Jeff Wu

I've been in communication yesterday and today with a couple of possible sellers. They would like to sell, but are afraid of the market. Heck, who can blame them, it's tough when you need to sell in a down market.

However, in order to be me, and do my job the way I believe I should. I have to do something not everyone is doing. I have to do something a lot of people are afraid to do. It's very important though. I have to tell the truth. Whoa! That was a revelation. It may come as a shock, but some people and even some real estate agents aren't telling the truth. I'm not saying they're lying, but with the listing prices we're seeing people definately aren't getting an honest look at what homes are selling for, and will most likely sell for in the near future.

Ah, what do I know, it's probably those darn sellers being stubborn. They can do that sometimes. I have seen too many sellers that are setting asking prices based on their debt load. It must be the sellers. I can check the tax record, and see what they paid. When that figure isn't far from what they're asking, and yet the market price (most recent closed sales in the neighborhood) are averaging significantly lower, what else could the rationale be?

I know everyone wants to make as much money as possible, or for that matter lose as little as possible. We all have to realize, and I mean you, me, any other sellers or agents, basically everyone, that not a one of us controls the market. We can control what we do in relation to the market, such as pricing our homes to sell or not sell (when pricing unrealistically too high). We have entire control over what price we ask, and whether or not that will incite people to visit the property and make offers.

When working for a seller, as I do work for both buyers and sellers (but never at the same time - that' s a discussion on dual agency for another time), I always do my best to get my seller the most money possible within the realm of the terms that are most important to them.
That said, before and during the listing period, I will always tell the truth. Sometimes it's easy to swallow, sometimes it's not.

August saw 8 townhomes sell in the Tysons Corner area. The August Tysons Corner Townhome data is above. This number of 8 SOLD properties was an improvement over the 5 that SOLD in July. The July Tysons Corner Townhome data is below. Another improvement was the average days on market for the SOLD properties in August was 122.5 days. That's slightly better than the 140 day average the 5 properties had in July.



One marked area that trended up, or negatively, was the margin from list price to closed price. Many of the properties in July closed at list price, or very close(99.07%). While many that sold in August had a much greater differential (95.55%). Information gathered from the MRIS. Information is deemed reliable, but not accurate.

Information gathered from the MRIS. Information is deemed reliable, but not accurate.

August has come and gone. But what of the listings for sale? or for rent? See the statistics below:

4 homes SOLD in August in the Fountains at McLean

- Three 1 Bedrooms
--> High SOLD Price = $250,000
--> Low SOLD Price = $215,000
--> Average SOLD Price = $230,000
--> Average Subsidy = $5,483
--> Models SOLD = Cedar, Spruce, + Birch


- One 2 Bedroom
--> SOLD Price = $316,100
--> Subsidy = $8,500
--> Model SOLD = Oak

RENTALS:

4 homes RENTED in the month of August

- One 1 Bedroom
--> RENTED Price = $1350/month

- Three 2 Bedrooms
--> High RENTED Price = $1800/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1667/month

CLICK HERE --> for more Fountains Stats and Downloadable information

Information gathered from the MRIS. Information is deemed reliable, but not accurate.

See the August statistics below:

1 home SOLD in August at The Gates of McLean

- ZERO 1 Bedrooms

- One 2 Bedroom
--> SOLD Price = $25,000
--> Subsidy = $0
--> Model SOLD = Dalton

- ZERO 3 Bedrooms

RENTALS: 7 homes RENTED in the month of August

- Two 1 Bedrooms
--> High RENTED Price = $1400/month
--> Low RENTED Price = $1300/month
--> Average RENTED Price = $1350/month

- Three 2 Bedrooms
--> High RENTED Price = $1800/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1725/month

- One 3 Bedroom
--> RENTED Price = $2000/month

CLICK HERE --> For more Stats and Downloadable Gates of McLean information

Information gathered from the MRIS. Information is deemed reliable, but not accurate.

For a while after the market turned the rental market was somewhat HOT. Many chose not to buy, or their financial situation made it so that they weren't able to buy. Well this turned buyers into renters. And with supply and demand factors that greatly increased the demand for rental property. That was good for landlords. Many properties rented quickly, and for sizeable rents. Landlords increased rents they were asking, and often got it.

Well that same market continued, and since buyers weren't buying sellers started to have problems. If they couldn't sell what would they do? They decided to try to rent. Well some did, and many will. However, as the masses turned from selling to renting the teeter totter that is supply and demand started to change it's balance to a different direction. Now much of the inventory that wanted to sell, is renting or wanting to rent. The rental market is somewhat slower moving than the sales market as a tenant's rent is often locked in for a whole year. So it takes some time for change to occur. Well rents began to balance out, and landlords couldn't be as aggressive. Now all over we find more balanced asking rents.

Right now in the Tysons Corner area there are 58 properties for Sale
and
58 properties for Rent.

Talk about Balance. That's interesting, because in 2007 there were 207 Rented + 179 Sold in the same area.

To see what's going on in Real Estate in Tysons Corner area communities check out http://www.TysonsCorner.AgentKnowsHomes.com