Buyers and sellers see the news reports on the real estate market everyday on just about every real estate topic. While understanding national real estate trends is good, it doesn’t help a local Northern Virginia buyer or seller make a decision about whether it is time to enter the Tysons Corner real estate market.
Except for the few For Sale By Owners (FSBO) or off-market property sales, most of the properties that have sold in Tysons Corner are marketed on our local Multiple Listing Service (MLS). This provides a wealth of information for buyers and sellers to understand the real estate market. For example, did you know that there were 176 Tysons Corner condos sold in 2014? That’s almost one every other day! This information allows both consumers (who can access this data via online sites like Frankly.com) and real estate agents to understand the past, present, and future local market trends to decide whether its the right time to buy or sell a Tysons Corner condo.
But what does all of that data mean? John Naisbitt once said, “We are drowning in information, but starving for knowledge.”
Homebuyers today have access to more information about the real estate market than ever before. Without the experience and expertise to interpret it, however, this information is useless and possibly harmful to the average consumer who may be lulled into a course of action that doesn’t work in their specific situation. What may have been a great investment for your friend or co-worker, may be a terrible decision for you!
I’ve put together a chart that breaks down the key real estate market metrics to pay attention to and what it means to buyers and sellers. This is just one step in converting “real estate information” to “real estate knowledge”. In addition, each month, I post a Tysons Corner Real Estate Market Update which helps buyers and sellers to not only see the data, but to also help them interpret the data to valuable information they can act on (sign up for it at the bottom of this page). But remember, the best way to understand your specific situation and the Tysons Corner real estate market is to contact me for the latest market information.