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Northern VA Real Estate News - The BELT Way!

Real Estate Market Shift Spells Opportunity For Some, Reality For Others

The real estate market in Northern Virginia is continuing to experience a subtle shift. While we’re still seeing competitive situations and multiple offers on some homes in some areas, other areas are seeing average time on market as high as 6 months and housing inventory of more than a year. If you’re thinking of buying or selling your home, you will definitely want to take a look at the numbers on our blog – because numbers tell a story!

The area and price range you’re looking in will vastly affect what strategy you employ.

If you’re looking to buy in Great Falls for example, then you have a HUGE amount of leverage when making an offer. Currently, there are 224 homes for sale and the average time those homes have been on the market is SIX MONTHS. There is also a FIFTEEN MONTH supply of housing right now. That means if homes sell at the rate they have over the past 30 days, then it would take 15 months to sell all of the homes currently on the market. That spells OPPORTUNITY for buyers. And it spells REALITY for Sellers. It’s no longer the time to price aggressively to “see what the market will bear.” (Search Homes For Sale in Great Falls)

On the other hand, if you’re looking in Burke, you’ll find the complete opposite. Average days on market for active listings is less than two months. And there is only a 2 month supply of housing. Less than 3 months housing supply means that Burke is still experiencing a Seller’s Market. What does this mean? Sellers may still be able to push the envelope; and Buyers will likely find themselves competing for homes. This means Buyers need to adjust their contract strategy accordingly – being prepared to offer more, use an escalation clause, drop contingencies, offer a free rentback or a number of other strategies. (Search Homes For Sale in Burke)

When you look at the chart on our blog – what you’ll see is that in general, the higher price areas (like Great Falls & McLean) are starting to see longer marketing times and a much larger housing supply. While the more affordable areas (like Burke & Springfield) are still firecely competitive. (Search Homes For Sale in Great Falls) (Search Homes For Sale in McLean) (Search Homes For Sale in Burke) (Search Homes For Sale in Springfield)
Areas like Vienna, Oakton & Ashburn are experiencing what we call a “W” Market. Buyers in these markets are extremely price sensitive and there are pockets of Buyer & Seller submarkets embedded within each – some Seller’s, some Buyer’s, some Balanced Markets.. As an example, we recently put 3 listings on the market in Vienna between $800,000 and $900,000. One had multiple offers and sold in 3 days over list price. The others are still on the market. We are seeing Buyers step back and make much more considered decisions – sometimes not even looking at homes they feel are overpriced, and/or not being able to look past issues like dated kitchens. This means Sellers must be much more on target when setting that initial price in order to end up at the top of the W, and not at the bottom. (Search Homes For Sale in Vienna) (Search Homes For Sale in Oakton) (Search Homes For Sale in Ashburn)
For more info about YOUR neighborhood or the neighborhood you WANT to live incontact The Belt Team at (703) 242-3975. We’ll help create a personal strategy for YOUR market. regardless of whether you’re buying or selling, you deserve the BEST Real Estate Team in Northern VA!

* "It's a bird, it's a plane. No Wait. It's a DRONE!"

If you were out and about near Jackson Tavern Way in Great Falls recently – that’s what you might have been thinking to yourself! Here at The Belt Team, we pride ourselves on being on the leading edge of real estate technology. What does that mean?
  • Well, we have a State-of-the-Art Home Search site our Buyers love because it’s FASTER than other web sites (which is great in today’s competitive market!).
  • We’re totally social media savvy (not just “pretenders”) and our Sellers love that because their listings get so much more exposure to potential Buyers. AND . . .
  • Because we’re one of the top teams in the country, our clients get to take advantage of being on the cutting edge.
Drones are the latest “thing” to hit real estate. (You may have read about them first when Amazon made their announcement!). It remains to be seen as to whether this type of marketing becomes commonplace and what today’s consumer wants to see (and whether or not the FAA shuts this down). But in the meantime, check out the home we have for sale on Jackson Tavern Way in Great Falls. It has some pretty spectacular grounds – and the aerial views will help you appreciate that! You can also get a sneak peek at the inside of the home here

(Thank you to Steve Jarriel at DCOnline Video for the video!)

Open houses, Just Listed, Featured Listings, Coming Soon!

Contact Information

Keller Williams Realty
The Belt Team
6820 Elm Street
McLean VA 22101
(703) 242-3975