Q&A with Donna Paton
By Jackie Friedlander
Our guest today is Donna Paton, principal broker of Paton Real Estate in McLean.
Q. What IS selling in today's market?
A. Would-be buyers who were sitting on the fence last year are now coming out in droves to the Sunday open houses. Over the past month at least 40 people visited every open house we held. With more reasonable prices and a wide array of choices, many buyers are finding that they cannot resist anymore. They are moving forward with the purchase of a home.
Q. How does the situation vary by community and price range?
A. In McLean this spring, whole house remodels are quite the rage. Buyers who want new construction but choose to stay under the $1 million price tag like the "whole house remodel," option which often provides a new roof, insulation and fixtures at $400,000 less than new construction would cost. Also, smaller versions are available in the mid to upper $800,000 range.
"Tear-downs" are popular among buyers with money, imagination and a bulldozer. Lately, the selling prices range between $475,000 and $575,000 on a quarter-acre lot.
There are some great deals in the upper price ranges. I have a 6,000-square-foot brick Colonial luxury home with a half-acre lot on Ingeborg Court that is listed at $1.3 million now, although it was $2 million in 2005. Marsocci Interiors came through, and the owners were ready to take their suggestions. For one thing, they replaced the traditional marble foyer with black granite, which helped give it a whole new look. In other words, they spent money on renovations and also dropped the price, so it is at the lower end of the price range for that area.
Now I believe it will sell soon. When I have an open house there, we are getting crowds, whereas last year very few visitors came.
Deals like this get the attention of the buyers who have watched the market and realize that the opportunity for which they have been waiting has arrived.
Q. What advice to you have for both sellers and buyers?
A. Buyers now gravitate towards extremely well maintained, squeaky clean and well priced homes. My advice for them is to team up with a great local agent and be very specific when discussing your wants and needs. Your agent will know what is coming on the market in advance sometimes. Your agent can sift through the inventory and identify excellent options. When you find it, buy it.
My advice for sellers is to use all of your agent's resources to optimize the home prior to putting in on the market. Then, be very realistic when choosing your list price and reviewing offers.
Recently, I took a young couple to look at homes in Reston. They found a single-family home for $519,000, although the last house that sold in that subdivision went for more than $600,00. The price was negotiated and they got a great deal with everything they wanted. As soon as they saw it, I knew it was the one they would choose. The pride of ownership showed in every detail ... every nook and cranny was clean and in perfect repair, the house smelled nice and there was no extra clutter around. The sellers had obviously listened to advice on staging. The buyers had seen a lot of other houses in the price range, but they did not stand out that way.
When I call Realtors to ask their client’s feedback on one of my listings, they often answer, "Which one?" The buyers are seeing so many homes nowadays, your home must be priced right and in perfect condition.