Just Listed in Falls Church Near West Falls Church Metro!

  

 

Just Listed! Welcome to one of Falls Church’s hidden away secrets – Churchill Square and a charming townhome that is updated & move-in ready! You’ll enjoy easy commuting – less than 1 mile to West Falls Church Metro and close to Rt 7, 495 & I-66. Updates include a completely renovated kitchen with granite countertops, new appliances, & new cabinets. Plus new carpet, fresh paint, new light fixtures, new granite counter in powder room & more.  $495,000

More Info about 7316 Rockford Drive in Falls Church

Contact The Belt Team

Friday Funday Video

Yesterday, we wrote about how Buyers & Sellers use both their head & their heart when they are making decisions about a home. So today’s Friday Funday Video comes from a group called “The Head and the Heart“. It’s called “Lost In My Mind“. If you’re feeling lost when you think about everything involved in buying or selling a home, contact The Belt Team . We’re happy to put our experience & expertise to use on your behalf.

Happy Friday!

Vienna Oakton Weekly Market Update

Last week, we talked about the “art” and the “science” of real estate – the “heart” and the head”.

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Let’s keep with that theme this week. First – we have this week’s statistics for you. When people are buying & selling, they are definitely looking at comps, sales, listings, tax assessments and all kinds of numbers. After we give you the stats, we’ll give you an example of the intangible “heart” that people use when deciding where to buy a home.

So, where does our “hyperlocal market” of Vienna and Oakton stand this week?

Here are this week’s highlights:

  • Inventory in Vienna rose once again. This makes 11 weeks in a row. However, the rate of contracts remained steady with almost as many contracts this week (21) as last week (23). In fact, we have averaged about 20-21 contracts per week consistently for the past 13 weeks (since mid-February). As a result, even though inventory increased slightly, the number of months housing supply in Vienna (2.7 months) still puts us on the border between a “Sellers Market” and a “Balanced Market”.
  • Two weeks ago, 50% of the homes that went under contract in Vienna and Oakton sold in 10 days or less. This week, only 35% of the homes sold that quickly. It’s too early to call this a trend. But stay tuned to our blog and we’ll monitor it for you.

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

Number of Contracts: 21
Average Days on Market for Active Listings: 102days
Average Days on Market for Listings That Went Under Contract: 29 days
Inventory: 247 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): 2.7 months

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

Number of Contracts: 5
Average Days on Market for Active Listings: 121 days
Average Days on Market for Listings That Went Under Contract: 88
Inventory: 80 homes on the market
Number of Months Supply of Homes (Based on past 90 day contract rate): 2.7 months
Number of Months Supply of Homes (Based on past 30 day contract rate): 2.0 months

If you’re thinking of buying or selling a home, 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!

Now that you have this week’s statistics (the “head”) – let’s look at the “heart”.

When people are buying homes, it’s not always about finding a good investment. Don’t get me wrong, people want to be “smart” about what they are doing. After all, this is the biggest financial move many people make in a lifetime. But it’s also about lifestyle, family life & more. Buyers want to ‘fall in love” – both with their new home and with their community. This tugging of the heart – that mixes with the numbers in their head – is one reason why a Realtor can be very helpful in pricing a home to sell. It takes both a financial analysis of statistics, comps, competing listings, interest rates, economic figures, etc – along with the experience and “gut” feelings that a Realtor has from being in the marketplace and doing this every day. This experience in the trenches from your Realtor helps you to get inside not only a potential Buyer’s head, but their heart.

If you’re reading this post because you’re thinking of living in Vienna or Oakton, then here’s a peek into the “heart” of our towns:

Welcome To Vienna, VA

When people move into our area, they often want to get a feel for different towns, neighborhoods, schools, etc before they decide where they want to settle. Sometimes this is easier said than done. For each city or town has its own “feel”, its own “personality”. And its hard to really know what a place is like before you have lived there and really gotten to know the people.

Well, our video this week (courtesy of Vienna Patch‘s Erica L. Hendry!) will give you a little picture of the “slice of life” in Vienna, VA. Come with us & you’ll see some of the reasons why Vienna is often on Money Magazine’s “Best Places To Live In The U.S.”. It’s the intangibles – the community feeling, the welcome you get, and how people come together & take care of one another. We’ve written many blog posts about “Life in Vienna” on our blog called “Theres No Place Like Vienna (Dot Com)“. We’ve written about culture, sports, history, family life, recreation & more – all the things you wonder about when you’re moving to a new town. But this video captures a little bit of everything that makes Vienna special – in a slightly different way.

Earlier this year, Vienna lost a great treasure – 18 year old Khristin Kyllo. (You can read about Khristin in these articles from Sports Illustrated and The Washington Post.) And last week, led by her parents and some close family friends, the entire community (both those who knew Khristin and those who didn’t) came together to celebrate a life well lived by a girl who “dreamed big” and who lived life to the fullest. And not only was it a celebration, but it was a continuation of the legacy that Khristin left – to give back, to celebrate family, have fun and as the old song goes to “love the one you’re with“. More than $23,000 was raised for the Khristin Kyllo Memorial Fund and the first scholarship was awarded to a deserving local student.

So, as Warner Wolf used to say, “Let’s go to the video tape!” and see what life is like in Vienna, VA: http://vienna.patch.com/articles/kyllopalooza-dream-big

If you would like to donate to the Khristin Kyllo Memorial Fund, you can do so online or make a check payable to JMHS Athletic Boosters (and mail it to James Madison High School, 2500 James Madison Drive, Vienna, VA. 22181).

And if you’re thinking of buying or selling a home, 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!

We’re proud to announce that Terry Belt, CEO of The Belt Team, has been asked to be one of the local real estate experts on the radio show Real Estate Radio Washington. A variety of topics are discussed – from how Buyers & Sellers can choose a “great” Realtor (versus a “good” or “bad” one) . . . . to pricing strategies for Sellers . . . . to mistakes you don’t want to make when selling your home & more.

Real Estate Radio Washington with Terry Belt, CEO of The Belt Team      terry-belt-2009.jpg

Listen here:

If you’re thinking of buying or selling a home and want a GREAT Realtor to represent you, Contact The Belt Team . It would be a pleasure for OUR family to help YOUR family make a successful move!

Vienna Oakton Weekly Market Update

Last week, we talked about the differences between a “Buyers Market”, a “Sellers Market” and a “Balanced Market“. And we talked about the differences between “national real estate news” and the “hyperlocal real estate market”.

So, where does our “hyperlocal market” of Vienna and Oakton stand this week?

The answer to that lies somewhere between the “art” and the “science” of real estate. We have found that when people are buying & selling homes, there are two factors involved – the heart and the head. And so we have learned to analyze the market based on facts, figures & statistics (the head) and based on what we see & hear in the marketplace (the heart.)

Here are this week’s highights:

  • Inventory in Oakton has dropped each week for the past 5 weeks. While at the same time, the rate of contracts has remained steady. Based on the past 30 day contract rate, this means that the number of months housing supply has dropped to its lowest point this year – only 2 months. Technically this means Oakton is in a “Sellers Market”. (Why do I say “technically“? Because this is a general answer for the entire Oakton marketplace. A better question if you are buying or selling would be to ask what kind of market we are in for the type of property you are looking for. When we are working with Buyers and Sellers, we do a much deeper analysis – depending on price range, type of home, school district, lot size, etc.)
  • Inventory in Vienna is at its highest point this year. It went up another 7% since last week. However, the rate of contracts has also stayed high. This week 23 homes went under contract. That is the 3rd highest week so far in 2011. As a result, even though inventory increased, the number of months housing supply in Vienna is not much higher than it is in Oakton – at 2.6 months. So in Vienna, we are teetering between a “Sellers Market” and a “Balanced Market”.
  • Anecdotally, we are still seeing cases of homes on the market for LONG periods. (One home in Vienna has been on the market for 776 DAYS!) And there are still buyers who are focused on the national news and are wondering if “now” is the time to buy. (These are the buyers who have been stopping by our open houses for the past year (or two!) and have still not bought a home.) And despite the fact that we here in Fairfax County have fared much better than the rest of the country, buyers are still expressing anxiety & trepidation about moving forward due to the economy as a whole.
  • At the same time, there are cases of multiple contracts and quick sales. As an example, we put a home on the market in Vienna last Friday and as of yesterday, the home had received 2 contracts and a contract was ratified yesterday (Tuesday). Sold in 4 days!
     
  • Last week – 50% of the homes that went under contract in Vienna and Oakton sold in 10 days or less. The overall average days on market for the homes that went under contract this week was 42 days. And the average days on market for homes that are actively on the market is 101 days.

ADVICE TO BUYERS & SELLERS

Check our blog tomorrow for some great advice that’s relevant to today’s market. Terry Belt, CEO of The Belt Team, has been tapped as a local real estate expert by Real Estate Radio Washington. We’ll be posting links to his most recent broadcasts where he addresses questions like the whether there is a cost to waiting to buy, seller pricing strategies, and how to distinguish not only between a good agent and a bad agent, but between an good agent and a great agent.

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

Number of Contracts: 23
Average Days on Market for Active Listings: 96 days
Average Days on Market for Listings That Went Under Contract: 30 days
Inventory: 243 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): 2.6 months

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

Number of Contracts: 9
Average Days on Market for Active Listings: 116 days
Average Days on Market for Listings That Went Under Contract: 72
Inventory: 80 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): 2.0 months

If you’re thinking of buying or selling a home, 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!

Thank You Giant Shoppers!

Thank you to all who participated in our Food Drive for SHARE of McLean!   

Last week, Keller Williams Realty celebrated our 3rd annual RED DAY. RED stands for Renew, Energize, Donate. RED Day is a national community service initiative by the 80,000+ agents and staff of Keller Williams Realty. Last year, Keller Williams agents donated 155,000 service hours in one day. We haven’t totalled the hours yet this year, but all kinds of activities took place around the country – from home building to blood drives to visiting nursing homes & more. 

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Locally, our office collected food & supplies for SHARE of McLean. SHARE is run by a coalition of religious & civic organizations and provides lower income families in McLean, Great Falls & Pimmitt Hills with a food pantry & emergency assistance program. You may be surprised to know that there are MANY families in these areas who need help and the number has been on the rise.

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This year, we are proud to say that in addition to cash & Giant gift cards, Keller Williams McLean collected almost twice as much food & supplies for the food pantry as we did last year –  7,100 POUNDS!! We now hold the food drive record at SHARE. And thanks to your generosity, they are hoping to be able to handle their clients’ emergency needs for the next 2-3 months !

Thank you for helping us GIVE WHERE WE LIVE!

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Open Houses In Vienna – May 15th

TGIF & time for our Open House Song/Video of the Week!

So we usually select our song of the week based on the lyrics. But this week, we think you’re going to flip when you see the awesome homes we have open. So our video is called “Flip”. It features an internationally known guitarist, who happens to be a local boy from just across the river. You might recognize him as Bruce Springsteen’s guitarist – but he has a long & storied solo career both before & after being part of the E Street Band. And as a kid he was a gymnast. Check out this video – with clips of Nils doing flips during various concerts & videos. Then scroll down & check out our two open houses. We think you’ll flip too! Hope to see you Sunday!

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OPEN SUNDAY, MAY 15th 1-4pm

JUST LISTED & FIRST TIME OPEN!

2613 Powdermill Lane in Vienna – $1,024,900

Elegance, quality and location are what you will find in this charming home! All located on a private, wooded, cul-de-sac lot just 2 miles to Metro AND in the Madison High School pyramid! This gorgeous colonial with a spacious, open floorplan is light & bright with multiple walk-in bay windows, plus skylights & Palladian windows in the family room. Large deck overlooks a lovely wooded view in the rear yard. Extensive landscaping enhances the home’s beauty.

Directions: From “Downtown Vienna” and Vienna Metro: From the intersection of Nutley St & Maple Ave (Rt 123), go south on Rt 123, Right Oak Valley Dr, 1st right Rustic Rail, Right Powdermill Lane to end of cul-de-sac.

More Info about 2613 Powdermill Lane in Vienna

Read about “Life In Vienna

Contact The Belt Team

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OPEN SUNDAY, MAY 15th 1-4pm

1929 Beulah Road in Vienna – $1,329,900

This incredible home is simply fabulous both inside & out. With 6,000 finished square feet and 3 finished levels, it’s as perfect for everyday living as it is for entertaining. Enjoy a stunning two-story family room with gas fireplace, tray ceiling master bedroom with luxurious bath, a wonderful walkout lower level with wet bar, efficiency kitchen, gas fireplace and even a dumbwaiter to the kitchen! Plus outside you’ll find a delightful gazebo, pergola, patio & more!

Directions: From Tysons: Route 123 South into Vienna, Right Beulah Rd to #1929. Watch for a private driveway on the right just past John Marshall Dr & just before Wolftrap Elementary School.

More Info about 1929 Beulah Road in Vienna

Read about “Life In Vienna

Contact The Belt Team

Vienna & Oakton – Buyers Market Or Sellers Market?

We’re in a Buyers Market – right?”

This is a question/comment we get a lot. And if you listen to the headline news on CNN or WTOP or even some of the local networks & radio stations – it would make sense to think that. There is still lots of talk about foreclosures, heavy housing inventory & “getting a deal”.

So before we answer the question of whether we are seeing a Buyers Market or a Sellers Market in Vienna and Oakton, let’s define what we’re talking about.

  • A “balanced market” is defined as a market where there is 3-6 months of inventory on the market. So for example, if homes have been selling at the rate of 200 homes per month (this is purely an example) and there were 1,000 homes on the market – then there would be a 5 month supply of inventory. This would be a “balanced market” – where there is a healthy “balance” between Buyers & Sellers – with no advantage to either side.
  • A Sellers Market is defined as less than a 3 month housing supply. (This is what we saw before the “bubble” popped.) In a Sellers Market, there is much more demand for housing than there is supply and therefore in general, the “advantage” goes to a Seller. In a Sellers Market you see multiple contracts on the same home, escalation clauses and other changes in contracts like people waiving inspections.
  • A Buyers Market is defined as a market with more than a 6 month housing supply. There is lots of inventory. Buyers have tons of homes to choose from and therefore have the “advantage” and can get “a deal”. Buyers can really negotiate – not just in terms of price – but in other areas. Buyers may get Sellers to pay closing costs or do more repairs to the home for example.

SO – the big question is . . . . what market are we in . . . .IN VIENNA AND OAKTON?

The last part of that question (“in Vienna and Oakton” is the most important. Because real estate is LOCAL. What is happening in Vienna may be very different than what is happening in Vermont. And what is happening in Oakton may be the complete opposite of what is happening in Omaha. So when you listen to the national news – you are only getting an overall picture. And while that is important in terms of may things – the economy, among others – what you really want to know when you are looking at buying and/or selling is . . . what is happening in MY area?

So, now to answer the question!

We monitor the statistics in our hyperlocal market of Vienna and Oakton on a weekly basis. And here is what we saw this past week:

  • Inventory in Oakton has dropped each week for the past 4 weeks. While at the same time, the rate of contracts has remained steady. This means that the number of months housing supply has dropped to its lowest point this year – 2.1 months.
  • Inventory in Vienna is at its highest point this year. However, the rate of contracts has remained high enough that the number of months housing supply in Vienna is similar to Oaktons – at 2.5 months.

“Technically” this means we are in a SELLERS MARKET in Vienna and Oakton!

(Why do I say “technically”? Because this is a general answer for the entire Vienna/Oakton marketplace. A better question if you are buying or selling would be to ask what kind of market we are in for the type of property you are looking for. When we are working with Buyers and Sellers, we do a much deeper analysis – depending on price range, type of home, school district, lot size, etc.)

So – does that mean if I put my home on the market it will sell right away?

Not necessarily – the fundamentals of real estate still apply: price, location & condition. For example, there are currently 19 homes on the market in Vienna and Oakton that have been on the market for more than a year (and 3 of these have been for sale for more than 2 years!) But that being said, what are we seeing statistically?

  • Last week – 43% of the homes that went under contract in Vienna and Oakton sold in a week or less. The overall average days on market for the homes that went under contract this week was 46 days. And the average days on market for homes that are actively on the market is 103 days.

Our advice to Buyers and Sellers is the same as last week: 

SELLERS

NOW NOW NOW is a great time to sell! Flowers are blooming, trees are filling out, your home will look its best. And more importantly INVENTORY IS LOW. This is optimal for you!

(In 2010, Belt Team listings in Vienna sold in an average of 22 days. That’s a whole month faster (and a whole mortgage payment saved) than the average agent. In Oakton and all around Northern Virginia, we had similar results. If you would like The Belt Team to represent you, contact us here or call (703) 242-3975).

BUYERS

If you have been looking for a while and waiting for that perfect home to come on the market, don’t give up. But DO make sure you are ready (with your loan fully approved, fund ready to write an earnest money deposit check, etc.) and that you have a Realtor on your side working in YOUR best interests. The Belt Team has assisted 4 Buyers already this year in finding their “ideal home” via networking & prospecting on their behalf to find homes for them that were not even on the market. (Contact The Belt Team if you would like us to help you find your “dream home”)

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 21
  • Average Days on Market for Active Listings: 101 days
  • Average Days on Market for Listings That Went Under Contract: 40 days
  • Inventory: 227 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): 2.5 months

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

  • Number of Contracts: 9
  • Average Days on Market for Active Listings: 109 days
  • Average Days on Market for Listings That Went Under Contract: 60
  • Inventory: 81 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.1 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.1 months

If you’re thinking of buying or selling a home, 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 House In Vienna – May 8th

TGIF & time for our Open House Theme Song of the Week!

This week’s song goes out to all of you who may be feeling like this:

“Situation no win

Rush for a change of atmosphere

I cover the walls so I give in

Gotta get myself right out of here” 

Recognize the song? No? It’s called “Rush” and it’s from Big Audio Dynamite. If those thoughts echo yours – and it’s time to move to a new house – we’ve got a FABULOUS one for you. Imagine having more space – every amenity – less of a commute. And a better quality of life. Stop by our open house on Sunday – we’ve got the perfect “change of atmosphere” for you! (Scroll down for details)

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OPEN SUNDAY, MAY 8th 1-4pm

1929 Beulah Road in Vienna – $1,329,900

This incredible home is simply fabulous – both inside & out. With 6,000 finished square feet and 3 finished levels, it’s as perfect for everyday living as it is for entertaining. Enjoy a stunning two-story family room with gas fireplace, tray ceiling master bedroom with luxurious bath, a wonderful walkout lower level with wet bar, efficiency kitchen, gas fireplace and even a dumbwaiter to the kitchen! Plus outside you’ll find a delightful gazebo, pergola, patio & more!

Directions: From Tysons: Route 123 South into Vienna, Right beulah Rd to #1929. Watch for a private driveway on the right just past John Marshall Dr & just before Wolftrap Elementary School.

More Info about 1929 Beulah Road in Vienna

Read about “Life In Vienna

Contact The Belt Team 

This Week In Vienna / Oakton Real Estate – 6 Things You Need To Know

What happened in Vienna and Oakton real estate this past week?

1. The rate at which homes went under contract remained strong. For the 2nd week in a row, Vienna saw 20 homes go under contract. And with 10 contracts, Oakton hit double digits for only the 3rd time this year.

2. Many homes are selling quickly. As an example, The Belt Team put a home on the market on Loch Lomond Drive in Vienna recently and sold it in 1 day! 47% of the homes that went under contract in Vienna and Oakton this past week sold in 2 weeks or less. (However, note that “average days on market” for active listings is still about 100 days.)

4. Five homes listed above $1 million (17%) went under contract this week. While 77% of the homes that went under contract were listed at $800,000 or less.

5. While inventory is at its highest level this year, the housing supply in both Vienna & Oakton remains VERY low. If homes continue to sell at the contract rate we have seen over the past 30 days, based on today’s inventory – there is only a 2.3 month supply of homes in Vienna and a 2.6 month supply in Oakton! (Can you say SELLER’s MARKET?!)

6. Open house activity has been high. Granted, not all folks coming through open houses are “Real Buyers”, but we have found this to be an indicator of activity. The more people we see at open houses, the more active the market seems to be in general.

SELLERS

NOW NOW NOW is a great time to sell! Flowers are blooming, trees are filling out, your home will look its best. And more importantly INVENTORY IS LOW. This is optimal for you!

(In 2010, Belt Team listings in Vienna sold in an average of 22 days. That’s a whole month faster (and a whole mortgage payment saved) than the average agent. In Oakton and all around Northern Virginia, we had similar results. If you would like The Belt Team to represent you, contact us here or call (703) 242-3975).

BUYERS

If you have been looking for a while and waiting for that perfect home to come on the market, don’t give up. But DO make sure you are ready (with your loan fully approved, fund ready to write an earnest money deposit check, etc.) and that you have a Realtor on your side working in YOUR best interests. The Belt Team has assisted 4 Buyers already this year in finding their “ideal home” via networking & prospecting on their behalf to find homes for them that were not even on the market.

(Contact The Belt Team if you would like us to help you find your “dream home”)

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

  • Number of Contracts: 20
  • Average Days on Market for Active Listings: 102 days
  • Average Days on Market for Listings That Went Under Contract: 60 days
  • Inventory: 216 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 2.7 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.3 months

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

  • Number of Contracts: 10
  • Average Days on Market for Active Listings: 100 days
  • Average Days on Market for Listings That Went Under Contract: 27
  • Inventory: 89 homes on the market
  • Number of Months Supply of Homes (Based on past 90 day contract rate): 3.8 months
  • Number of Months Supply of Homes (Based on past 30 day contract rate): 2.6 months

If you’re thinking of buying or selling a home, 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!