I try to provide regular updates on the current real estate market to my clients. I also provide a Long and Foster Market Minute Report on Reston as a PDF file below. Just click on the ICON below for the latest monthly Reports.
Sales contined to improve in 2017 from 2016 and are strong going into the spring market. They slowed over the winter, in part, due to the election year. Sales remained slow as we moved into the holidays but started to pick up after the election. We expected a lot of homes to come on the market this spring but inventories have been lower than expected. Homes are selling quickly due to low inventories and prices have increased a little, while interest rates haved stayed low. Interest rates are predicted to increase in 2017 with the Fed already starting to raise rates. We expect rates to raise about one percent by the end of 2017 but still be less than 5%. Inventories of homes should increase later in 2017 as more and more “Baby Boomers” retire, so it will not be as strong a Sellers market. As inventories increase, Buyers have more options and leverage, when negotiating on price. Homes have recently been selling near asking prices. The mean average sold price for homes in Fairfax County in 2016 were up 3% to 4% from prices in 2015. Homes in North Reston took less than two months to sell in 2017, and sold for close to asking prices.
As some of you know, I completed Realtor® training to become an Eco-Broker and have a GREEN designation. In 2015, I completed a Master's degree with the Virginia Tech Natural Resources Department offered by the Center for Leadership in Global Sustainability (CLiGS). I was invited into the program to evaluate environmental initiatives in the real estate industry. I have posted one of the studies I conducted for CLiGS on this website, if you are interested in making environmental upgrades to your home.
If you are considering selling your home, I would be glad to provide you a detailed analysis of the current marketability of your home at no charge. As a long time Reston homeowner, I know the Northern Virginia market. I live in North Reston and I am familiar with the builder models.
If you have an unfinished basement, I can advise you about alternatives to get a building permit to finish it by adding an exit window or door. I can also recommend upgrades that will appeal to today’s buyers. Whether you are considering a move up or downsizing, I can help. My office is on Washington Plaza at Lake Anne, and you can always reach me on my mobile number. I can help you sell your home and find the right new home for your current life style.
In this real estate market, you need a full time professional Realtor® to buy or sell a home. Let me know if I can help you, or any of your family or friends, with your Real Estate needs.
To search for currently Active Listings, you can use the search engine on my web site at www.LiveVA.com.
I plan to build a vacation home on the Chesapeake Bay in 2017. I can help you find a vacation or retirement home on the Northern Neck or Middle Peninsula if you are ready to make a move.
To see currently Active Listings, use the search engine on the Home page of on my web site.
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