Month: May 2021

8424 Blevins Way Ct, Vienna VA 22182 – Just Listed by The Belt Team!

Price, features and LOTS more photos: 8424 Blevins Way Ct, Vienna VA 22182

Welcome to 8424 Blevins Way Ct…a beautifully updated and well maintained colonial in a quiet and private location in Vienna. This 4BR/3.5BA home with three levels of finished living space is situated on a 1/3 acre lot on a quiet cul-de-sac in a neighborhood great for commuters and convenient to many amenities…Town of Vienna, Tysons Corner & the Boro, and the Mosaic District! Updates include kitchen (new floor, refrigerator, range & microwave as of 2021), 3 baths, carpet & painting (2021), windows, new garage door (2019), HVAC (2016), Roof (2014) and much more. Other standout features include hardwood floors throughout the main level, kitchen with large island open to family room with wood-burning fireplace, separate dining room, living room, primary bedroom suite with walk-in closet, finished walk-out lower level with rec room, wood-burning fireplace and bonus/game room, fabulous screened-in porch leading to the back deck, wonderful fenced-in back yard with mature trees, laundry conveniently located on the upper level, and attached 2-car garage. Don’t miss this opportunity to live in an amazing Vienna location…great schools, great for commuters, close to everything and NO HOA!

Call Beth Dadisman at (703) 577-1144 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

Coming Soon in Vienna VA 22182

Beautifully updated and well maintained colonial…4BR/3.5BA home with three finished levels of living space situated on a 1/3 acre lot on a quiet cul-de-sac. Updates include kitchen (new floor, refrigerator, range & microwave as of 2021), 3 baths, carpet & painting (2021), windows, new garage door (2019), HVAC (2016), Roof (2014) and much more. Other standout features include hardwood floors throughout the main level, an eat-in kitchen with island open to family room with wood-burning fireplace, separate dining room, living room, primary bedroom suite with walk-in closet, finished walk-out lower level with rec room, wood-burning fireplace and bonus/game room, fabulous screened-in porch leading to the back deck, wonderful fenced-in back yard with mature trees, laundry conveniently located on the upper level, and attached 2-car garage and NO HOA!
 
CLICK HERE for price and more details or call Beth Dadisman at 703-577-1144!
 

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Sellers Are Ready To Enter the Housing Market

Sellers Are Ready To Enter the Housing Market | MyKCM

One of the biggest questions in real estate today is, “When will sellers return to the housing market?” An ongoing shortage of home supply has created a hyper-competitive environment for hopeful buyers, leading to the ultimate sellers’ market. However, as the economy continues to improve and more people get vaccinated, more sellers may finally be in sight.

The Home Purchase Sentiment Index (HPSI) by Fannie Mae recently noted the percentage of consumer respondents who say it’s a good time to sell a home increased from 61% to 67%. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, indicates:

“Consumer positivity regarding home-selling conditions nearly matched its all-time high.” (See graph below):

Sellers Are Ready To Enter the Housing Market | MyKCM

Fannie Mae isn’t the only expert group noticing a rise in the percentage of people thinking about selling. George Ratiu, Senior Economist at realtor.com, shares:

“The results of a realtor.com survey . . . showed that one-in-ten homeowners plans to sell this year, with 63 percent of those, looking to list in the next 6 months. Just as encouragingly, close to two-thirds of sellers plan to sell their homes at prices under $350,000, which would offer a tremendous boost to affordable housing for first-time buyers.”

So, if you’re considering selling your house, don’t wait for more competition to pop up in your neighborhood. Reach out to us today to explore the benefits of selling your house now before more homes come to the market. 703-242-3975 | Info@TheBeltTeam.com | Contact Us

Wondering what your home is worth today? CLICK HERE to get a free, INSTANT home valuation from The Belt Team!

Experts Say Home Prices Will Continue to Appreciate

Experts Say Home Prices Will Continue to Appreciate | MyKCM

It’s clear that consumers are concerned about how quickly home values are rising. Many people fear the speed of appreciation may lead to a crash in prices later this year. In fact, Google reports that the search for “When is the housing market going to crash?” has actually spiked 2450% over the past month.

In addition, Jim Dalrymple II of Inman News notes:

“One of the most noteworthy things that came up in Inman’s conversations with agents was that every single one said they’ve had conversations with clients about whether or not the market is heading into a bubble.”

To alleviate some of these concerns, let’s look at what several financial analysts are saying about the current residential real estate market. Within the last thirty days, four of the major financial services giants came to the same conclusion: the housing market is strong, and price appreciation will continue. Here are their statements on the issue:

Goldman Sachs’ Research Note on Housing:

“Strong demand for housing looks sustainable. Even before the pandemic, demographic tailwinds and historically-low mortgage rates had pushed demand to high levels. … consumer surveys indicate that household buying intentions are now the highest in 20 years. … As a result, the model projects double-digit price gains both this year and next.”

Joe Seydl, Senior Markets Economist, J.P.Morgan:

“Homebuyers—interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence.”

Morgan Stanley, Thoughts on the Market Podcast:

“Unlike 15 years ago, the euphoria in today’s home prices comes down to the simple logic of supply and demand. And we at Morgan Stanley conclude that this time the sector is on a sustainably, sturdy foundation . . . . This robust demand and highly challenged supply, along with tight mortgage lending standards, may continue to bode well for home prices. Higher interest rates and post pandemic moves could likely slow the pace of appreciation, but the upward trajectory remains very much on course.”

Merrill Lynch’s Capital Market Outlook:

“There are reasons to believe that this is likely to be an unusually long and strong housing expansion. Demand is very strong because the biggest demographic cohort in history is moving through the household-formation and peak home-buying stages of its life cycle. Coronavirus-related preference changes have also sharply boosted home buying demand. At the same time, supply is unusually tight, with available homes for sale at record-low levels. Double-digit price gains are rationing the supply.”

If you’re concerned about making the decision to buy or sell right now, let’s connect to discuss what’s happening in our local market. 703-242-3975 | info@thebeltteam.com | Contact Us

Home Sale Statistics in Northern Virginia – April 2021

Does the low housing inventory remind you of something else we’re experiencing right now? It does Terry…listen to what he has to say and then take a look at the Northern Virginia April 2021 home sale stats below to see what the market did last month in the Region and hyper local areas.

Note: some of the year-over-year numbers saw a significant increase but this was NOT unexpected given the state of the market last year due to the pandemic.

It is still so critical to work with an experienced agent whether you are buying or selling.  The Belt Team has been in business for over 50 years and has the experience needed to navigate these waters.  So, if you are thinking of buying or selling, contact us NOW (703-242-3975).

Northern Virginia April 2021 home sales:

• 4,903 homes went under contract in the region. This is up 66% from the same time period in 2020.

• 81% of the homes that went to settlement in April 2021, sold in 10 days or less from when they hit the market.

• Average sold price was $659,937 (up 10% from the same time period in 2020).

• 6,238 homes came on the market. That’s up 66% from April 2020.

• Homes that sold (closed) averaged 12 days on market, 2 days faster than in April of 2020.

• There is currently a 0.8 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Northern Virginia – and 2,917 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. April saw increases in everything from homes coming on the market to average sold price (especially when looking at those numbers year-over-year which was expected due to the pandemic).  And the story remains the same…inventory is low (although increasing) and homes are selling very fast!

To see what the conditions are like in your community, click on the link to your desired city below! 

Vienna: April 2021 Home Sales

Oakton: April 2021 Home Sales 

McLean: April 2021 Home Sales 

Great Falls: April 2021 Home Sales 

Reston: April 2021 Home Sales 

Falls Church: April 2021 Home Sales 

Arlington: April 2021 Home Sales 

Alexandria: April 2021 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Want to know what your home is worth? Click below to get our free instant home valuation!

Fairfax County FY 2022 Budget – FINAL APPROVAL

On Tuesday, May 4th, the Board of Supervisors gave its final approval for the FY 2022 budget (there were no changes since the approved budget markup on April 27th).

As we reported in our blog post on February 25th, the final budget includes a one-cent reduction in the Real Estate Tax Rate, from $1.15 to $1.14 per $100 of assessed value. However, the average residential tax bill will increase by $224 due to the increase in residential real estate assessments (88% of Fairfax County residents saw their assessments go up!).

Click Here to see all the details on the FY 2022 budget.

If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!