Home Sale Statistics in Our Area – March 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for March.

Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

Mid-Atlantic Region March 2019 home sales:

11,647 homes went under contract in the region. This is up significantly (30.59%) from the same time period in 2018!

26% of the homes that went to settlement in March 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $404,518 (up 2.6% from the same time period in 2018 when it was $394,114)

20,338 homes came on the market. That’s down 1.4% from March 2018.

• Homes that sold (closed) averaged 70 days on market, 11 days faster than in March of 2018.

• There is currently a 2.5 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 Mid Atlantic Region – and 28,094 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

Let’s take a deeper dive into the numbers of our local market areas, and see if there continues to be segments that are experiencing a somewhat different market.  The upper-end price points in some areas have been experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points have less inventory and homes are selling much faster.  

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

Remember…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

Home Sale Statistics in Our Area – February 2019

Welcome to our monthly post of home sale statistics for our region and some hyper-local markets! Below you will find the numbers for February.

Please call The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

11,840 homes went under contract in the region. This is down 1.94% from the same time period in 2018.

19% of the homes that went to settlement in February 2019, sold in 10 days or less from when they hit the market. 

14,043 homes came on the market. That’s down 3.07% from February 2018.

Homes that sold (closed) averaged 78 days on market, 9 days slower than in February of 2018.

There is currently a 2.4 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 Mid Atlantic Region – and 26,637 homes for sale (townhouse, condo, and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are experiencing somewhat different market conditions.  The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are less inventory and homes are selling much faster. 

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

And…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings. Or Text BELT to 59559 for a FREE home valuation!

Tips For Getting Your House Ready For Sale

It is a sellers market! If you want to sell your home soon, it’s worth putting in the work now. Let’s get together to chat and start the process!

The Belt Team specializes in creating real estate success stories, and we would love to be a part of yours! If you, a friend, or family member are looking to buy or sell we would love to connect.

Thinking about selling? Visit http://www.TheBeltTeam.com

Thinking about buying? Visit http://www.BeltTeamRealEstate.com

Or give us a call at 703-242-3975

Fairfax County Real Estate Tax Assessments Have Been Mailed!

Those of you who live in Fairfax County should have recently received your real estate tax assessment.

For a large number of you (76%!), the assessment went up. And, well, that will likely mean higher taxes this year (the Board of Supervisors will set the 2019 tax rate later this spring, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased). On average, assessments are up 3.6%.

However, the assessments did not rise as much as the previous year in part because values did not rise as much. While 2017 saw a 4.21% increase in median sold price in Fairfax County, 2018 was slightly lower at 3.03%.

(If you have not received your notice yet, you can check your Fairfax County assessment value online)


Here are some overall stats from Fairfax County:

Of the 354,695 taxable parcels in Fairfax County:

  • 294,520 have an assessment change
  • 60,175 have no assessment change

Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):

  • Single family-detached homes – $673,407, up 2.17%
  • Townhouse/duplex properties – $422,490, up 3.12%
  • Condominiums – $272,914, up 2.98%

Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)

If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment.

Assessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with The Belt Team for a custom estimate.

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 3rd. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

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!

3 Reasons Why We Are Not Heading Toward Another Housing Crash

3 Reasons Why We Are Not Heading Toward Another Housing Crash | MyKCM

With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of twelve years ago.

The Belt Team, CEO, Terry Belt says, A difference now compared to the last cycle is that the economy is bustling at levels not seen since the mid/late 1980s and jobs are being created and consumer confidence and real wages are increasing.  The last cycle all of these factors were all trending negative and also amidst a higher mortgage/interest rate environment.

Here are three key metrics that will explain why:

  1. Home Prices
  2. Mortgage Standards
  3. Foreclosure Rates

HOME PRICES

A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011). Today, prices are not depreciating. The level of appreciation is just decelerating.

Home values are no longer appreciating annually at a rate of 6-7%. However, they have still increased by more than 4% over the last year. Of the 100 experts reached for the latest Home Price Expectation Survey94 said home values would continue to appreciate through 2019. It will just occur at a lower rate.

MORTGAGE STANDARDS

Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today’s standards are nowhere near as lenient as they were leading up to the crash.

The Urban Institute’s Housing Finance Policy Center issues a quarterly index which,

“…measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.”

Last month, their January Housing Credit Availability Index revealed:

“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”

FORECLOSURE INVENTORY

Within the last decade, distressed properties (foreclosures and short sales) made up 35% of all home sales. The Mortgage Bankers’ Association revealed just last week that:

“The percentage of loans in the foreclosure process at the end of the fourth quarter was 0.95 percent…This was the lowest foreclosure inventory rate since the first quarter of 1996.”

Bottom Line

After using these three key housing metrics to compare today’s market to that of the last decade, we can see that the two markets are nothing alike.

It is always a good time to buy or sell, and we are here to help! Let’s chat. Give us a call at 703-242-3975 or send us an email at info@thebeltteam.com .

Check out the latest listings

Home Sale Statistics in Our Area – January 2019

On The Belt Team, we take pride in being your local real estate “experts”!  Part of that involves staying on top of market stats & trends.  In this post, and on a monthly basis, we will share with you some of the home sale statistics we watch in our region and in our own backyard.  

10,689 homes went under contract in the region. This is down 1.54% from the same time period in 2018. 

16% of the homes that went to settlement in January 2019, sold in 10 days or less from when they hit the market.

Average sold price was $396,337 (up 6.69% from the same time period in 2018 when it was $371,497)

12,625 homes came on the market. That’s up 3.14% from January 2018.

Homes that sold (closed) averaged 78 days on market, 12 days slower than in January of 2018.

There is currently a 2.3 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 Mid Atlantic Region – and 26,560 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region is still in a Seller’s Market.  The inventory remains low…advantage Sellers!

However, as you dig deeper into the numbers of our local market areas, you will find segments that are experiencing somewhat different market conditions.  The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.  

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

And…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

Happy Valentine’s Day! How to Know if You’ve Found the Real Estate Agent of Your Dreams!

Whether you are buying your first home, or selling your house to move up to the home of your dreams, finding the right agent to help you on your journey should be your first step! Look for someone who guides you with the ‘heart of a teacher’ and keeps your goals top of mind. Let’s get together to chat about all the ways we can make your dreams come true!

The Belt Team specializes in creating real estate success stories, and we would love to be a part of yours! If you, a friend, or family member are looking to buy or sell we would love to connect.

Thinking about selling? Visit www.TheBeltTeam.com 

Thinking about buying? Visit www.BeltTeamRealEstate.com 

Or give us a call at 703-242-3975

The KonMari Method: Helping You Prep Your House For Sale

The KonMari Method: Helping You Prep Your House For Sale | MyKCM

One of the biggest challenges sellers face when listing their house is decluttering. Cleaning out some of the more personal decorating choices allows buyers to imagine themselves living in the house.

Those planning to sell soon are in luck! Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.

“The KonMari Method™ encourages tidying by category – not by location – beginning with clothes, then moving on to books, papers, komono (miscellaneous items), and, finally, sentimental items. Keep only those things that speak to the heart, and discard items that no longer spark joy. Thank them for their service – then let them go.”

When you subjectively look at all of your belongings, you can sort through the ones that mean the most to you. Not only will you increase space for more joy-bringing items in your new home, but you will also have a much easier time packing remaining belongings!

“Remember, tidying up isn’t about getting rid of stuff. It is about creating an environment that sparks joy and improves your quality of life.”

When selling your house, first impressions matter! Before you or your agent schedule a photographer to take photos for your listing, make sure to tour your home with fresh eyes. Look for any imperfections that a buyer might notice.

When you sort through your more sentimental items, consider packing them away to ensure that you know where they all are. That way, they are safe during open houses and showing appointments. This will also cut down on the amount of packing you need to do right before you move!

Bottom Line

Whether you are selling your house to move up to a larger one, downsizing, or moving in with family, only bring the items that truly spark joy for you. This will not only help cut down on the items you move, but also ensures that you’re off to a great start in your new home!

Thinking about selling? Visit www.TheBeltTeam.com 

Thinking about buying? Visit www.BeltTeamRealEstate.com 

Or give us a call at 703-242-3975

Shhhh! What NOT To Say When Your Home Is On The Market!

Real estate markets around the country differ in terms of the protocol of how showings are handled. In some areas, homes are shown by appointment only with the listing agent present for every showing. In Northern Virginia, it’s customary for buyer agents to let Sellers know when they would like to show the home to their clients. The Seller then lets the agent in or the agent accesses the home through the lockbox that is placed on the door. (Appointment only listings exist, but unless the home is in the multi-million dollar luxury category, this can be a huge detriment to selling.)

This means Sellers are often home when agents come to show. We recommend that our Sellers leave during showings so Buyers can really picture the house as “theirs”. The other reason we recommend they leave is because it’s in their best interests NOT to discuss the following things with the Buyer Agent or the Buyers. Why? Because potential purchasers want to obtain the LOWEST price and BEST terms for themselves. And Buyer Agents represent them, not you.

The conversation might be a casual one. Just a meet & greet as you head out the door. But don’t get caught off guard and end up in the DANGER ZONE!

7 Things Home Sellers Should Not Say

7 Things Sellers Should NOT Discuss With Buyers (or Buyer Agents):

1. Reason for selling

2. Motivation/urgency to sell

3. Willingness to consider an offer less than the listing price

4. Terms under which you would sell

5. Relocation, timing, benefits & policies

6. Items of personal property which you “might” be willing to include in a sale.

7. Any confidential information that would serve to disclose your negotiating strategy.

For more tips about how to sell your home for the highest price, contact Terry Belt & The Belt Team. We are known nationally for our top-notch negotiating skills and Belt Team listings sell FASTER and for MORE MONEY than average. It’s why we are routinely recognized among the best Realtors in Northern VA, and rank in the top realtors in the entire state.

FREE – What Is My Home Worth?

Our mission is “Changing Lives For The Better“. If it’s time to change yours, call Terry Belt & The Belt Team at (703) 242-3975

8304 Forestree Ct Vienna, VA 22182 Under Contract – 0 days on the market!

8304 Forestree Ct Vienna, VA 22182 was just put under contract with 0 days on the market!

Gorgeous colonial in sought after Silentree! This is an unbeatable Vienna location close to many amenities, great schools, amazing parks, and major commuting routes. This property offers a flowing floor plan for everyday living and entertaining. Featuring immaculate 4 bedrooms & 2.5 baths, new carpets, new stainless steel appliances and granite counter tops, a wood burning fireplace, as well as a large deck leading to a spacious patio. The fabulous outdoor living space makes this the perfect home for family, friends, and entertainment.

Price and LOTS more photos of 8304 Forestree Ct Vienna, VA 22182

Lets sell your home next! Call Kevin Kleifges & The Belt Team at (703) 242-3975!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! Special info for Vienna Home Sellers.)

1_8304 Forestree_Front 1