Our April 17 meeting featured three local real estate panelists: Janice Buckley from Long and Foster, Mike Anastasia from Keller Williams, and Anthony Carr from Debbie Doğrul Associates. In a round robin discussion, we heard their expert opinions on a variety of topics.
The panelists explained why homes in the Crestwood and Lynbrook areas are in demand. Inventory of available houses overall is in short supply, and inventory of single family homes at our price point is also low. Currently, homes in our zip code are on the market for less than two months, with multiple offers. Prices in our zip code are 19% higher than last year, while prices in Fairfax County overall are up less than 10%. The number of foreclosures and short sales has declined. Attractive mortgage rates make buying a house in our neighborhood less expensive than renting.
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Our mid-century homes are on valuable lots! They appeal to homebuyers who are willing to trade 9 foot ceilings and fancy on-suite bathrooms in townhomes for a single family residence where there is room to expand the footprint of the house. Our panel explained that land is in short supply, and it cannot be “made.” If you are thinking of remodeling, kitchens and bathrooms are the two places where homeowners see a return on investment. Modern, energy-efficient windows are expected. Go ahead and build a large addition if you plan to stay in your home for many years, but don’t expect to see those dollars returned to you in a high sales price that puts your home out of the range of average prices in the area.
Location, location, location! For buyers who want a home that is close to major transportation arteries, our area is a very attractive choice. We are close to public transportation, slug lines, and highways.
All three panelists encouraged the audience to continue to work to make our neighborhoods welcoming and friendly places to live and play. Our efforts to volunteer at our local schools, our Neighborhood Watch program, and other opportunities to engage and involve each other will only serve to safeguard our property values.