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Reston Real Estate: The Year in Reston Real Estate — Looking Back on 2017

by RestonNow.com Sponsor January 9, 2018 at 4:00 pm 6 Comments

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

It was an interesting year in Reston real estate. Overall more than 1200 properties traded hands accounting for more than $572M in volume. These numbers sound great but they represent a third straight year of declines in average home prices. While home prices were somewhat flat, demand was strong and housing inventory was low, an equation which would typically trend towards a Seller’s Market.

However, intense price sensitivity kept the market fairly balanced with well-informed buyers not being willing to pay more just because there were so few. The attitude seemed to be, “if not this one, I’ll get the next one.” Given that prices haven’t been moving much it’s up to sellers to create motivation in the buyers by presenting the very best option possible in the price category in which they’re competing.

We currently have just 120 properties on the market; 70 homes sold in the past 30 days and 81 homes are pending.

All of this indicates that if you’re ready to sell in 2018 you shouldn’t have too much trouble, provided you work with your agent to get your house ready and dig into the numbers to really understand what the market is doing in your neighborhood.

  • 40yearsinreston

    The glut of ‘iconic’ high rise luxury apartments is killing property values

  • Mike M

    Metro has boosted the value of our homes! Not. This was actually an argument prospectively. Now we know it was false. We should have known from historical cases in the region. All of the overdevelopment that “makes sense because of Metro” only exacerbates the home value problem. Then there is the bubble in housing values that was the norm around these parts for a long time even through the national bubble pop. You know you have it when you see how ridiculous are values compared to income median. People have stretched themselves to the hilt and beyond to get into high end housing. Now they might be smartening up. I am just glad I like my home and my neighborhood. It’s not a high growth asset. It’s home.

  • Big Drop

    Our house near South Lakes is literally worth less today than 2006. 2016’s Fairfax County assessment was 6 per cent lower than ten years earlier. Dead money for a decade.

  • Msg for youngsters

    If I had to do it again I would not spend 20 years chasing the rainbow but instead live in a flop andor shared housing and save my cash. Then buy house for cash or spend my happy days globe trotting, helping people live like king and queen

    • Reston Realist

      That is very good advice! I have been trying to tell my kids that exact same thing; but they are so anxious to buy a home – or worse an overpriced condo in Arlington! There is going to be a glut in housing, because of all the multifamily coming on line. The ticket is to rent here – and if you really want to invest in real estate, buy an investment property in a better market.

    • JoeInReston

      Agreed.

      The other piece of advice I would give to save money is to rent from a condo owner rather than from an apartment complex. Agree to a one year lease with an automatic month to month extension where each party must give the other party X number of days notice. Most condo owners simply want to cover their mortgage while their property appreciates. They tend to forget about you and before you know it, three years have passed and they haven’t raised your rent.

      Contrast that with an apartment complex that is in business to make money. They will insist on one year renewals, and with every renewal, your rent will be raised to the current market rate.

      I have heard the occasional story of a nightmarish landlord that is overly protective of their condo. I have never encountered that, but if I had, I would simply find another place to rent. Eventually you will find a quality landlord. There are many bad renters out there, so if you pay your rent on time and treat their property with respect, they will have a disincentive to raising your rent for fear you might leave.

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