West Village of Shirlington Condo – Open Sunday April 6th

4131-C South Four Mile Run Drive in Arlington – Open Sunday 11:30AM-1:30 PM!

List Price: $459,000

Arlington Condo For Sale

Welcome to this delightful 2 bedroom, 2 full bath, end unit cottage condo in the West Village of Shirlington . . . a great location for commuters and just moments to shops, restaurants, movie theater, and much more!  This spacious home features an open floor plan, gorgeous hardwoods throughout, eat-in kitchen with granite countertops, stainless steel appliances & center island with breakfast bar, spacious master bedroom with loads of closet space, oversized showers in both bathrooms, and in unit washer/dryer.  Also enjoy the many amenities West Village has to offer.  A move-in ready home not to miss!

Directions, pictures and more information about 4131C S Four Mile Run Drive

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Call (703) 242-3975 for more info or to schedule a showing at the West Village of Shirlington!

Symphony Hills Beauty Open in Vienna – Sunday, March 23rd

This gorgeous, updated home in Vienna’s sought after Symphony Hills is listed at $824,900.

Vienna Home For Sale

  • Spacious & updated!
  • 5 bedroom rambler!
  • English garden!
  • Wolftrap / Kilmer / Madison school pyramid!

Is THIS the one you’ve been waiting for?!

Open Sunday, March 23rd from 1-4PM!

More info, photos & directions to 9627 Percussion Way in Vienna

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Contact The Belt Team for more info or to schedule a showing call (703) 242-3975!

Coming Soon: Delightful Colonial in Popular Eudora Subdivision in Vienna!

Labrador Lane Vienna

Coming soon in the fabulous neighborhood of Eudora – mere minutes from all the amenities of the Town of Vienna (but no town taxes!). Great schools & easy commuting!

Enjoy a flowing floorplan, updated windows & siding, separate family & living rooms, an eat-in kitchen with stainless appliances, formal dining room, main level office, remodeled lower level with exercise room and full bath, great back area perfect for entertaining.

Call (703) 242-3975 for more info!

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Arlington Open House – March 16: Condo in the West Village of Shirlington

4131-C South Four Mile Run Drive in Arlington – Open Sunday, March 16th 1-4PM!

List Price: $479,900

Arlington Condo For Sale Shirlington

Directions, pictures and more information about 4131C S Four Mile Run Drive

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Open House in Vienna VA – Symphony Hills – March 16th

Vienna Home For Sale

There are only 6 homes on the market in Vienna listed between $750,000 and $850,000; and most of them have been on the market for a while.

But we have a new listing that could just be THE ONE YOU’VE BEEN WAITING FOR! And it’s open this Sunday, March 16th from 1-4PM!

More info, photos & directions to 9627 Percussion Way in Vienna

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Contact The Belt Team for more info or to schedule a showing!

Are We In A Buyer’s Market or A Seller’s Market In Northern VA?

Northern VA Real Estate Market Fluctuation

When we meet with our Buyers & Sellers for their initial consultation, one of the things we talk about is what’s happening nationally, regionally and locally in the real estate market – how much homes are selling for, what’s on the market, and how fast homes are selling. The question that comes up most often is “Are we in a Buyer’s Market or a Seller’s Market?”

First, let’s define the terms:

“Balanced Market”: is a real estate market where there is about 6 months of housing inventory. There is no real advantage to one side or the other.

“Buyer’s Market”: is a real estate market where there are more homes on the market than there are Buyers, so much so that Buyers have the upper hand in negotiating and can often get a deal. Typically, a “Buyer’s Market” is defined as more than 6 months of housing inventory.

“Seller’s Market”: is a real estate market where there are a plethora of Buyers and not many homes on the market. This means Sellers have the advantage and this is a market where we see competing offers on many homes. Typically, a “Seller’s Market” is defined as less than 3 months of housing inventory.

So where are we today in Northern VA?

(Search Homes For Sale in Northern VA On Our State-of-the-Art Search Site)

In most areas in Northern VA (Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, Fairfax, Falls Church, Herndon, Reston, Springfield, Sterling & Vienna) – housing inventory is less than 2 months and we are in a Seller’s Market.

In Oakton, housing inventory is just under 3 months, which is technically also a Seller’s Market – but there are pockets – with some neighborhoods &  price ranges that are seeing a Balanced Market and others seeing a Seller’s Market.

In Great Falls & McLean, housing inventory is 6 months & 3 months respectively – so technically a Balanced Market. However, note that as you go up in price range, there are HUGE variances and some areas are actually still seeing a Buyer’s Market.

Here are the stats for each city in Northern VA:

CITY # Months Inventory Market
Alexandria 1.6 Seller’s
Arlington 1.8 Seller’s
Ashburn 2.8 Balanced
Burke 1.3 Seller’s
Centreville 1.1 Seller’s
Chantilly 1.3 Seller’s
Dunn Loring 2 Seller’s
Fairfax 1.1 Seller’s
Falls Church 1.5 Seller’s
Great Falls 6 Balanced
Herndon 1.8 Seller’s
McLean 3 Balanced
Oakton 2.5 Seller’s
Reston 1.3 Seller’s
Springfield 0.8 Seller’s
Sterling 1.2 Seller’s
Vienna 1.5 Seller’s

Call The Belt Team at (703) 242-3975 for a detailed analysis on YOUR neighborhood. After all, it’s only the area you live in or WANT to live in that matters!

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FREE – How Much Is My Home Worth

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Just Listed & Open Sunday: Updated Beauty in Symphony Hills (Vienna, VA)

Vienna Home For Sale

There are only 9 homes on the market in Vienna listed between $725,000 and $925,000; and most of them have been on the market for a while.

We have a brand new listing that just might be THE ONE YOU’VE BEEN WAITING FOR! And it’s open this Sunday, March 9th from 1-4PM!

More info, photos & directions to 9627 Percussion Way in Vienna

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Contact The Belt Team for more info or to schedule a showing!

Open Sunday, March 9th in the West Village of Shirlington

4131-C South Four Mile Run Drive in Arlington – Open Sunday 1-4PM!

List Price: $479,900

Arlington Condo For Sale Shirlington

Directions, pictures and more information about 4131C S Four Mile Run Drive

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What Homebuyers Need To Know About “Shadow Inventory” in Northern VA

Shadow Inventory in Northern VA

Have you ever heard the term “shadow inventory“?

Shadow inventory is normally a term that refers to a supply of homes that has not yet been put on the market, but is “lurking” in the background – usually real estate properties that are in foreclosure (REO or bank owned properties) or close to foreclosure.

But there really is another type of “shadow inventory” here in Northern Virginia; and if you’re a Buyer, you need to pay attention to this!

As you know, inventory around Northern Virginia is scarce. Homes are selling quickly and there is not a glut of homes on the market the way there was five years ago. Homes that are priced well, in a good location and in good condition are getting snapped up – and sometimes getting multiple, competing contracts and selling over list price. Places like Vienna, VA for example, only have 2.5 months of housing inventory.

In the meantime, prices are rising and so are interest rates. So what is a Buyer to do?

Find the shadow inventory! Not the REO homes, but the “other” shadow inventory.

Successful, experienced Realtors often have their own “shadow inventory”. When you’ve been in the real estate business for an extended period of time and are tops in your field, you build up a very loyal clientele & following. And this means that past clients (and new ones) often contact you well in advance of going on the market. They list their home with you and then have you consult with them on how they can maximize the return on their home. Only then do they go about preparing the home – doing repairs, improvements, painting, staging, etc. And the home does not go on the market until everything is ready.

Therefore, there is a period of time between when the home is listed and when it actually hits the market. THIS creates a small amount of “shadow inventory” and THIS is why Buyers should work with TOP Realtors. It maximizes their chances of finding their dream home. Not only do TOP Realtors often have their onw shadow inventory, they zre wired in with other TOP agents as well. (This is one reason our team is affiliated with Keller Williams in McLean. Some of the best Realtors in the country are also in our office. It’s a BIG advantage for our clients.)

As an example, The Belt Team has signed listings for properties in the following areas that are not on the market yet: Great Falls, VA and Vienna, VA.

In addition to this, top agents also have vast networks of contacts and can reach out to them on your behalf. Sometimes, people are not actively ready to sell their home, but when we reach out to them on behalf of a buyer who has targeted their neighborhood and who is already approved for a loan, it’s enough to make them consider a sale. And sometimes they actually sell – without putting their home on the market. We have sold a number of homes that way. And it’s a win-win for both buyer and seller.

If you would like to work with a real estate team who is creative, proactive and who thinks outside the box, contact The Belt Team at (703) 242-3975. That’s what it takes to make your real estate dreams come true in today’s market.

Our mission is “Changing Lives For The Better, One Family At A Time.” Is it time to change YOURS?

Percentage of Underwater Homes Drops Nationally – What About Northern VA?

We recently attended a conference in Austin where national statistics were presented on the housing market. One of the pieces of good news that was presented was the fact that the percentage of homes that are underwater (ie – homeowners owe more than the homes are worth) has dropped significantly since last year.

We closed 2012 with almost 22% of homes underwater across the United States. After the first two quarters of 2013, that number had dropped down to 14.5%. And 7% of properties returned to positive equity by mid-year.

Underwater Homes

So – what’s happening in Northern VA?

Northern VA has had less homes underwater than many places nationally, but we still have had our share. Well – prices are up, inventory is still fairly low, and interest rates are rising.

This kind of makes for the Perfect Storm.

Rising interest rates could hurt both buyers and sellers. When rates rise, buyers lose buying power. They can’t get as much for their money, it’s harder to qualify for loans and at some point – they drop out of the market. This means demand wanes. When demand wanes, and less buyers are in the market, Sellers have less leverage when selling.

We’re starting to get a lot of calls from savvy homeowners in Northern Virginia who tried to sell (or wanted to sell, but didn’t even try) during the years 2007-2011. They have realized that in many cases, prices are up enough that they can make that next housing move – the one they thought they could make a few years back, but couldn’t. Some are seizing the opportunity to downsize. And some are making a much needed upward move to accommodate their growing families. They realize this just might be the time to put their toes back in the water to see if the numbers work – BEFORE interest rates rise so high that buyers for their home are priced out.

Northern VA Home Sellers

Micro-markets in our area mean that this scenario may not apply to you. For example, there are some areas that are always in demand & insulated from outside market forces. And there are other markets – for example, the luxury market – where demand may not be as swift. If you’re wondering whether you can sell – NOW is the time to consult a Realtor and run the numbers. You may have missed the market last time, but don’t miss it this time.

If you want to take a look at a general valuation of your home before your schedule a consultation – try out our new FREE HOME VALUATION TOOL. You’ll get an immediate online estimate.

How Much Is My Home Worth Virginia

Our mission is “Changing Lives For The Better”. If it’s time to change yours, give us a call at (703) 242-3975.