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.
More than 1,320 properties traded hands accounting for a whopping $632M in volume. The average home prices remained flat this year coming in at $479K vs. $473 in 2018. 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 but intense price sensitivity kept the market fairly balanced with well-informed buyers not being willing to pay more just because there were so few.
What do buyers want?
Buyers are trending strongly towards “move in ready” with a preference for energy efficient and Green features. Commuting time and cost is also sighted as significant factor in determining properties desirability. Sellers have 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 82 properties on the market; 93 homes sold in the past 30 days and 83 homes are pending.
With interest rates expected to average 3.6% through 2020 the Reston real estate market should continue to be strong. If you’re ready to sell in 2020 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.
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The latest Reston Home Insider explains why buyer fatigue is so common right now and ways to push through it.