Real Estate and Reston, VA: March 2008

Here is a summary of the market conditons in the Hunters Woods Village area of Reston (zip code, 20191).  These statistics were valid as of 3/19/08. 

Homes Sold in Hunters Woods

Total Listings Sold in 2008:                 65

Detached Homes Sold in 2008:            28

Townhouses Sold in 2008:                  20

Condominiums Sold in 2008:              17

Homes Currently for Sale in Hunters Woods

Price range of all properties sold to date in 2008: $189,500-$1,080,000

Current Number of Listings:                 220

Price Range:                                     $125,000 to $1,490,000

Reston, Virginia is a planned community located in Fairfax County, Virginia. It is a suburb of Washington D.C. and is commonly included in the statistics for the Washington D.C. Metropolitan Area.  There are many types of housing available in Reston.  The price ranges that you see include condominiums, townhouses and detached homes.  Reston's location (close to Tysons Corner, The Dulles Corridor, The Pentagon and 20 miles outside of Washington D.C.) contribute to its appeal to people in all income brackets and all types of professions. The community boasts amenities that are available to all members of the Reston Association (mandatory for all homes within the incorporated part of Reston) such as Pools, Tennis Courts, Jogging and Walking Paths, Community Centers, playgrounds, parks and open spaces.

If you would like to learn more about Reston, Virginia, I would be happy to talk to you further about the variety of housing that is available in, and around, Reston.

Here is a summary of the market conditons in the North Point Village area of Reston (20194).  These statistics were valid as of 3/19/08. 

Total Listings Sold in 2008:                 26

Detached Homes Sold in 2008:           8

Townhouses Sold in 2008:                  11

Condominiums Sold in 2008:              7

Price range of all properties sold to date in 2008: $189,500-$1,080,000

Homes Currently for Sale in North Point Village

Current Number of Listings:               74

Price Range:                                    $199,900 to $1,770,000

Reston, Virginia is a planned community located in Fairfax County, Virginia. It is a suburb of Washington D.C. and is commonly included in the statistics for the Washington D.C. Metropolitan Area.  There are many types of housing available in Reston.  The price ranges that you see include condominiums, townhouses and detached homes.  Reston's location (close to Tysons Corner, The Dulles Corridor, The Pentagon and 20 miles outside of Washington D.C.) contribute to its appeal to people in all income brackets and all types of professions.  The community boasts amenities that are available to all members of the Reston Association (mandatory for all homes within the incorporated part of Reston) such as Pools, Tennis Courts, Jogging and Walking Paths, Community Centers, playgrounds, parks and open spaces.

If you would like to learn more about Reston, Virginia, I would be happy to talk to you further about the variety of housing that is available in, and around, Reston.

Here is a summary of the market conditons in the Lake Anne Village of Reston (zip code, 20190).  These statistics were valid as of 3/19/08. 

Homes Sold in Lake Anne Village

Total Listings Sold in 2008:               44

Detached Homes Sold in 2008:          2

Townhouses Sold in 2008:                16

Condominiums Sold in 2008:             26

Price range of all properties sold to date in 2008: $189,500-$1,080,000

Homes Currently for Sale in Lake Anne Village

Current Number of Listings:             149

Price Range:                                  $149,000 to $1,995,000

More Information about Reston

Reston, Virginia is a planned community located in Fairfax County, Virginia. It is a suburb of Washington D.C. and is commonly included in the statistics for the Washington D.C. Metropolitan Area.  There are many types of housing available in Reston.  The price ranges that you see include condominiums, townhouses and detached homes.  Reston's location (close to Tysons Corner, The Dulles Corridor, The Pentagon and 20 miles outside of Washington D.C.) contribute to its appeal to people in all income brackets and all types of professions.  The community boasts amenities that are available to all members of the Reston Association (mandatory for all homes within the incorporated part of Reston) such as Pools, Tennis Courts, Jogging and Walking Paths, Community Centers, playgrounds, parks and open spaces.

If you would like to learn more about Reston, Virginia, I would be happy to talk to you further about the variety of housing that is available in, and around, Reston.

Yesterday I posted some information about the new conforming limits for FHA loans in certain, high-priced counties.  Today in the Washington Post (March 8, 2008), it was revealed that the new limits do not extend to Veterans Administration loans.  This was a surprise for many veterans, as well as many of us in the Real Estate industry.  I hope that this was an oversight which will be quickly corrected by the government.  Since VA loans are intended to help those who have served our country, it seems unfair to penalize them by not making the conforming loan limit equal to other loans that are available. In the past the ceiling of $417,00 was applicable to both VA and non-VA loans.

The Federal Government raised the ceiling amount on government insured loans in high-cost areas, effective March 6, 2008. This was wonderful news for the Washington Metropolitan Area and folks interested in buying, or selling, a home.

Since I am licensed in Virginia, and that is where the bulk of my clients live, I checked to make sure that all of the counties in which I work were covered. These new limits cover all of the ‘inside the beltway areas' and extend out to Fairfax, Loudoun, Prince William, Stafford and Fauquier (as well as other areas not specifically mentioned). This new loan limit, which remains in effect until December 31, 2008 (unless extended by Congress) will allow a loan with a value up to $729,750 to be insured by the FHA. This will make these loans both safer and more affordable. Previously, this ceiling was $417,000.  This new limit will make the monthly payments for homes up to that ceiling more affordable, which will in turn make them easier to sell-and we can all use a little help right now!  In Real Estate speak: You can go higher on your loan amount and still remain as a 'conforming' loan--you might not need a Jumbo.

You can find more information about this at the Housing and Urban Development website:   https://entp.hud.gov/idapp/html/hicostlook.cfm. This link allows you to input information about your county and see if it is covered by these new limits.

To read the HUD News Release, go to: http://www.hud.gov/news/release.cfm?content=pr08-030.cfm