling above list price.
Great news for everyone: a nice, fairly neutral market. With no one side having any particular advantage; a long time coming for everyone.
Some agents are reporting appraisal problems; another note of caution to sellers who come on the market priced too high. An appraisal problem will really take the wind out of a home seller’s sails. The remedy for an appraisal that comes in below the contract price almost always involves a price reduction.
To date this quarter in Reston:249 properties have sold for a total volume of $107,424,067. This is slightly ahead of 2011 at this time when we had 233 properties sold for a total volume of $95,632,833. These numbers are consistent with our stabilizing and in most cases appreciating market.
So, not time no matter which side of the transaction you are on.