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Reston Real Estate: Just Sold

by Eve Thompson — September 8, 2014 at 2:22 pm 3 Comments

Just Sold

This is a sponsored post from Eve Thompson of Reston Real Estate.

The mini slowdown we experienced this summer is showing up in the weekly Just Sold report with just eight properties going from PENDING to SOLD this week in Reston.  Average Days on market for this little group is 24, which doesn’t seem too bad — until you look at the way we count days on market.

When you put your house on the market, the multiple listing system keeps track of how many days it takes for your property to sell. But let’s say you put your house on the market and after 60 or 90 days it doesn’t sell, so you decide to change real estate agents.

Your new agent will create a new listing record for your house — the days on market counter is reset to 0, but there is a new counter called days on market property that keeps track of how long that property has been on the market regardless of what agent has the listing. When we look at the property counter we see the average for this group is actually 64.

That’s a lot of days to have to get up and have your house in ready-to-show condition.

The common thread in these houses that sat on the market a longest time is that the difference between their original list price and their final sold price was significant. Getting your house priced right when the market is in transition is hard; it takes a lot of honest dialogue between agent and client to adjust course quickly if your property isn’t getting enough activity to get it sold.

Here are the 8 properties that sold this week:

  • 12105 PURPLE SAGE CT N: 3BR, 1.5 BA. List Price $314,995; Sold Price $300,000
  • 2161 CABOTS POINT: 3BR, 3 BA. List Price $624,900; Sold Price $590,000 Seller Subsidy $8,000
  • 1560 TRAILS EDGE LN: 5BR, 3.5 BA. List Price $775,000; Sold Price $692,000 Seller Subsidy $10,000
  • 2334 ANTIQUA CT: 3BR, 3.5 BA. List Price $335,000; Sold Price $327,000 Seller Subsidy $8,000
  • 2417 ALSOP CT: 3BR, 2.5 BA. List Price $399,000; Sold Price $392,000 Seller Subsidy $3,925
  • 11939 RIDERS LN: 4BR, 3 Full 2 Half BA. List Price $878,000 Sold Price $878,000
  • 1413 NORTHGATE SQ: 3BR, 2 BA. List Price $309,000; Sold Price $289,000 Seller Subsidy $2,300
  • 2143 GREENKEEPERS CT: 3BR, 2 BA. List Price $469,000; Sold Price $460,000 Seller Subsidy $3,000

  • JaneT

    What exactly is the seller subsidy?

    • Karen Goff

      Seller subsidy is closing costs credit or other credits for inspection items, etc. So when you see the sales price, subtract the subsidy and you get the actual sales price.

    • Eve Thompson

      Hi Jane- Karen is correct– a seller subsidy is a credit to the buyer by the seller typically to cover closing costs; one of several tools that might be employed to try and satisfy all parties in a home purchase. What’s important is to understand that in cases where that tool has been deployed the sold price is higher than the net sales price to the seller.

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