What’s Happening Nationally in Real Estate?

Here’s a one minute look at the national numbers in real estate:

  • Home Sales
  • Home Prices
  • Interest rates

If you’d like to know what’s happening in YOUR neighborhood, call our CEO, Terry Belt, at (703) 242-3975.

Just Listed in Oakton’s Horse Country On 1.74 Acres!

Are you looking for a stunning custom, luxury home nestled on 1.74 acres in the heart of Oakton’s horse country oh so convenient to the amenities of Vienna, Oakton & Reston?

If so, you’ll want to take a peek at our brand new listing on Oakmont Court!

Luxury Home For Sale in Oakton

Pricing, more info and additional photos of 2407 Oakmont Ct in Oakton.

Call Terry Belt at (703) 242-3975 to schedule a showing.

Another gorgeous home from The Belt Team Portfolio . . . !Best Real Estate Agents in Oakton

Home Sales Down Across The Board, What About Prices?

As professional Realtors, it’s our job to have a read on the housing market. We do this by taking the market’s temperature and by taking its pulse.

Northern VA Real Estate Temperature

So – What’s The Temperature?

“98.6”

That’s the exact number just about anyone can quote when you ask them what a normal temperature is. In real estate, we also like to know EXACT numbers.

Scroll down and you’ll find a year-over-year comparison between last year’s and this year’s home sales & home prices for each city in Northern VA. What you’ll see is that although each city varies in the exact number, the trend for the entire market is that the number of home sales is DOWN. Great Falls and Oakton lead the way with the largest home sale drop (44% and 36% down respectively). Burke & Springfield also had less home sales so far this year, but only dropped by 5% and 1%.

What About Prices?

Here we see a wide swing. Some areas have seen prices rise, while others have seen the average home price drop. Still other areas have remained flat. Dunn Loring leads the way with a 12.3% rise in price. However, with only 13 home sales so far this year, that number is probably less statistically accurate and more of an anomaly.

Chantilly and Vienna were the other two winners in largest price gain – with Chantilly prices rising 7% and Vienna right behind at 6.8%.

Quite a few areas (Alexandria, Arlington, Ashburn, Burke, Centreville, Herndon, Springfield & Sterling) are seeing prices rise, but very moderately – in the 2-4% range.

On the other end of the spectrum, we have what most consider to be the primary “luxury markets” of Northern Virginia – McLean & Great Falls. Both of these markets have seen the average home price drop since last year. McLean prices are down 3.1% and Great Falls is down 1.6%. We also have several markets that are close to flat lining. Oakton, Fairfax, Falls Church & Reston have all seen a less than 2% rise in prices.

(Search Homes For Sale in Great Falls) (Search Homes For Sale in McLean)  (Search Homes For Sale in Oakton) (Search Homes For Sale in Vienna) (Search Homes For Sale in Ashburn) (Search Homes For Sale in Springfield) (Search Homes For Sale in Burke) (Search Homes For Sale in Dunn Loring) (Search Homes For Sale in Chantilly) (Search Homes For Sale in Alexandria) (Search Homes For Sale in Arlington) (Search Homes For Sale in Herndon) (Search Homes For Sale in Fairfax) (Search Homes For Sale in Falls Church) (Search Homes For Sale in Reston) (Search Homes For Sale in Sterling)

And What’s The Pulse?

Northern VA Real Estate Pulse

When the nurse takes your pulse, it’s your heart rate that’s being measured. So as professional Realtors, we also measure the heart rate of the market. How do we do this? We monitor the “anecdotal data” we gather from open house attendance, conversations with potential & actual buyers & sellers, info from our trusted lending & settlement partners, competitive contract situations & more. That’s why a real estate team that does so many sales is much more in tune with what’s happening in the market than a solo agent.

The heart rate in Northern VA remains healthy, but it has definitely changed over the past few months. While there are still pockets where homes sell in a few days, and even have multiple contract offers; there are many areas where homes are sitting on the market for months. Open house attendance is good, but there are not many opens that are just swarmed with people. Part of this is the seasonality of the market. But part of this may also be the psychology of the market. For a variety of intangible reasons, the market seems to have softened somewhat. And buyers are a bit more tentative.

BUYERS: Before you start looking for a home, ask your Realtor to update you on YOUR market numbers . Define your market by price range and city, maybe even school district, zip code, bedrooms, acreage – whatever things are important to you. This will help you approach the market more intelligently in terms of whether you can make a low ball offer or whether you may still have to compete and pay over asking price.

SELLERS: Pricing your home to the market is the MOST important thing you can do to avoid sitting on the market for months. (Condition is second.) Many Sellers think testing the market is ok. In some cases, that strategy might work. But in most cases, all it does is lower the eventual price your home sells for and prolongs your carrying costs of the home. Statistics from the National Association of Realtors show the longer a home is on the market, the lower the price it will sell for. If you have priced the home “too low”, the market will respond accordingly and you’ll get multiple offers that bid the price back up to the max the market will bear.

Call (703) 242-3975 if you would like a zip code, school district or neighborhood analysis.

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The Belt Team’s Mission Statement is “Changing Lives For The Better” – if it’s time to change YOURS, call (703) 242-3975 or email The Belt Team and let us know how we can help! (The Belt Team is ranked in Top Teams in the State of VA – out of 30,000 Realtors).

Statistics below per MRIS – Jan 1 to July 31.

Northern VA 2013 Sales 2014 Sales Yr Over Yr Avg SP 2013 Avg SP 2014 Yr Over Yr
Alexandria 3122 2869 -8% $485,653 $500,383 3%
Arlington 1807 1644 -9% $599,888 $621,221 3.6%
Ashburn 1069 911 -15% $482,263 $495,125 2.7%
Burke 377 357 -5% $438,739 $447,383 2.0%
Centreville 638 567 -11% $386,947 $395,292 2.2%
Chantilly 513 434 -15% $449,341 $480,806 7.0%
Dunn Loring 17 13 -24% $793,618 $891,538 12.3%
Fairfax 1365 1163 -15% $494,691 $502,509 1.6%
Falls Church 941 801 -15% $504,457 $510,076 1.1%
Great Falls 177 100 -44% $1,217,869 $1,198,601 -1.6%
Herndon 525 460 -12% $469,813 $484,617 3.2%
McLean 471 418 -11% $1,082,324 $1,049,266 -3.1%
Oakton 247 159 -36% $663,576 $664,913 0.2%
Reston 732 626 -14% $457,445 $465,474 1.8%
Springfield 776 772 -1% $432,298 $446,459 3.3%
Sterling 737 676 -8% $378,760 $393,913 4.0%
Vienna 530 483 -9% $744,413 $794,770 6.8%

New Home Beauty Just Listed in Vienna Near Park & Metro!

If you’ve been waiting for a home less than 2 miles from Vienna Metro, near a wonderful neighborhood park AND brand new & move-in ready – then we’re going to make your day! Stop by our open house on Sunday – you just might find your dream home!

JUST LISTED & OPEN SUNDAY, AUGUST 17 1PM to 4PM

New Home For Sale in Vienna

Click here for pricing and a peek inside this lovely new home!

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

Search Vienna Homes For Sale $1 million to $1.25 million

Search Vienna Homes For Sale $1.25 million to $1.5 million

Open House in Foxvale Farm in Great Falls – August 17th

1005 Riva Ridge Drive in Great Falls – OPEN SUNDAY, August 17th 1 to 4PM

Gorgeous updated colonial on a private half acre in popular Foxvale Farm. Foxvale Farm is one of the area’s most sought after neighborhoods -with sidewalks, 55 acres of parkland, a fishing pond & more. Call Beth Dadisman at (703) 577-1144 to schedule a showing!

Price, photos, directions & more info on 1005 Riva Ridge Drive in Great Falls

List of All Great Falls Open Houses

Search Homes For Sale in Great Falls – $750,000 to $900,000

Foxvale Farm Foxvale Farm Foxvale Farm

Single Family Home For Townhouse Price – Open Sunday August 17

If you’ve been waiting to find a Vienna single family home at a townhouse price, NOW is your opportunity. AND it’s even in the popular Wolftrap Elementary School District! It’s  the lowest priced home for sale in Tiburon and almost the lowest prices listing in the entire Wolftrap Elementary School District!

OPEN SUNDAY, AUGUST 17TH 1PM to 4PM

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 Kevin Kleifges at (703) 242-3975 to schedule a showing!

Listed by Kevin Kleifges & The Belt Team

What Realtors Say To Other Realtors About YOUR House

Home Selling Mistakes

If your home has been on the market, and it’s not selling as fast as you expected, it could be that your home is one of the ones Realtors are talking about to each other! (But don’t worry, these are all fixable issues!)

Here are some real life examples of “What Realtors Say To Other Realtors About YOUR House”:

1. “Interesting” MLS Descriptions:

Here’s a real example from our local MLS: “Basic rancher in good shape, but has working Single Father Decor“.

A Realtor friend posted this on Facebook and asked “I wonder if THAT was approved by the Seller?!

It may accurately convey the state of the home, but it doesn’t help you sell. It night be wiser to list your home with a professional who will provide a free consultation with a professional stager. Even if you don’t choose to hire the stager, she will provide you with no cost ways to prepare your home so you put your best foot forward.

2. Inaccurate MLS Entry:

If your home hasn’t been shown much, it could be that your agent entered it wrong in the MLS. Check out this Facebook post from another Realtor friend of mine:

Why My Home Isn't Selling

This happens a lot. Sometimes the number of bedrooms is wrong. Sometimes townhomes are listed as condos. Sometimes homes are listed in the wrong zip or city!

3. Oops, We Hid The Property Address:

Why My Home Isn't Selling

This could possibly be a tactic to get people to call, but we think it works in reverse. Most people will just go on to the next home for sale. Kind of hard to find an open house when you don’t have an address, right?!

4. Typos That Make You Cringe:

Why My Home Isn't Selling

Enough said here!

5. “Charlie” Is Home:

Why My Home Isn't Selling

The reaction above (even from “dog” people) is not unusual. (Here’s how we advise our clients if they are selling a home when they have a pet.)

6. Ugly Christmas Sweater:

Wallpaper Room

You should see the pictures agents post. If you think the paint or wallpaper in your home doesn’t need to come down, you might think again because your home may have been entered in someone’s Facebook contest for UGLIEST ROOM. (It’s kind of like the Ugly Christmas Sweater Party – except online.)

How Do We Fix This?

The one thing we see in common in most of the cases like the above, is that Sellers sometimes choose Realtors who are not full-time, who are not professional, who don’t work with professionals and/or who work solo without teams to handle the details.

If you’re selling your home, don’t be short sighted. Listing with your sister, your neighbor, your friend, or your local discount broker just might not be in your best interests!

You deserve the BEST Realtors in Northern VA to protect your asset. Call The Belt Team at (703) 242-3975 and ask about a FREE staging consultation with a professional stager, FREE listing photos from a professional photographer and FULL SERVICE from a professional team. Belt Team listings sell FASTER and for MORE MONEY than average.

Don’t be the house everyone is talking about, but no one is selling!

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Best Real Estate Agents in Northern VA