Will a home about one mile from the new Reston Silver Line Metrorail increase in value when the station and line open in 2013(?) ?

Asked by George_Seeker_of_Truth, Fairfax County, VA Thu Jun 30, 2011

The Silverline Metrorail seems to be going along well. The first station in Reston is being constructed. The finish date is either 2012 or 2013. Some years later another Reston Station will be built at the Reston Town Center.Will this new rail line into Tysons and DC increase the sale price of homes along the route? There are supposed to be buses to the stations and also there will be paid parking as in other metrorail stations. The line will eliminate horrible automobile commutes into both Tysons and DC.

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Jay Hurst, Agent, Washington, DC
Thu Jun 30, 2011
You should do your research. What you are looking for is how an existing home would fit in.

Our practical experince has been that areas around Metros are stable in pricing or the first to rebound when compared to similar properties farther from Metro.

I would speak with an experienced agent regarding the property style and area. i.e. - A single family home that has its property shaved off by Metro contruction might be worse off for the contruction, or some areas might be "cut off" by a new road or intersection.

Good luck!
Web Reference:  http://www.lnf.com
1 vote
Carlos Carab…, Agent, McLean, VA
Thu Jun 30, 2011
Dear George;

This is a good news for residents in this area but is not an indicator of future home value, sadly in today home market, value is a complex mix of economic and social factors ( inventory, interest rate, employment etc ) , if all these factors are in your favor at the time you are buying or selling then The Reston Silver Line Metro rail would have an impact in value. Nevertheless is my impression that any improvement on the quality of living in Reston would have impact in the home market around.

Thanks

Carlos Caraballo
Realtor
VA-MD
kvgcaraballo@gmail.com
202-679-0006
0 votes
David Burnham, , Washington, DC
Thu Jun 30, 2011
I think you will see a gradual ramp up in values in the years or two leading up to the completion and in the year or two after, but most of the change will probably be slight. Driving, parking, and riding will only improve commutes slightly over what most people are doing today. There are a lot of other factors that impact home values as well.

The homes that are within walking distance of a station will see a sharper increase as this will become a significant advantage to be able to walk to Metro. We see this now with metro stations where you have a lift if you are within walking distance.
0 votes
John Fitzger…, , Fairfax County, VA
Thu Jun 30, 2011
All other things being equal, after completion of the Silver line to Reston, home prices should start to increase.,as they have in the past when Metro stations have been completed in an area. The key words in this answer are "All other things being equal", which never happens. Let me give you two examples of what else may happen.

First, interest rates, now at Depression levels, could go to 8%. That, combined with restrictive credit and appraisal standards, could knock housing prices down.

Second, the employment situation in ore area could change for the worse, due to budget conditions. For example, what if the Federal government, in an attempt to cut spending, had a 5% reduction in force? This has actually happened before, in 1949.

There are two points here. First, as long as one is both buying and selling in the same area market, it's always a good time to do either, since market conditions are the same without regard to whether you are a buyer or a seller. Second, we are in an economic state not seen since the Great Depression, and predicting market conditions two years out is something I, as a real estate agent, cannot do. The two examples of what could happen ( and, for that matter, they both could happen at the same time! ) are just some of the possibilities. I think that what you need to focus on is the overall livability of a home now, and how that home meets all of your needs. Don't overlook that there are express commuter buses that go to the East Falls Church Metro stop in the Toll Road Express Lanes from Reston right now. For more information on this and other topics, you can E-mail me at johnfitzgerald01@yahoo.com.
0 votes
Craig Fauver, Agent, McLean, VA
Thu Jun 30, 2011
It would seem to be a fairly good presumption as Metro access is a major concern to so many people and in general the closer a property is to a Metrorail station the more it is worth (all else equal) compared to other properties in the surrounding neighborhoods, we can never guarantee a future profit or appreciation. Sometimes values boom and peak way before the anticipated project ever reaches completion, such as the H Street streetcar in DC. Do you research carefully to make sure you do not think you're buying before the boom when in fact your buying right before a bubble bursts.

Best Regards,
Craig Fauver

Realtor serving DC, VA, & MD
Long & Foster Realtors
202-643-4687
0 votes
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