This is a sponsored post by Eve Thompson of Reston Real Estate. It does not reflect the opinion of Reston Now.
I’ve been avoiding it all summer, but as we head into the fall there’s no hiding that the Reston real estate market is slow. We have a lot of houses on the market and it’s taking a lot longer to sell them.
There are 397 active listings in Reston, that represents a five-month inventory of homes for sale. The market is now favoring the buyers.
So what does this mean for the sellers? The sellers job is always the same — to be the best-priced and best-presented home in your category. In a crowded market, sellers have to work harder on presentation and work closely with their agents on pricing. Leaving room to “negotiate” is not a good strategy. All it does is signal to the buyers that they have time to think things over.
Sellers need to create a sense of urgency in the buyers, this is done by pricing at the low end of the range — it communicates to the buyers that they need to act quickly or lose out on a great home.
Here are the numbers in Reston: we have 397 homes for sale. In the past 30 days: 92 homes are pending sale, 75 homes when from pending to sold and 77 sellers withdrew their properties from the market, some of those 77 gave up and some immediately re-listed.
Here are a few that sold this week:
1608 WATERS EDGE LN. 4 BR, 3.5 BA. List Price: $724,900. Sold Price: $722,900. Seller Subsidy: $1,650.
11118 BEAVER TRAIL CT #11118. 2 BR, 2 BA. List Price: $267,000. Sold Price: $267,000. Seller Subsidy: $3,500.
11011 SAFFOLD WAY. 4 BR, 2.5 BA. List Price: $435,000. Sold Price: $435,000. Seller Subsidy: $0.
2324 HARLEYFORD CT. 3 BR, 3 BA. List Price: $399,000. Sold Price: $399,000. Seller Subsidy: $8,000.
11622 OLD BROOKVILLE CT. 3BR, 3.5 BA. List Price: $725,000. Sold Price: $730,000.
11431 HERITAGE OAK CT. 3BR, 2 FB, 2 HB. List Price: $549,000. Sold Price: $549,000.
If you look at the list above, you’ll note that most of the houses sold very close to and in one case for more than there listed sales price. We’ll dig into those numbers on Thursday.