This is a sponsored post by Eve Thompson of Reston Real Estate.
What a difference a few weeks can make. After years of constrained housing inventory we’ve suddenly got close to 400 properties on the market in Reston.
At the rate that houses are selling that’s still only 3.3-month’s supply but it does translate into a lot more options for the buyers.
But is it a buyer’s market? A buyer’s market is one in which supply exceeds demand, giving the buyers the advantage over the sellers in price negotiations. A Seller’s market occurs when the opposite condition exists — demand exceeds supply and sellers have an advantage over the buyers in price negotiations.
While there is a lot more property on the market than we’ve previously had a 3.3 month’s supply is still considered a “seller’s market” although we’re not seeing the appreciation that is typically associated with a seller’s market — prices have been flat, especially above the $500,000 end of market.
Does that mean you can throw a sign in your yard and expect the offers to roll in? Not by a long shot.
Buyer’s are demanding and they’re informed. They recognize the when a seller has reached the correct intersection of price and condition.
Current Conditions in Reston: 331 properties for sale; 126 pending home sales; and 118 properties sold in the last 30 days. The average days on market is 31.
Here are a few of the houses that sold in the past week in Reston.
2414 ALBOT RD. 3 BR, 2.5 BA. List Price: $399,990. Sold Price: $395,000. Seller Subsidy: $4,500.
2228 WHEELWRIGHT CT. 3 BR, 2.5 BAA. List Price: $400,000. Sold Price: $412,800. Seller Subsidy: $5,000.
1550 CHATHAM COLONY CT. 3 BR, 3.5 BA. List Price: $439,000. Sold Price: $439,000. Seller Subsidy: $5,250.
1629 BENTANA WAY. 3 BR, 3.5 BA. List Price: $410,900. Sold Price: $430,000. Seller Subsidy: $0.
1629 BENTANA WAY. 2 BR, 3 BA. List Price: $455,000. Sold Price: $445,000. Seller Subsidy: $5,700.
11609 BROMLEY VILLAGE LN. 3 BR 2.5 BA. List Price: $559,900. Sold Price: $555,000. Seller Subsidy: $2,500.
For more information, visit Reston Real Estate.
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The Ravel Dance Studio will re-open for fall classes 2020. The school will offer in person and virtual online instruction. With over 5000 sq. ft. to social distance the school has added air ionization filtration systems, ballet barres, acrylic dividers, hands free bathrooms, strict monitoring and more.
The Ravel Dance Studio will produce a Nutcracker Ballet Hollywood style video through the Reston Community CenterStage. REGISTRATION online begins August 17.
Chris Green is one of the DMV’s finest fitness instructors. A Lululemon and South Block ambassador, he is a coach and mentor to so many. He embodies grace, positivity and motivation in ways that no one else can. If we could all learn a thing or two from him, the world would be a much better place. He does so much for others, and does so with a smile on his face 99% of the time.
He recently ruptured his Achilles and has an incredibly long and tough journey ahead. As if COVID hadn’t impacted fitness professionals enough, throw this in the mix and it’s a double, even triple whammy. CG is no longer able to work and do what he loves for the time being because of this and we’d love your support.