Tysons Corner is bustling these days with the completed HOT Lane, Silver Line metro nearing completion and the Tysons West and Walmart. Many new communities will now be within walking distance to the metro for the first time – Fountains at McLean is one of them.
After struggling to recover the last few years, 2013 has been a great year for the community. The number of sales in 2013 at the Fountains at McLean is outpacing 2012 and the prices have jumped. The average price sales price for a 1 bedroom unit is now at $250,000 for a 1 bedroom and almost $360,000 for a 2 bedroom.
Homes are selling quickly and there are currently three pending 1 bedroom units in the $250,000-$275,000 range. There is one 2 bedroom active at $360,000. The units usually sell in a week or less!
The average rent keeps going up at the Fountains at McLean.
The sales mix seems to have improved from last year with just one short sales and no foreclosures year to date. the historically low interest rates and low inventory drove the prices up the first half this year – it will be exciting to see what happens with the prices the rest of 2013 if rates keep going up.
Keep in mind that a continuing concern for purchasers at the Fountains is that the investor ratio has been high (number of non-owner occupants.) Lenders are hesitant to give loans in developments where this rate is too high (generally 50% and over.) It seems to still be at a level where purchasers typically need a 20% down payment to qualify for a mortgage. FHA loans with 3.5% down-payment seems to be unavailable in the community at this time.
The Fountains at McLean is a great neighborhood with reasonable prices that would make a wonderful home. If you would like to discuss selling or purchasing (5 Reasons We Rock For Buyers!), please give us a call at 703 560-3424 or contact us.