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Looking back at 2016 and ahead to 2017

December 31, 2016 By Doug Francis

personal thank you note to Doug

Three clients had babies… two girls and one boy.

People don’t often think about the life events Realtors are a part of every year. We step into roles where lives are in the process of changing.

Living is more than lifestyle

Here are a few notables from 2016…

2016 kicked off helping sisters and a brother sell their childhood home 30 years after Mom’s passing. The dilapidated old house sat on a half acre lot on one of Vienna’s prettiest streets.

Then there were married doctors who bought their first house from a custom builder in McLean. After years in medical residencies, in apartments around the country, they settled into a stunning home with their children and trusted dog.

One couple realized their current agent didn’t really know the Vienna real estate market and contacted me for help since their condo was under-contract. They urgently needed a home. After an unsuccessful negotiation, a better home popped up for sale and we put together an offer that day.

They moved in with their daughter will walk to Westbriar Elementary School.

Baby Boomers on the move

Clients who are Baby Boomers are making changes to their lifestyles too.

One Boomer couple sold their luxury townhouse and left Vienna for St. Michaels, Maryland. That’s a charming town across the Chesapeake Bay on the Eastern Shore (a good day trip idea).

Another Boomer couple sold their old Vienna rambler and moved to Hyattsville, Maryland to a fix up a little house in town.

Yet another pair of Boomers sold their townhouse to move into a luxury apartment with a perfect view of Washington D.C. The building is near the Metro, walk-able to restaurants, has underground parking, a front desk for package deliveries, and it has two elevators.

Watch this trend as Boomers downsize to strategically located apartments and give up home ownership for lifestyle flexibility.

And one long time friend was unable to live on her own in Vienna, and moved into her daughter’s new home in Williamsburg. Multi-generational living is becoming more common, and this lifestyle decision to move was welcome by all.

Relocating to Vienna

There are always clients who relocate to Vienna, and this year a wonderful family from Philadelphia arrived. Since they moved during the summer, the proximity to the community’s pool was a great way to meet new neighbors and other first graders.

And the family who relocated from Nashville bought a gorgeous model home that one of Vienna’s best custom builders finished for the annual Custom Builder Showcase of Homes. It’s always fun to work with clients who are excited, have a sharp sense of humor, and hit the market when there were choices to consider.

Location remains a high priority, and one family moved into a Reston apartment while we searched for a good long-term house. Although the kids liked the elevators and urban-like activity of Reston Town Center, moving into a spacious Oak Hill home with a stunning yard was worth the wait.

Real Estate Investors vs. New Apartments

Although I don’t typically handle rental properties, I have helped one client for a dozen years rent out his Reston townhouse. This year was a challenge because the supply of new, luxury apartments absorbed many tenants. Real estate investors in Reston and Vienna should know this oversupply of luxury rentals is going to impact rental rates and vacancy periods.

Mortgage rates are about the same as they were twelve months ago. Yes, they dipped in 2016, but the charts show a valley that is typical for any market.

I refinanced my own home in 2016 to lock in a long-term fixed mortgage under 4%. This refinance ended my Libor based ARM which had been around 3% for a eight years.

Vienna Real Estate in 2017

Thoughts going into 2017…

People always ask, “Doug, will the election cause much turnover?”

Most politicians now rent homes rather than buy homes here because housing prices are so high, and their constituents back home will question their residency.

So, they rent.

Political appointees and lobbyists are another story…

The inventory of available homes for sale will remain tight because the population is increasing and supply of new homes is flat. Specifically because there is little to no additional supply being added since most new homes are replacing older homes. One-to-one.

This one-to-one replacement masks one of the hidden problems for the future of the Fairfax County real estate market.

The older homes are being replaced by larger families with school age children. And it is the schools that are feeling the growth pressure of the population.

George C. Marshall High School has essentially doubled in size over the last ten years – from 1,250 to 2,100 students. Similar for Madison High School which is bursting at the seams forcing large class sizes and teacher burn-out.

Economists may look at this surge as a sign the economy is doing well (like traffic jams), but Fairfax County Schools are starting to limp along with frustrated parents looking at under-sized schools for their kids with classroom trailers being the only viable solution.

Revenue from Richmond isn’t going to increase and a meals tax referendum to provide funding to schools was defeated in November. The only solution now is to increase the real estate tax rate.

A study prepared for the meals tax referendum showed that over 200,000 people come in and out of Fairfax County every day. These out-of-towners would have generated over $80 million a year for Fairfax County Public Schools.

So, real estate taxes must go up because the 1896 Dillon Rule gives the County no other choices.

In Doug’s twenty five years living in Vienna, Fairfax County has grown from 700,000 to 1.2 million residents!

The start of Interstate 66’s re-construction will cause headaches for the next few years.

Finally, home sellers who work with Realtors to prepare their homes and then market across the Multiple Listing will get the best exposure and highest price. Understanding how today’s home buyers search for home is critical in this digital world. Side markets using coming soon signs and pocket listings will yield less than ideal results.

The real estate marketplace is more complex, as is the negotiation period and mortgage loan process.

Pricing will remain flat because most gains were made over the previous six years.

I look forward to helping old friends and making new friends in 2017 ~ let’s talk!

Filed Under: Blog, Home Buyer Tips, Home Seller Tips, Living Here Tagged With: Home Buyer Tips, Home Seller Tips, 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 was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house, we were thinking about raising the kids, updating, and building an addition. With our kids now out of college, our plans are looking at our next phase, especially after seeing friends move away and adjust their lifestyles.

So, what’s next after 25 years? It’s a conversation lots of my clients are having with me as they plan to move to the beach, travel, or move closer to grandkids. Helping them see their future, sell their current home, and move ahead to their new plan has been an interesting new chapter.

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

Let me help you too: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

6808 BROYHILL ST
MCLEAN, VA
Photo of 6808 BROYHILL ST, MCLEAN, VA 22101 (MLS # VAFX2137956)
$2,499,000
49
  • Lot Size
    16,989 sqft

  • Home Size
    6,708 sqft

  • Beds
    6 Beds

  • Baths
    7 Baths

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Filmed in Vienna and McLean

https://youtu.be/ClqEIV1zoQg

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Case Studies

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102 JAMES DR SE
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Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
$2,199,888
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2511 BABCOCK RD
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Photo of 2511 BABCOCK RD, VIENNA, VA 22181 (MLS # VAFX2149442)
$1,295,000
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3,240 sqft

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8807 HIGDON DR
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Photo of 8807 HIGDON DR, VIENNA, VA 22182 (MLS # VAFX2149464)
$1,088,888
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610 MEADOW LN SW
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Photo of 610 MEADOW LN SW, VIENNA, VA 22180 (MLS # VAFX2149952)
$1,495,000
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626 HILLCREST DR SW
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Photo of 626 HILLCREST DR SW, VIENNA, VA 22180 (MLS # VAFX2149036)
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904 DALE CT SE
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Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
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9838 CORAL BELLS CT
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Photo of 9838 CORAL BELLS CT, VIENNA, VA 22182 (MLS # VAFX2149568)
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10009 MURNANE ST
VIENNA, VA
Photo of 10009 MURNANE ST, VIENNA, VA 22181 (MLS # VAFX2149646)
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131 KINGSLEY RD SW
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Photo of 131 KINGSLEY RD SW, VIENNA, VA 22180 (MLS # VAFX2149584)
$2,525,000
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Beds
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3005 SPICE CT
VIENNA, VA
Photo of 3005 SPICE CT, VIENNA, VA 22181 (MLS # VAFX2148724)
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Home Size
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  • 102 JAMES DR SE
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    Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
    $2,199,888
    Lot Size
    10,019 sqft

    Home Size
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    Beds
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    Baths
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  • 2511 BABCOCK RD
    VIENNA, VA
    Photo of 2511 BABCOCK RD, VIENNA, VA 22181 (MLS # VAFX2149442)
    $1,295,000
    Lot Size
    14,811 sqft

    Home Size
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    Beds
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  • 8807 HIGDON DR
    VIENNA, VA
    Photo of 8807 HIGDON DR, VIENNA, VA 22182 (MLS # VAFX2149464)
    $1,088,888
    Lot Size
    10,455 sqft

    Home Size
    2,410 sqft

    Beds
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    Baths
    3 Baths

  • 610 MEADOW LN SW
    VIENNA, VA
    Photo of 610 MEADOW LN SW, VIENNA, VA 22180 (MLS # VAFX2149952)
    $1,495,000
    Lot Size
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    Home Size
    3,368 sqft

    Beds
    6 Beds

    Baths
    6 Baths

  • 626 HILLCREST DR SW
    VIENNA, VA
    Photo of 626 HILLCREST DR SW, VIENNA, VA 22180 (MLS # VAFX2149036)
    $3,600,000
    Lot Size
    23,523 sqft

    Home Size
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    Beds
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    Baths
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  • 904 DALE CT SE
    VIENNA, VA
    Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
    $1,795,000
    Lot Size
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    Home Size
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    Baths
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  • 9838 CORAL BELLS CT
    VIENNA, VA
    Photo of 9838 CORAL BELLS CT, VIENNA, VA 22182 (MLS # VAFX2149568)
    $1,200,000
    Lot Size
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    Home Size
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    Beds
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  • 10009 MURNANE ST
    VIENNA, VA
    Photo of 10009 MURNANE ST, VIENNA, VA 22181 (MLS # VAFX2149646)
    $3,300,000
    Lot Size
    21,780 sqft

    Home Size
    9,750 sqft

    Beds
    7 Beds

    Baths
    9 Baths

  • 131 KINGSLEY RD SW
    VIENNA, VA
    Photo of 131 KINGSLEY RD SW, VIENNA, VA 22180 (MLS # VAFX2149584)
    $2,525,000
    Lot Size
    21,780 sqft

    Home Size
    7,793 sqft

    Beds
    6 Beds

    Baths
    7 Baths

  • 3005 SPICE CT
    VIENNA, VA
    Photo of 3005 SPICE CT, VIENNA, VA 22181 (MLS # VAFX2148724)
    $599,000
    Lot Size
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    Home Size
    1,940 sqft

    Beds
    5 Beds

    Baths
    4 Baths

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Home sellers are often caught off guard when I explain that today’s home buyers will decide on their house before ever stepping foot in it. The days of spending hours driving around looking at seven, eight, or nine houses on a sunny Saturday are over. Yes, meeting at 9:00 a.m. to review the available listings […]

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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 clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2023 right now.

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

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Doug: (703) 304-6827

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

Office: 703-319-3344
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