Holly Kirby Weatherwax--Your Realtor® in Reston,VA

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

My husband and I went downtown (Washington D.C) last night with some close friends to celebrate our anniversary and several birthdays that we had all celebrated between us.

We had a lovely dinner at Chef Geoff's Downtown before heading to the National Theater.

Chef Geoff's was a great choice for a pre-theater meal; it was around the corner from the theater and across from the Warner Theater, so they are accustomed to working with theater ticket deadlines. The served us efficiently and we arrived at the the theater with plenty of time to find our seats and glance through the Play Bill. They have valet parking at the restaurant, but we opted for the paid parking garage located between the restaurant and theater.

We were fortunate to get to see Jersey Boys. If you have an opportunity to see this show, I would HIGHLY recommend it. Besides the fantastic music (I had no idea how many hits Franki Valli and the Four Seasons had over the years) it was a compelling story with a fast pace that kept us all riveted until the final curtain.

It was a great evening and one of this things I like best about living in Reston, VA; we are close to all that Washington D.C. has to offer: theaters, museums, shopping and great dining.

Many of us have an extra fridge tucked in the garage storing soda, waters, beer, juice boxes, sports drinks and generally anything that doesn't fit in the kitchen refrigerator.

The one in my garage was inherited from my husband's old office. I would guess it is circa 1988. Every once in a while it makes a pretty alarming noise, but then all is well and it goes back to purring along. I am sure that a good half of my electric bill goes to keep this thing going.

If you live in Virginia, this might be your weekend, to finally head out to the store to replace the old junker and get the new appliance you've been considering. According to the Virginia Department of Taxation website, 'Energy Star and WaterSense qualified products purchased for non-commercial use and costing $2,500 or less will be exempt from sales tax.'

This can add up, especially if you are outfitting the whole kitchen!

You may have heard about the Cash for Clunker Appliances program that is coming. I just researched it to find out when, and if, we can expect it. According to what I found out, each State is supposed to submit a detailed plan to the Federal Government by October 15. The Fed will review it and then provide the States money to fund it. The Program should be available at the end of this year or the beginning of 2010. As with Cash for Clunkers, there will be a set amount of funds. When the money is gone, it is gone, so if you plan to use this option, be prepared to jump on it as soon as it is announced.

So now if you live in Virginia ,you have two options to reduce the cost of getting new, energy efficient appliances. Everywhere else has at least one option, too.

What are you waiting for? Get out there and get that new washer, dryer, refrigerator, stove or dishwasher that you have been dreaming of!

The Reston Citizens Association will be sponsoring a Reston Home Expo this Saturday, October 3, 2009 at the Sheraton Reston Hotel (11810 Sunrise Valley Drive, Reston, VA 20191). This event is FREE to the public.

The Expo, which is free of charge, is resource for Reston Residents, providing them with an opportunity to meet with local service providers. The service providers will be available to discuss specific projects as well as to provide tips and advice about exterior and interior home improvement and maintenance. The event is also designed for Cluster and Condominium Board Members to meet and have access to these specialists.

Participating in the event will be professionals from different service industries including, arborists, attorneys, landscapers, maintenance and design professionals, paving and concrete specialists, reserve studies professionals, waste management specialists, interior designers, plumbers and more.

Don't miss this opportunity to meet the folks who know and work in Reston and maybe pick up some great advice, too!

According to the Wall Street Journal, (Seeking Real Estate Bargains? Try Looking at the High End, Sept.23, 2009), luxury home buyers are continuing to see the prices of homes come down.

The Virginia Association of Realtor's Trends in the Virginia Housing Market, 2nd Quarter 2009 Report shows that unemployment in Fairfax County is down at 4.3%. A low unemployment rate, a government funded program of first time buyer incentives, great deals in the foreclosure/ short-sale markets, and low interest rates have all resulted in a 2nd quarter (the most recent information available) increase in both sales volume and median prices in Fairfax County.

Does that mean we have hit the bottom and are on the way up? I think it depends on the market segment. In the lower end, those homes that are considered 'starter' homes, sales are brisk and it is becoming harder and harder to find a 'deal.' For many, that would indicate that we have left the bottom of the real estate market crash.

For buyers and sellers in the luxury market, it may be too early to see the same upturn. There is a 'trickle up' aspect to prices in the Luxury Home Market. How often does a first time buyer purchase a $1 million home? It happens, but the conversation usually involves a house purchase, as well as trust funds and Lear jets. Most first time buyers are firmly in the lower half of the price spectrum.

Another reason the luxury segment has not rebounded as quickly could be the result of another government program; the temporary increase in the Jumbo Conforming Loan limit. It used to be that a lower Jumbo Conforming Loan limit almost demanded that a home over $750,000 would require both a first and second trust. Between the new higher limit of $729,500 and the reluctance of banks to make 2nd Trust loans, many high end buyers are buying homes that allow them to combine their cash-on-hand with the Jumbo Conforming limit of $729,500 to determine their offer price. I wrote about my take on this back in June, (Are New Higher Jumbo Conforming Loans Driving Down Prices?).

The stock market has also significantly impacted the luxury market. Many investors have lost too much money to take principal out right now and are waiting to re-gain some of their profits. They may be hestiant to put too much cash into a market segment, real estate, that has recently seen such significant loses. Fianlly, losses in the stock market may have left them feeling less wealthy and not as interested in lifestyle improvements.

As a Luxury Home buyer, however, all of this may be coming together to create the 'perfect storm' of a continuing buyers market in the luxury segment. If you have a mid-priced home to sell, the buyers seem to have come back. Selling your home quickly and for a fair price could allow you to get a great deal as you move up in to the luxury market.

Please let me know if I can provide you with information about luxury homes available in the Northern Virginia area.