In preparation for an open house this weekend in Burke I felt it would be important to explore a bit of my old stomping grounds and see some of the houses that are currently on the market. It was interesting looking at the houses in that area as I passed by a few neighborhoods where friends of mine grew up. I even ended up in a home that had the exact floor plan of one of my friend's parents home.
As always when I look in an area I want to know what is going on in the market. So, now that I am back in front of a computer I can look up and see that the market absorption rate for the 22015 zip code is 1.14 and for the homes that sold in the last three months were on the market for an average of 68 days and got 96.93% of list price. That makes Burke a fairly healthy market.
The inventory is low like it is everywhere else in the Northern Virginia area, but from the number of for sale signs in people's yards you wouldn't know it. Homes move quicker in Burke than in other parts of Northern Virginia and it might even be a bit ahead of the rest of the area when it comes to pulling out of the recession.
The first home I saw this afternoon was the one I might be helping to hold open this Sunday. It was a two story townhome with no basement. It had a nice floor plan with a small galley kitchen in the rear and three bedrooms on the upstairs level. The third bedroom was really too small to be a bedroom and there was only one bedroom located on the upstairs level. What would typically be a half bath near the entrance was actually a full bath though, but it would be a bit cumbersome to have to go downstairs when the one upstairs bathroom is occupied.
The reason I only might be helping to hold it open is because by this evening the home may already be under contract. This is the advantage to sellers that the low inventory brings. If their property is priced right it will move quickly, and finding a townhome in an area as nice as Burke for the low $200's is not easy.
The next house I saw was on Fenestra Court behind Rolling Valley Mall and off of Sydenstricker. It is a townhome but it is condo style ownership which could be a turn off for some as the condo fees are over $300 and there are similar townhomes in Burke that one could buy without having to pay the condo fees. Of course it is unknown to me what is included in those fees, and the townhome is nice. It is 2,040 sq. ft. with a fully finished basement and fully upgraded kitchen. It is a nice home that I wouldn't be afraid to show a buyer, but we would have to learn what comes with those condo fees.
I then went up to the Signal Hill neighborhood of Burke and looked at a home there. I have to say I was very impressed with how nice it was from the dated exterior. The exterior didn't look any nicer than any of the other homes in Burke and like I said I have had and still have many friends who live in that area. Of course it wouldn't take much for their homes to be that nice on the inside as well. It is a 2,439 sq. ft. home with a finished basement and two car garage. There is really nothing else to say about this home except it is probably the nicest one I saw all day and maybe even the best value.
The next home I saw is listed for more money and has a smaller backyard and is 1,601 sq. ft. It is located slightly closer to the beltway being on a street that feeds directly into Braddock Road, but it is still within a mile radius of the other home. It had the same niceness to it having been full upgraded throughout while still having the same old look on the exterior of most of the homes in Burke.
It really shouldn't surprise me how nice the inside of some of these homes are. People can always upgrade the inside of a house easier than they can the outside. This is also something that it is important to keep in mind when looking for a home to buy. Everything on the inside can be changed. It is important when looking for a new home to understand what can be controlled if the home is purchased. Buyers shouldn't let a paint color or bad carpeting alter their decision as those things can be changed.
After seeing that home I was expecting the next to be just as nice, but I was disappointed. This time the 70's exterior matched the interior and the home was extremely dated. It was a contemporary style with windows that open left to right and that had no window treatments on them. The kitchen looked like it had never been updated and it is a home that would come with a lot of work and isn't on the market at a competitive price for that work. For a mid-500's price point in Burke someone could buy a home like either the Signal Hill on Dunleigh homes I visited.
After getting out of that house and driving to the next I was pleasantly surprised to discover where I was. I was in a neighborhood where there is a home that is decorated to the hilt when Christmas time rolls around. It is one of those with light shows set to music and all that. The home is in a nice neighborhood with a good location, but for the work that would have to be done to it the buyer either has to be someone who loves the 70's or who is willing to do the work to improve the home to modern living standards.
The last home I visited was a townhome near where I started in the Lake Braddock subdivision. As soon as I walked in I noticed that it had the same layout as my friend's parents house. This home has a fully upgraded kitchen and baths. It is 1,232 sq. ft. with a finished basement and the basement bathroom has a Jacuzzi style bathtub. It does suffer from some of the same issues as the first townhome as the upstairs only has the one bathroom, but it does have a finished basement whereas that one had no basement.
Standing in that house I was able to look out at Lake Braddock and I remember all the times I had to run around that lake when I was on the high school wrestling team or the times when I would be home from college where I was sit by it and catch up with friends. It is funny how an area can be so strong a part of your memory and upbringing, and that is one of the advantages I have over there.
It is important when selling a home to help the seller understand their home as a house, as a commodity they are trying to sell in a market, but when working with a buyer it is important to find them a home. That area I was in today is part of my soul. It has helped to shape who I am and I can help a buyer understand the true advantages of living in that area. I pride myself on being a neighborhood expert, and that is easier in a neighborhood that is part of me.
I learn something new in real estate everyday so you don't have to,
David Huzzard
www.SuperNoVaRealty.com
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