Real Estate: Interest Rates, Employment Drive the Market

Real Estate: Interest Rates, Employment Drive the Market

Reston experiences strong home sales.

This is a brief look at the Reston real estate market. Sales are up in Reston; mortgage interest rates still way down. We continue to benefit from low interest rates and a decent employment market driving the local economy. Corporate tenants love being in Reston, the overall quality of life, the amenities and proximity to Dulles Airport (while still being close enough to downtown Washington) make it a sought after corporate home. The Silver Line Metro at Wiehle Ave. is open and the latest numbers show ridership is better than expected at the Wiehle Ave location.

SALES: Reston home sales are strong. Sales for the first quarter of 2015 were up 15 percent over last year (from 190 to 218). In the first quarter of the year we sold 41 detached homes (vs. 35 last year), 104 townhouses (93 the year before) and 73 condominiums (vs. 62 a year ago).The average sales price was up 5 percent to $461,066. Buyers continue to be willing to pay top dollar for homes that are updated, upgraded and well maintained. Good houses are again selling in days, not weeks or months and the best with multiple offers. If you have thought about selling now is an ideal time, call me to discuss your plans, I can help with vendors, work to be done, staging, etc.

INTEREST RATES: Simply amazing and under 4 percent for thirty year fixed; fifteen year fixed available in the low 3’s! We are beginning to see renewed interest in 7/1 and 10/1 loan programs. These loans are based on the typical 30 year payment schedule but the interest rate is fixed for 7 or 10 years. The loans are due or renegotiated at the end of the term. Because the lender can revise the rates based on market conditions in 7 or 10 years they carry lower interest rates…ideal for a buyer who knows they will not be in the home for more than 7 or 10 years making their mortgage payments lower. Call for more details or a reference on a good loan officer.

NEW CONSTRUCTION: Currently there is nothing available in new construction for sale in Reston–everything currently on the boards is rentals - and nothing on the horizon. For those wanting “new” it’s Loudoun County or further out. We find most people prefer Reston and have no interest in a long commute, few amenities and mind numbing traffic. The new “Harrison” is open (rentals) and welcoming tenants at Reston Parkway and Temporary Road.

CHANGES: Singh Thai has opened their new restaurant in the old Jasmine Café – check it out, totally redone and food is always good. Paolo’s, an original town center restaurant, is closing end of April, will reopen as Neyla Mediterranean Bistro (owners are same people) after extensive renovations. Highly anticipated Barcelona Wine Bar and Bartaco opening soon serving upscale Spanish cuisine at the town center – can’t wait to try this.

Jon Querolo, Assoc. Broker, The Long and Foster Companies, 703-585-4900 or 571-926-9085. Learn more, search all homes for sale or contact us Visit us on the waterfront @ Lake Anne Plaza (by the boat rental dock)