Vienna Real Estate Stats – October 2017 Update

Let’s see what’s happening in the Vienna real estate market – September 2017 home sale stats are in!

  • 61 homes went under contract in Vienna. This is flat as compared to the same time period in 2016.
  • Homes are selling faster than a year ago! 38% of the homes that sold in September 2017, sold in 10 days or less. This is up from 24% in September 2016 (%).
  • Average sold price was up 2% over September 2016.
  • 107 homes came on the market. That’s down 16% from September 2016.
  • Homes that sold (closed) averaged 47 days on market, 6 days faster than September 2016.
  • We currently have a 3.3 month supply of homes in Vienna – and 212 Vienna homes for sale (townhouse, condo and single family).

OVERALL: Vienna has entered a Balanced Market for the first time in many years!

However, in any given price range, the numbers may skew very differently – making some price ranges a Seller’s Market, some Balanced and some a Buyer’s Market. A Balanced Market has 3-6 months of inventory. As an example – we have a 9 month supply of homes over $1.7 Million and in the under $800,000 price range – we have a 1.8 month supply. This means Buyers over $1.7 Million are looking at a Buyer’s Market, and Buyers in the lower ranges are competing and facing a Seller’s Market.


BUYERS & SELLERS

Make sure your agent is providing you with the data you need to make good decisions. Buying and selling often becomes about emotion. Buyers fall in love with homes or want to “get a deal” to feel good about buying. Sellers are invested in how much THEY love their home or have a number in mind based on what they “need” to get out of it.

WHat Is My Home Worth

The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. The data above about the variances in different price ranges is a perfect example of why. Right here in Vienna we have two totally different markets. If you’re looking to buy, and you “make an offer” below list price – you might be VERY successful in the upper ranges because we have such an abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS:

With more than a third of homes selling in less than 10 days – you need all the advantages you can get. And this doesn’t even count the ones that are sold BEFORE they hit the MLS. In fact, this year The Belt Team has sold multiple Vienna homes NOT in the MLS to Buyer we’ve been working with since last year. Boy are they happy! Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS:

NOW is the time. Call Terry Belt, Kevin Kleifges, Beth Dadisman or Tom Hanton NOW at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

 For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.
top-realtor-vienna-oakton-va

Vienna Real Estate Stats – September 2017 Update

Let’s see what’s happening in the Vienna real estate market – August 2017 home sale stats are in!

  • 73 homes went under contract in Vienna. This is down 14% from the same time period in 2016.
  • 33% of the homes that sold in August 2017, sold in 10 days or less. This is up over August 2016 (26%).
  • Average sold price was just barely down over August 2016 by 1%
  • 99 homes came on the market. That’s down 15% from August 2016.
  • Homes that sold (closed) averaged 45 days on market, 21 days faster than August 2016.
  • We currently have a 2.7 month supply of homes in Vienna – and 207 Vienna homes for sale (townhouse, condo and single family).

OVERALL: Vienna is teetering between a Seller’s Market and a Balanced Market

However, in any given price range, the numbers may skew very differently – making some price ranges a Seller’s Market, some Balanced and some a Buyer’s Market. A Balanced Market has 3-6 months of inventory. As an example – we have a 17 month supply of homes over $1.6 Million and in the under $800,000 price range – we have a 1.3 month supply. This means Buyers over $1.6 Million are looking at a serious Buyer’s Market, and Buyers in the lower ranges are competing and facing a Seller’s Market.


BUYERS & SELLERS

Make sure your agent is providing you with the data you need to make good decisions. Buying and selling often becomes about emotion. Buyers fall in love with homes or want to “get a deal” to feel good about buying. Sellers are invested in how much THEY love their home or have a number in mind based on what they “need” to get out of it.

WHat Is My Home Worth

The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. The data above about the variances in different price ranges is a perfect example of why. Right here in Vienna we have two totally different markets. If you’re looking to buy, and you “make an offer” below list price – you might be VERY successful in the upper ranges because we have such an abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS:

With a third of homes selling in less than 10 days – you need all the advantages you can get. And this doesn’t even count the ones that are sold BEFORE they hit the MLS. In fact, this year The Belt Team has sold multiple Vienna homes NOT in the MLS to Buyer we’ve been working with since last year. Boy are they happy! Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS:

NOW is the time. Call Terry Belt or Kevin Kleifges Or Tom Hanton NOW at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

 For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.
top-realtor-vienna-oakton-va

Vienna Real Estate Stats – August 2017 Update

Let’s see what’s happening in the Vienna real estate market – here are the stats for July 2017 home sales:

  • 73 homes went under contract in Vienna. This is down 14% from the same time period in 2016.
  • 38% of the homes that sold in July 2017, sold in 10 days or less. This is way up over July 2016 market of 28%.
  • Average sold price was $836,779 (up 7% from 2016 when it was $783,914)
  • 99 homes came on the market. That’s down 15% from July 2016!
  • Homes that sold (closed) averaged 71 days on market, 10 days slower than July 2016.
  • We currently have a 2.6 month supply of homes in Vienna – and 236 Vienna homes for sale (townhouse, condo and single family).

OVERALL: Vienna is still just barely in a Seller’s Market

However, in any given price range, the numbers may skew very differently – making some price ranges a Seller’s Market, some Balanced and some a Buyer’s Market. A Balanced Market has 3-6 months of inventory. As an example – we have a 17 month supply of homes over $1.6 Million and in the under $800,000 price range – we have a 1.3 month supply. This means Buyers over $1.6 Million are looking at a serious Buyer’s Market, and Buyers in the lower ranges are competing and facing a Seller’s Market.


BUYERS & SELLERS

Make sure your agent is providing you with the data you need to make good decisions. Buying and selling often becomes about emotion. Buyers fall in love with homes or want to “get a deal” to feel good about buying. Sellers are invested in how much THEY love their home or have a number in mind based on what they “need” to get out of it.

WHat Is My Home Worth

The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. The data above about the variances in different price ranges is a perfect example of why. Right here in Vienna we have two totally different markets. If you’re looking to buy, and you “make an offer” below list price – you might be VERY successful in the upper ranges because we have such an abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS:

With more than a third of homes selling in less than 10 days – you need all the advantages you can get. And this doesn’t even count the ones that are sold BEFORE they hit the MLS. In fact, this year The Belt Team has sold multiple Vienna homes NOT in the MLS to Buyer we’ve been working with since last year. Boy are they happy! Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS:

NOW is the time. Call Terry Belt or Kevin Kleifges Or Tom Hanton NOW at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

 For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.
top-realtor-vienna-oakton-va

U.S. Housing Inventory Hits a New Low – That’s GREAT! (If You’re Selling!)

Here’s the latest from our colleagues at Keeping Current Matters.
For info about YOUR neighborhood (or the neighborhood you want to live in), give The Belt Team a call at (703) 242-3975. We can provide you with detailed facts PLUS the “boots on the ground” data that will help you make the RIGHT move! Because what’s happening in Vienna may be different than in Arlington. Even more important is price range – because we are seeing a slowing in the upper ranges, while other price ranges remain HOT!
U.S. Housing Inventory Hits a New Low… List Your House TODAY! | MyKCM

Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

U.S. Housing Inventory Hits a New Low… List Your House TODAY! | MyKCM

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.

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Thinking of Selling? You Should Act NOW!

Now is the time to sell.

That’s the opinion of our colleagues at Keeping Current Matters. (Our opinion depends on your personal situation, so give us a call at (703) 242-3975 and we will do an in depth analysis with you so you can be sure of what’s right for YOU.)

What Is My Home Worth

Here’s why KCM thinks NOW is the time . . .

Thinking of Selling? You Should Act NOW! | MyKCM

If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:

“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”

Yun goes on to say:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal and financing contingencies.

Bottom Line

As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.

Call The Belt Team at (703) 242-3975. Recently named to Washingtonian Magazine’s Best Realtors list for the 3rd year in a row, we are one of the country’s top teams and would love to help you make the RIGHT move for YOU.

What Is My Home Worth

69% of Buyers are Wrong About Down Payment Needs

The Belt Team sells lots of homes to first-time homebuyers and invariably when we meet for the first time, there are lots of misconceptions about what it takes to buy a home. How much money you need for a down payment is almost always one of them.

Here’s an article from Keeping Current Matters about some of the mythunderstandings:

69% of Buyers are Wrong About Down Payment Needs | MyKCM

According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.

Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.

If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.

The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:

69% of Buyers are Wrong About Down Payment Needs | MyKCM

Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,

“While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage.

There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they’re ready.”

Bottom Line

Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Let’s get together to discuss your options! Call The Belt Team at (703) 242-3975.

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Is August A Good Time To Sell My Home? Or Should I Wait Til September

Sell My Home Now or Wait

“Should I put my home on the market now or wait until September?

This is a question we have recently been asked a lot. And this year’s answer is not the same as it used to be. Conventional thought was that August was a slow real estate month, families were on vacation and if you were thinking of selling, it might be better to wait until September when kids are back in school and more buyers have time to look at homes.

This year, however, we are advising that our Sellers are better served by not waiting to enter the market. Interest rates are rising. And serious buyers are looking now. We’ve had a number of open houses. At each one, there was a larger number of buyers than average. And, the key factor we noticed (very different than in many years past) –  is almost every buyer was represented by a Realtor.

Why is this important? Because the majority of “serious” buyers (buyers who actually buy and are not just “lookie-loos”) have Realtors working on their behalf – especially in a market like today’s where inventory is low and buyers are competing for the same homes.

This puts potential sellers in a great position. Should you wait until September? We say “Carpe Diem!” The time to sell is NOW!

(Buyers – our advice is the same to you as well. Prices are rising and so are interest rates. Each month you wait is costing you money!)

(NOTE: Every situation is not the same. If you’d like a PERSONAL consultation on when we recommend you sell, and what items need doing before that, call The Belt Team at (703) 242-3975. We are happy to meet with you and provide you with 42 Questions You MUST Ask Your Realtor Before Selling A House)

WHat Is My Home Worth