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Vienna Real Estate Trends ~ Summer 2014

June 19, 2014 By Doug Francis

Vienna VA real estate trends summer 2014

This is a two year chart showing a new market trend. Source: RealEstate Business Intelligence

(See updated chart below)

After listening to Janet Yellen discuss Fed policy and views on the health of the economy, I took a fresh look at what the Vienna real estate stats were showing me.

Now, ever since I took statistics at Boston University, I understand that interpreting those numbers is in the eye of the fortune teller expert discussing them.

Take a quick look above where I have pointed out that homes for sale (aka new listings) are exceeding homes with contracts (all pendings). There is a increase in the spread over the recent two month period, and as we go into the summer months that spread will remain because that is what I am seeing and hearing from local Vienna agents. The stats in Loudoun County are even more dramatic!

The local real estate market really hasn’t seen a long-term “buyer’s market” in years, and that’s what these numbers represent. Essentially, buyers now have more homes to choose from.

Also, once again I am seeing mortgage rate fatigue where home buyers feel no sense of urgency because rates appear low and may get a little lower.

Meh…

Talk with your lender about the current deviation in pricing between conforming mortgage rates vs. jumbo mortgage rates because last week the jumbo rates were lower than conforming. By sitting down and crunching those numbers the strategy you had a month ago may need retooling.

My recommendation: don’t squander this opportunity

House price appreciation predictions are kind of like forecasting the S&P 500… everyone hopes you have a better crystal ball.

What I see here in Vienna and most of Northern Virginia is a future of above average appreciation especially if you have a five year or more horizon. Factors include a more diverse employment  picture (not just government jobs) and considerable infrastructure improvements like the Silver Line and new buildings in Tysons Corner and Reston. The Town of Vienna has a high bond rating and impressive national reputation thanks to Money Magazine.

The economic base is pretty solid and the demand for housing here is going to continue to increase.

Yes, it comes full circle to that 1926 Chicago Tribune ad: Attention salesman, sales managers: location, location, location, close to Rogers Park.

Let’s track the data

I really don’t want to keep you hanging, so, below is a chart that will automatically update every month from the snapshot above thanks to the good folks at RealEstate Business Intelligence in Rockville. If my forecast is accurate then home buyers should really understand that they are looking in a unique period of time especially since our real estate market can change demeanor in just a few weeks. Yes, the market of the market can turn on a dime!

This Vienna real estate chart updates monthly

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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" 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 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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