Market Conditions in Reston>Question Details

ChrisSmith00…, Both Buyer and Seller in Reston, VA

Is now a good time to sell a one bedroom condo and buy a two bedroom in Reston?

Asked by ChrisSmith0077, Reston, VA Fri Dec 14, 2012

I live in a one bedroom condo in Northgate and am looking to upgrade to a two bedroom. Bentana appeals to me particulalry, with the large condos and close proximity to the new metro station, so I'm thinking that now might be a good time to buy. I had inquired about renting out my condo in Northgate, but was told by the finance person I talked to that I would need to rent it out for a year before I could qualify for another loan. This was earlier this year, so maybe the situation has changed. If I sell, I'm wondering if I should hold off until after the metro opens (given the prospects for appreciation in Northgate and not having a lot of equity) or try to put my place up for sale (or rent maybe) now and buy in Bentana. Another consideration is coordinating the timing, considering that there doens't appear to be a lot on the market right now, and I would need to be ready to make an offer immediately.

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Answers

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I think it all depends on your situation as far as how much equity or lack there of is in your Northgate condo. The financing situation has not changed in terms of that guideline so if you do have to sell, then your equity position might make the decision for you. There is very limited supply on the market right now and it is good for selling but when you buy, you need to be able to make a strong offer to avoid being beaten out on offer after offer. That would include not having a home sale contingency (we can address that in your sale) and a strong qualification letter. If you want to discuss more specifics about your particular situation, you can call me at 571.337.2609. I live in Reston and have sold numberous Northgate condos so I know the area well.
1 vote Thank Flag Link Fri Dec 14, 2012
Hi Chris.

Shristhi and I thought we would follow up with you to see if took the plunge and sold your condo. If not, we'd love to help you put it on the market. The market is GREAT right now - multiple offers all round. Of course, that just means that buying is equally just as hard - so... let us know.

Can we help you with your real estate needs? Our emails and numbers are below... feel free to reach out.

Best,

Chris

Chris & Shris Dudley
Long & Foster, Realtors
Licensed in DC, MD & VA
Office #: (703) 556-8600
Office Address: 8227 Old Courthouse Road, Tysons Corner, VA 22182
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Chris Cell: (202) 297-3047
Email: chrisdudley@longandfoster.com
Shris Cell: (301) 655-1521
Email: shristhi.dudley@longandfoster.com
--
http://www.dudleyrealtor.com
0 votes Thank Flag Link Tue May 7, 2013
Hi Chris,
I think you shoud sell the one bedroom and take what cash you have from it to buy the two bedroom. Bentana is nice and Chestnut Grove next door on Wiehle is also (all utilities are included). The market is low on inventory now and you would have a better sale now than when there is more competition. You need to work with an agent to coordinate the sale and purchase and to find the 2 bedroom that may not yet be on the market. I live and work in Reston and have for many years. I can help you and I would be happy for your call. Please let me know if you still are interested.
Eileen DuBose
ReMax Allegiance, Reston
703-403-6030
0 votes Thank Flag Link Thu Feb 14, 2013
Good day, Chris

I have read the opinions below and am in agreement that now is a superb time to take advantage of this opportunistic market.

Buying a 2BR condo is better investment potential than owning a 1-BR condo.

Let's chat and make this a reality for you.

Regards
Paddy Murphy, The Murphy Group CLHMS
571.385.8358
Keller Williams
0 votes Thank Flag Link Sun Dec 16, 2012
Chris,

Great questions! My colleagues below have answered the questions quite well but I would like to elaborate.

I would first think about if you want to be a landlord. Then if the answer is yes..talk to your accountant and get his/her point of view. At this point you may also wish to speak with an "outside the box" lender who does loans that make sense. I have a few of these that are really terrific.

Another question you may ask is what percentage of properties at Northgate are rentals..this is important because after a certain point lenders will not give FHA mortgages in condos that have alot of tenants. This could be your decision maker as whether to sell or rent!

I have lived and worked the Reston area for 25 years. If you want to throw some things around with an experienced Realtor and investor just give me a call or shoot me an e-mail.

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Re/Max Distinctive Real Estate
Erik@AskMeAboutHomes.com
703.216.1222
0 votes Thank Flag Link Fri Dec 14, 2012
Hi Chris-YES NOW IS A GREAT TIME TO SELL!. In Fairfax County, Inventory is really LOW. Interest rates are also really LOW, so theyre are a LOT of buyers out there who want to BUY, especially in Reston! Here's the latest real estate market update that you may find interesting. I am also a Reston agent who has worked & lived here since 1974 & know a lot about the area.
Here are the latest available 2+BDR condos in Reston that may meet your criteria. Id be happy to chat with aboutyour current condo & give you a NO-Obligation market analysis about your home in Northgate. Give me a call lets talk...

Click below to view the latest real estate market
http://www.caroleesellsnova.com/general/novarealesatemarketu…

Click below to view available 2=BDR condos in Reston
http://mrislistings.mris.com/DE.asp?k=2303268XMTN1&p=DE-…


Carolee Locklear, Realtor
Prudential PenFed Realty, LLC
Call 703-598-2458
http://www.CaroleeSellsNOVA.com
carolee@penfedrealty.com
0 votes Thank Flag Link Fri Dec 14, 2012
I actually owned a 1 bed 1 bath in Hunters Crossing for years! It was fabulous and being that you currently live in Reston you already know that. There are currently ONLY 7 one bedroom condos on the market in Reston, which means the competition is limited and the laws of supply and demand are in your favor. There is a lot of inventory to choose from with the 2 bedrooms and the price ranges are large from the low 200's well over 600k depending on the amount of luxury you are looking for in your unit. Take a look at http://www.washingtondcluxuryhomes.net/listings/areas/47842/…
so you can see browse the inventory like a Realtor. There are over 50 listings of 2 bedroom condos. Please let me know of any questions you have about the listings you see.

All the Best!
0 votes Thank Flag Link Fri Dec 14, 2012
Yes now is an excellent time to buy or sell. Prices year to year are up more than 10% and with interest rates at around 3% it is a great time to buy.
We have sold more than 400 Reston homes in the past ten years including 37 this year so far. We also have a variable commission plan that can save you money on both ends of a sale. Give us a call and we can talk about it. 571-313-1559 or nanandwade@yahoo.com.
Wade
0 votes Thank Flag Link Fri Dec 14, 2012
Renting your one bedroom and moving into a two bedroom is an excellant idea. Do not let one lender discourage your plans. I suggest you talk to more than one lender. I recently was denied for two different mortgage loans through Navy Federal Credit Union but then found several other lenders that approved both mortgages and closed in 45 days one at 3.125% owner occupied and an investment property at 3.5% both with zero points.

I would call:
Dillon Smith
First Financial Services, Inc.
6230 Fairview Road, Suite 450
Charlotte, NC 28210
Toll Free: 877-302-2071
0 votes Thank Flag Link Fri Dec 14, 2012
Hi Chris,

If you're priced right and show well, anytime is a good time to sell...regardless of season.

If you want to email me your address I'd be happy to run numbers and strategize with you.

Kind regards,
Lisa

Lisa Moroniak | REALTOR® | Service360°
SFR - Short Sale & Foreclosure Certified
Keller Williams Realty
Phone: 703-635-0388
http://www.LisaMoroniak.com
Licensed in VA
0 votes Thank Flag Link Fri Dec 14, 2012
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