October Real Estate Market Update – McLean, VA 22101 and 22102

McLean VA is home to many businesses and personal residential pieces of real estate. The zip of 22101 is heavily populated with Businesses, so I’ve broken out the October statistics by zip code:

22101

Detached Houses

Average Net Sale Price: $1,496,948 after 176 DOM
Range: $513,500 – $3,500,000
Average % of List Price: 89.89%

Townhouses

Average Net Sale Price; $641,458 after 242 DOM (median was 34 days)
Range: $460,000 – $775,000
Average % of List Price: 95.77%

22102

Detached Houses

Average Net Sale Price: $2,004,667 after 426 DOM (median was 351 days)
Range: $1,025,000 – $3,668,000
Average % of List Price: 85.25%

1 Bedroom Condos

Average Net Sale Price: $213,500 after 47 DOM
Average % of List Price: 95.87%

2 Bedroom Condos

Average Net Sale Price: $321,590 after 14 DOM
Average % of List Price: 96.75%

Townhouse

Average Net Sale Price: $622,533 after 18 DOM
Range: $562,100 – $740,000
Average % of List Price: 98.41%

 

Interestingly enough, average sales price is up for October, compared to 2008 in 22101, but down in 22102. Volume and days on the market are up for both zip codes.

Of the 59 properties that sold in October, 2 were short sales, and 6 were bank-owned.

Search the current Homes For Sale in McLean VA

Laura Rubinchuk

Holiday Home Security – Online & Off

The Holiday Season is a wonderful time of year. Time for gratitude, celebration, and oftentimes a 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”!

The Belt Team

Fairfax County, VA Inventory and Median Sales Price

This chart shows inventory vs median price for single family homes in Fairfax County for the past year.  Inventory is continuing to fall in Northern Virginia, and in particular Fairfax County.

It’s easy to see on this graph that median price has closely correlated to level of inventory–that is, until recently.  Has pricing hit bottom in our area? Certainly the combination of historically low rates and the first time buyer credit spurred purchase activity.  But we’re down to just a few months’ of inventory for buyers to choose from (5 to 7 months is considered a balanced market), so unless something happens to bring it back in to balance we can expect rising prices.

So what can bring it back in to balance?  If the much discussed “shadow inventory” appears, that would certainly add to the inventory, though it’s unclear which price points would benefit.  The potential extension and expansion of the $8000 first time buyer credit, coupled with a potential “repeat buyer credit” could spur sellers to decide to go ahead and list their home for sale.  And by limiting the credit to those who have owned for at least five years, chances are good that those sellers are not underwater on the homes and can afford to sell at today’s lower prices.  (Though it may be painful for them to remember what their home was ‘worth’ just a few years ago.)

Sellers, if this credit passes, this could be a very unique opportunity for you:

• Prices are hovering above the historical correlation with inventory
• A potential extension of the first time buyer credit will create temporary demand, even in what is usually a slow time of year
• Interest rates are still at historical lows for your purchase
• Prices at upper end homes (above $500k) have taken a bigger hit than entry-level (which was supported by the previous first time buyer credits), so you might get more for your money than in a normal, fully recovered market

If you have owned your home more than five years and you believe it is priced under $800k, this is the time to consider selling!

Katie Wethman

$8000 First Time Home Buyer Extension and New $6500 “Move Up” Buyer Credit Details

 

It’s officially passed the House and Senate, and is now awaiting the President’s signature.  Along with the extension of the $8000 First Time Buyer credit (now applies to any buyer under contract by April 30, 2010 and settling by June 30, 2010), there is now a new credit category:long-time residents of the same principal residence which has been given the shorthand name of “move up buyers”–though in reality it could just as easily apply to “move down buyers.”

If a homeowner has owned and used the same residence as their principal residence for any five consecutive years in the last eight (as of the date of purchase of a subsequent residence), then they are treated as a “first time home buyer” eligible for a (up to) $6500 tax credit when they file their next return.  Other key points:

• This credit applies to purchases under contract between December 1, 2009 and April 30, 2010.
• Income limits are higher than with the previous credit: $125,000 AGI for a single individual and $225,000 AGI for a married couple (and then phases out until $145k/$245k).
• Homes purchased for more than $800,000 are ineligible.
• Thanks to all the fraudsters out there, purchasers must now submit documentation of purchase along with their tax return.

Some other restrictions apply (e.g., must keep the home for at least a year), but the key points are above.

This is key news for our area, which has seen a dramatic drop in housing inventory, especially at the first time buyer price point–this could well create demand in the next category up (up to $800,000 that is) of homes, and will create some breathing room, inventory wise, for the continuing first time buyer demand.

This could be the ideal time for these move-up or move-down buyers:

1. Prices for inventory at the first time buyer price point are stable or even rising
2. Interest rates are still at historic lows
3. Upper end homes have dropped (and are continuing to drop) in price

Combine these three points and you get “sell high” and “buy low”. If you’re thinking of selling your home to “move up” or “move down” and want more information on the tax credit, please contact me.

*************

Read more: How Do I Protect Myself if I Buy and Sell a Home at the Same Time?

Sign up for a free MLS Market Snapshot to see what’s been going on in your neighborhood (Northern Virginia, DC, and Maryland only)

Read more: Six Myths About Choosing a Listing Agent

Read more: Marketing Your Home

Katie Wethman

September 2009 Real Estate Market Update – McLean, VA 22101 and 22102

McLean VA is home to many businesses and personal residential pieces of real estate. The zip of 22101 is heavily populated with Businesses, so I’ve broken out the August statistics by zip code:

22101

Detached Houses

Average Net Sale Price: $981,131 after 104 DOM
Range: $526,000 – $2,251,000

Townhouses

Average Net Sale Price; $627,700 after 84 DOM
Range: $535,000 – $820,000

The overall market in McLean in 22101 is BUSY. Sales has more than doubled this point last year, for both volume and the number of homes sold. Surprisingly, days on the market has also gone up by about 20 days. Prices are still lower than this time last year.

22102

Detached Houses

Average Net Sale Price: $1,307,625 after 106 DOM (median was 7 days)
Range: $728,000 – $2,525,000

1 Bedroom Condos

Average Net Sale Price: $188,923 after 40 DOM

2 Bedroom Condos

Average Net Sale Price: $399,561 after 71 DOM

 

The overall market in McLean in 22102 is similar to 22101 for September. Volume and the number of homes sold are both up, as well as days on the market. Similarly, prices are still a bit lower than this time last year.

Search the current Homes For Sale in McLean VA

Laura Rubinchuk

New Home Trends: Green & Smaller

Recently the statistic came out that for the first time in 2008 the average new home being built in the United States is smaller by 200 square feet than two years previous.   This trend shows a decline in desire for McMansions and square feet at any cost.  Homebuyers are now considering whether they really need that extra 1,000 square feet.  Further, smaller homes by virtue of size alone are more energy-efficient and are less expensive to maintain.  There is no way of truly determining which trend came first, building green or smaller, but they work in tandem in my view as both offer similar benefits of energy-efficiency and decreased maintenance costs.

This week I had the opportunity to attend the McLean Chamber of Commerce private tour of the Charity Works Green House in Salona Village.  The Green House was designed by Cunningham/Quill Architects PLLC who illustrated beautifully that great design can come in small packages.  It was designed to exceed the highest Leadership in Energy and Environmental Design (LEED) standards for houses.  This carbon-neutral house was built in partnership by GreenSpur Inc. and West Group.  It is expected to use 80 percent less energy per square foot than a comparable new house.  The craftsman-style home boasts only 4,000 square feet of living space on almost ½ acre of land, which is small by new homes in McLean standards.  Of greatest impact to me was the fact that the room sizes were intimate.  This signifies a turning point in design, where bigger is no longer the default choice of architects and builders.

I was curious to know if this trend in smaller home design has come to McLean, so I did a market analysis of new detached homes built and sold the year they were constructed for both 2008 and 2009.  The square footage numbers used came from the Fairfax County tax record for the property.  In 2008, the average above-grade square footage for new homes was 5,268.  In 2009, the average above-grade square footage for new homes was 4,861. In just one year that is a reduction in home square footage by 7.7 percent.  It also signifies that the Charity Works Green House design is blazing a trail in more ways than one.  In my view, both green and smaller are trends that architects and home builders should pay close attention to.

Karen Briscoe

What Sold in Vienna and Oakton in September?

Now that the calendar page has been flipped to October, it’s time to report on September statistics for Vienna Oakton real estate.

In both Vienna and Oakton, sales in September 2009 were way up over September 2008. The market is still segmented however, with the lower price ranges moving much more quickly. (For example, of the 18 sales in Oakton, only 2 homes sold over $605,000. While in Vienna, 40% of the sales were above $605,000.) Overall, we seem to be headed back toward a more balanced market.  Here is the Vienna Oakton market information for September:

VIENNA: Sept 09                   Sept 08

# New Listings                                               100                          90
# Under Contract                                            83                           43
# Sold/Settled                                                 58                           57

Average Days on Market
for September Solds                                  77 days                    72 days
Highest Price Sale                                    $1,900,000            $1,350,000

OAKTON: Sept 09                   Sept 08

# New Listings                                                 31                            35
# Under Contract                                            27                            16
# Sold/Settled                                                 18                             15
Average Days on Market
for September Solds                                 83 days                  86 days
Highest Price Sale                                   $1,340,000            $1,750,000

What Sold (ie- went to settlement) in Oakton in September 2009?

Under $500,000:

10044 Oakton Terrace Rd – $185,000 (less a $3,000 subsidy = $182,000 Net)
10043 Oakton Terrace Rd – $210,000 (no subsidy)
10196A Ashbrooke Ct #121 – $220,000 (less a $6,000 subsidy = $214,000 Net)
10216 Bushman Dr #224 – $245,000 (less a $6,000 subsidy = $239,000 Net)
10191B Ashbrooke Ct #102 – $259,900 (less a $2,599 subsidy = $257,301 Net)
9983 Capperton Dr – $300,700 (no subsidy)
2817 Jermantown Rd #303 – $315,000 (no subsidy)
10302 Cherry Blossom Ct – $365,000 (no subsidy)
3701 Michele Ct – $410,000 (no subsidy)
10520 Elmenden Ct – $441,000 (less a $13,000 subsidy = $428,000 Net)
3153 Bradford Wood ct – $435,000 (no subsidy)
3105 Valentino Ct – $440,000 (less a $500 subsidy = $439,500 Net)
3152 Valentino Ct – $448,100 (no subsidy)

$500,000 to $775,000:

10800 Mantilla Ct – $557,000 (no subsidy)
12031 Hamden Ct – $590,000 (less a $27,000 subsidy = $563,000 Net)
10416 Adel Rd – $605,000 (no subsidy)

$775,000 to $999,000: NONE!

$1,000,000 and up:

11727 Saddle Crescent Rd – $1,070,000
2755 Marshall Lake Dr – $1,340,000

What Sold (ie- went to settlement) in Vienna in September 2009?

Under $500,000:
2518 Glengyle Dr #205 – $214,000 (no subsidy)
2726 Gallows Rd #909 – $264,000 (no subsidy)
2726 Gallows Rd #704 – $270,000 (no subsidy)
9923 Longford Ct – $330,000 (less a $11,550 subsidy = $318,450 Net)
207A Park St SE – $320,000 (no subsidy)
109 Tapawingo Rd SW – $336,900 (no subsidy)
9832 Sweet Mint Dr – $347,500 (less a $3,500 subsidy = $344,000 Net)
1573 Northern Neck Dr #101 – $360,000 (less a $10,800 subsidy = $349,200 Net)
2700 Belleforest Ct #107 – $365,000 (no subsidy)
1530 Northern Neck Dr #202 – $385,000 (less a $5,000 subsidy = $380,000 Net)
7971 Tysons Oak Circle – $383,000 (less a $1,000 subsidy = $382,000 Net)
2843 Lafora Ct – $395,000 (no subsidy)
2766 Stone Hollow Dr – $410,000 (less a $7,500 subsidy = $402,500 Net)
2723 Sutton Rd – $410,000 (no subsidy)
1204 Drake St SW – $415,000 (no subsidy)
609 Truman Cir SW – $430,000 (no subsidy)
1006 Hillcrest Dr SW – $432,000 (no subsidy)
508 Meadow Ln SW – $439,000 (no subsidy)
1020 Moorefiled Hill Pl SW – $440,000 (less a $1,000 subsidy = $439,000 Net)
705 Ware St SW – $450,000 (less a $9,000 subsidy = $441,000 Net)
1210 Drake St SW – $452,000 (less a $3,500 subsidy = $448,500 Net)
261 Lawyers Rd NW – $465,000 (less a $6,050 subsidy = $458,950 Net)
9686 Scotch Haven Dr – $465,000 (less a $5,800 subsidy = $459,200 Net)
2707 Shawn Leigh Dr – $480,000 (less a $10,000 subsidy = $470,000 Net)
9938 Vale Rd – $480,000 (no subsidy)
600 Kingsley Rd SW – $480,000 (no subsidy)
9627 Scotch Haven Dr – $490,000 (no subsidy)

$500,000 to $775,000:

2727 Manhattan Place – $519,900 (less a $10,000 subsidy = $509,900 Net) (BELT TEAM LISTING!)
1825 St. Boniface St – $525,000 (less a $5,000 subsidy = $520,000 Net)
8023 Merry Oaks Ct – $525,000 (no subsidy)
8101 Quinn Terr – $555,000 (less a $5,000 subsidy = $550,000 Net)
107 Ross Dr SW – $555,000 (no subsidy)
2427 Hunter Mill Rd – $585,900 (less a $19,000 subsidy = $566,900 Net)
131 Mendon Ln SW – $569,900 (less a $10,000 subsidy = $559,900 Net) BELT TEAM LISTING!
1932 Baton Dr – $575,000 (no subsidy)
8818 Olympia Fields Ln – $600,000 (no subsidy)
9503 Percussion Way – $640,000 (less a $11,300 subsidy = $628,700 Net)
9597 Lagersfield Cir – $640,000 (less a $10,000 subsidy = $630,000 Net)
9554 Pine Bough Pl – $633,000 (no subsidy)
1923 Labrador Ln – $655,000 (no subsidy)
10402 Dunn Meadow Rd – $665,000 (less a $7,500 subsidy = $657,500 Net)
1830 Battery Park St – $659,000 (no subsidy)
8082 Criaza Branch Ct – $681,000 (no subsidy)
2212 Nobehar Dr – $695,000 (no subsidy)
2540 Meredith Dr W – $702,000 (no subsidy)
2815 Glade Vale Way – $729,000 (less a $10,000 subsidy = $719,000 Net)
2069 Woodford Ct – $760,000 (less a $5,000 subsidy = $755,000 Net)

$775,000 to $999,000:

1007 Lynn St SW – $850,000 (less a $25,000 subsidy = $825,000 Net)
9601 Savannah Crossing Ct – $965,000 (no subsidy) BELT TEAM LISTING!
2755 Cody Rd – $975,000 (no subsidy)

$1,000,000 and up:

1710 Landon Hill Rd – $1,000,000
8306 Elm Grove Ct – $1,075,000 (less a $4,000 subsidy = $1,071,000 Net)
1960 Limb Tree Ln – $1,100,000 (no subsidy)
111 Harmony Dr SE – $1,120,000 (no subsidy)
545 Orchard St NW – $1,135,000 (no subsidy) BELT TEAM SALE!
415 Cynthia Ln NE – $1,139,465 (less a $5,650 subsidy = $1,133,815 Net) BELT TEAM SALE & BELT TEAM LISTING!
2731 Hidden Rd – $1,150,000 (no subsidy)
8262 Trailwood Ct – $1,250,000 (no subsidy)
10412 Hunters Valley Rd – $1,900,000 (less a $30,000 subsidy = $1,870,000 Net)

For more information on any of these sales (or if you would like information on other areas such as Great Falls, McLean, Reston, etc…), or if you are thinking of buying or selling a home, please contact The Belt Team at (703) 242-3975. The Belt Team has sold more homes in Vienna Oakton than any other Realtor since 1972 (and we also cover areas ranging from Loudoun County to Arlington to Silver Spring)! It would be our pleasure to help make your real estate dreams come true!

The Belt Team

Vienna Named To CNNMoney.com List AGAIN!

CNNMoney.com recently named Vienna #19 in its Top 20 “Best Places For A Healthy Retirement“. Vienna is the onlyplace in Virginia to make the list and this follows a Top 5 ranking for Vienna in 2005 for “Best Places To Live“. (Read the full article here.)

WOW! It seems that CNNMoney.com has finally figured out what the rest us have known for a long time. And as 37 year residents, we more than agree. In fact, we would say Vienna is #1 in all categories! Having sold more resale homes in Vienna than any other Realtor since 1972, we know that when families arrive here, they fall in love and when they leave here, they are always sad to go.

Six of our eight Belt Team members live in Vienna today (the other two lived here for 34 years) - and many of us have grown up here. We remember the days of one traffic light at Tysons Corner . . . .  and the days when the Vienna Innwas the “hot” CIA hangout. Back in 1978, Terry Belt was the SGA President at Wolftrap Elementary School and he was playing on Vienna’s Little League All-Star Team. Terry & The Belt Team are now the #1 Real Estate Team forKeller Williams Realty in the State of Virginia and after many years of coaching in Vienna Little League, Terry has “graduated” to coaching the Vienna Bombers travel baseball team. The streets may be a little busier, but the “small town” personality we all know & love is still there.

Having lived in Vienna for such a long time comes in handy for many reasons. We know all the shortcuts to get around traffic. We know the best places to shop & where to get the best milkshake. We know lots of interesting stories about Vienna – things like where the “spy” lived, where Grant Hill used to play pick-up basketball & where the first Sheriff of Fairfax County is buried.

Just like many of you, we love living in Vienna. Money Magazine cited many tangible reasons why Vienna is such a great place to live – jobs, schools, education levels, etc….but we feel it’s the intangibles that make this such a unique & wonderful place to live. It’s the friendly people, the small-town feeling in the midst of a vast Metroplitan area, the diversity of our neighborhoods, the history of our area, the fact that we have a “Mayor” and “town meetings” and a “real” hardware store. But the bottom line is that when you live in Vienna, you know that you are “home”. And as Dorothy said, “There’s no place like home.”

Our knowledge of and love for Vienna is one reason why we have sold more resale homes in Vienna than any of the other 11,000+ Realtors in the Norther Virginia Association of Realtors. If you want to buy or sell a home in Vienna, please call the The Belt Team at (703) 242-3975.  You can also search for homes for sale here on our web site - search Belt Team listings or search all listings in the MLS.

The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region! Contact us today for a FREE home valuation or buyer counseling session!

Why Do Buyers Have Good Manners?

Often I hear from sellers:  “just tell the buyers to make an offer.”  And that seems so simple, so why don’t they?  I believe it is because buyers have good manners.  Buyers don’t want to offend or hurt the feelings of a seller by making an offer that could be considered “low ball” or “bottom feeding”.  So instead, in my experience the buyers wait until the price is within 10% of what the buyer has determined to be the market price.  In a rising market, sellers can overcome the possibility of overpricing because the market is moving towards them.  When demand is great, buyers have less choice, basic supply and demand fundamentals say that it is a time of rising prices.  When supply is great and buyers have lots of choice, then there is price pressure down.  The market is smarter than all of us, because it is the collective wisdom of all of these independent people buying and selling.   When people say “this time is different,” that is when one should proceed with caution as it is more than likely from a subjective frame of reference and oftentimes a means of justifying one’s own point of view.

 

Notice that I haven’t even addressed what is being sold and what the buyers are purchasing.  Let’s apply the “good manners” phenomenon to my field, upper bracket homes and real estate in Northern Virginia.  When I hear “my home is different” or “my situation is different”, it is my opportunity and duty to explain that the market is not subjective.   This is the basis for the reasoning that attorneys shouldn’t represent themselves and medical professionals shouldn’t practice on family members.  It is difficult to remain objective when one is too close to the situation.

 

I heard internationally acclaimed personal finance expert Susie Orman speak and she shared this wisdom:  Calculating the price you “could have had” is a dream.  That’s why selling in a down market is so hard. The biggest mistake people make is getting greedy.  It is better to have 50% of something than 100% of nothing.  That reminds me of an old southern saying my partner, Sue Huckaby, used to share:  “pigs get fat, but hogs get slaughtered.”

 

How do sellers know whether they are priced at market?  I believe that if a purchaser hasn’t made an offer within thirty days, and for sure by sixty days, the market is speaking to them and in effect saying the price is greater than 10% of what the market perceives the value to be.  At that time a seller should adjust the price by preferably 10%, but at least by 5%.  If after another thirty to sixty days the buyers still have too good of manners and no one has made an offer, then the seller should follow this procedure until the market price is found.

Karen Briscoe

Weekly Market Update – Should I Stay or Should I Go?

Last night, I ran into a friend who used to be “in the business” like us – a previously active Realtor who still works in a real estate-related business, but not directly with listing & selling homes. At any rate, he asked me a question that blew me away. . . . “I have a friend who wants to buy a home, but thinks he should keep waiting until the market bottoms out. What should he do?” (Side note: His question reminded me of the old Clash song, “Should I Stay Or Should I Go”) My first thought was, “where have you been and how can you not know what a GREAT time to buy it is?!”

But as I thought about it more, I realized that based on the doom & gloom we read & hear in the news on a daily basis, it probably is a logical question – even from someone who is peripherally involved in the real estate business. And perhaps you, the readers of our blog, may also have this question.

The conversation pointed out to me why it’s so important for Buyers & Sellers to consult the best Realtor they can – one who is very active & an expert in the market you are interested in. We “in the trenches” see things on a daily basis that often lag in being reported to the news media. And the realities of our local market can often be so different than what you hear in the news. It can even differ in markets as close as Arlington and McLean.

I asked my friend whether his friend was a first-time homebuyer. He responded that he was and that he was looking in the $500,000 price range. I told my friend to make sure he knew about the First-Time Homebuyer Tax credit that was part of the Stimulus Package. It’s a great opportunity, but will only last so long. Now is the time to be looking so that you have time to find your home, write a contract, do your inspections, get your loan and go to settlement. First-time homebuyers are eligible for a maximum $8,000 tax credit. But this is only effective for purchases through the end of 2009. (Note: If the home is sold more than 3 years after purchase, the credit is not even re-captured upon sale. Wow!)

In addition to that information, I shared with my friend that sales are up, inventory is dropping and in some markets (for example – in the townhouse market in Vienna and Oakton), we are actually back to a Sellers Market. In our office sales meeting yesterday, there were multiple agents working with buyers who are dealing with competing contracts on the same property. One agent even had a situation where he received 8 contracts within 2 days of a home coming on the market. And while our Arlington Realtor experts were desperate to find homes for their buyers (inventory is so incredibly low in their area and homes are selling in just days), our McLean Realtor experts are still seeing homes sit on the market for months.

If you’re thinking of moving up – this is also the PERFECT time to sell your current home & find your dream home. Your home may not sell for as much as it would have a few years ago, but the home you are moving up to will also be selling for less. Here’s an example – say that values in your area have dropped by 12%. The home you live in will now only sell for $666,000 instead of the $750,000 you had hoped for – an $84,000 loss. However, the home you are moving to – which originally would have sold for $975,000 – is now selling for $858,000 – a savings for you of $117,000. In this example, you come out $33,000 ahead and now live in a nicer, larger home.

I let my friend know that he can always keep up-to-date on our local market by checking our blog and I shared with him what MRIS reported this week for our region:

“Home sales remain strong in the MRIS region. For the week ending August 29 there were 2,780 signed purchase agreements—up 32.5 percent from the same week in 2008. That’s the 30th consecutive week of year-over-year increase in pending sales.

With the federal tax credit for first-time buyers set to expire in November, expect sales to continue at a brisk pace for the next two months as the “last call before bar close” buyers take advantage of a substantial market incentive. ”

The bottom line is, the answer to the question “Should I Stay or Should I Go” is not always a definite yes, but inmany circumstances it is “YES! DO IT NOW!”.

If you have further questions about whether now is the time to buy or sell, don’t hesitate to give us a call at (703) 242-3975.

Contact us for a free comparative market analysis: http://www.thebeltteam.com/northern-virginia-real-estate/home-values.html

In the meantime, stay tuned to our blog for hyperlocal information about the real estate market here in Northern Virginia!