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Bad News for Vienna Real Estate

November 8, 2011 By Doug Francis

Lacrosse Vienna Virginia

Helmet not required

(written in 2011)

When a Facebook friend posted a link to an MSN article that ranked Vienna Virginia the 2011 #5 Best Housing Market in America, I just had to cringe since those statements never hold true for long.  Most articles on MSN come from somewhere else and I quickly discovered that the article originated from Bloomberg BusinessWeek — based on data provided by Zillow.com .

Our Headline Economy

I cringe because when I read headlines like Best in America then I know we are in for a soft patch… a soft patch that’s good for home buyers.

You need to know that your average real estate agent is a “boots-on-the-ground”, muddy grunt of a business person. In the trenches, feeling the day-to-day breath of their local market based on what they are hearing from current clients. Seriously, an agent like Fran Bailey in Chicago probably has a far different take on the real estate market right now than Kris Berg in San Diego.

And I have a different take here.

Any real estate market can go through a personality change in 14 days

If you asked us to discuss our real estate markets based upon data from Zillow then you would probably get a good laugh. To gauge an active real estate market on data compiled from county tax records is guaranteed to be wrong.

So let’s look at Vienna, Virginia 22180 just like in the Bloomberg BusinessWeek article except using data provided by our MLS, the Metropolitan Regional Information System and the RealEstate Business Intelligence unit .

The way I see the Vienna real estate market

MRIS is using data that it compiles daily. Take a look at the chart and notice how nicely the Actives, the Pendings and the Solds paralleled each other up to May and June 2011. Then you will notice a distinct change in the market. This trend actually spills over to all Northern Virginia real estate so it isn’t unique to Vienna stats.

As a “grunt”, I feel there has been a shift that favors home buyers. The inventory of Active homes has been rising while the number of Pendings and Sales has dropped. Home buyers need to recognize this trend because it works naturally with the recent drop in long term mortgage rates.

The only “Bad News” is that the number of sales is slowing if you are a home seller, but this is “Good News” if you are a Vienna home buyer because there are more homes to look at to buy.

Read more about Vienna real estate trends in 2014.

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Filed Under: Blog, Home Buyer Tips Tagged With: home buyer, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

Thanks for reading... and feel free to contact me at 703-304-6827 or send me an email at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

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