Reston Real Estate - Things Are Looking Good

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.