Market Conditions in Reston>Question Details

Bala, Real Estate Pro in Reston, VA

Is this a good time to sell a 2 bed condo at Edgewater near Reston Town Center? or Should I hold for another year or 2.

Asked by Bala, Reston, VA Wed Feb 13, 2013

I have currently rented it out, the rent and the expense seems to even out.

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Answers

13
Helen Manning’s answer
It depends upon your goals and how much you owe on the property. If it is an investment(rental-which is tied to your monthly mortgage payment+Condo fees), and/or if you can hold the property and still achieve you next housing goal, then you should hold, because the metro is coming.

On the other hand, if your goal is to buy your next home and you need proceeds from the condo to do so, than this is a very good time to sell, and buy the next one. You will enjoy the Reston market in recovery (list at the end of February), plus enjoy the benefit of low interest rates on your next mortgage, and if you buy "up", a nicer condo in the Town Center, or a townhome, or a single family, these assets should appreciate in value at a more rapid pace than Edgewater.

Also, if you have young children or are planning to start a family and need to use a public school system, you may want to compare the schools in order to make your decision.

Feel free to come in and meet with me anytime :) and good luck!
Helen Manning, Realtor
1 vote Thank Flag Link Wed Feb 13, 2013
BEST ANSWER
Hi Bala,
Appreciation in that market has been pretty solid. Reston saw a 12% increase in values last year, so I think you should evaluate the opportunity costs- i.e. what else would you do with the money, could you earn as much in another investment. As the impact of the next phase of Metro begins to spread you should see another bump in appreciation.

Fee free to contact me to discuss further.

Eve M. Thompson, REALTOR
Long & Foster Real Estate
703-582-6475
AllRestonRealEstate.com
@EveMT
Licensed in VA
1 vote Thank Flag Link Wed Feb 13, 2013
Hello,

Your question caught my eye as I used to live in Edgewater in a 2BR condo on terrace level with a view of the pond. I've sold and rented a few properties there since 2002. I'm going to be completely honest with you. I know many folks will say it's the time to sell now, etc. But I truly believe and ESPECIALLY in your location being in walking distance to Town Center, the hospital (great for finding tenants who work at the hospital), Trader Joes, Silver Diner and more that you should continue to rent for a year more at least, and then re-evaluate. It's only going to go up more in value. We are taking a turn as I'm sure you know being an intelligent person and can see the media/news reports. It's still a good time to buy but also becoming a better time than previous years to sell. Almost balanced on a scale, without tipping too much to one side. You want to sell when the scale tips much more in your favor. And in our area it will!

Best of luck to you. Feel free to reach out anytime. I could have a tenant for you!
1 vote Thank Flag Link Mon Feb 18, 2013
So sorry Bala somehow did not receive this reply until just now. Call me at 703-585-5255 anytime. I've done corporate rentals before - several times. Furnished is great too because you can of course make the rent higher! It's good to compare all options of renting or selling and if you need a referral from an existing client of mine who owns in there please let me know. Can you please email me at personaltouch@mris.com that way I can send you this particular thing that I know will interest you! Talk with you soon, Nancy
Flag Sun Feb 24, 2013
Thanks Nancy for your insights. I really appreciate your insights. Since I am barely breaking even on my expense-to-income on this property, I was debating about selling.Can you help me get a company lease? I can furnish the unit if needed .
Flag Wed Feb 20, 2013
Bala,

As you can see from all the response you are getting, there are quite a few variables you need to consider before deciding whether to sell now or wait. I would love to meet with you to educate you on the current real estate market, discuss your goals, and explore your options. Call me at 703-307-3449 an we can schedule a time to meet.

Sincerely,
John Ginty
Realtor
Keller Williams Capital Properties Fairfax
10300 Eaton Pl, Suite 120
Fairfax, VA 22030
Cell: 703-307-3449
JohnGinty@kw.com
http://www.JohnGintySells.com
1 vote Thank Flag Link Wed Feb 13, 2013
Hi Bala,

I agree with Krissy that interest rates are going to play a big part in what happens over the next year or two. It is pretty well accepted that the rates will start to increase - probably even by this time next year. That will mean that either prices will stabilize or worst case scenario is that they will actually decrease.

I think if you are not going to hold on to your condo for the long-term, it is probably better to sell this year, after some of the spring market solds go through - May, June...

Please don't hesitate to contact me if you would consider interviewing me for the position of your listing agent.

Thanks,
Sonal
1 vote Thank Flag Link Wed Feb 13, 2013
It largely depends on your motivation in my opinion. It is a good time to sell because the inventory is low and rates are low. Your potential buyer has more purchasing power now than in say, two years when rates will likely have gone up. If rates have gone up and buyers aren't getting the same pay increases, they can logistically afford less home. Market data would support that a seller would need to appeal to these buyers by...reducing the sales price to what buyers can afford. It's all theory but when you look at the cost of money, it makes sense.

You condo is clearly an investment and not a primary residence so you have no rush to unload it although my instincts tell me you'll do better on a sale now than in two years.

Hope this helps!

Krissy Cruse, Plum Street Properties
Keller Williams Realty, Reston
703-261-5826
KrissyCruse@gmail.com
1 vote Thank Flag Link Wed Feb 13, 2013
Hi Bala,
It depends on your goal - like whether you want to buy another property, or you're moving out of the area, etc.

We would need to look at your specific case to determine the best course of action for you.

I live in RTC and have been thinking the same thing about my condo (I live in Midtown).

Here is my contact info. I would be more than happy to chat off line with you if you would like...

dave

dave king, GRI, ABR, Green
long and fosters chairman's sales club
NVAR life-time top producer
NVAR multi-million dollar sales club
long & foster realtors
c: 703.509.5137
e: dave.king@lnf.com
w. http://www.virginiadreamhomes.com
1 vote Thank Flag Link Wed Feb 13, 2013
Hello Bala.

Shristhi and I wanted to follow up with you and your selling needs. Did you decide to sell? NOW is certainly the time to sell. It is a sellers' market right now. Places are seeing multiple offers right now - which is AWESOME. So - where are you with your decision to sell?

Let us know - we'd love to help with any of your real estate needs.

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
---
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 Bala,

Just wanted to check in and see what you decided.

I live in the Reston Town Center & my company's office is in the Town Center as well, so I'm very familiar with the area. The resale market is stronger now then the rental market is. The combination of the lowest inventory we've seen in years along with near all time low interest rates is putting upward pressure on sales prices. By contrast, the rental market, while still good, has softened as reflected by a leveling off in rental rates & increase average days on the market in the area. Also, an increase in rental inventory with the addition of several new large rental buildings going up in/near the Reston Town Center will keep the Rental Market competitive for the next couple of years as the additional units are absorbed.

It'd be my pleasure to discuss this further with you. Here's my contact information:

Gary Cuff
Cuff & Company Realtors
1818 Library Street, Suite 500
Reston, VA 20190
703-356-7676 (office)
202-256-5565 (cell)
garycuff@cuffandcompany.com

All the best!
Gary
0 votes Thank Flag Link Sat Apr 20, 2013
It'd be my pleasure to speak with you ... I'll look forward to hearing from you!
Gary
Flag Tue Apr 23, 2013
Thanks Gary. I will call you.
Flag Sun Apr 21, 2013
Hi Bala,
Yes, I don't think waiting 2 years will make much difference. That's the bottom line, but depends on your situation, are you renting it or looking to sell and move? Currently, we are very short on listings and so if a property that is priced right comes out on the market it will sell quickly. People are looking for condos in Reston. Interest rates are still low that's good for the buyer and seller. I listed a property in RTC, Savoy 1 bed/1 bath with 2 underground garage spaces on a Monday and got a contract on Friday!!! It was only on the market for 4 days! That's awesome. Please feel free to email me at sunny.howe@cbmove.com or call me at 703.626.4009 with any other questions.
0 votes Thank Flag Link Thu Feb 14, 2013
Hi Bala,
Good question and one that many people are asking regardless of what kind of property they have. It is always hard to know when to sell. The answer can only be yours but here are 2 very important factors that should help. Right now the condo inventory is lower than I can every remember. This makes the prices spike until more condos come into competition. You should be able to get a good price for it. The building around the Town Center will be including many condos for sale which will be used as rentals and buildings of rental only property. That will create more competition for you in the future and thus lower the price.. I would be happy to help you further and develop some real numbers for you to see the benefit of your investment and your return. Please give me an email at EileenD@EileenD.com or call at 703-403-6030. Have a nice day.
0 votes Thank Flag Link Thu Feb 14, 2013
Hi Bala-I answered you earlier & wanted to also add that inventory is really LOW. Currently theyre NO condos nor townhomes for Sale in Edgewater. The last townhome went up for Sale & they received multiple offers. Thankfully they accepted my buyers offer & will be closing soon. Ive also had some other listings in Reston & they too have received multiple offers. Because interest rates are at an all time LOW, buyers are off the fence, ready & qualified to buy. I can only guess that the low interest rates wont last. That being said, Now is a GREAT time to SELL. If you wait, you may not have the demand. Again I do have an interested buyer in Lake Shore. Give me a call, Lets talk :)

Carolee Locklear, Realtor
Prudential PenFed Realty, LLC
Call 703-598-2458
http://www.CaroleeSellsNOVA.com
carolee@penfedrealty.com
0 votes Thank Flag Link Wed Feb 13, 2013
Thanks for your response Carolee. I will get in touch with you soon.
Flag Thu Feb 14, 2013
Hi Bala-Interesting that you just asked that question. Ironically, I have a qualified buyer who wants to purchase in that specific neighborhood. Give me a call, lets talk

Carolee Locklear, Realtor
Call 703-598-2458
carolee@penfedrealty.com
http://www.CaroleeSellsNoVA.com
Prudential Penfed Realty
11864 Sunrise Valley Dr. Suite 101
Reston, VA 20191
0 votes Thank Flag Link Wed Feb 13, 2013
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