Falls Church, Virginia Buyers Step Back From Unrealistic Pricing
by Blanche Evans
Despite its proximity to the red-hot Washington, D.C. market, recently recognized by RELO(r) as the number one relocation market in the country, suburb Falls Church in Virginia is finding that buyers aren't always willing to pay what sellers' ask. "Falls Church is an independent city in northeast Virginia, a residential suburb of Washington, D.C.," says Realtor Steve Hawkins. "It began as a town in 1875 and became a city in 1948, when parents successfully obtained its separation from the Fairfax County in an effort to establish a highly-acclaimed school system. The city is located approximately six miles from the nation's capital and is inside the Capital Beltway. There is also diverse light manufacturing, including telecommunications equipment. George Washington and George Mason (author of the Bill of Rights) were members of the vestry of the Falls Church (built 1767-69). About the market, Hawkins says, "For the month of March 2005, Falls Church settled on 11 homes compared to 13 settled in March of 2004, a decrease of 15.4 percent. The median price is $576,600." Says Realtor Casey O'Neal, "Falls Church has a small town feeling with only one middle school and one high school. Falls Church City, while being a very small geographic area, has been and continues to be one of the hottest markets in the DC Metro area. It borders Arlington County and enjoys Metro proximity. O'Neal explains, "With interest rates staying low, most people are still considering real estate as an attractive investment. Living close to the Washington Metro area and its available jobs is valuable to home buyers. Spending less time commuting and more time with family and friends is a key factor in determining where houses are being purchased. As a result, Falls Church City is an incredibly sought after location with it's close proximity to DC. Continuing into the 2nd quarter of 2005 there is a critical shortage of housing inventory in Northern Virginia and especially in Falls Church. Prices continue to increase, especially in the affordable price ranges that attract first-time and move-up buyers." He advises, "Homes can sit on the market for days or weeks depending upon initial realistic pricing. In most situations we are seeing multiple offers on properties that are priced right, and in other cases price reductions where the seller has tested the market with no offers. Homes that haven't been updated are sitting on the market longer if they are priced similar to those that are in 'turn-key condition.' Builders, renovators, and average buyers are looking for "fixer-uppers" at the right price. Educating both buyers and sellers to the changing market conditions is more important than ever." "Located just west of the nation's capitol, Fairfax County, including the greater Falls Church area, is just close enough to allow quick commutes to and from work, yet far enough removed to avoid big city congestion," suggests Realtor Holly Woodworth. "State Route 29 (Lee Highway) and Rt. 7 (Leesburg Pike) intersect in the center of the City of Falls Church, linking it to all points of the compass. Interstate 66 and route 50 (Arlington Blvd.) circumvent the city as well. Woodworth explains, "The economy and business environment in the greater Falls Church area are stronger than ever. The region's economic foundation is a core of national and international high-tech firms, offering more high-tech employment opportunities with generous compensation throughout Fairfax County. Falls Church is at the center of a bustling employment and retail corridor that includes Tyson's Corner, Seven Corners and Baily's Crossroads. The combined economic strength of these locations make them prime candidates for business relocation and investment. "Tysons Corner is a business district with more office space than many large metropolitan areas, and has a predominantly white-collar workforce," she says. "The greater Falls Church area has one of the most highly skilled and educated work forces in the nation. Over half of all those employed are college-educated and most are in professional, managerial, clerical and skilled craft positions. The more than 150,000 residents that call this region of Virginia home, they live in a variety of beautiful dwellings, representing many different owner tastes. Architectural styles range from quaint colonials, comfortable Cape Cods and gorgeous Georgians, to pristine plantation-style originals. Falls Church and surrounding communities have a host of single-family homes and multi-family units." She advises, "Most all properties located inside of the capital beltway have been selling in record time. Buyers are forced to make full price offers and often pay more then asking price to get their contracts accepted." |
