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
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
Licensed in VA
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!
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.
Keller Williams Capital Properties Fairfax
10300 Eaton Pl, Suite 120
Fairfax, VA 22030
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.
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
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 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
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.
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
Shris Cell: (301) 655-1521
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:
Cuff & Company Realtors
1818 Library Street, Suite 500
Reston, VA 20190
All the best!
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 email@example.com or call me at 703.626.4009 with any other questions.
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.
Carolee Locklear, Realtor
Prudential PenFed Realty, LLC
Carolee Locklear, Realtor
Prudential Penfed Realty
11864 Sunrise Valley Dr. Suite 101
Reston, VA 20191