MRIS

Figuring out the Vienna Home Market… May 2009

With all you read about the housing market, buying a Vienna home in 22182 appears to be a better bet right now. But if you are a seller with a home priced over $800,000 then you will be sobered. I just looked over resale data from MRIS of the Vienna zip codes ( 22180-22182)  for the month of May, and the biggest gains seem to be in the 22182 zip code again… looking at the number of sales. But please know that this information is reported from MRIS which is not guaranteed to be 100% accurate but should be considered pretty darn close.

Numbers for 22182:

• Total Units Sold in May 2009, 25 vs. 17 in 2008 (up 47%)
• Average Sold Price in May 2009, $672,560 vs. $846,776 in 2008 (down 20.57%)
• In the $500,000 to $599,999 range, 7 sold of 18 active listings
• In the $600,000 to $699,999 range, 6 sold of 31 active listings
• In the $700,000 to $799,999 range, 5 sold of 18 active listings
• In the $800,000 to $999,999 range, 0 sold of 23 active listings
• In the $1,000,000 to $2,499,999 range, 3 sold of 55 active listings
• Average days on market in April 2009 is 70 vs. 114 in 2008
• The average sold price in April 2009 was 93.91% of average list price

The statistics for the Town of Vienna, 22180, reflected sharply contrasting numbers.

Numbers for 22180:

• Total Units Sold in May 2009, 23 vs. 26 in 2008 (down 11.54%)
• Average Sold Price in May 2009, $520,835 vs. $566,265 in 2008 (down 8.02%)
• In the $400,000 to $449,999 range, 3 sold of 14 active listings
• In the $450,000 to $499,999 range, 7 sold of 11 active listings
• In the $500,000 to $599,999 range, 2 sold of 21 active listings
• In the $600,000 to $799,999 range, 0 sold of 16 active listings
• In the $800,000 to $899,999 range, 0 sold of 10 active listings
• In the $1,000,000 to $2,499,999 range, 2 sold of 43 active listings
• Average days on market in April 2009 is 134 vs. 68 in 2008 (up 97.06%)
• The average sold price in April 2009 was 92.90% of average list price

MRIS

Figuring out the McLean home market… April 2009

With all you read about the housing market, buying a McLean home appears to be a roll of the dice right now. I just looked over resale data from MRIS of the McLean zip code ( 22101) for the month of April and noticed a big drop in the number of units sold.

• Total Units Sold in April 2009, 28 vs. 34 in 2008 (down 17.65%)
• Average Sold Price in April 2009, $861,659 vs. $1,113,396 in 2008 (down 22.61%)
• In the $700,000 to $799,999 range, 5 sold of 28 active listings
• In the $800,000 to $899,999 range, 0 sold of 26 active listings
• In the $900,000 to $999,999 range, 3 sold of 13 active listings
• In the $1,000,000 to $2,499,999, 8 sold of 131 active listings
• Average days on market in April 2009 is 150 vs. 148 in 2008
• The average sold price in 2009 was 91.04% of average list price

So this market remains highly competitive as we head further into the “Spring Market” with home sellers waiting anxiously for buyers to make offers. And with such a large inventory for sale in the 22101 average  price range, the home buyers remain in control of the housing market.

MRIS

Figuring out the Vienna home market… April 2009

With all you read about the housing market, buying a Vienna home appears to be a safe bet right now. I just looked over resale data from MRIS of the Vienna zip codes ( 22180-22182)  for the month of April and the biggest gains seem to be in the 22182 zip code… looking at the number of sales.

• Total Units Sold in April 2009, 23 vs. 13 in 2008 (up 76%)
• Average Sold Price in April 2009, $760,479 vs. $750,923 in 2008 (up 1.27%)
• In the $500,000 to $599,999 range, 2 sold of 23 active listings
• In the $600,000 to $699,999 range, 6 sold of 28 active listings
• In the $700,000 to $799,999 range, 6 sold of 33 active listings
• Average days on market in April 2009 is 102 vs. 100 in 2008
• The average sold price in April 2009 was 91.74% of average list price

So this market remains highly competitive as we head further into the “Spring Market” with home sellers waiting anxiously for buyers to make offers. And with such a large inventory for sale in the 22182 average  price range, the home buyers remain in control of the housing market.

MRIS

A secret buyer agent search strategy for a home in Vienna, Virginia

Yes, another buyer agent secret search strategy for a lucky client living in Vienna, Virginia

When I meet with buyer clients, I like to discuss how our home search is going to involve a multi-pronged effort in order to be successful. The client will use the resources of the Internet with sites like Homesdatabase.com,  Realtor.com, Trulia or Zillow, and a few other super secret strategies. Yes, I will have the MRIS/MLS along with a network of successful agents that I have cultivated over the years and a few clever old school ideas.

But a few weeks ago when some clients were being extra specific, I drilled down through the Fairfax County tax records to look for old-timers who may be getting ready to move. You know, the old “come on lady, move out now while you can still walk” strong-arm strategy, similar to the training tape we just watched last week featuring Alec Baldwin.

But seriously, I found some folks who had been in their home 20+ years and sent them a compelling letter with followed up phone calls. As fate would have it, one guy who was just starting the pre-listing process and received a letter called his agent asking if my letter “was for real”.

“Who is it from?” she asked.

“Some guy named Doug Francis with Remax real estate” he responded.

“Well, I have known Doug for 17 years, so I feel it’s legit” she said.

So we saw the house, made an offer that was accepted, and now just have to wait for the appraisal to get finished. A successful home search, even in Vienna, Virginia, needs more than one strategy to get the job done.

Old school!

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• The real estate market catches a hint of Spring 2010 (dougfrancis.com)
• Vienna, Virginia | My Buyer’s Agent Advice of the Week (dougfrancis.com)

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