What does the current resale market mean for McLean homeowners?

The Northern Virginia home resale market, which had started to turn towards sellers throughout the latter half of 2012 and most of 2013, has recently been worsening for those listing their homes. Homeowners are, more and more often, waiting patiently while their listed homes sit on the market.

McLean exemplifies that softening market in the area, despite its long history of strong home sales for even the highest priced luxury single family homes. As buyers scout out the best deals and put price pressure on sellers, sellers naturally look toward the option of renting their homes. And, since most anticipate being absentee landlords due to relocation, they seek out a full menu of services from established McLean property management firms to maximize their rent, maintain their home, and keep their costs as low as possible.

Are you a homeowner in McLean who’s looking at renting out your home as an option? Here’s what you need to know about local single family home rentals.

What Local Real Estate Statistics Show

Let’s begin with some Real Estate Business Intelligence statistics, to put the pressure sellers are feeling into context:

Fairfax County median sold price: down nearly 2 percent since Q4 2013.
Active for-sale listings: have hit a 5-year peak.
Closed sales: down more than 10 percent since Q4 2013.

Given this trend, more and more McLean homeowners who’d prefer to list and sell their residence are choosing to lease their homes instead.

That’s when those who’d be selling in a stronger market start seeking referrals for McLean property managers for assistance in finding good tenants and overseeing the upkeep of their property once they’ve relocated.

WJD is Experienced in the McLean Rental Market

Our property management company has been managing properties for McLean landlords for 30+ years. We are experts in getting the bets return on investment for homeowners in the Northern Virginia rental market .

1. The D.C. metropolitan area–the McLean/Tysons residential neighborhoods in particular–enjoys a steady demand for rental houses regardless of whether home sales are trending up or down. Why is Northern Virginia able to withstand economic volatility when it comes to rentals? It’s a market that is, in many ways, unlike any other in the country. Thousands of relocated employees, diplomats, political appointees, and military officers come into our area each year on temporary assignments. There will always be a significant population of transient professionals in our area–and they will always want well cared for single family homes and townhouse in good, easily commutable neighborhoods.

2. While a decrease in interest rates may well bump up the number of would-be home buyers approved for mortgages that will in 2015, that doesn’t necessarily mean those pre-approved buyers will take the leap into home ownership. And, because of the uncertainty about what buyers will do, more and more homeowners are opting to take a wait-and-see approach. Furthermore, even though mortgage rates have inched downward, the seven years of recession have eroded savings for many in our area. Qualifying for a mortgage is great–but then there’s the matter of coming up with a down payment. And in McLean, where single family home resales begin around $400,000, the down payments are steep.

The result of all of this caution and economic uncertainty? A growing competition for the best rental properties–a very good thing for landlords. (And not such a good thing for sellers.)

Our Sole Focus in Northern Virginia Property Management

WJD has been providing a comprehensive range of property management services to area landlords since 1985. And our fee structure is highly competitive. We’re conveniently located in Fairfax, and we’re proud of our reputation as the leading specialists in McLean property management. Get in touch with us today, and we’ll offer you a free, immediate rental market analysis.

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