I’m very excited to have sold a home in South Run in a very short amount of time. I wish I could take all the credit by pointing out my mad skills as a real estate agent and aggressive marketing but the sellers share in the success. They insisted on a higher price than I would have liked but they did have an exceptionally fine home to sell. Despite the opinion of real estate agents in general, we do not KNOW for sure what’s going to happen. Market knowledge and past experience guide us but there is no absolute certainty. One of my weaknesses and strengths is trusting my clients. Not the wild “I want to win the lottery” dream price but when they are well thought out have a rationale, I’m fine sharing my opinion but still shooting for their goal.
We listed the home for $62,000 higher than any other recent comparable sold home and got a full price offer within two days of actually listing the house for sale. We did have a couple of weeks to pre-market the home online, get professional photographs taken and a video completed, which can be seen here.
If you live in South Run you should know that now there’s such a great comp and more coming, that your home may be worth more. I think this sale is the highest price home sale in the South Run subdivision in the last six or seven years! Since this home went under contract, even the conservative agents who normally work in South Run have started listing homes much higher than they have in the past. One at just under $900K and another at $914K (and some change). The market has been booming for the last year or so and it’s fantastic to see it in the price range I seem to find myself in these days!
SOUTH PARK CIR
SOUTH VALLEY DR
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SOUTH REACH DR
SHADY SLOPE CT
RUSTLE RIDGE CT
ROLLING RIDGE DR
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South Run is in a very popular subdivision in Fairfax Station. South Run residents have easy access to the trails surrounding Burke Lake. The Schools are Sangster Elementary and Lake Braddock Secondary School. If you’d like to see what else is available in Fairfax Station, click the following link: http://blog.fairfaxcountyvirginiahomes.com/fairfax-station-real-estate/ If you need a real estate agent to list your Fairfax County home or need a buyers agent for your next purchase, please consider me. I would value and honor your trust!
How’s the market? Do you think I can sell my home and make some money? Is it a good time to buy? Buyers and sellers ask me these questions every day, and according to studies, answers to these questions are exactly what consumers require from real estate agents.
It’s my job to be the neighborhood expert. When I list a home for sale or identify a potential home for a purchaser, I make it a priority to quickly become an expert in that community. The Market Snapshot report arms you with the local knowledge you need as a consumer and gives you the market insights you crave.
The Market Snapshot will show you:
Average days on market
Selling vs asking price
Asking and sold prices
Amount of available inventory
Community and school information
Market Snapshot’s “Market Data Display” puts you in the driver’s seat of your own local information locomotive. View the freshest neighborhood data on your screen. Once requested and published, it’s full steam ahead – the data will automatically be updated for you, so you won’t have to go back and redo your work or make a new request. From the moment you sign up and start receiving reports, you can also reference all your past reports for contrast.
The rate at which homes are selling is called the absorption rate, in other words, how many months of inventory would we have if no more homes were listed for sale. If 2 homes each month are selling and there are 6 homes currently listed, we have a 3 month absorption rate. Click this “Market Absorption Rate” link for an older post explaining the rate.
As an example, below are several city and subdivision absorption rates in our area as of the writing of this post. This data is easily updated if you’re visiting from an older link someday.
City Active Listed in last Contract in last Absorption Rate
Listings Last 30 Days Last 30 days in Months
Burke SFH 71 20 14 5.1
Burke TH & Condo 58 19 27 2.1
Fairfax Station SFH 83 22 14 5.9
Orange Hunt Estates 4 0 2 2.0
South Run Forest 4 3 1 4.0
If you’d like a freshly compiled Market Absorption Rate for your City, Zip Code or Subdivision, don’t hesitate to contact me. I’d be happy to prepare one for you!
The rate at which homes are selling is called the absorption rate, in other words, how many months of inventory would we have if no more homes were listed for sale. If 2 homes each month are selling and there are 6 homes currently listed, we have a 3 month absorption rate. The Market Absorption rate does NOT mean how many days on market or how long homes take to sell. Days on market varies depending on the type of home, condition and location. The Absorption Rate tells us whether we’re in a buyer’s market, normal market or seller’s market. Knowing this can help us adjust our marketing strategy.
The Market Absorption Scale below shows the type of market we’re in given the current supply of homes (absorption rate). This helps you determine the type of market we’re in and how it affects you.
The Market Absorption Scale above shows the type of market we’re in given the current supply of homes (absorption rate). This helps you determine the type of market we’re in and how it affects you.
Seller’s Market – In a seller’s market there is less than 5 months’ supply of homes. Since there are fewer homes to choose from, sellers are in control and buyers have to be willing to pay top dollar to get the house they want. Multiple offers happen more often in a seller’s market.
Normal Market – In a normal market there is a 5-6 month supply of homes. A normal market has a balanced level of inventory where the market is not leaning in either the seller’s or the buyer’s favor.
Buyer’s Market – In a buyer’s market there is more than 6 months’ supply of houses. Buyers are in control since there are so many homes from which to choose. Sellers often have to give an incentive (pay for repairs or closing costs or take a less than full price offer) to buyers to buy the property.