Category: Uncategorized

Home Sale Statistics in Our Area – July 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 July 2019.

It is still a great time to sell! 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 …we’d love to help you realize your real estate dreams!

• 27,439 homes went under contract in the region. This is up (12.8%) from the same time period in 2018.

• 28% of the homes that went to settlement in July 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $368,571 (up 4.91% from the same time period in 2018).

• 33,104 homes came on the market. That’s down 0.1%from July 2018.

• Homes that sold (closed) averaged 57 days on market, 7 days longer than in July of 2018.

• There is currently a 3.0 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 66,513 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  Again, the overall market conditions in the region did not change significantly in July but let’s take a look at some of our local markets and see what their numbers look like. 

Buyers & Sellers who are successful in today’s market look at the data and act accordingly…and so do our agents!  Contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market you are targeting and can provide you with all the information you need.

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

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

Home Sale Statistics in Our Area – June 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 June 2019.

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!

• 28,484 homes went under contract in the region. This is up (8.23%) from the same time period in 2018.

• 31% of the homes that went to settlement in June 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $374,501 (up 4.91% from the same time period in 2018).

• 35,305 homes came on the market. That’s down 4.16% from June 2018.

• Homes that sold (closed) averaged 55 days on market, 4 days longer than in June of 2018.

• There is currently a 3.0 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 67,494 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  We saw a very slight increase in the average sales price from last month and the number of new listings that came on the market decreased again this month. 

The overall market conditions in the region did not change significantly in June but let’s take a look at some of our local markets and see what their numbers look like…some areas have seen their market slowing a bit.  The number of homes hitting the market decreased from last month and the average days on market is increasing.

Buyers & Sellers who are successful in today’s market look at the data and act accordingly…and so do our agents!  Contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market you are targeting and can provide you with all the information you need.

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

Home Sale Statistics in Our Area – May 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 May. 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!

• 31,155 homes went under contract in the region. This is up (10.02%) from the same time period in 2018.

• 31% of the homes that went to settlement in May 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $368,854 (up 4.35% from the same time period in 2018).

• 41,647 homes came on the market. That’s up 1.42% from May 2018.

• Homes that sold (closed) averaged 59 days on market, 3 days slower than in May of 2018.

There is currently a 3.0 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 67,332 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. We saw a slight increase in the average sales price from last month and the number of new listings that came on the market decreased by over 21,000.

We’ve said it before….the trend continues to be the difference between inventory and demand in the upper-end price points (“luxury”) vs the more affordable segments (“starter & trade-up market”).

So, if you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price! So, 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.

Let’s take a deeper dive into the numbers of our local market areas, and see where this trend continues…

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

Home Sale Statistics in Our Area – April 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 April.

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!

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  However, the trend continues to be the difference between inventory and demand in the upper-end price points (“luxury”) vs the more affordable segments (“starter & trade-up market”).

  • Inventory continues to rise in the luxury and premium home markets which is causing prices to cool. ‘
  • Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis.

If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price!  So, 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.

Let’s take a deeper dive into the numbers of our local market areas, and see where this trend continues…

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

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!

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

10 Things I Wish I Knew When I Was New in Real Estate

Are you thinking of getting into real estate?

Are you a newly licensed Realtor?

Maybe you’re not new and still finding your way?

You’re invited to join our CEO Terry Belt for a round table gathering where he’ll share the ten things he wishes he had been told when he was a new real estate agent. (Bring your lunch. It’s casual!) Terry is a seasoned real estate veteran who is recognized nationally. More importantly, he’s a down-to-earth, good guy, passionate about leading others to success.

“10 Things I Wish I Knew When I Was New”

January 24th, 12-1pm

“Your life does not get better by CHANCE, it gets better by CHANGE” Jim Rohn

#thebeltteam#changinglivesforthebetter

How’s the Housing Market?


The number one question Terry & Tom are getting at the holiday parties this season is “How’s the housing market?”. 

That is an extremely broad question in our opinion. We know you want a straight forward and direct answer, but bottom line is that it depends.  It’s kind of like the stock market. That may be a bad subject for people over the last few weeks (sorry!), but it’s very similar in the way someone would answer the question “How’s the stock market?”.

If you’re talking about the stock market, just like the housing market, there’s never a bad time to buy, generally speaking. There are always highs and lows. But we need to dig a bit deeper to discuss the market as it pertains to the person asking specifically. So, our question to them would be, “What’s your situation? Are you needing to sell, wanting to sell? Are you needing to buy, wanting to buy? These all play a role in how the market is doing in regards to their specific situation. 

If you are currently in the market to buy a home you may have seen national headlines about how strong the market is right now. What market are those headlines referring to? Be sure to check out our latest video to hear about different buyer/seller scenarios and what a healthy market looks like. 

Thinking of buying or selling or knows someone who is? We want to help anyway we can! Feel free to drop your questions in the comments or reach out to us. 

Give us a call at 703-242-3975 or Email: info@thebeltteam.com 

Winter Walk of Lights 2018! Oh What a night!

This years client appreciation event at Meadowlark Gardens may have been our best year yet! The night was full of donuts, bundt cakes, candy canes, hot chocolate, magical lights, raffles, live music, and good company!

We had so many amazing families and friends come enjoy the evening with us. Getting to celebrate our clients is truly one of the best parts of the job! Our clients have let us into their lives for many years, and we have been privileged to help them create a home for themselves and their families. Thank you for trusting us and thank you for such a wonderful night! 

Nothing but smiles all night long! 

Families got to enjoy donuts, hot chocolate (With all the fixings!), candy canes & more! Thursday night was a chilly one, so this sure warmed them up after going through the Walk of Lights.

Did I mention there was live music? Everyone loved it! They even took request from the little ones running around. Number 1 request of the night…Jingle Bells! 

The Setting was a sight to be seen! If you haven’t been to Meadowlark Gardens add it to your list of places to see this Holiday Season!  

Thank you again to our wonderful sponsors and to all the local businesses that donated raffle items. NV Roofing, Sanchez Construction, Gary Clark Inc., Karin’s Florist, Caboose Brewery, Vienna Inn, Church Street Pizza.  

UNTIL NEXT YEAR BELT TEAM FAMILY! 

Getting Your Home Ready to Sell!

getting your home ready to sell!

We recently received a question on our Facebook page that we think many more of our followers may be asking themselves. The Question:

question

This one question sparked a conversation between our CEO, Terry Belt & Partner Agent, Tom Hanton about not only painting, but staging & re-purposing as well. Be sure to check out the video here.

green wall

Green is fresh, green is fun, green is not everyone’s favorite color. Bold, unique, and funky colors are super cool, but they do not typically work for everyone. When you are listing your home you want someone to walk in and be able to picture themselves living there. You want them to imagine their furniture in your living room, their pictures hung on your walls, and they cannot do that if the wall colors clash with their plans. The best option in this scenario is to re-paint to a much more neutral color (taupe, light grey, beige, tan, etc.). Think model home. You want your home to be a blank slate for a buyers imagination to run wild!

taupe-living-room-sofa-collection

Welcome home! This house is bright, fresh (without being green), and clean. This is a prime example of a home that is ready to sell. If your walls are a neutral color like in the above photo you are in a good place. Our only tip here would be to pay attention to your base boards and moldings. Make sure they are a bright white. This small tweak will make the room appear much brighter and welcoming to potential buyers.

Painting is a very simple to-do when getting your home ready to sell, and it goes hand in hand with staging. The Belt Team has been in the industry for over 50 years and have formed relationships with some of the best stagers in the industry. We often coordinate consultations for our clients with our favorite stagers when we are trying to get their home ready for the market. Having a professional come in takes a lot of the stress off of you during an already stressful time. If your budget doesn’t allow for full staging, there is also the option of re-purposing. This is a simple fix when you’ve got the pieces, but they are not being used in the most optimal way. A professional stager can come in and re-purpose your furniture, decorations, etc. and create a scene that a buyer will be blown away by.

Below is an example of re-purposing a room! This was one of our past listings. When the room being setup as a bedroom was not working, our stager came in and suggested turning it into a recreation room instead. We got much better feedback with this setup from potential buyers.

Overall the decision to paint, stage, and re-purpose is 100% up to the seller. Your agent’s job is to help you make those decisions and suggest the best game plan for the quickest sale of your home. Like most things in real estate there is never a simple answer to most questions. We hope these few tips can help you consider the best options to get your home market ready!

If you have any other questions or topics you want us to cover please do not hesitate to reach out!

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