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

(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!

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!

Realtors in Northern Virginia are a dime a dozen. Seriously. There are more than 11,000 Realtors in the Northern Virginia Board of Realtors. So, if you’re thinking about buying a home here, how do you go about finding the RIGHT REALTOR?

Tune in LIVE  to Real Estate Radio Washington - WAVA 780 AM on your dial from 1-2PM today (Dec 10th) when Terry Belt will answer these and other questions.

You can also listen to past broadcasts with great info for both Buyers & Sellers featuring CEO, Terry Belt and Belt Team Partner, Pauline Knipe.

Contact The Belt Team if you’re thinking about buying a home. We have partners who specialize in buyers only, first-time homebuyers, local buyers, relo buyers and more!

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!

The weather has finally turned colder, Thanksgiving is days away, and the holidays are approaching. At this time of year, we often get the question, “I want to sell my home, but should I wait to go on the market until after the holidays?” or “My home is on the market now, should I take it off during the holidays?”

Well, the answer is “It depends“! (If you read our blog regularly, you know that “It depends” is often the answer in real estate. For example, click thru, fast-forward the video to the 2 minute mark and check out what we had to say previously about the question “How is the market?” )

Here are some things you might want to consider if you are thinking about selling your home during the holidays:

• If your home is already on the market, it may be a good idea to stay on the market. Buyers who are looking at homes during the holidays are usually “Real Buyers” and not just “lookie-loos”. Mary Jane Perry, Buyer Agent for The Belt Team, says “I have buyers who are still looking during this timeframe, especially since interest rates are still competitive.” And Pauline Knipe, Belt Team Listing Specialist says, “My experience is that Buyers who are out looking at property during the holidays tend to be serious buyers. They are few and far between, but there are a number of people (like Relo Buyers) that NEED to buy or they wouldn’t be out looking.”

• During the holidays, many Sellers take their homes off the market. This means we often see inventory drop and that means if you are on the market, you may have less competition. Kevin Kleifges, Belt Team Real Estate Consultant, says: “It depends on your situation. Are you relocating out of state for a job opportunity or are you looking to upsize or downsize locally? If it is the latter, then you have the option to wait until after the holidays to alleviate the inconvenience of preparing and showing your home during the holidays. But if you need to sell immediately, it’s a good time because of less competition among other homes and extremely favorable interest rates for buyers.”

• What is your true motivation? Do you truly want/need to sell? If you’re just “testing the market” (IE - if you are not realistically pricing your home to what TODAY’S Buyers are willing to pay), then now is NOT the time to go on the market. Your home will likely not sell, and then when Spring arrives - your home will be “stale on the market”. Prospective Buyers will wonder what is wrong with your home and why it has been on the market so long. (This is true at any time of year. Overpricing stigmatizes your home and hurts your eventual bottom line significantly.)

• “Set your expectations according to the market you are in.” says Susan Hussey, Realtor with The Belt Team. “If you decide to sell now, price your home for the Winter market - not what you think the Spring market will be. Plan accordingly and prepare yourself & your family to be ready to juggle preparation & showings with other seasonal activities.” (And if you have little ones, maybe Santa’s upcoming visit will encourage them to keep their rooms clean!)

• If you do go on the market, don’t forget that Buyers looking at your home are trying to picture themselves & their families in your home. This is hard to do if your home is over-decorated with holiday knick knacks. So you may want to be a little more restrained than you normally would when putting up your decorations. Too many decorations can also make your rooms look smaller than they really are. In addition, Winter is a dark time of year, so make sure you keep your home as light-filled as possible. Open the drapes, raise the blinds and turn on all your lights. The few extra pennies will be worth it!

If you need help working through what is the best time to put your home on the market, give The Belt Team a call at (703) 242-3975 or email us at Sales@TheBeltTeam.com . Every situation is different and we would be happy to help you figure out what is best for YOU!

What has happened in the last week in Vienna & Oakton?

• Inventory in Vienna & Oakton dropped for the fifth straight week in a row. Vienna now has 213 homes on the market and Oakton has 71. This is the lowest level Vienna has seen in 7 months and in 8 months in Oakton. (GREAT for Sellers!) (Buyers - Low inventory like this is why you need a Realtor working on your behalf who has a track record of finding homes for their Buyers even before they come on the market!)

• Three homes went under contract in Oakton over the past week and 14 homes went under contract in Vienna. Sales traditionally slow somewhat as we approach the holidays. So this is just about where we expected the market to be. (Stay tuned for our post tomorrow about whether or not you should have your home on the market during the holidays.)

• 29% 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 71 days on market.

• Both Vienna and Oakton are continuing to teeter between a “Seller’s Market” and a “Balanced Market”. With a 3.8 month supply of homes in Vienna, Vienna is in a “Balanced Market”. While Oakton, with a 3.1 month supply of homes has moved back to being in a “Seller’s Market”.

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: 120 days
• Average Days on Market for Listings That Went Under Contract: 56 days
• Inventory: 213 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): 3.8 months

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

• Number of Contracts: 3
• Average Days on Market for Active Listings: 93 days
• Average Days on Market for Listings That Went Under Contract: 67
• Inventory: 71 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): 3.1 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!