Real Estate Market Shift Spells “Opportunity” for Some, “Reality” For Others

Opportunity or Reality

The real estate market in Northern Virginia is continuing to experience a subtle shift. While we’re still seeing competitive situations and multiple offers on some homes in some areas, other areas are seeing average time on market as high as 6 months and housing inventory of more than a year. If you’re thinking of buying or selling your home, you will definitely want to take a look at these numbers – because numbers tell a story!

City # Homes On Market Avg Days on Market # Under Contract Past 30 days #Months Housing Supply
Vienna 242 102 73 3.3
Sterling 281 50 109 2.6
Springfield 257 52 113 2.3
Reston 283 54 97 2.9
Oakton 104 112 28 3.8
McLean 321 108 66 4.9
Herndon 237 65 77 3.1
Great Falls 224 179 15 14.9
Falls Church 296 58 117 2.5
Fairfax 445 55 182 2.5
Dunn Loring 7 49 1 7.0
Chantilly 53 51 14 3.8
Centreville 243 61 80 3.0
Burke 105 48 53 2.0
Ashburn 558 93 143 3.9
Arlington 610 75 246 2.5
Alexandria 1181 79 440 2.7

The area and price range you’re looking in will vastly affect what strategy you employ.

If you’re looking to buy in Great Falls for example, then you have a HUGE amount of leverage when making an offer. Currently, there are 224 homes for sale and the average time those homes have been on the market is SIX MONTHS. There is also a FIFTEEN MONTH supply of housing right now. That means if homes sell at the rate they have over the past 30 days, then it would take 15 months to sell all of the homes currently on the market. That spells OPPORTUNITY for buyers. And it spells REALITY for Sellers. It’s no longer the time to price aggressively to “see what the market will bear.”

(Search Homes For Sale in Great Falls)

On the other hand, if you’re looking in Burke, you’ll find the complete opposite. Average days on market for active listings is less than two months. And there is only a 2 month supply of housing. Less than 3 months housing supply means that Burke is still experiencing a Seller’s Market. What does this mean? Sellers may still be able to push the envelope; and Buyers will likely find themselves competing for homes. This means Buyers need to adjust their contract strategy accordingly – being prepared to offer more, use an escalation clause, drop contingencies, offer a free rentback or a number of other strategies.

(Search Homes For Sale in Burke)

When you look at the chart above – what you’ll see is that in general, the higher price areas (like Great Falls & McLean) are starting to see longer marketing times and a much larger housing supply. While the more affordable areas (like Burke & Springfield) are still firecely competitive.

(Search Homes For Sale in Great Falls) (Search Homes For Sale in McLean)

(Search Homes For Sale in Burke) (Search Homes For Sale in Springfield)

Areas like Vienna, Oakton & Ashburn are experiencing what we call a “W” Market. Buyers in these markets are extremely price sensitive and there are pockets of Buyer & Seller submarkets embedded within each – some Seller’s, some Buyer’s, some Balanced Markets.. As an example, we recently put 3 listings on the market in Vienna between $800,000 and $900,000. One had multiple offers and sold in 3 days over list price. The others are still on the market. We are seeing Buyers step back and make much more considered decisions – sometimes not even looking at homes they feel are overpriced, and/or not being able to look past issues like dated kitchens. This means Sellers must be much more on target when setting that initial price in order to end up at the top of the W, and not at the bottom.

(Search Homes For Sale in Vienna) (Search Homes For Sale in Oakton) (Search Homes For Sale in Ashburn)

For more info about YOUR neighborhood or the neighborhood you WANT to live in, contact The Belt Team at (703) 242-3975. We’ll help create a personal strategy for YOUR market. regardless of whether you’re buying or selling, you deserve the BEST Real Estate Team in Northern VA!

Top Northern VA Real Estate Agents

“It’s a bird. It’s a plane. No, wait, it’s a DRONE!”

If you were out and about near Jackson Tavern Way in Great Falls recently – that’s what you might have been thinking to yourself!

Here at The Belt Team, we pride ourselves on being on the leading edge of real estate technology. What does that mean?

  • We’re totally social media savvy (not just “pretenders”) and our Sellers love that because their listings get so much more exposure to potential Buyers.

AND . . .

  • Because we’re one of the top teams in the country, our clients get to take advantage of being on the cutting edge. Drones are the latest “thing” to hit real estate. (You may have read about them first when Amazon made their announcement!). It remains to be seen as to whether this type of marketing becomes commonplace and what today’s consumer wants to see (and whether or not the FAA shuts this down). But in the meantime, check out the home we have for sale on Jackson Tavern Way in Great Falls. It has some pretty spectacular grounds – and the aerial views will help you appreciate that! (Thank you to Steve Jarriel at DCOnline Video for the video!)

Here’s a peak at some of what you’ll find inside this amazing home:

Great Falls Real Estate

Luxury Home KitchenGreat Falls Real Estate

More information & lots of photos of 511 JacksonTavern Way in Great Falls

Call Kevin Kleifges & The Belt Team at (703) 242-3975 to schedule a showing!

Search Great Falls Homes For Sale: $1,250,000 to $1,500,000

Search Great Falls Homes For Sale: $1,500,000 to $1,750,000

Search Great Falls Homes For Sale: $1,750,000 to $2,000,000

Just Listed in The Reserve at Stone Hill in Herndon

If you’re looking for a gorgeous custom luxury home in Herndon’s Reserve at Stone Hill, you’ll definitely want to take a look at our brand new listing! Here’s a sneak peek!http://www.beltteamrealestate.com/results/?status=A&streetname=Winter+Wren+Court&keyword=12616+winter+wrenFull description and lots more photos of 12616 Winter Wren Ct in HerndonReserve at Stone Hill Reserve at Stone HillCall Tom Reilly & The Belt Team at (703) 629-1263 to schedule a showing!

Search Herndon Homes For Sale $1,000,000 to $1,250,000

Search Herndon Homes For Sale $1,250,000 to $1,500,000

Search Herndon Homes For Sale $1,500,000+

Realtors in Herndon VA

 

Fresh Like Pineapple – And Open Sunday, July 20th in Sterling!

“Fresh like pineapple”. Someone I know likes to use this phrase a lot and it always makes me laugh. But I think that’s an appropriate way to describe our townhome listing on Windrift Place in the Cascades/Lowes Island part of Sterling – because it’s got a new, fresh look!

Fresh Like Pineapple

When it first came on the market, the kitchen look liked this:

TH For Sale Lowes Island CascadesIt’s actually an awesome kitchen with granite countertops, island cooktop, stainless steel appliances (including a 2014 Kitchenaid cooktop, and new 2013 built -in wall oven/microwave, refrigerator & dishwasher), lots of cabinet space, convenient pantry,  fabulous bay window breakfast nook and an atrium door with trasnsom that leads to a wonderful deck!

BUT . . .

Not everyone liked the blue paint. SO – the owners have had the kitchen freshly painted. No more blue paint. AND they reduced the price $10,000 to $369,900!

Come out to see what the NEW kitchen looks like. You can get a peek at 47644 Windrift Terrace photos here!

OPEN SUNDAY JULY 20TH 1PM to 3PM

List of All Sterling Open Houses

Search All Townhouses For Sale in Sterling

Price Reduced and Open Sunday July 20th in Vienna

If you’ve been waiting to find a single family home in the popular Wolftrap Elementary School District – NOW is your opportunity! The price on our listing on Prelude Drive has been reduced to $659,000 and with one exception (a 1959 rambler on Beulah Rd being sold “as is”) – it’s the lowest priced home for sale both in Tiburon and in the Wolftrap ES area!

OPEN SUNDAY, JULY 20TH 1PM to 3PM

Click here for more photos, full description & open house directions to 1817 Prelude Drive in Vienna

Tiburon Home For Sale

Tiburon Home For Sale            Tiburon Home For Sale           Tiburon Home For Sale

Search Vienna Homes For Sale – $500 to $600K

Search Vienna Homes For Sale – $600K to $700K

Search Vienna Homes For Sale – $700K to $800K

Call (703) 242-3975 to schedule a showing!

Listed by Kevin Kleifges & The Belt Team

Townhouse in Ashburn Village Just Listed!

We just listed a fabulous, move-in ready townhome in popular Ashburn Village! Here’s a sneak peek!

Ashburn Village Townhouse For Sale

Ashburn Village Townhouse For Sale       Ashburn Village Townhouse For Sale

Price, more info & lots of photos of Silkworth Terrace in Ashburn

Search all townhouses for sale in Ashburn

Search all houses for sale in Ashburn

Call The Belt Team at (703) 242-3975 to schedule a showing!

Realtors in Ashburn VA

 

 

National Housing Update By The Numbers

Wondering where things are in the housing market on a national level? Watch this 1 minute video for an update on home sales, home prices & interest rates.

If you’re thinking about buying or selling a home in Northern Virginia, call The Belt Team at (703) 242-3975 to find out what’s happening in YOUR neighborhood – because in real estate, it’s all about LOCATION, LOCATION, LOCATION!

Search all homes for sale in Northern Virginia on our state-of-the-art home search site

Wondering how much you can afford? Contact John Clark with New Penn Financial (our preferred lender) for a confidential pre-approval.