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.
The market has been slower going into the 2019 market in large part due to the weather and shutdown of the government in January. While sales have been slower than this time last year, prices have continued to increase slowly. They slowed again last summer but did pick up a little last Fall. Sales were slow as we moved into the holidays but some buyers again took advantage of the low rates before the end of the year. We are again expecting a lot of homes to come on the market this spring and expect inventories to increase as more and more "baby boomers" retire. Homes are selling quickly due to low inventories and prices have increased a little. Interest rates are predicted to increase some in 2019 with the Fed already starting to raise rates. Interest rates went up in 2018 and we expect rates to raise again in the new year. The recent increase by the FED will probably raise them to over 5% early in 2019 but may stay at that level going into the Spring. As inventories increase, Buyers have more options and leverage, when negotiating on price but right now they are low. Homes have recently been selling near asking prices. The mean average sold price for homes in Fairfax County in 2017 were up again by about 3% to 4% from prices in 2018. Homes in North Reston are typically taking less than 30 days to sell and sell 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 in North Reston, 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 the home page of my web site at www.LiveVA.com.
I plan to build a vacation home on the Chesapeake Bay in 2019. 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.