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

Are you looking for a home at a bargain price that could benefit from some loving care? You might want to cast your eyes on the homes which are available as foreclosed or short sales in Reston Virginia ... I've put together a link to a list of homes which are offered by their owners for less than their current mortgages or have already been foreclosed by Lenders on the resale market on a 1st come,1st served basis. You need a Realtor to show them and help you through the process ... And Yes, they've already factored in the Realtor cost so you can get the sort of help you'll need to land one of these bargains. Visit www.reston-area.com/forsale.htm and look to the links at mid-page for Foreclosed and Short Sale Homes in Herndon Virginia.

The inventory of homes for sale in Reston's Town Center area was about 45 homes active on the market as of 1 Nov 2009. The available homes run the full spectrum of condos through townhomes from brand new to about 15 years in age. Prices ranged from a low of about $200k to a high of $1.5 million. Visit Available Homes at http://www.restontowncenter-homes.com/ to view currently available Reston Town Center Homes.

The inventory of Lakefront Community homes for sale in Reston was 31 homes active on the market as of 1 Nov 2009. Direct Lakefront homes have been selling off at a faster rate than other homes in the Reston area. If you'd like to live on one of Reston's lakes ... This might be to moment to come out of for a look. Visit Available Homes at http://www.reston-lakefront.com/ to view currently available Lakefront Homes in Reston Virginia.

The inventory of Condos for sale in Reston was about 70 homes active on the market as of 1 Nov 2009 with new contracts running at about 45 a month. Consequently, the absorption rate for these homes is about 1.5 months worth on the market. Condos sales have started to pick up in the Reston area. If you've been hanging back, this might be the moment to re-start your shopping. Visit Available Homes at http://www.reston-condos.com/ to view currently available condos in Reston Virginia.