Today's Shifting Market

Wow, when they called today’s real estate market a “shifting market,” they were right on target. It keeps shifting, and shifting, and shifting … Every time we turn on the news there’s a new development that affects our economy and therefore the ability of buyers to “buy” and the sellers to “sell.”

SHIFT, the most recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty Inc., begins with the following paragraph: “The Real Estate Market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!”

Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences.

In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track.

The real estate business is “cyclical.” An experienced real estate agent and a mortgage lender will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is “old news,” so stay in touch with your local, trusted real estate team (The Belt Team!) for updates on this ever changing market.

Not only have we assisted our clients in navigating the markets of the 1979 & 1987, but we are participating in seminars, conference calls, webinars, and many other training events to stay on top of the game to better assist you.

Real estate remains your single most valuable asset if handled correctly. Please don’t hesitate to call The Belt Team for all of your real estate needs. (703) 242-3975

Your real estate experts,

Terry Belt & The Belt Team

What's On the Market in the Vienna Oakton Area?

Now that it’s almost Election day (finally!), let’s take a look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

321 homes are for sale. The lowest priced listing is a bank-owned condominium at the Vienna Villager Apts. It has 2 bedrooms and 1 bath and is listed at $169,900. The highest priced listing is still a new home to be built on Polo Pointe. It is listed at $4,299,000.  The average list price for homes on the market is $884,306 and homes are currently averaging 133 days on the market.

OAKTON:

98 homes are for sale. The lowest priced listing is a condominium in The Vistas. It has 1 bedroom and 1 bath and is listed at $164,900. The highest priced listing is a 2 year old home on 2 acres on Vale Road (pictured above). It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  (Our prediction is that it will NOT sell for that!). The next highest priced listing is an 18,000+ sq ft. home on Stuart Mill Rd. It has 5 bedrooms, 5 full baths, 3 half baths & 9 fireplaces and is listed at $10,700,000! The average list price for homes on the market is $1,088,868 and homes are currently averaging 131 days on the market. 

BELT TEAM LISTINGS:

thumb_328_2726willowfront1.jpg

$1,575,000 in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_328.html

thumb_255_10007woodrowfront1new.jpg

$1,245,500 – NEW HOME – in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_255.html

thumb_316_620pinestfront1october2008.jpg

$1,200,000 – NEW HOME UNDER CONSTRUCTION – in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_316.html

thumb_320_305locustfront1october2008.jpg

$1,075,000  – NEW HOME UNDER CONSTRUCTION – in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_320.html

thumb_327_1892beulahfront1.jpg

$699,500 – on 1/2 acre in Vienna – walk to Wolftrap ES!

http://www.thebeltteam.com/northern-virginia-real-estate/listing_327.html 

$539,500 in Vienna NEAR METRO

http://www.thebeltteam.com/northern-virginia-real-estate/listing_319.html

For more information on buying or selling homes, contact The Belt Team at (703) 242-3975.