Is the Reston, VA Real Estate Market Rebounding?

I ran across an article today that I thought was worth sharing. It was from the Washington Business Journal and it was discussing the findings of an Urban Land Institute report which shows that there remains a shortage of workforce housing in the Washington D.C. area within 20 to 30 minutes of 6 workforce employment centers: Downtown Washington, D.C., Reston and Herndon, Alexandria, Tysons Corner, Bethesda and Rockville

I have several buyer clients right now that have not been able to find homes. Both of these clients are looking in Reston VA. It seems to me that we are beginning to run in to an inventory shortage. Homes that are priced above the comparables are remaining on the market, but those that are priced fairly and are in good shape are generally moving within a reasonable time frame. I have seen that there is still a bit of a struggle for sellers to determine what is a reasonable comp and what is not. I will tell you that when a home hits the correct price, it WILL go under contract.

My experience, combined with the findings in the ULI report, would indicate to me that at least in the Reston/Herndon area, we are on the way up from the bottom of the real estate market.

If you are a buyer who has been on the fence, this might be the time to jump in and find your new home. Unless you would rather wait and pay more later...

For the full text of the article: http://washington.bizjournals.com/washington/stories/2009/11/02/daily36.html