Two Real Estate Markets in One

Northern Virginia home buyers looking to move to Vienna are witnessing an interesting spring real estate market in May. Well, at least I find it interesting because detached homes in the $530,000 range are seeing one market while the $1,000,000 plus range is seeing another.

Nielson's Frozen Custard Shop, Church Street, Vienna VA 22180

Nielson's Frozen Custard on Church Street

Last weekend, a RE/MAX Presidential team colleague put a 1960’s Town of Vienna home on the market at $539,900 and had seven (7) offers! Yes, even without the “home buyer tax rebate program”, people know that living in Vienna is valuable. Obviously the schools are good and commute times are decent, but the unique sense of community is the key with the W&OD Bike Trail, Concerts on The Town Green, The Vienna Farmers’ Market, and Memorial Day Weekend’s Viva Vienna festival!

Maybe it’s Nielson’s Frozen Custard Shop?

On the other hand, people wanting to move to Vienna in the $1,000,000 price range have ninety four (yes, 94) homes for sail sale to look at! And having represented some buyers in this price range recently, I know that there is negotiating room. If you want to talk about the real estate market then send me an e-mail or call me. See some of the stats that I posted recently for a couple of Vienna zip codes on the Vienna Home Blog.

This sharp contrast between the two price ranges is a pattern that I have seen over the past year. Higher-end buyers were impacted by the lack of credit available for loans in the “Super Jumbo” category last year, but mortgage guys that I know (from reputable banks) can now get these loans done up to $2,000,000.

That’s what I love about the real estate business!

When you are going into “battle” against six other real estate offers then you will need one negotiation strategy, and if you are in the higher end market then you will need another. If I didn’t like the competition involved in this business, then I wouldn’t still be doing it after 19 years.