Open Houses – Vienna & Oakton – August 1st

TGIF! This week, instead of a “Theme Song of the Week” like we usually have – we’ve got a “Video Clip of the Week” for you – courtesy of David Letterman and Jennifer Aniston.  Watch as Dave interviews Jennifer about the new home she had built:

Home means something different to everyone, doesn’t it?! Some people are looking for “sexy, comfortable” and others are looking for “a place to store rakes“. What are you looking for? Stop by our open houses this weekend – and you just might find it!

Open Houses This Weekend:

~ Sunday, August 1st from 1PM to 4PM – 10309 Conejo Lane in Oakton – $1,090,000

~ Sunday, August 1 from 2PM to 5PM – Thistle Ridge in Vienna – $1,499,900 & Up

~ Sunday, August 1 from 1PM to 4PM – 10141 Palmer Drive in Oakton- $1,149,900

10309 Conejo Lane in Oakton – $1,090,000

This one-of-a-kind custom contemporary is an absolute jewel! Characteristic styling and modern updates combine in this convenient, yet private family home. Generously sized bedrooms, cathedral ceilings, and open living areas make this home feel airy, spacious, and comfortable. Sunlight beams through 4 central skylights and the profusion of floor-to-ceiling windows are perfect for enjoying the organic setting amid 2 acres of trees, flora, birds, and deer. Yet, this tranquil sanctuary on a quiet lane is just minutes from Oakton Shopping Center, the W&OD trail, Oakton Community Park, Oakton Library, I-66, Rte 123, and Rte 50.

Directions: From Tysons: Route 123 South through Vienna to Oakton, right Hunter Mill Rd, Right on Conejo Lane to #10309

More Info About 10309 Conejo Lane in Oakton

Thistle Ridge in Vienna – $1,499,900 & Up

9604 Thistle Ridge in Vienna For Sale

Thistle Ridge is a breathtaking new home community from master builder Sekas Homes in Vienna. 9 new homes will be built on beautiful cul-de-sac lots! Four are pre-sold. Five opportunities remain! Prices start at $1,499,900.

Directions to Thistle Ridge: From Rt 123 in Vienna, Proceed North on Beulah Road. Bear left on Clarks Crossing Road. 2nd Right on Brookside Lane. Right on Thistle Ridge to #9604.

Read about “Life In Vienna, VA

10141 Palmer Drive in Oakton – $1,149,900

Three charming NEW HOMES from master builder Sekas Homes are under construction now on Palmer Drive. Two are under contract. One opportunity remains! Beautiful lots close to Metro. Elegant homes loaded with quality upgrades! 4 bedrooms, 4.5 baths.

Directions: From I-66 West, Exit Rt 123 North, Right Palmer Street, Left Palmer Drive to #10141. Or from Vienna: Route 123 into Oakton, Left Hibbard, Right Palmer Dr.

More Info About 10141 Palmer Drive in Oakton

Contact The Belt Team

Weekly Real Estate Update – Vienna & Oakton – We Are Approaching Balance

Well, it looks like the Vienna Oakton real estate market may be approaching balance (at least for now . . . !) 

Here are last week’s stats for Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 19
  • Average Days on Market for Active Listings: 101 days
  • Average Days on Market for Listings That Went Under Contract: 45 days
  • Inventory: 266 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 3
  • Average Days on Market for Active Listings: 112 days
  • Average Days on Market for Listings That Went Under Contract: 267 days
  • Inventory: 79 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate):  3.3 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate):  5.6 months

Notes:

  • Both inventory & the weekly number of contracts continue to trend downward in Vienna/Oakton.
  • The trend in months supply of homes in Vienna (currently 3.6 months based on the contract rate over the past 30 days) shows us moving from a Sellers Market to a Balanced Market.
  • The months supply of homes in Oakton (5.6 months based on the contract rate over the past 30 days) shows that we have just about reached a Balanced Market in Oakton.
  • Only 14% of the homes that went under contract this week were listed above $800,000. This is the lowest percentage so far in 2010

Sellers

This means you need to really make sure you are pricing your home “to market” – not last month’s or last year’s – but this week’s & next month’s! 31% of the homes currently on the market in Vienna have been on the market for over 101 days (the current average days on market in Vienna.) One home has even been for sale for 818 days (more than 2 YEARS!). This is what happens when you price your home based on what you paid, what you need, or what you “think” your home is worth – as opposed to what the “market” is NOW.

Buyers

Be ready to move when the home you love comes on the market. Some price ranges have more available than others, but many are sparse. As an example, Buyers looking in Vienna between $900,000 and $1,000,000 would only find 12 homes to look at. So if you have already seen what’s on the market, and are just waiting for that “perfect home” – be ready to act quickly when you see it!

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

Northern Virginia Real Estate Myths – Part 1

As professionals in the Northern Virginia real estate market for almost 40 years, we often find Buyers & Sellers asking the same questions. So we thought it might be helpful if we address some of the “Myths in Real Estate” in a series here on our blog.

Here’s the first “Myth” – and more importantly – the TRUTH!

Myth: “You should ask each agent for their recommended pricing and select the real estate agent who suggests the highest price or is at least willing to go along with your ‘dream’ price

TRUTH: No! Always select an agent on his/her credentials. Market value is a separate issue.

Never let an agent “buy” your listing. It’s tempting to “tell you what you want to hear”, but integrity and a professional price opinion are in your best interests. No one has a crystal ball & pricing can validly have some variability, but pricing realistically from the start is one of the strongest tools you have in winning the “Sales Game”! Listen to your agent’s professional input and recommendations. Then make an educated decision and let the agent get on top of things at the start. Many agents will overprice a home in order to get the listing… and then ask for a price change down the line. You should insist on working with an agent with a proven track record. Ask the agent not only for a market analysis to determine the realistic amount your home will bear in today’s market, but also ask them what their pulse is on the market. Then price your home accordingly. Overpricing a home is the worst mistake you can make! Statistics prove that the longer a home is on the market, the lower the price it will sell for.

This graph illustrates what happens when Sellers do not price to “market”:

The chart above shows what happens in a “stable market”. Markets that are “shifting” (such as ours) find Sellers who overprice in even worse positions. Remember, first, select your real estate agent based on his/her credentials. Then, with your agent’s input, decide on price. Never select an agent based solely on the price he/she recommends!

Contact The Belt Team for a FREE market analysis or for a FREE Seller consultation.

(And stay tuned to our blog for more Northern Virginia Real Estate Myths!)

(PS – if you’re still thinking you may want to “test the market” at an initially higher-than-market list price – read our previous post entitled “Don’t Be Like Timothy Geithner“.)

Open Houses – Vienna & Oakton – July 25th

TGIF! And that means it’s time for our Theme Song of the Week and a look at what homes will be held open this weekend. First, see if you can guess what the song is.

Here’s the hint > > > > It’s a Beatles Song – 2 words – and the two words are antonyms (remember your childhood English classes <grin>?)

Give up?

The answer is . . . .

“Hello Goodbye”!

If you’re thinking of moving – for whatever reason (maybe you got a job transfer, you need a bigger home for your family, you want to be closer to your children or parents, you want a beautiful new home, etc…) – then now is a time of “goodbyes” and “hellos”. We think after you see the homes we have open this weekend, you might be saying “Hello Hello” just like the Beatles (rather than “Hello Goodbye”!) Imagine a new home, an easy commute, a new lifestyle! Listen to the Beatles for inspiration and then scroll down for open house info!

Open Houses This Weekend:

~ Sunday, July 25th from 2PM to 4PM – 9920 Murnane Street in Vienna – $1,225,000

~ Sunday, July 25th from 1PM to 4PM – 10309 Conejo Lane in Oakton – $1,090,000

~ Sunday, July 25th from 2PM to 5PM – Thistle Ridge in Vienna – $1,499,900 & Up

~ Sunday, July 25th from 1PM to 4PM – 10141 Palmer Drive in Oakton- $1,149,900

9920 Murnane Street in Vienna – $1,225,000

This charming Craftsman style home is sparkling & spacious and only 4 years young. Sited on a beautiful lot backing to wooded parkland AND in the Madison High School pyramid! Enjoy a high-end gourmet kitchen, dramatic vaulted ceiling family room with gas fireplace, fabulous master suite with 2-sided fireplace, sitting room & luxurious master bath, spacious finished walkout lower level. Exquisite finishes throughout the home. Plus a peaceful, convenient close-in location!

Directions: From Tysons: Route 123 South through Vienna to Oakton, right Hunter Mill Rd, Right on Conejo Lane to #10309

More Info About 9920 Murnane Street in Vienna

Read about “Life In Vienna, VA

Thistle Ridge in Vienna – $1,499,900 & Up

9604 Thistle Ridge in Vienna For Sale

Thistle Ridge is a breathtaking new home community from master builder Sekas Homes in Vienna. 9 new homes will be built on beautiful cul-de-sac lots! Four are pre-sold. Five opportunities remain! Prices start at $1,499,900.

Directions to Thistle Ridge: From Rt 123 in Vienna, Proceed North on Beulah Road. Bear left on Clarks Crossing Road. 2nd Right on Brookside Lane. Right on Thistle Ridge to #9604.

Read about “Life In Vienna, VA

10141 Palmer Drive in Oakton – $1,149,900

Three charming NEW HOMES from master builder Sekas Homes are under construction now on Palmer Drive. Two are under contract. One opportunity remains! Beautiful lots close to Metro. Elegant homes loaded with quality upgrades! 4 bedrooms, 4.5 baths.

Directions: From I-66 West, Exit Rt 123 North, Right Palmer Street, Left Palmer Drive to #10141. Or from Vienna: Route 123 into Oakton, Left Hibbard, Right Palmer Dr.

More Info About 10141 Palmer Drive in Oakton

10309 Conejo Lane in Oakton – $1,090,000

This one-of-a-kind custom contemporary is an absolute jewel! Characteristic styling and modern updates combine in this convenient, yet private family home. Generously sized bedrooms, cathedral ceilings, and open living areas make this home feel airy, spacious, and comfortable. Sunlight beams through 4 central skylights and the profusion of floor-to-ceiling windows are perfect for enjoying the organic setting amid 2 acres of trees, flora, birds, and deer. Yet, this tranquil sanctuary on a quiet lane is just minutes from Oakton Shopping Center, the W&OD trail, Oakton Community Park, Oakton Library, I-66, Rte 123, and Rte 50. $1,090,000

Directions: From Tysons: Route 123 South through Vienna to Oakton, right Hunter Mill Rd, Right on Conejo Lane to #10309

More Info About 10309 Conejo Lane in Oakton

Contact The Belt Team

Weekly Real Estate Update – Vienna, VA

Here are last week’s stats for Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 24
  • Average Days on Market for Active Listings: 99 days
  • Average Days on Market for Listings That Went Under Contract: 89 days
  • Inventory: 274 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Notes:

  • Inventory has decreased 4% since last week.
  • The number of homes that went under contract this week was fairly high for this time of year. The last week we saw 24 contracts was the week ending May 25th. Anecdotally, we are seeing families wanting to buy homes in time to get to closing & moved in before school starts. We don’t expect this rate to be sustained.
  • Average months supply of homes has remained stable.

Sellers – this means you need to really make sure you are pricing your home “to market” – not last month’s or last year’s – but this week’s & next month’s! 30% of the homes currently on the market in Vienna have been on the market for over 99 days (the current average days on market in Vienna.) One home has even been for sale for 811 days (more than 2 YEARS!). This is what happens when you price your home based on what you paid, what you need, or what you “think” your home is worth – as opposed to what the “market” is NOW.

Buyers – be ready to move when the home you love comes on the market. Some price ranges have more available than others. As an example, Buyers looking between $900,000 and $1,000,000 would only find 13 homes to look at. So if you have already seen what’s on the market, and are just waiting for that “perfect home” – act quickly when you see it!

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

Weekly Real Estate Update – Oakton, VA

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 2
  • Average Days on Market for Active Listings: 112 days
  • Average Days on Market for Listings That Went Under Contract: 362 days (see notes below!)
  • Inventory: 77 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 4.1 months

Notes:

  • Inventory remains stable.
  • The weekly contract rate remains really low – only 2 homes went under contract again this week. So even though inventory has remained stable, we are seeing the average months supply of homes increase.
  • Average days on market for homes that went under contract this week is skewed since only 2 homes sold. One was on the market for 9 days, the other for almost 2 years!

Sellers – this means you need to really make sure you are pricing your home “to market” – not last month’s or last year’s – but this week’s & next month’s! 27 of the 77 homes currently on the market in Oakton have been on the market for over 112 days (the current average days on market in Oakton.) One home has even been for sale for 1,224 days (more than 3 YEARS!). This is what happens when you price your home based on what you paid, what you need, or what you “think” your home is worth – as opposed to what the “market” is NOW.

Buyers – be ready to move when the home you love comes on the market. With only 77 homes available throughout ALL price ranges, there is not much available in each individual price range. For example, Buyers looking between $775,000 and $875,000 would only find 6 homes to look at.

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

Open Houses – Vienna, Oakton & Reston – July 18th

TGIF! And that means it’s time for our Theme Song of the Week and a look at what homes will be held open this weekend. First, see if you can guess what the song is.

Here’s the hint > > > > What happened this morning in the DC area?

Give up?

The answer is . . . .

 “Shake, Rattle & Roll”!

Maybe it’s time for a little “Shake, Rattle & Roll” in your life!? Is it time to “move”? If so, check out our open houses this weekend for some great options. Imagine a new home, an easy commute, a new lifestyle! Listen to Elvis for inspiration and then scroll down for open house info!

Open Houses This Weekend:

~ Sunday, July 18th from 1PM to 4PM – 12102 Kinsley Place in Reston – $734,900

~ Sunday, July 181th from 2PM to 5PM – Thistle Ridge in Vienna – $1,499,900 & Up

~ Sunday, July 18th from 1PM to 4PM – 10141 Palmer Drive in Oakton- $1,149,900

12102 Kinsley Place in Reston – $734,900

This unique luxury 4-story end unit townhome with turret bay windows, exquisite rooftop terrace and two car garage is in West Market, a secluded enclave just steps to Reston Town Center!

Directions: West on Dulles Toll Road, Right Fairfax County Parkway, Right New Dominion Parkway, Right Crescent Park, Left Market St (park on street – entry is on Market St)

More Info about 12102 Kinsley Place in Reston

Thistle Ridge in Vienna – $1,499,900 & Up

9604 Thistle Ridge in Vienna For Sale

Thistle Ridge is a breathtaking new home community from master builder Sekas Homes in Vienna. 9 new homes will be built on beautiful cul-de-sac lots! Four are pre-sold. Five opportunities remain! Prices start at $1,499,900.

Directions to Thistle Ridge: From Rt 123 in Vienna, Proceed North on Beulah Road. Bear left on Clarks Crossing Road. 2nd Right on Brookside Lane. Right on Thistle Ridge to #9604.

Read about “Life In Vienna, VA

10141 Palmer Drive in Oakton – $1,149,900

Three charming NEW HOMES from master builder Sekas Homes are under construction now on Palmer Drive. Two are under contract. One opportunity remains! Beautiful lots close to Metro. Elegant homes loaded with quality upgrades!

Directions: From I-66 West, Exit Rt 123 North, Right Palmer Street, Left Palmer Drive to #10141. Or from Vienna: Route 123 into Oakton, Left Hibbard, Right Palmer Dr.

More Info About 10141 Palmer Drive in Oakton

Contact The Belt Team

This Month in Real Estate from Keller Williams Realty

Highlights from This Month in Real Estate:

  • May 2010 closings were up 19.2% over May 2009.
  • One factor likely to have caused this was the First Time Homebuyer Tax Credit that has expired. Does this mean you missed the boat? NO! Watch this video for some great info about how an FHA loan may be able to help you make your homebuying dream come true. Then, Contact The Belt Team for details.

Weekly Real Estate Market Update – Vienna, VA

Here are last week’s stats for Vienna Real Estate (22180, 22181, 22182):

  • Number of Contracts: 18
  • Average Days on Market for Active Listings: 98 days
  • Average Days on Market for Listings That Went Under Contract: 31 days
  • Inventory: 286 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Notes:

  • Inventory in Vienna is starting to inch up. 
  • The weekly contract rate has also started to decrease.
  • This is why you see a large spread between the number of months supply of homes based on what the contract rate was over the past 30 days and that of the past 90 days. 
  • Sellers – take note of this trend and make sure you are pricing your home at or below market. You do NOT want to “lag the market” and find your home just sitting.
  • Buyers – We are still “technically” in a Sellers’ Market – with months supply of homes between 3-6 months. When you are writing contracts, make sure yours is “clean” and you are ready to move quickly if need be. 

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!

Read About “Life In Vienna, VA”

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Weekly Real Estate Market Update – Oakton, VA

Here are last week’s stats for Oakton Real Estate (22124):

  • Number of Contracts: 2
  • Average Days on Market for Active Listings: 119 days
  • Average Days on Market for Listings That Went Under Contract: 54 days
  • Inventory: 77 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.5 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 3.3 months

Notes:

  • Inventory remains stable.
  • The weekly contract rate is going down. So even though inventory has remained relatively stable, we are starting to see the average months supply of homes increase. Sellers – this means you need to really make sure you are pricing your home “to market” – not last month’s or last year’s – but this week’s & next month’s!

If you’re thinking of buying or selling, contact The Belt Team for a more in-depth discussion & analysis – because it’s only the neighborhood YOU live in (or you WANT to live in) that matters!