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Understanding Vienna’s New Home Market

July 15, 2016 By Doug Francis

Town of Vienna Custom Homes

Custom Home in Vienna VA

Not all custom builders in Vienna follow the same business model.

Most builders buy lots and then figure out a model to put on it. At that point they can determine a target asking price factoring in lot acquisition, business expenses, and construction costs.

Home construction still requires exceptional project management experience to coordinate everything from digging the foundation to applying the finish coat of poly on the hardwood floor.

  • One builder mindset is to design and start a tear down or infill home before advertising the home for sale. A “spec” home. Then they can plan out the timeline, establish a certain level of quality, and limit any unexpected design changes. This strategy manages expenses and allows the builder to set precise target dates over the 10-month building process.
  • Another builder mindset is to post a sign in the yard and wait for a buyer to materialize, agree on a design, and then agree to a contract. For most home buyers, this scenario is the most grueling because so many decisions need to be made, and waiting 12 to 16-months for delivery will be stressful.
  • The final builder mindset is building custom homes only on lots already owned by their customers. These are not “spec homes”, but true custom-builds. For most Vienna home buyers, this scenario is out of reach for a variety of reasons, including the time involved and significant additional expense.

The spikes in the chart below follow factors of builders using all of these mindsets. In an effort to catch the spring market, builders will list their spec homes hoping to land a customer. If a buyer doesn’t materialize, then the builder will remove the listing and start building the house.

Vienna’s rebuilding boom

The Town of Vienna has enjoyed a rebuilding boom for years that is the envy of many communities across the country. With over 100 building permits issued and older properties being sold to builders to establish a pipeline of tear down and infill houses, Vienna is certainly being transformed.

A downside of that transformation is the elimination of single family homes below $600,000 which has been at the core of residential homes.

An upside is a significant increase in real estate values which has created real wealth for those homeowners heading into retirement.

For a real example, many homes that would have sold for $450,000 just three years ago will likely command $600,000 today. That 30% gain can go toward buying a property across the country, further fueling economic growth across the national economy.

Where are tear down and infill homes?

Our custom, new home market is a challenge to understand for the average web-surfing home shopper who has set up search criteria on multiple real estate portals like Zillow, Trulia, or Redfin.

These new homes can hit those apps in bunches… like a big set of waves (I have been on vacation) after waiting months seeing nothing of truly “new”.

I specifically included only data from a price range where new homes are priced to demonstrate the fluctuations in “active” listings.

What happens in those down-months? More about that later…

What is important for web-surfers to understand is the definition of “active” in the data results. New homes are “active” when a builder hires a Realtor who add the home into the MRIS database. And the MRIS database is the trunk, core, or main line for your apps that you have become addicted to.

One lesson many builders have noticed over the last five years (when real estate websites became much more 2.0) is that home shoppers track days-on-market and will likely shy away from homes that appear to be sitting on the market for 100 days. Their assumption is that something is wrong with the house and they won’t want to buy a reject.

It is an incorrect assumption.

Until recently, most builders listed a home before they started digging the foundation. And at 100 days, well the foundation may have just been poured!

To prevent this inaccurate tracking, most small custom builders have reverted back to old-school marketing using a sheet of paper or including an address on their web site.

Many of my clients have run the custom builder gauntlet prior to deciding to work with me because they don’t have the time anymore to wait for builder call-backs or drive around town hunting down coming-soon signs. And, many have been burned by builders who have pitted them against other buyers in auction style bidding wars.

These are good people who are burned out! If that sounds familiar, then we should talk.


When is the best time to buy infill homes?

Timing is critical, but you need to buy a home on a good lot.

Some builders don’t seem to care about lots as much as you should. The long term value of a home is influenced by location, lot size, and light exposure. You can gut an outdated kitchen, bathroom, or living room, but my other top value influencers are fixed positions in space.

In my opinion, the Fall is historically the best season to buy infill homes. One reason is that there isn’t as much pressure on the market, builders seem to have more time to talk, and some of the best lots pop up for sale. But custom homes sell here all year during every season.

The best strategy that I recommend to my clients is to be prepared and be patient. Essential elements of preparation is understanding your location needs, preferred house orientation, and what you are willingness to compromise. Understand your ideal scenario, be prepared to act, but also be willing to wait if the house doesn’t fit the bill.

Vienna’s new home market will be active for years as the region’s economy expends and population grows. There are always homes on the market that you can’t see on those national real estate portals, and understanding the type of builder you will be working with or the advantages of one part of town over another will determine the long-term value of the home you will eventually call home.

Filed Under: Blog, Home Buyer Tips Tagged With: Home Buyer Tips, real estate, 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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Case Studies

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102 JAMES DR SE
VIENNA, VA
Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
$2,199,888
Lot Size
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2511 BABCOCK RD
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Photo of 2511 BABCOCK RD, VIENNA, VA 22181 (MLS # VAFX2149442)
$1,295,000
Lot Size
14,811 sqft

Home Size
3,240 sqft

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

Home Size
2,410 sqft

Beds
5 Beds

Baths
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610 MEADOW LN SW
VIENNA, VA
Photo of 610 MEADOW LN SW, VIENNA, VA 22180 (MLS # VAFX2149952)
$1,495,000
Lot Size
N/A

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Baths
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626 HILLCREST DR SW
VIENNA, VA
Photo of 626 HILLCREST DR SW, VIENNA, VA 22180 (MLS # VAFX2149036)
$3,600,000
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Home Size
9,092 sqft

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904 DALE CT SE
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Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
$1,795,000
Lot Size
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Home Size
4,937 sqft

Beds
5 Beds

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
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Home Size
3,020 sqft

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
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Beds
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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
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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
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  • 102 JAMES DR SE
    VIENNA, VA
    Photo of 102 JAMES DR SE, VIENNA, VA 22180 (MLS # VAFX2150256)
    $2,199,888
    Lot Size
    10,019 sqft

    Home Size
    1,062 sqft

    Beds
    5 Beds

    Baths
    7 Baths

  • 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
    3,240 sqft

    Beds
    4 Beds

    Baths
    4 Baths

  • 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
    5 Beds

    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
    N/A

    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
    9,092 sqft

    Beds
    7 Beds

    Baths
    9 Baths

  • 904 DALE CT SE
    VIENNA, VA
    Photo of 904 DALE CT SE, VIENNA, VA 22180 (MLS # VAFX2149540)
    $1,795,000
    Lot Size
    10,455 sqft

    Home Size
    4,937 sqft

    Beds
    5 Beds

    Baths
    5 Baths

  • 9838 CORAL BELLS CT
    VIENNA, VA
    Photo of 9838 CORAL BELLS CT, VIENNA, VA 22182 (MLS # VAFX2149568)
    $1,200,000
    Lot Size
    20,038 sqft

    Home Size
    3,020 sqft

    Beds
    4 Beds

    Baths
    4 Baths

  • 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
    1,307 sqft

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

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