Reston (zip code 20190) experienced a 78 percent increase in sales in November 2008 vs. Nov. 2007. This combined with a 33 percent drop in number of days on market would seem to indicate that the price corrections (a 26 percent decline) that occurred during the past year have reached a point whereby buyers are quickly getting back into the market. The small two percent drop in the average sale price as a percent of average list price is probably a too minor to suggest any significant change. The 26 percent decline in median sold price is definitely worth tracking.  Contact me if you have any questions or are ready to take part in today’s buyers market before prices begin to go back up.

The Mclean 22101 Zip Code continues to see strengthening sales. While the number of homes sold declined from 27 in November 2007 to 19 this year, the average sold price saw a 73 percent increase over November 2007. Days on market dropped from 118 to 107. The average list price also increased by 74 percent from $1,088,078 to $1,891,132. Anyone considering buying a home in Mclean should watch to see if this trend continues and may want to make a mover before we have an even greater upsurge in the market.

I recently joined the local gym here in Great Falls – Elite Fitness Concepts.  Many of my friends, knowing that I have always been a fairly serious weightlifter, asked why I joined such a small facility.  Truth be told, I had looked at Elite when they first opened 10 years ago and had absolutely no interest in the gym.  Well things changed dramatically since that time.  Although still a small building, it is chock full of equipment and weights.  It is now a full service gym and offers most everything you could possibly need.  In addition to the exercise equipment, Elite trainers run Spinning Classes, Yoga Classes, and some strange class that is a type of dance class called Kukuwa.  These classes are all included in the very reasonable monthly fee.  Elite also offers Pilates, Massage and several other activities for a reasonable fee.  There is also a full complement of personal trainers (one of whom has actually appeared on “The Biggest Loser” training a couple from Ashburn).  I highly recommend the gym and would love to see you there.  Just let them know I suggested you stop by and they just might give you a free trial period.

Stop by and take a look or visit their website: http://www.elitefitnessconcepts.com/contact.html

The gym is located at: 10123 Colvin Run Rd.  Great Falls, Va.  22066.  Phone number:  (703) 759-7820.

Elite is holding an Open House this Thursday and Friday.  They are offering food and coffee and will be holding a raffle for free massages, pilates training sessions and personal training.  They are also inviting you to try a one or two classes with one of the trainers.

Ten Reasons To Have Your Home Listed During the Holidays

Most people think spring is the best time to list their home?  It is a good time to sell, but there’s another time of the year during which you might want to place that “for sale” sign in your yard…

Homebuyers need to purchase homes all year long, so there might be some advantages to placing homes on the market during the holiday season. Some of these benefits include:

1. People who look at properties during the holidays are usually serious buyers and are more ready to make a decision.
2. Serious buyers have fewer houses to choose from during the holidays, so property has less competition.
3. House “shows better” when decorated for the holidays with the wonderful light and festive colors associated with the season.
4. Buyers are more emotional during the holidays and often base their decision on the warmth and good feeling they receive when viewing your house.
5. Buyers have more time to look for a house during the holidays because they have designated time off from work to purchase a home.
6. Many people want to buy before the end of the year for financial and tax reasons.
7. January is traditionally a heavy time for transfers. Transferees can’t wait until the spring to buy. Your house must be on the market to capture these buyers.
8. You may restrict showings during your own personal family events and still take advantage of your spruced up and decorated “show ready” property.
9. You can sell now, but specify a delayed closing or extended occupancy until early next year if you so desire and if agreeable to the other party.
10. By selling now you have an opportunity to buy during the spring, when more properties are on the market.

Please Contact me if you or someone you know is considering listing their home for sale.

A total of only eight homes sold in Great Falls during November 2008.  This is down from twelve last year, fifteen in 2006 and nineteen in 2005.  There are currently 164 homes on the market which reflects a sizeable drop from a high of approximately 250 earlier this year.  With sales averaging 15 per month during the past six months, the current absorption rate would indicate that we have an 11 month inventory.

The following homes sold in November:

• Address                          List Price        Sold Price        BR    BA     Acres    Days on Mkt.
• 930 War Admiral St.        $  719,000     $  700,000       4      3        .58              22
• 9219 Hidden Creek Dr.   $  877,900     $  877,900       3      3        .7                  8
• 9706 Beach Mill Rd.        $  895,000     $  815,000       4      2      1.90            219
• 10907 Beach Mill Rd.      $1,249,000    $1,275,000      6      5      5.0                19
• 10612 Allenwood Ln.      $1,399,953    $1,220,000      5      4      2.83              17
• 10917 Belgravia Ct.        $1,895,000    $1,100,000      6       5      2.2             511
• 10910 Beckman Way      $4,000,000    $3,025,000      6       6      5.0             333
• 520 Innsbruck Ave.        $4,250,000    $3,400,000      7       8      2.29           579

During the last two days, I have shown several homes in Fairfax County to clients who are currently renting.  We found a single family home in Herndon that they should be able to purchase for somewhere in the neighborhood of $250,000.  This same home four years ago would have sold for more than $400,000.  I personally believe that the Herndon market is currently artificially low and will likely enjoy a 100 percent appreciation during the next five years.  Using the Northern Virgina MLS system’s Rent vs Buy calculator, this couple will save over $43,000.  And this is with an extremely conservative approach inputting annual appreciation of only 4 percent.  Using a more aggressive appreciation rate of 15 percent per year (still less than my forecast) for Herndon this couple would save in excess of $230,000.  Not bad for an initial investment (down payment) of only $8,750!!

Now if you’ve been listening to the news reports you no doubt have repeatedly heard that we experienced “the Perfect Storm” in the real estate market over the past three years.  I have to tell you that we are now in the midst of a “perfect trifecta”.  The significant drop in home prices combined, with extremely low interest rates (at the time of this writing they are less than 6 percent) and an abundance of money (for those with decent credit scores) have created a perfect opportunity for first time home-buyers.  In addition to this, the federal government’s first time buyers’ tax credit (see earlier blog entry) makes it even easier to afford a home.

Try your own rent vs buy analysis.  Once you have done this, contact me to schedule an appointment to look at homes you can afford.