After a strong finish last year at the Gates of McLean, the spring season has seen a large inventory and slow going.
There are currently 15 units for sale at the complex. Since the beginning of the year only 7 homes sold. That is about 2 homes per month. The spring market does seem to have finally started though and there are currently 5 pending homes that should close over the next month or two.
We sold a 1 bedroom unit this spring at the Gates of McLean (and have another one currently on the market.) It was listed at $275,000 and sold for full price after 3 days. If you are looking to SELL (and not just LIST) your unit needs to show perfect and be priced below comparable units on the market.
To sell quickly in the current market a home needs to show great. Updates like granite counters, stainless steel appliances and laminate or hardwood flooring helps you differentiate yourself from competing units. Things like the view, noise and location within the community will as always matter a lot as well. Purchasers want to feel they are getting a great value. If not, they will likely feel that the supply and demand is out of whack and choose to wait and see if prices drop. Or, make a low-ball offer on multiple units until a seller bites.
At periods last year two bedroom units were selling great and in days at or above $400,000. Now there are seven units on the market in the $355,000-$449,900 range (with an average days on market DOM at 100.) No 2 bedroom has closed in the MRIS yet this year but there are two 2-bedroom units pending. Both had asking prices below $400,000 and both are the larger 1,202 square foot model.
At the Gates of McLean many longtime owners have been holding their units as rentals in anticipation of a price bump upon metro completion. With the metro now finally finished many owners are realizing that the increase likely has been priced into the current value.
The rents have stagnated in the Tysons Corner area and tenants have become more picky. With all the great new rental complexes and buildings in the area (offering great move-in incentives like free first month, IPads etc) the rental prices of the existing and older rental units are impacted.
The real estate market was slow in Tysons Corner the first three months of 2015. It is now showing signs of picking up some.
Every situation is different but if you are considering selling I would typically suggest updating the home in a way that will show great for sale but also wear well if you end up having to rent out the unit (sometimes a backup plan for sellers.) We will be happy to discuss your specific situation and come up with a plan. Out advice will vary depending on your unit style, location, elevation(floor level) and building.
We are experts at the Gates of McLean so give Are or Liezel a call at 703 560-3424 or send us a message to pick our brains a little!