Northern Virginia Real Estate: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, and surrounding areas.

The calendar has flipped to February and this is often the time people start thinking about putting their homes on the market in the Spring. We’re busy doing lots of “pre-list” consultations - helping our Sellers figure out what they do and DO NOT need to do to prepare their homes to sell in April or May. After all, you don’t want to spend money you don’t have to - right?!

But Savvy Sellers are taking advantage of market conditions and they are not waiting til Spring! But why?

Let’s take a look at what’s happening in our local market by looking at the statistics. (You might think stats are boring, but they paint a VERY interesting picture!)

In the past week, 21 homes have gone under contract in the Vienna Oakton market! And 57% of them sold in 2 weeks or less. WOW!

Why is selling quickly often a good thing?

Well, the obvious reason is that it’s less stressful. It’s hard to keep your home in mint showing condition day after day after day. And it can be emotionally draining as well. Sometimes you’re just ready to move forward instead of being in limbo.

But that’s not the best reason why selling quickly is a good thing.

Studies show that the longer a home is on the market, the less it will sell for. Many people think when you sell your home quickly, it means you “gave it away”. But in fact, the opposite is true. According to a National Association of Realtors study: “The longer a home stays on the market, the further below list price it drops. Homes that sold in the first 4 weeks averaged 1% MORE than the list price; 4 to 12 weeks on the market averaged 6.4% LESS than list price; and 24 weeks averaged more than 10% LESS than list price.”

Right now, Vienna and Oakton have between a 2.2 and 4.4 month supply of homes. That means certain price ranges are in SELLER’s Markets (And those that are not, are still in a Balanced Market)! AND THAT IS GOOD FOR SELLERS!

The Belt Team has already sold several homes this year within the first week they were on the market. Our Sellers were very happy - both with price and with timing. They were thrilled they didn’t wait til Spring when everyone else is on the market and there’s lots more competition. And now our savvy sellers are sitting pretty!

Here are the stats for the past week:

Last week in Vienna Real Estate (22180,22181, 22182):

• Number of Contracts: 21
• Average Days on Market for Active Listings: 141 days
• Average Days on Market for Listings That Went Under Contract: 71 days
• Inventory: 151 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 2.9 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.2 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 4
• Average Days on Market for Active Listings: 113 days
• Average Days on Market for Listings That Went Under Contract: 54
• Inventory: 61 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.4 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.9 months

And here are the year-over-year stats for January & February:

(Of course, February 2012 stats remain to be seen, but we like to watch for trends.)

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

You can also email The Belt Team (or call us at 703-242-3975) to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

(Personality Is Always A Plus, But It Isn’t Everything! Statistics May Be Boring, But They Could Save You Time & Money!)

You’re thinking of selling. So how do you know which Realtor to work with? Your boss gave you the name of a Realtor. You met a Realtor you liked at an open house. Your sister-in law just got her license and says she’d love to help you. And what about the one who sold you your house 5 years ago (what’s his name again?).

Selling a home can be a very emotional decision. After all, this is your LIFE we’re talking about. The place where you created LOTS of memories. AND it’s your FUTURE we’re talking about. What happens with the sale of your home affects what options you have moving forward.

AND IT’S LIKELY ONE OF, IF NOT THE BIGGEST FINANCIAL DECISION OF YOUR LIFETIME. So you want to get it right. How do you do that?

1. The Personality Factor: You’re not looking for a new BFF here. (If you don’t have kids - that’s “Best Friend Forever”!) But you DO want to make sure you “click” with the person. After all, this person will be advising you on factors that affect you and your family’s life to a great degree. So the person needs to understand you and your needs. You need to “get” each other and trust each other and be able to speak openly & directly. And so while having a relative or friend in the business may be nice as far as the “clicking” part goes, sometimes the “speaking openly & directly” part may be an issue. You may not want to tell that person all your personal financial information. And even if you do, you may not want to have the kind of open & direct conversations that are often part of selling your home. Preserving your friendship or family relationship may take precedence over doing business together. Worst case scenario: Something goes wrong. Wouldn’t you rather fire the Realtor you hired as a business decision versus firing your best friend or sister-in-law?

2. The Communication Factor: The most common complaint we hear from people who hire us after they have tried unsuccessfully to sell with another agent, is that “after the sign went up, we never heard from her again until she called to ask us to reduce the price.” So when you are looking at Realtors, ask HOW they communicate, WHAT types of information they provide and HOW OFTEN they do so. And make sure that what they do works for you. Your Realtor should have systems in place that provide you with ALL the information you need to make smart decisions.

3. The Expertise Factor: Your Realtor should be an expert in real estate AND an expert in your market. Did you know there are more than 1.2 million Realtors in the U.S.? And almost 10,000 Realtors in Northern Virginia? So make sure you have one with experience. The more homes they have sold, the better their skills are likely to be. (We call this the “Are you really a Realtor or do you just play one on TV” question.) More experience normally translates to a faster sale and a higher sales price for you!

You also want an expert in YOUR market. So how do you find out how much of an “expert” someone is? ASK FOR THE STATISTICS! They may be “boring”, but they could save you TIME and MONEY.

Here’s an example:

Last year in Vienna, The Belt Team sold 58 homes. That is 3 times as many homes as the next best agent. The “average agent” in Northern VA did not even sell 1 home in Vienna. Not only did we sell more homes, we sold them 15 days FASTER and for MORE MONEY than average (1.4% more). So in this example, if your mortgage payment is $4,000/month and your home sold for $800,000 - The Belt Team would have saved you $2,000 by selling your home 15 days faster (1/2 of one mortgage payment) plus $11,200 by selling it for a higher percentage of list price than average.

This is why you need to ASK FOR THE STATS (in other words - “SHOW ME THE MONEY!”)

Contact us if you would like a FREE copy of “41 Questions You Need To Ask When Interviewing A Realtor To Sell Your Home” or “90 Tips To Prepare Your Home For Sale“. (If you’re ready to list your home NOW, call (703) 242-3975 to schedule an appointment.)

Earlier this month, our CEO Terry Belt shared his forecast for the 2012 market. (You can read about what’s in store for Northern Virginia here.) But how did we finish 2011 in comparison to 2010? Let’s take a look at the numbers. Instead of doing an analysis on the market as a whole, let’s break it down a little. As we know, real estate is local. So we selected 9 sample markets to analyze: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, Herndon, Falls Church & Arlington. Let’s see how things shook out:

So - what do we conclude from all these stats?

In every area listed, sales are down. This is a fact that has been trumpeted throughout the press. “Home Sales Dropping” is the typical Doomsday headline. If you don’t look at ALL the information and just read the headline, you might conclude that this is a bad thing. But let’s keep looking.

What we also see in the statistics above is that in 7 out of 9 areas, the average home price ROSE. In the lower priced areas - we saw the average price rise as much as 7.8% in just one year. It seems the market has not only “bottomed out” in these areas, but has turned back up.

Only 2 areas (McLean & Great Falls) did not see prices rise. However, these 2 areas did see a rise in the average sales price as compared to original list price. This may signal that we are approaching bottom there. The “luxury” markets typically trend just a bit behind the more affordable markets. But as the affordable markets have turned, so the luxury markets usually follow.

So - now you know what prices are doing. But are we in a Buyer’s Market or a Seller’s Market?

In this case, let’s take a look at an overall analysis of the DC Region. If we compare the inventory level at the end of December 2011 to December 2010, here’s what we find:

• Single Family Home Inventory: DOWN 18.5%
• Townhome Inventory: DOWN 30%
• Condominium Inventory: DOWN 29.1%

This puts our region in general at a 5-6 month supply of homes - trypically considered neither a Buyer’s or Seller’s Market - but a Balanced Market. However, it’s important to note that there are places in Northern Virginia where housing supply is closer to 3-4 months and this puts those markets closer to a Seller’s Market. So if you’re reading this and thinking about buying or selling, call us at (703-242-3975). We’ll do a much more detailed analysis specific to your city, home type, price range, school district, etc.

If you are looking for an advocate to help you navigate & negotiate in TODAY’s market, email The Belt Team or call us at (703) 242-3975. Call now to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet. You can’t afford not to. (Find out why you don’t want to miss out on “The Belt Team Experience“!)

The New Year is upon us. But if we travel back to 2007-2009 and review the news headlines one would think it was Halloween for several years in real estate.  You may remember some of these news bytes:

“Housing Horror”- Crain’s Business

“U.S. Housing Crash Deepens in 2008 After Record Drop” - Bloomberg

“Worst Case Scenario” CNN/Fortune

and on and on . . . .

It was “Friday the 13th” every day for a while as literally every local market in the country experienced falling sales and homes values as buyers froze and the banking, mortgage, building, and residential brokerage industries came to a virtual standstill.

In Northern Virginia, depending on location and price range, values dropped between 25-50 percent from peak, new home construction slowed drastically, some national builders left our market or went out of business, and many local small builders went bankrupt or could not obtain construction financing.  The number of real estate agents and mortgage brokers began to shrink.  Consumer confidence was at all-time lows.  And in 2009, the Northern Virginia area lost jobs for the first time since 1990-1992.

It’s good to learn from the past and not to live in it.

At the end of 2011 and headed in to 2012, local headlines read differently.  Reminding ourselves that residential real estate is local, local, local and not a national market, our region has performed fantasticly compared to most every other market in the USA.  Vienna in particular was ranked the #5 best housing market in the USA according to a recently released study by Bloomberg/BusinessWeek with median home values increasing almost 13% in 2011.  Yes, 13%, that is not a “typo”!  While not ranked in the report, many of the other local adjacent communities are doing comparatively well, especially as you get closer to Washington, DC.  Thanks to a healthy local economy and extremely affordable interest rates for mortgages, we are experiencing the most stable market since the frenzied run up of 2004-2007.

According to the GMU Center for Regional Analysis, Northern Virginia’s unemployment rate is at 4.5%, which is about one half the national rate. A significant number of new jobs were added in 2011 and many of those were filled with people relocating to our area. The market theme most weeks and almost every month in 2011 was a decrease in the inventory of homes compared to the week/month before and year over year.  The latest numbers show that as of December 12, 2011 the Washington, DC region had 48,934 versus 64,266 units during the same week of 2010.  That’s a whopping 23.9% decrease.  The months’ supply of homes is now 6.1 compared to almost 8 months a year ago. Locally the month’s supply is between 2-6 months depending on price range, home style and type. A 5-6 month supply of homes is considered to be a balanced market between buyers and sellers.

The data also shows that total sales volume for 2011 is less than 2010 and if you read news headlines highlighting this it can be misleading.  The truth is that sales are off because there are fewer new listings, especially attractive homes that people want to buy. The result is a pressure on prices to increase, which we saw in 2011.  Some headlines will also state the fact that in most areas the time to sell a home has increased and the percentage of list price is decreasing.  Again, the uneducated buyer or seller that relies on headlines and sound bytes might think that it is a buyer’s market.  The truth is that homes that are prepared properly, show well and are priced to what the market comparables indicate value is are selling quickly in weeks not months and in many cases with more than one offer.

So what is in store for 2012?

The local real estate market is not as volatile as the stock market and residential real estate markets move at a much slower pace.  While we always experience temporary fluctuations in local housing activity that affect the psychology of buyers and sellers due to national news events like the recent credit rating downgrade by Standard & Poor’s or 911 or local incidents like the sniper attacks, weather, earthquakes, etc; the local  trends we see in housing are expected to sustain in the new year.  As long as mortgage rates remain at or near historical lows, affordability at all time highs and our local economy is healthy, expect 2012 to look very similar to 2011.

This is what the final report from The GMU Center for Regional Analysis titled “Housing the Regions Future Workforce.  Policy Challenges for Local Jurisdictions” stated in the summary of key research findings in the 4th quarter of 2011:

“Over the next 20 years, the Washington DC metropolitan area will add more than a million net new jobs. At the same time, the region will need 1.8 million replacement workers to fill jobs vacated by retirees and others. The ability to absorb these new workers into the region and to ensure robust regional economic growth depends critically on providing a sufficient amount of housing of the right types and prices and in the right places.” “If each jurisdiction provided enough housing to accommodate all of its future workers, the Washington DC region needs to add 731,457 net new housing units between 2010 and 2030.”

If the research and forecast for population and job growth is even remotely accurate, the future for housing in our area is sound.  Happy selling and buying in the new year to come!

If you are looking for an advocate to help you navigate & negotiate in TODAY’s market, email The Belt Team or call us at (703) 242-3975. Our expertise is the Northern Virginia real estate market. Call now to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet. You can’t afford not to.

Should we put our home on the market now? Or should we wait until Spring? How long does it take the average Buyer to find a home? And where do they start their search?

“This Month In Real Estate” answers these questions & more:

For a personal consultation about what makes the most sense for YOU - call The Belt Team at (703) 242-3975. We’ll help you navigate the process and figure out what is in YOUR best interests!

Today, we were notified by Zillow that another one of our clients had submitted a review of The Belt Team on their web site. (If you’ve ever read hotel reviews on TripAdvisor or restaurant reviews on Zagat- the idea is the same. Among other things, consumers can write reviews & comments about real estate agents and their experiences with buying & selling their home.)

This will be the 31st time this year that one of our clients took the time to write up a review about their “Belt Team experience”. We are so grateful! When the email notification arrives that says another review has been submitted & published, there is always a slight pause and our hearts skip a beat - because while we pride ourselves on service & skills that are “beyond the pale” so to speak, we never know for sure until we read the review what exactly our client has said. We take our Belt Team Mission Statement very seriously:

“The Belt Team is a team of committed professionals who provide unparalleled real estate expertise in the Northern Virginia market. We put our clients’ and customers’ interests first and serve them with the utmost honesty, trust and integrity, striving to exceed expectations in all aspects of our relationships. Our objective is to help you sell or buy your home at the best price and most favorable terms that the market will bear and to do this as quickly as possible with the least possible inconvenience to you. We seek the highest compliment you can give us, the referral of your family & friends. We expect to create a Success Story for each client!”

And since the reviews are submitted by the client directly to Zillow, we do not get to preview them before they are published. But we’re proud to say that EVERY SINGLE REVIEW that has come in this year has been a FIVE STAR RATING (the highest rating Zillow has). AND each client has taken time out of their busy moving schedule to write all sorts of amazing comments decribing their experience with The Belt Team.

So . . . If the New Year brings new changes for YOUR family and you find yourself thinking of buying or selling a home, give The Belt Team a call. Whether it’s a new job taking you on a new adventure, a new addition to the family that means it’s time for a bigger home, or a new stage of life and it’s time to “right-size” - we’re happy to walk you through the process from start to finish. Buying or selling a home doesn’t have to be stressful if you have the right team at the helm. (Plus - we’re great negotiators! As an example, our homes sell faster & for more money than the average agent - and there are almsot 10,000 agents in Northern VA!)

If you’re wondering what “The Belt Team Experience” is like - check out what our 2011 clients have said in their independent reviews on Zillow.com . It’s an experience you don’t want to miss!

In the meantime, we wish all of you a Happy Holiday & look forward to working with many of you next year. We promise to give you the full “Belt Team Experience”! Contact The Belt Team here or call (703) 242-3975 for more info about The Belt Team Experience.

What are the top reasons Sellers decide to move? And is it really worth it to hire a full-service Realtor? (Hint - only if you want to sell for a higher price in a shorter amount of time.) Here’s “This Month In Real Estate” with the quick two minute answer to both questions:

If you’re thinking of selling your home, contact The Belt Team for a FREE WRITTEN REPORT on your home’s current value or for a copy of “90 Tips To Prepare Your Home For Market”. We’re also happy to set up a pre-sale consultation so you know what does and what doesn’t need doing before you sell. Why spend money you don’t have to!

TGIF! Time for our Friday Funday Video and Open House Announcements.

First - our video. The narrator asks . . .

“Did you write your letter to Santa? Tell him what you want? And more? Wish for everything with all of your heart? That’s what Christmas is for.”

Well, I don’t know if that really is what Christmas is for. BUT - if you’ve been wishing with all your heart for a new home - we just might have the one for you! So scroll down, check out the four homes we have open this weekend and come visit us.

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OPEN SATURDAY 2-4 PM - 9626 Counsellor Drive in Vienna - $626,000

Charming five bedroom colonial in desirable Barrister’s Place! Three finished levels including a walkout lower level, family room with fireplace, hardwood floors under carpet on upper level - plus in living room, dining room & family room. Large level backyard with patio. Mere minutes to the “heart of Vienna”, W&OD Trail & Metro Bus - plus in the Madison High School Pyramid! $626,000

Directions: From Tysons: Route 123 South, Right Lawyers Rd, Right Abbotsford, Right Counsellro Dr to #9626

More Info about 9626 Counsellor Drive in Vienna

Read about “Life In Vienna”

Contact The Belt Team

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OPEN SATURDAY 1-3PM - 9850 Hidden Estates Cove in Vienna - $849,000

Beautiful custom home mere minutes from Vienna Metro! Welcoming wrap-around front porch, hardwood floors throughout main & upper levels, kitchen with new appliances opens to exceptionally spacious breakfast room, family room with fireplace, tray ceiling master bedroom with fireplace plus master bath with vaulted ceiling & skylights over tub, finished walkup lower level.

Directions: Route 66: Exit Nutley Street toward Vienna past Metro, Left Courthouse Road pass Nottoway Park, Right Hidden Road, immediate left Hidden Cove Estates to 9850 Hodden Estates Cove.

More Info about 9850 Hidden Estates Cove in Vienna

Contact The Belt Team

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OPEN SUNDAY 1-4PM - 1003 Westbriar Drive in Vienna - $649,990!

This charming all brick home is in a fantastic Vienna location - close to both the Town of Vienna and all it has to offer - AND also to Tysons Corner with easy commuting routes, shops, restaurants & more! Enjoy hardwood floors throughout most of the main level, spacious living room with fireplace, kitchen with stainless steel appliances, custom ELFA closets in all four bedrooms plus a lower level with rec room, office, bedroom, 1.5 baths, and a bonus room. Madison HS pyramid!

Directions: From Tysons: Route 123 (Maple Ave) through Vienna, Right Lawyers Rd, Right Galloping Way, Left Round Springs, Right Wendover, Dr, Right Bird Rd, Left Spring Branch Drive to #2009. OR: From Rt 66: Exit Vienna to Nutle St, Right Maple Ave, Left Lawyers Rd & as above.

More Info about 1003 Westbriar Drive in Vienna

Read about “Life In Vienna”

Contact The Belt Team

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OPEN SUNDAY 1 - 4PM - 9969 Cyrandall Drive in Oakton - $639,900

This fabulous townhome has three finished levels including gleaming hardwood floors on the main level ~ a gourmet kitchen with cherry cabinets, granite countertops & stainless steel appliamces ~ kitchen is open to family room with gas fireplace plus sunny breakfast area ~ vaulted ceilings in all bedrooms ~ master suite with sitting area & luxurious bath ~ wlkout lower level to fenced backyard. Best of all - LESS THAN A MILE TO VIENNA METRO!

Directions: I-66 to Rt 123 North toward Vienna, Right Jermantown Rd, Jermantown turns into Blake Ln, Right on Cyrandall Valley Rd, Right Cyrandall Drive to #9969 on left.

More Info about 9969 Cyrandall Drive in Oakton

Contact The Belt Team

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The Holiday Season is a wonderful time of year. It can be a great time to buy or sell a home. It’s definitely a great time for for gratitude, reflection & celebration. And oftentimes it’s a great time to travel.

As we enter the Holiday Season, we’d like to remind you to keep your home safe while you are away- especially in light of all the “new” ways we are in communication with one another.

Here are some tips:

(1) Be careful with your status updates on Twitter, Facebook, etc. Don’t be too specific. For example: “Can’t wait to see Grandma & Grandpa” might be better than “Leaving for Ohio in 2 hours. Back on Sunday.”

(2) If you still have a newspaper delivered instead of reading online, make sure you suspend delivery.

(3) Take advantage of the “nosy neighbors” you have (assuming you trust them!). Ask him or her to keep an eye out while you are away. Make sure they know how to reach you in case of an emergency.

(4) Think twice about setting up an auto-responder or voice mail message that says you are out of town - expecially if you work from a home office. A better idea might be to just say you are not checking messages until a certain date (as if you’re taking a “Stay-Cation”.)

(5) Set up timers on certain lights in your house. Install motion detector lights outdoors.

(6) Don’t forget to lock the interior garage door. Exterior doors are relatively easy to compromise.

(7) Stop your mail. Or have a neighbor collect it daily.

(8) Don’t publish your physical address or personal information on your social media profiles on LinkedIn, Facebook, etc. It’s amazing how many people advertise their birthdate, home address and more - just because the site asked you to fill it in when you set up your account. It’s not just children who do this, but many adults who are new to the world of social media are guilty of this as well. Even if your site is “friend-protected”, you’d be surprised at what web-savvy folks can find out. Be discreet!

(9) You can always employ the tactics of Kevin McAllister in “Home Alone”!

Now - for our local readers (or those who want to move here!) - what has happened in the last week in Vienna & Oakton?

• Inventory in Vienna & Oakton dropped for the seventh straight week in a row. Vienna now has less than 200 homes on the market for the first time since early April. Oakton’s inventory has dropped to 65 homes, the lowest since early March.

• The past week included the Thanksgiving holiday weekend, and while this did not stop people from buying homes, it did slow them down a bit. Vienna had 8 homes go under contract and Oakton had 2 homes go under contract.

• No homes this past week sold in less than 2 weeks. And only 20% of those that sold went in under 30 days.

• Despite the continued decrease in inventory, it looks like the slight slowdown in contracts has moved Vienna & Oakton from the precipice of a ”Seller’s Market” firmly into a “Balanced Market”. Vienna has a 3.8 month supply of homes and Oakton’s supply is at 4.6 months.

SELLERS: Make sure you read our recent blog post about whether or not it’s a good idea to sell during the holidays. In general, low inventory & low housing supply mean good things for you. But there are lots of things to consider. (We can also provide you with a list of 40 questions you should ask your Realtor when you’re thinking of selling your home.)

BUYERS: We have been publishing statistics for Vienna & Oakton on a weekly basis for over 2 years now. In all of that time, Vienna has NEVER been in a Buyer’s Market and Oakton has only trended that way for 3 weeks in 2010. This is just another reason why you need to make sure you are working with a Realtor as your advocate. And not just any Realtor, but a Realtor whose skill set benefits YOU. (You may want to read this article about what a Buyer should look for in a Realtor.)

If you’re thinking of buying or selling a home soon, you can email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

• Number of Contracts: 814
• Average Days on Market for Active Listings: 123 days
• Average Days on Market for Listings That Went Under Contract: 145 days
• Inventory: 196 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.0 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.8 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 2
• Average Days on Market for Active Listings: 107 days
• Average Days on Market for Listings That Went Under Contract: 50
• Inventory: 65 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.7 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 4.6 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!

First - let’s set the scene. What has happened in the last week in Vienna & Oakton?

• Inventory in Vienna & Oakton dropped for the sixth straight week in a row. Vienna now has 202 homes on the market and Oakton has 67. This is the lowest level Vienna has seen in 7 months and in 8 months in Oakton.

• Three homes went under contract in Oakton over the past week and 14 homes went under contract in Vienna. This is the identical pace as two weeks ago and still bodes well for the market.

• 12% of the homes that went under contract in Vienna & Oakton last week sold in 10 days or less. And 41% sold in less than 30 days. The overall average for homes that went under contract last week was 68 days on market. Not bad, huh?!

• Both Vienna and Oakton are continuing to teeter between a “Seller’s Market” and a “Balanced Market”. Vienna has a 3.6 month supply of homes and Oakton’s supply is  at 2.6 months.

SELLERS: Make sure you read our recent blog post about whether or not it’s a good idea to sell during the holidays. In general, low inventory & low housing supply mean good things for you. But there are lots of things to consider. (We can also provide you with a list of 40 questions you should ask your Realtor when you’re thinking of selling your home.)

BUYERS: We have been publishing statistics for Vienna & Oakton on a weekly basis for over 2 years now. In all of that time, Vienna has NEVER been in a Buyer’s Market and Oakton has only trended that way for 3 weeks in 2010. This is just another reason why you need to make sure you are working with a Realtor as your advocate. And not just any Realtor, but a Realtor whose skill set benefits YOU.

So what should a Buyer look for in a Realtor?

1. A real estate team who has a demonstrated track record of finding properties for their buyers that are not listed in the MLS. With inventory so low, this broadens the possibilities fo you and means it’s more likely you’ll find your dream home. Look for someone who is proactive and not reactive.

2. Lights out negotiators. With inventory so low, the “good properties” sometimes still get multiple contracts. This means you may be competing with other Buyers to get the home of your dreams. Can your Realtor share examples with you of strategies they have actually used to compete & win out for their Buyer clients in the past?

3. A Realtor with partnerships that benefit YOU. Ask your Realtor who their partners are. They should have partners who have proven track records as well. This includes lenders, appraisers, settlement companies, home inspectors, remodeling folks & more. When you’re looking at potentially buying a home, you may need to consult some or all of these experts for advice. And if problems arise, you need to make sure you have folks who will respond. Realtors who do more business have stronger relationships. Their clients get better, faster service. Your Realtor should have relationships that benefit you.

4. A real estate team that knows the area inside & out. Here’s an example of why that’s important. Until you live in or work in a particular area, you really don’t know what your actual commute might look like. It might look good on paper, but in real life - yikes! Your Realtor should know the area like the back of her hand, and should give you the “good, the bad & the ugly” so you can make good decisions about where to live. In a recent study, Swiss economists discovered a human fault they refer to as “the commuter’s paradox”. They found that when people are choosing where to live, they consistently underestimate the pain of a long commute. According to their calculations, a person with a one-hour commute has to earn 40% more money to be as satisfied with life as someone who walks to the office. This is just one example of an area your Realtor should be advising you on.

5. Experience that benefits YOU. YOU should not be the experience that benefits the Realtor. Did you know that 80% of Realtors nationwide sell fewer than 3 homes per year? Unfortunately, Realtors who sell fewer than 3 homes per year have to almost completely relearn the business. There are more than 10,000 Realtors in Northern Virginai and you don’t want to be the guinea pig!

If you’re thinking of buying or selling a home soon, you can email The Belt Team (or call us at 703-242-3975) to schedule a Buyer or Seller consultation, to request a FREE WRITTEN REPORT of your home’s value or to be put on our FREE PRIORITY NOTIFICATION LIST for special buying opportunities that are not in the MLS or on the Internet.

For our detail-oriented readers, here are last week’s stats:

Last week in Vienna Real Estate (22180,22181, 22182):

• Number of Contracts: 14
• Average Days on Market for Active Listings: 123 days
• Average Days on Market for Listings That Went Under Contract: 60 days
• Inventory: 202 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 4.1 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 3.6 months

Here are last week’s stats for Oakton Real Estate (22124):

• Number of Contracts: 3
• Average Days on Market for Active Listings: 97 days
• Average Days on Market for Listings That Went Under Contract: 105
• Inventory: 67 homes on the market
• Number of Months Supply of Homes (Based on past 90 day contract rate): 3.5 months
• Number of Months Supply of Homes (Based on past 30 day contract rate): 2.8 months

If you’re thinking of buying or selling a home, Contact The Belt Team at (703) 242-3975 for a more in-depth discussion & analysis - because it’s only the neighborhood YOU live in (or you WANT to live in) that matters. We’ll be happy to schedule a consultation and get very detailed about “YOUR Market” so that you can make the decision that is best for YOU!