March-April - Viva Tysons Magazine

REAL ESTATE
Ask the Expert
Local, local, local...
Just as important as the well
known adage in real estate,
"location, location, location", is
the importance to give one's
attention to the local market and
economy and not focus on the
national headlines when evaluating
residential real estate decisions.
Everyone has always said our metropolitan area is insulated
from the harsh real estate realities seen in much of the rest
of the country. Whether it's the government driving our
economy, or other local factors, the fact is that real estate
is local, particularly in our market. Forget the national
headlines and stick to the local data when evaluating your
real estate options.
82
FACT: US unemployment rate in
December 2010 was over 9%.
FACT: Fairfax County unemployment
rate in December was 4.4%.
FACT: National inventory of homes
for sale: 8.1 months
FACT: Supply of homes for sale
in the Mclean/Great Falls/Vienna/
Oakton/Tysons Corner market- the
past 30 day absorption rate is 2.5
months and the past 90 day rate is 3
months.
FACT: The national median sales
price for all home types declined
1% from December 2010 over 2009.
FACT: The median sales price for a
home in Fairfax County INCREASED
7.2% during the same period.
The truth is that when it comes to
real estate what matters is what
is going on in your hyper local
market, zip code, school district,
neighborhood,
type and price
range of home,
and a host of
other factors that
affect the sale
your property or
buying decision.
What is real
today in Oakton/
Vienna/ Tysons/
Mclean/Great Falls, Reston's local
market is that we are experiencing
the healthiest market in 7 years.
The savvy buyers realize the fact
that interest rates are trending in
the all time historical low range and
know that with the correction in
prices since the peak of the market
that now is the time to re-enter the
market as a first time buyer or for a
seller to achieve a move up to the
next dream home. Affordability,
measured by the median mortgage
payment on the current median
priced home as a percentage of
the median household income is
lower than it’s been in a generation
By Terry M. Belt
The Belt Team
TheBeltTeam.com
Keller Williams, McLean
nationally and in Northern Virginia
the affordability index is the best
since this data was first measured
in 1970.
We know as March of 2011 that
local market activity levels affirms
the story of the local data. More
homes are selling, at higher prices,
and at a higher percentage of list
price than last year.
Two interesting "hyper local" data
points to note. While homes are
selling well, the average time on the
market has lengthened and at the
same time over 50% of the homes
that go under contract do so in 30
days or less. The moral of the story
is that experienced interpretation
of the local market comparable's is
critical to proper pricing or a home
will lag on the market.
Conditions are improving, but it
is still 2011 not 2005. None the
less multiple contracts are back in
many case, the upper price ranges
are moving well again and the
inventory for existing finished new
construction is the lowest we have
ever experienced in Vienna/Oakton/
McLean/Tysons/And Great Falls.
VivaTysons | MARCH - APRIL 2011 vivatysons.com