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Reston Real Estate - Things Are Looking Good

Reston continues to offer a wide range of choices for people at all stages of life. Home values are up, sales are up and interest rates are still at record lows.

Most agents go into real estate because they like houses, I fit that category, but I especially like Reston

Being Reston-focused has given me a lot of confidence in what I’m selling. I didn’t always feel that way when I was showing houses in areas that I didn’t know—I’m sure Centreville is a nice place but honestly, I don’t know much about it. 

I never felt like I was adding much value when I went too far a field to show property. Herndon, Vienna, no problem, Fall Church, Annandale, I know some areas but not others. I know Reston neighborhoods. I know the home values, the quirks, the tucked away places, the schools. It’s a pleasure to show buyers around.

Reston offers variety & value

Over the past several months I’ve been working with a bunch of buyers; among them is a young couple looking for the home where they hope to start a family the other a women with a nearly empty nest that is newly single.

This past week we found great, but very different, homes for them both. It’s a good feeling when you know you’ve found the perfect place for someone. The diversity of our housing is one of the things that make the Reston housing market unique; the other is the wide range of opportunities to be engaged in the community through service or recreation and entertainment. It’s great to live in a place where 20somethings and 60somethings can all have a social life.

Reston home sale numbers are looking solid. Consumer confidence is up, interest rates are low. It would be great if there were more homes on the market, the inventory is low ranging between 110-115 fully active properties for sale in Reston.

Properties that come on the market well priced are drawing multiple contracts.  I had to write an escalation clause last month in order to have the wining bid for my buyers.

Price sensitivity continues; homes that come on the market even a little over priced are tending to sit. To those sellers who have been on the market for longer than 30 days, talk with your agent about an adjustment that will create urgency in the buyers, make them worry that if they don’t write a contract they won’t get another chance because someone else will have scooped it up.

The numbers: 2011 vs. 2112

Here are the numbers January – September for this year and last year. Things are clearly moving in the right direction.

2011 January – September

734 Properties sold with a total volume of  $296,961,167

Status: SOLD (734)

 

 

List Price

Bedrooms

Baths

FB

HB

DOM*

Min

$55,000

0

0

0

0

0

Max

$1,500,000

6

7

5

2

513

Avg

$412,070

3

3

2

1

40

 

2012 January – September

822 properties sold with a total volume of $348,549,690

Status: SOLD (822)

 

 

List Price

Bedrooms

Baths

FB

HB

DOM*

Min

$89,900

0

1

1

0

0

Max

$1,500,000

6

7

5

2

361

Avg

$431,164

3

3

2

1

30


Total Volume up $51,000

Average Home Price up 4.5%

*DOM=Days on market.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Laura Ramon October 16, 2012 at 12:10 AM
Wow! 88 houses makes a difference of 51 million?
Eve Thompson October 16, 2012 at 12:16 AM
Hi Laura- no, 88 houses doesn't on its own make a difference of 51 million but 822 hours at the average higher price of 431k vs 412k in 2011 is what makes the difference. We are in a rising market which is a good thing.
K2 October 16, 2012 at 12:28 AM
Eve, What is your professional opinion of how the metro opening will affect Reston housing prices? Do you think that any positive impact has already presented itself in our local market? Additionally, I know it's years down the road (maybe) but if the unthinkable happens and the golf course turns truly residential, won't the flood of new homes, in turn, decrease existing home values (or at least turnover rate)? I bought in the height of the market years ago (yes, dumb), so I am always curious about these factors. Thank you much.
K2 October 16, 2012 at 12:33 AM
sorry- just found an older article of yours from August on the metro issue. I'm new to the Patch. Just exploring the site now.
Eve Thompson October 16, 2012 at 01:42 AM
Hi K2, well, when I wrote the first article we didn't know about the potential golf course develpment- I'm not sure what to think about that project. I hate to think about the loss of the open space but have a lot of faith in the DRB to fight for something balanced. This might be naive on my part- so I'm reserving judgement on that project. The long term housing trends forecast a shortage! Hard to imagine but true! In terms of recovery for you--think of it this way. You have to live somewhere, if you're upside down have you looked into a HARP loan for refinance? Things may not be as bad as you think. Give me a call and I'll be happy to run some numbers for you, sometimes just knowing the numbers can really help.
K2 October 16, 2012 at 02:23 AM
Eve, Thank you for the response. I hate to lose some of the tranquility of Reston also. Part of what I liked about Reston was there was nowhere left to build!! Or so I thought! I've only lived here 7 years now, but it was a good choice despite my timing. Fortunately, although I originally bought high, I did not over-extend myself and I'm in no danger of being upside down. I think my loan choices (original and 2 refi's) have worked out well. It is hard to imagine a housing shortage, though, and scary at the same time. I do want to be able to go to Target without waiting until 8pm due to traffic. :o) Thanks so much for your contributions.

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