Reston Real Estate: Just Listed

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

The real estate market in Reston is holding steady with low inventory and strong demand.

Our numbers at this mid-year mark are looking good. We’ve sold slightly fewer homes than this same time last year with 677 this year vs. 721 in 2018; but things are generally very strong.

There are 201 active listings on the market and another 8 in a “Coming Soon” status. The average-days-on-market for active listings is 56 days, which is way above the average for property in a “Pending” status which is just 24.

The driver for a quick sale is always the price. Price is every seller’s best tool for generating action from buyers. Be the best priced, best presented item in your category and you will shorten your days on market, reduce your carrying costs and maximize your bottom line.

Here are a few of the new homes for sale in Reston this week:

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Reston Real Estate: Just Listed

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

We’ve got 206 fully active properties on the market in Reston.

They range in price from $199,000 for a cute 1 bedroom, 1 bath Northgate Square condo in a great walk-able Lake Anne neighborhood, to $1,750,000 for a stunning 14th floor Stratford House Place unit with amazing views looking up Reston Town Center’s main drag to the Blue Ridge mountains beyond.

Properties are generally selling quickly. Average days on market for properties in a pending status, (those that are under contract), is just 17 days; more than half of those pending properties went under contract in a mere 7 days.

If you’ve got something on the market that’s not selling, or worse, not getting showings, it’s time to have a heart to heart with your agent. Ask them to reevaluate list price and then listen and act on that professional opinion.

Here are a few of the new listings in Reston. I thought I might try something different with the “just list listed” so today we’re focusing on new listings priced at less than $350,000.

If you have questions about the current value of your home or if you’d like ideas about getting it ready to sell, feel free to call or email me.

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Reston Real Estate: Just Listed

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

Last week’s “Just Sold” noted a brisk uptick in closed and pending transactions — this week fewer new properties were added to the market, meaning  that new listings are not keeping pace with the sold listings.

It will be interesting to see how this impacts the market. Normally when demand for a product surpasses the supply you’d expect to see prices increase. While we are seeing escalation clauses and “over-list” offers, sellers that come on the market with their prices set high are not moving.

The average days on market for closed transactions is 24 days. If you’ve got a house on the market that’s been sitting for more than 30 days it’s probably safe to say that you’ve not found that nexus of price vs. condition that signals to the buyer — “make an offer now, this one won’t last!”

Here are a few of the new listings in Reston:

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Reston Real Estate: Just Listed

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

There’s lots of activity in the Reston real estate market.

The new listings are staying even with the pending/sold listing which has our housing inventory holding fairly steady at just under 200.

Of the 35 properties that were listed for sale in the past week, 20 plus will be hosting Open Houses this weekend so if you’re in the market or, if you just like looking at houses there are a lot to see. Prices are ranging from 1.7 million in Reston Town Center to $199,900 in Northgate Square.

Here are some of the properties to hit the market this week:

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Reston Real Estate: Just Listed

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

The Reston market is moving at a really brisk pace.

It’s a great time to sell, if you’re buying it’s a little more challenging. In either case the key to success is being ready. If you’re selling do all that you can to get your house ready. If you’re buying get your paperwork in order with your lender so you can get qualified quickly.

Here are a few newcomers to the Reston real estate market:

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Reston Real Estate: Just Listed

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

The spring market is upon us!

Inventory is low but new listings are generally keeping pace with property going under contract. The middle of the market from 475k-675k is super active and days on market is dropping.

I know I say this every, single week — but it bears repeating. If you are selling your property, the speed of this market is not driving crazy price escalations. If you want to see multiple contracts you should try to come on the market just a little bit on the lower side of your range. That is your very best chance of getting multiple offers with favorable terms.

Status: Pending Sales Past 10 Days

Here are some of the new houses to hit the market:

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Reston Real Estate: Just Listed

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

Inventory is finally creeping up – slowly, but new listings are finally starting to hit the market.

Reston has 171 properties on the market, not robust but on the rise. The market remains stubbornly price sensitive; listings perceived by buyers to be over-priced will sit, while those coming in right at the market price will get multiple offers, often going above list price but not by huge amounts.

The cautionary tale to sellers, you need to be the best priced, best presented item in your category. You can be a “fixer” but try to be as well presented as you possibly can be, and get to the right price!

Here are some new listings in Reston this week.

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Reston Real Estate: Just Listed

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

Reston’s housing inventory is finally starting to pick up.

We’ve got 165 properties listed, 10 of those have a status of Coming Soon — but much better than it has been! The market is moving at a brisk pace with days on market dropping to an average of 25 days. Expect more houses to come on the market as we move into Spring.

Here are some of the new properties hitting the market.

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Reston Real Estate: Just Listed

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

We’re finally starting to see a little more inventory coming on the market in.

There are 124 fully active properties on the market in Reston and, as of today 11 properties in a Coming Soon status. That’s up, not by much, but at least increasing as we move into the spring.

The past 30 days saw good activity even with the very limited inventory. 96 properties went under contract and 36 properties sold; predictably the number of days that a property is staying on the market is getting shorter as activity goes up.

Here are some of the new properties hitting the market:

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Reston Real Estate: Just Listed

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

Inventory is holding steady with new homes coming on the market at about the same rate that they’re going under contract.

There are currently 117 houses on the market in Reston which is about 2 months’ worth of inventory. Spring is just around the corner and should bring with it a lot of new housing inventory, but will also bring out more buyers.

In my last Just Listed Sold blog post a reader commented that they thought the prices indicated a “Bubble” in the housing market — the unspoken threat being that surely a “burst” would soon to follow.

The market is moving at a pretty brisk pace but prices are not escalating at a rapid rate. Home value appreciation in Reston last year was at right around 5% which is slightly ahead of the historical norm of 4% for housing as an asset.

This better than average gain is offset by the fact that the Reston market has been a little flat for the past several years and has only recently begun to perk up, in part fueled by new construction around the metro. I don’t think there’s any indication of a housing market “Bubble.”

Here are a few of the new houses to hit the market in the past week:

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Reston Real Estate: Just Listed

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

Just because there aren’t a lot of houses (104 active listings), currently on the market doesn’t mean there’s nothing going on in the housing market.

Lots of home owners are preparing their homes for the market and we will start to see a steady increase in listings over the next several weeks. If you’re on the fence about when to list your home for sale here are some things to consider:

  • Buyer demand is high. In my Just Sold blog earlier this week I noted that 10% of the houses sold in the last 30 days sold higher than their list price and without requests for seller paid concessions.
  • Low inventory means there is less competition. Fewer houses for sale will tend to favor the sellers. Not that you can throw anything out there and expect a contract, but well priced, well presented houses are going quickly.
  • If you are a move up buyer now is the time to go — housing prices are predicted to increase 4.8% over the year. If you’re buying a more expensive house you’ll be making a larger down payment and paying higher interest for your mortgage.

Here are some of the new houses on the market this week:

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Reston Real Estate: Just Listed

justlistednew

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

At the risk of repeating myself, housing inventory is crazy low!

Just 104 active listings, there are 4 in a “Coming Soon” status but for 3 zip codes this is seriously low inventory.

83 homes settled in the past 30 days, which says that demand for houses is still strong especially given the holidays.

Here are a few of the new listings this week:

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Reston Real Estate: Just Listed

justlistednew

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

In my last post about the year in real estate I talked about how the low housing inventory didn’t seem to be driving buyer panic or seller over-confidence.

The market behavior is balanced but very active. As one would expect in this post-holiday week there are very few new listings and only 106 active properties on the market.

What I think is interesting is that 55 properties went into Pending status over the past 30 days and more than half of those did so in the last two weeks!

There are buyers out there looking, so if you’re thinking of selling it might be a good time to clean out the closets and call your agent.

Here are a few of the new listing this week:

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Reston Real Estate: Just Listed

justlistednew

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

As we roll into the holiday week there are almost no “new” listings. Most folks will wait until the holidays are past before listing their homes for sale. I thought we’d take a quick look at some of the older listings on the market.

When a seller engages an agent to sell their property what they are hiring is (hopefully) expertise in finding the sweet spot of price vs. property condition. Condition of a property is one of the largest drivers of property value, I would say second only to location.

It’s the agent’s job to analyze sales and condition and to provide a comparison of those sold properties against the seller’s property. It’s the seller’s job to pick the price, hopefully based on the data provided.

It can be hard for sellers and buyers to accept that the market is its own thing — we can’t force it to do our bidding. The buyer who comes in with a super low offer thinking they can force a sellers hand will be just as disappointed as the seller who overprices their property with the “I’m not in a hurry, I’ll wait to get my price” strategy. Rarely is either successful.

Here are a few great properties that have been hanging around a while along with their current list price:

For the past year I’ve been saying that the market is very price sensitive. What I mean is that properties that are within 10-20k of their best price are hanging on the market — buyers are not aggressively pursuing these “slightly” overpriced properties, they’re letting them sit.

This of course is bad for sellers because the longer they sit the more it costs them (both in carrying costs and in lost opportunities, etc.) what they might have done with the cash had they gotten the house sold.

A seller’s best strategy is always to be the best priced and best presented home in their particular market — stand out by being a market of one, rather than one of many.

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Reston Real Estate: Just Listed

justlistednew

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

Just 14 new properties were listed in Reston this past week. Inventory is painfully low at just 142 active listings. That represents a housing inventory of less than two months.

It’s not uncommon for additions to inventory to slow at this time of year but hopefully things will loosen up as we move into the New Year.

Here are few of the new homes for sale in Reston.

*These properties have advertised open houses

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