Oakton, VA

The story of this Oakton, VA Short Sale started on September 11, 2009 when the short sale listing became active at a list price of $248,000. Naturally, I thought the short sale seller made an outstanding choice of Short Sale Listing Agent. And coming to the conclusion of a successful settlement this morning, the seller thinks he made a great choice in Short Sale Listing Agent too.

There were two loans, both with Wells Fargo. Wells Fargo is a bank with which I have had a great deal of short sale success. It probably comes from their internal time frames and ability to stick to them.

Initially, we were under contract with a buyer, who later got cold feet. The listing was under a contingent contract for about two months with that first buyer. And while we did get short sale approval from both loans shortly after the departure of buyer number one, it was not such a quick trip to short sale approval with the second, and final buyer.

Our second buyer was under contingent contract with my Short Sale Seller on November 23, 2009. The new contract was over to Wells Fargo on November 24th. For the first time since dealing with Wells Fargo on short sales, the contract had been sent to the wrong person. We sent it to our negotiator. Turns out, our negotiator was a closer and when she learned that we had a new contract, her answer to the problem with closing the file. That was Janaury 5, 2010...the day we learned of this file closing fiasco.

Obviously, it wasn't the end of the world. Thankfully, we had a patient buyer in buyer number two. Short sale approval came mid-February and we settled today, February 25, 2010 for a sales price of $243,000. Once the file was reopened, those Wells Fargo time frames that I love so much worked in our favor.

Short sales are not known for smooth sailing, but they do get approved and closed. The key to success is a knowledgeable Short Sale Listing Agent.

MyFairfaxCountyRealEstate.com

December 2009 Oakton Real Estate Sales Market Report

*57 Active Homes

Summary:

A few more TH sold this month in Oakton vs last month. But sales are staying right around 20% of the active homes. Distressed properties are few and far between here also. As you can see there is a big jump in Single Family home prices vs. Townhomes. There are not to many small Single Family homes here in Oakton. But the million dollar mansions are selling really well.

Contact us if you are thinking about buying or selling in Oakton

Single Family Homes Oakton

• Sold Oakton Homes in December 2009: 8 homes
• Average Sold Price: $1,122,000
• Median Sold Price: $774,500
• Homes sold for about: 87.4% of asking price
• Average Days on Market: 94 days

Out of the 8 Oakton home sales in December - 0 (0%) were distressed (foreclosure, bank owned, short sale).

Townhomes in Oakton

• Sold Oakton Townhomes in December 2009: 6 homes
• Average Sold Price: $414,583
• Median Sold Price: $393,500
• Homes sold for about 98.8% of asking price
• Average Days on Market: 30 days

Out of the 6 Oakton townhomes that sold in December - 1 (17%) were distressed (foreclosure, bank owned, short sale).

Condos in Oakton

• Sold Oakton Condos in December 2009: 3 homes
• Average Sold Price: $264,000
• Median Sold Price: $262,000
• Homes sold for about 97% of Asking price
• Average Days on Market: 36 days

Out of the 3 Oakton condos that sold in December - 1 (33%) were distressed (foreclosure, bank owned, short sale).

Oakton zip codes - 22124

Email: natejohnson@kw.com

703-725-2929

MyFairfaxCountyRealEstate.com

November 2009 Oakton Real Estate Sales Market Report

*52 Active Homes

Summary:

Surprisingly no Townhomes sold this month in Oakton. A bunch of condos did though. With only 52 active homes on the market, Oakton is a very tough place to get a home. This definately helps home prices stay level if not pushing them up.

Contact us if you are thinking about buying or selling in Oakton

Single Family Homes Oakton

• Sold Oakton Homes in November 2009: 6 homes
• Average Sold Price: $728,083
• Median Sold Price: $551,000
• Homes sold for about: 98.4% of asking price
• Average Days on Market: 123 days

Out of the 6 Oakton home sales in November - 2 (33%) were distressed (foreclosure, bank owned, short sale).

Townhomes in Oakton

• Sold Oakton Townhomes in November 2009: 0 homes
• Average Sold Price: $0
• Median Sold Price: $0
• Homes sold for about 0% of asking price
• Average Days on Market: 0 days

Out of the 0 Oakton townhomes that sold in November - 0 (0%) were distressed (foreclosure, bank owned, short sale).

Condos in Oakton

• Sold Oakton Condos in November 2009: 7 homes
• Average Sold Price: $231,414
• Median Sold Price: $255,000
• Homes sold for about 99.9% of Asking price
• Average Days on Market: 11 days

Out of the 7 Oakton condos that sold in November - 1 (14%) were distressed (foreclosure, bank owned, short sale).

Oakton zip codes - 22124

Email: natejohnson@kw.com

703-725-2929

MyFairfaxCountyRealEstate.com

October 2009 Oakton Real Estate Sales Market Report

Summary:

In October, Oakton only had 13 homes sell. Oakton is not that big so 13 homes is OK for this market. Distressed properties are very rare here in Oakton.

Contact us if you are thinking about buying or selling in Oakton

Single Family Homes Oakton

• Sold Oakton Homes in October 2009: 6 homes
• Average Sold Price: $984,500
• Median Sold Price: $750,000
• Homes sold for about: 95.5% of asking price
• Average Days on Market: 65 days

Out of the 6 Oakton home sales in October - 0 (0%) were distressed (foreclosure, bank owned, short sale).

Townhomes in Oakton

• Sold Oakton Townhomes in October 2009: 7 homes
• Average Sold Price: $458,985
• Median Sold Price: $384,999
• Homes sold for about 98.3% of asking price
• Average Days on Market: 83 days

Out of the 7 Oakton townhomes that sold in October - 2 (29%) were distressed (foreclosure, bank owned, short sale).

Condos in Oakton

• Sold Oakton Condos in October 2009: 4 homes
• Average Sold Price: $261,250
• Median Sold Price: $255,000
• Homes sold for about 99.6% of Asking price
• Average Days on Market: 17 days

Out of the 4 Oakton condos that sold in October - 0 (0%) were distressed (foreclosure, bank owned, short sale).

Oakton zip codes - 22124

Email: natejohnson@kw.com

703-725-2929