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

We have some wonderful listings that will be held open this weekend. Please stop by!*********************************************************************

Sunday from 1PM to 4PM 

Vienna - 8421 Cottage Street -Walk to Dunn Loring Metro!  $597,000

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Saturday 12 Noon to 5PM AND Sunday 12 Noon to 5 PM

Fairfax/ Vienna Metro Area - 8881 & 8886 Olive Mae Circle - near Dunn Loring & Vienna Metro! $838,500 & $849,500

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Now that Election Day has come & gone, let’s take another look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market. (Check back next week and we will have contract/sale statistics for Northern Virginia for October.)

VIENNA:

293 homes are for sale (down from 321 last time we posted). The lowest priced listing is a condominium at Mosby’s Landing. It has 3 bedrooms and 1 1/2 baths and is listed at $215,000. The highest priced listing is a re-sale on East Hunter Valley. It has 7 bedrooms, 9 full baths, 2 half baths, is sited on 6 acres and is listed at $4,250,000.  The average list price for homes on the market is $867,663 and homes are currently averaging 131 days on the market.

OAKTON:

96 homes are for sale (only 2 less than last time we posted). The lowest priced listing is still a condominium in The Vistas. It has 1 bedroom and 1 bath and is listed at $164,900. The highest priced listing remains the same -a 2 year old home on 2 acres on Vale Road. It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  (Our prediction is that it will NOT sell for that!). The next highest priced listing is also still the same - an 18,000+ sq ft. home on Stuart Mill Rd. It has 5 bedrooms, 5 full baths, 3 half baths & 9 fireplaces and is listed at $10,700,000! The average list price for homes on the market is $1,085,073 and homes are currently averaging 127 days on the market. 

If you have questions about the current market, buying or selling a home, what your home is worth, or anything else real-estate related - call The Belt Team at (703) 242-3975. 

 CLICK HERE TO Get a free comparative market analysis of your home’s value sent to you with no obligations.

Wow, when they called today’s real estate market a “shifting market,” they were right on target. It keeps shifting, and shifting, and shifting … Every time we turn on the news there’s a new development that affects our economy and therefore the ability of buyers to “buy” and the sellers to “sell.”

SHIFT, the most recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty Inc., begins with the following paragraph: “The Real Estate Market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!”

Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences.

In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track.

The real estate business is “cyclical.” An experienced real estate agent and a mortgage lender will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is “old news,” so stay in touch with your local, trusted real estate team (The Belt Team!) for updates on this ever changing market.

Not only have we assisted our clients in navigating the markets of the 1979 & 1987, but we are participating in seminars, conference calls, webinars, and many other training events to stay on top of the game to better assist you.

Real estate remains your single most valuable asset if handled correctly. Please don’t hesitate to call The Belt Team for all of your real estate needs. (703) 242-3975

Your real estate experts,

Terry Belt & The Belt Team

Now that it’s almost Election day (finally!), let’s take a look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

321 homes are for sale. The lowest priced listing is a bank-owned condominium at the Vienna Villager Apts. It has 2 bedrooms and 1 bath and is listed at $169,900. The highest priced listing is still a new home to be built on Polo Pointe. It is listed at $4,299,000.  The average list price for homes on the market is $884,306 and homes are currently averaging 133 days on the market.

OAKTON:

98 homes are for sale. The lowest priced listing is a condominium in The Vistas. It has 1 bedroom and 1 bath and is listed at $164,900. The highest priced listing is a 2 year old home on 2 acres on Vale Road (pictured above). It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  (Our prediction is that it will NOT sell for that!). The next highest priced listing is an 18,000+ sq ft. home on Stuart Mill Rd. It has 5 bedrooms, 5 full baths, 3 half baths & 9 fireplaces and is listed at $10,700,000! The average list price for homes on the market is $1,088,868 and homes are currently averaging 131 days on the market. 

BELT TEAM LISTINGS:

$1,575,000 in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_328.html

$1,245,500 - NEW HOME - in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_255.html

$1,200,000 - NEW HOME UNDER CONSTRUCTION - in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_316.html

$1,075,000  - NEW HOME UNDER CONSTRUCTION - in Vienna

http://www.thebeltteam.com/northern-virginia-real-estate/listing_320.html

$699,500 - on 1/2 acre in Vienna - walk to Wolftrap ES!

http://www.thebeltteam.com/northern-virginia-real-estate/listing_327.html 

$539,500 in Vienna NEAR METRO

http://www.thebeltteam.com/northern-virginia-real-estate/listing_319.html

For more information on buying or selling homes, contact The Belt Team at (703) 242-3975.

Now that Fall has arrived, let’s take a look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

316 homes are for sale. The lowest priced listing is a condominium at Wilton House. It has 1 bedroom and 1 bath and is listed at $195,900. The highest priced listing is a new home to be built on Polo Pointe. It is listed at $4,299,000.  The average list price for homes on the market is $898,079 and homes are currently averaging 127 days on the market.

OAKTON:

88 homes are for sale. The lowest priced listing is a condominium at The Oakton. It has 1 bedroom and 1 bath and is listed at $224,900. The highest priced listing is a 2 year old home on 2 acres on Vale Road (pictured above). It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  The average list price for homes on the market is $1,190,644 and homes are currently averaging 129 days on the market. 

For more information on buying or selling homes, contact The Belt Team at (703) 242-3975.

While recently reading an article in Inman News (http://www.inman.com/news/2008/08/27/study-sets-benchmarks-customer-service) about our company’s top ranking in a recent home buyer -seller study (yeah Keller Williams!), I came upon the following quote: “…study found that it took sellers an average of six months to close a deal, and that 23 percent of sellers had listed their home with another agent before having success with the broker evaluated…”

Boy did this give me pause. 23% of sellers had to use more than one agent to get their home sold. Wow! I knew that our personal statistics were much better than average, but I had no idea how much better.

I am proud to say that The Belt Team sells 99% of our listings. We have kept this record in both sellers’ markets & buyers’ markets….from 1972 all the way through 2008. Our expert skills & local, long-term experience allow us to get the job done for our sellers….whether they are selling a large house or a small condo, a home in Vienna or a home in Arlington, land in Oakton or a mansion in McLean. This means a lot less stress for our Sellers!

Thanks Inman News. You made my day!

NVAR has provided us with the home sale statistics for August 2008. Here they are for your viewing pleasure:

NORTHERN VIRGINIA AREA HOME SALES REPORT
August 2008

If you need representation when buying or selling a home in Northern Virginia - don’t forget to contact The Belt Team. We are happy to provide you with a market analysis, housing market update, list of homes for sale in Vienna, McLean, Oakton, Great Falls or any other part of Northern Virginia…and more. Email Sales@TheBeltTeam.com or call (703) 242-3975.

I’m sure many of you read today’s Washington Post article titled “Market Welcomes Takeover”. (For those who didn’t - here’s the link: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/08/AR2008090802425.html ).

One of the short-term results of the market’s positive reaction to the Fannie/Freddie takeover is that mortgage interest rates dropped a full half point in the past few days. This, combined with the buyers market that we are still in means GREAT OPPORTUNITIES exist. If you’ve never owned a home before - now is the time to buy. And if you’ve always wanted to buy an investment property, this is a great time as well. Many of our clients are buying a new home, moving into it as their new residence, and then are renting out their existing home - making it into an investment property. In this manner, they are able to take advantage of the fantastic owner-occupied mortgage interest rates & programs, while at the same time - are able to enter the investment market & start building equity in the future.

At this point, we don’t yet know what the long-term reaction & result of the Fannie/Freddie takeover will be. But for those who move quickly, it could be the right time to buy a home & invest in your future.

Lots of real estate opportunities exist in Vienna, Oakton and all of Northern Virginia. If you’d like to make the most of this opportunity - give The Belt Team a call: (703) 242-3975.

71 homes went under contract in Vienna in August 2008. List prices of these homes ranged from $180,900 for a condo at Mosbys Landing to $1,721,321 for a six year old home in Symphony Meadows. Days on market for homes that went under contract in August ranged from 0 to 433. Of special note is that The Belt Team was involved in 2 of the Top Seven Sales in Vienna in August.

19 homes went under contract in Oakton in August. List prices of these homes ranged from $230,000 for a condo at The Oakton to $1,995,000 for a home backing to Fox Lake. Days on market for homes in Oakton ranged from 7 to 163.

Please contact The Belt Team at Sales@TheBeltTeam.com if you would like additional market information on homes in Vienna, Oakton, Great Falls, McLean or any other Northern Virginia area.

As Labor Day approaches, let’s take a look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market.

VIENNA:

315 homes are for sale. The lowest priced listing is a condominium at Park Terrace. It has 2 bedrooms and 1 bath and is listed at $224,888. The highest priced listing is a new home to be built on Polo Pointe. It is listed at $4,299,000.  The average list price for homes on the market is $889,188 and homes are currently averaging 123 days on the market.

OAKTON:

94 homes are for sale. The lowest priced listing is a condominium at The Oakton. It has 2 bedrooms and 1 bath and is listed at $183,000. The highest priced listing is a new home under consruction in Willow Creek Estates. It is listed at $3,400,000.  The average list price for homes on the market is $884,090 and homes are currently averaging 137 days on the market. 

For more information on buying or selling homes, contact The Belt Team at (703) 242-3975.