- Local every day in
Lake Anne Resident & Realtor, All Reston Real Estate
Spring Market in Reston - Looking Good
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.
Annie
4:20 pm on Monday, June 4, 2012
You don't say how long it is taking property to sell. It seems like some houses have been for sale forever while others barely get the sign on them, and it doesn't seem to be related to price. My neighbor's house sold in 8 days, while another friend is at 90+ and is sick to death of the whole thing.
Eve Thompson
4:47 pm on Monday, June 4, 2012
Hi Annie,
the data I used had home with a wide price range: A minimum sales price of $112,000, a maximum sales price of $1,299,000. with the average sales price of $419,000. The average days on market for that time period was 31. The high was 262 and the was 0. There is usually a relationship between the days on market and the difference between the original list price and the final sales price.
Uncle Smartypants
11:28 pm on Monday, June 4, 2012
Thanks so much Eve; good news! I would love so see a "homes sold" listing here every week; that would help us all keep a pulse on the market.