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! 

10510 Adel Rd. Oakton, VA- Just Listed by The Belt Team – Luxury tucked away in Oakton!

10510 Adel Rd. Oakton, VA 22124 was Just Listed by The Belt Team!

This beautiful brick colonial is in sought after Avon park! Featuring 5 bedrooms, and 5 full and two half baths. Plus, it’s a car enthusiast’s dream, featuring an attached 3 car garage & detached 3 car garage. The detached garage also includes apartment/home office/”man cave” above with full bathroom. Exceptional features include: shining hardwood floors, vaulted ceilings, high-end architectural details, five fireplaces, a gourmet kitchen featuring professional Viking stainless steel appliances, double oven, cooktop, wine refrigerator, upgraded granite and marble countertops, and much more.Additionally, there is extensive hardscaping/landscape upgrades throughout property, along with a recently renovated heated pool, pool house, gazebo, spacious deck, and travertine and brick patios. This is luxury tucked away in Oakton!

Price, lots more photos & additional info 10510 Adel Rd. Oakton, VA 22124

Call or text Terry & The Belt Team at (703) 242-3975!

Call or text Terry & The Belt Team at (703) 242-3975 if you would like to buy or sell in Northern Virginia this year. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

Text BELTVALUE to 59559 for your FREE home valuation!

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!

10300 Mystic Meadow Way, Oakton, VA 22124 – Just Listed by The Belt Team!

10300 Mystic Meadow Way, Oakton, VA 22124 was Just Listed by The Belt Team! Here’s a sneak peek:

Price and LOTS more photos of 10300 Mystic Meadow Way, Oakton, VA 22124

Call The Belt Team at (703) 242-3975 to schedule a showing!

Welcome home to this beautiful colonial located on a gorgeously landscaped premium lot in the popular Hunterbrooke Community…great for commuters, excellent schools and close to so many amenities! This home offers 4 bedrooms & 4.5 baths, a flowing floor plan, decorative finishes & moldings, shining hardwood floors, a stunning 2-story entry foyer, an eat-in kitchen, a family room with stone fireplace & soaring ceilings, a spacious owner’s suite and finished walk out lower level with rec room, office & full bath. The incredible outdoor details include a back deck, professional landscaping, mature trees and extensive front and back lawns.

WHat Is My Home Worth

 

 

 

Oakton Homes for Sale

Oakton Homes for Sale

 

 

9986 Capperton Dr, Oakton, VA 22124 – Listed by The Belt Team & OPEN SUNDAY JULY 30

9986 Capperton Dr, Oakton, VA 22124 –  listed by The Belt Team and is OPEN SUNDAY, JULY 30 1-4 PM.  Here’s a sneak peek:

Price and LOTS more photos of 9986 Capperton Dr, Oakton, VA 22124

Call Kevin Kleifges & The Belt Team at (703) 242-3975 to schedule a showing!

Welcome to this beautiful Oakton townhome approximately 1 mile from the Vienna Metro! This 3BR/2 full & 2 half BA home features an open floor plan, light-filled kitchen with bay window, moldings, pillars & other interesting architectural touches, new carpet & paint, updated baths, a wood-burning fireplace, lower level family room with built-ins, back deck and a stone patio. Great for commuters and minutes to the heart of “downtown” Vienna, Oakton, Tysons Corner and more!

Townhouse for Sale Near Vienna Metro

Townhouse for Sale Near Vienna Metro

Townhouse for Sale Near Vienna Metro

For more questions, a specific update on YOUR neighborhood, or a FREE Buyer or Seller Consultation. – call Kevin Kleifges Belt & The Belt Team at (703) 242-3975.

WHat Is My Home Worth

 

 

 

 

9986 Capperton Dr, Oakton, VA 22124 – Just Listed by The Belt Team & Open Saturday

9986 Capperton Dr, Oakton, VA 22124 –  was JUST LISTED by The Belt Team and is OPEN SATURDAY, JULY 22 2-5PM.  Here’s a sneak peek:

Price and LOTS more photos of 9986 Capperton Dr, Oakton, VA 22124

Call Kevin Kleifges & The Belt Team at (703) 242-3975 to schedule a showing!

Welcome to this beautiful Oakton townhome approximately 1 mile from the Vienna Metro! This 3BR/2 full & 2 half BA home features an open floor plan, light-filled kitchen with bay window, moldings, pillars & other interesting architectural touches, new carpet & paint, updated baths, a wood-burning fireplace, lower level family room with built-ins, back deck and a stone patio. Great for commuters and minutes to the heart of “downtown” Vienna, Oakton, Tysons Corner and more!

Townhouse for Sale Near Vienna Metro

Townhouse for Sale Near Vienna Metro

Townhouse for Sale Near Vienna Metro

For more questions, a specific update on YOUR neighborhood, or a FREE Buyer or Seller Consultation. – call Kevin Kleifges Belt & The Belt Team at (703) 242-3975.

WHat Is My Home Worth

 

 

 

 

Thinking of Selling? Now Is the Time to Act

Here’s what our colleagues at Keeping Current Matters have to say about whether now is the time to sell.

(Note: In the Northern VA area, selling now is often the best choice as many of our markets have experienced low inventory for multiple years. However, the answer of whether to sell now or later is NOT the same for everyone. For a FREE personal consultation, call Terry Belt, Kevin Kleifges, Tom Hanton, or Beth Dadisman at (703) 242-3975. We’ll help you make the best move for YOU.)

WHat Is My Home Worth

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Thinking of Selling? Now Is the Time to Act | MyKCM

If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.

Jonathan Smoke, Chief Economist at realtor.com, revealed in a recent article that:

“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”

Smoke goes on to say:

“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”

In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.

Bottom Line

As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.

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The Belt Team is one of Virginia’s Top 20 Best Real Estate Agents (out of 30,000+ agents) and we take great pride in putting our clients’ interests first. We sometimes tell people NOT to sell or NOT to buy – because we use a consultative approach instead of a sales approach. If you’d like to schedule a personal consultation to educate yourself to make the decision that’s right for YOU, call us at (703) 242-3975. Don’t you deserve the BEST Realtor Team in Northern VA?

The Belt Team Awarded Top 100 Real Estate Blog on The Planet

Northern VA Real Estate BlogsThe Belt Team was just notified that we have been named to the “Top 100 Real Estate Blogs on the Planet” list!

Our competition included not just other Realtors (of which there are more than 1.2 Million in the U.S.), but also entire brokerages (like Keller Williams Realty), listing portals (like Zillow) and news organizations (like Inman News). We are one of only 2 Realtors or teams in the entire state of Virginia to make the list. (The other was in Charlottesville). We are thrilled because that means the Sellers we represent have market exposure like no other Realtor can provide in Northern VA. And our buyers get the local “boots on the ground” info they need.

Real estate is local. It’s actually hyperlocal. What you read about in the paper, hear about on the news, see posted on Facebook, skim on Twitter or see delivered to your email – is NOT necessarily what’s happening in YOUR neighborhood. Even right here in Northern VA, what’s happening in Arlington may not match Alexandria. Great Falls and Falls Church may be on opposite ends of the spectrum. And even in the same town, things can be different. For example, the Vienna market is currently seeing both a buyer’s market and a seller’s market depending on price range.

THAT is why we started blogging TWENTY years ago. If you are thinking of buying or selling in Northern Virginia, THIS is where you want to be to find out local statistics and strategies for how to win in TODAY’S Northern VA real estate market. In addition to posting new listings, coming soon and TONS of local market stats, we also share real estate related strategies and info that benefit our clients.

Here are a few of our most popular blog posts over the years:

Call The Belt Team at (703) 242-3975. We’ll help you interpret the market in YOUR neighborhood or the neighborhood you’re moving to, so you can make the BEST move!

WHat Is My Home Worth

 

 

Mortgage Rates’ Impact on 2017 Home Values

Here’s the latest from our colleagues at Keeping Current Matters. Just another reason why selling NOW may be your best move!

Mortgage Rates Impact on 2017 Home Values | MyKCM

There is no doubt that historically low mortgage interest rates were a major impetus to housing recovery over the last several years. However, many industry experts are showing concern about the possible effect that the rising rates will have moving forward.

The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are all projecting that mortgage interest rates will move upward in 2017. Increasing interest rates will definitely impact purchasers and may stifle demand.

In a recent study of industry experts, “rising mortgage interest rates, and their impact on mortgage affordability” was named by 56% as the force they think will have the most significant impact on U.S. housing in 2017. If rising rates slow demand for housing, home values will be impacted.

To this point, Pulsenomics, recently surveyed a panel of over 100 economists, investment strategists, and housing market analysts, asking the question “In your opinion, at what level will the 30-year fixed rate mortgage rate significantly slow home value appreciation?” The survey revealed the following:

Mortgage Rates Impact on 2017 Home Values | MyKCM

Bottom Line

Most experts believe that rates would need to hit 5% or above to have an impact on home prices.

WHat Is My Home Worth

Call Terry Belt & The Belt Team at (703) 242-3975 for a LOCAL forecast if you’re thinking about buying or selling in Northern VA! We will help you make the best move for YOU.

Fairfax County Real Estate Tax Assessments Versus Actual Market Value

If you live in Fairfax County, then you recently received your real estate tax assessment.

For many of you (45% to be exact), the assessment went up. And gosh darn it (that’s as strong as we can say it here on the blog!) – that will likely mean higher taxes this year. (The Board of Supervisors has not set the 2017 tax rate yet, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased.)

The good news is (in terms of taxes, not values) – assessments are up on average only 0.68%. (That’s less than one percent.)

The bad news is, assessments did not rise as much as the previous year in part because values did not rise as much. While 2015 saw a 3.23% increase in median sold price in Fairfax County, 2016 was flat (0.03%)

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


Here’s what Fairfax County reports overall:

Of the 353,695 taxable parcels in Fairfax County:

  • 232,280 have an assessment change
  • 121,415 have no assessment change

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

  • Countywide average for all homes – $533,168
  • Single family-detached homes – $639,468, up 1.10 percent
  • Townhouse/duplex properties – $398,166, up 1.37 percent
  • Condominiums – $260,617, down 0.32 percent

Map of average percentages of real estate assessments countywide.


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. Well – here’s an example of why.

We track the tax assessment versus actual sales price on all homes that we sell. (Note: Our statistical pool may not be quite scientific, but since we have sold more homes in Fairfax County than almost any Realtor in the area – we think the results are at least representative.) Here’s what we found over the past years:

  • We saw wide swings in variance between assessed value and actual sales price: from homes selling for $102,100 below assessed value to homes selling for $201,700 above assessed value.
  • Approximately 95% of the homes actually sold for more than the assessed value.
  • Many homes show inaccurate info in the tax records – for example, finished basements are not shown, number of bedrooms may be incorrect, square footage may be off. And all of these things may cause a lower assessed value.

So, while there is often a correlation between assessed value and market value, the market value is almost always higher.

WHat Is My Home WorthAssessed 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 your Realtor 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!