Fountains at McLean Archives - Soldsense - Northern Virginia Real Estate

Why Your Condo Sale (or Purchase) Might Be Delayed: New Fannie & Freddie Rules Explained

2025-08-14T22:07:59Z

In recent months, many condominium communities across the country — including here in the DMV — have faced unexpected roadblocks when it comes to financing. Both Fannie Mae and Freddie Mac have tightened their lending requirements for condos, causing significant delays and complications for buyers and sellers alike. As I work with buyers and sellers to try to get conforming loans through the association review, I am reminded of a scene from a famous movie:

Lloyd: “What are my chances?”
Mary: “Not good.”
Lloyd: “You mean “not good” like… one out of a hundred?”
Mary: “I’d say.. more like one out of a million.”
Lloyd: (slowly reacts) “So you’re telling me there’s a chance? … yeah!!”

Yes, a positive attitude and optimism is needed when you keep submitting document after document, hoping that THIS ONE is the one that will convince Fannie Mae and Freddie Mac the condominium community is NOT about to spontaneous combust.

What’s behind these changes? And how might they impact your ability to close on a condo unit? Let’s break it down.

The Trigger: A Tragic Florida Collapse

After the Champlain Towers South condominium collapse in Surfside, Florida in 2021, Fannie Mae and Freddie Mac quietly began re-evaluating their risk exposure when backing loans for condo units.

In 2022 and beyond, they implemented new policies to better assess the structural safety and financial stability of condo communities. The goal: prevent lending on units in buildings that may have deferred maintenance or insufficient reserves for future repairs.

The 5-Year Reserve Study Requirement

One of the most impactful changes is the requirement for a reserve study completed within the past 5 years, with clear budgeting for recommended capital improvements.

Many HOAs — especially older or self-managed ones — were caught off guard. Communities that had not recently conducted a reserve study or that had deferred large-scale repairs suddenly found themselves non-warrantable — meaning lenders using Fannie Mae or Freddie Mac guidelines could not approve loans for those units.

What “Non-Warrantable” Means

If a condo is non-warrantable, it does not meet the criteria for Fannie Mae or Freddie Mac financing. This often translates to:

Higher interest rates
Larger down payment requirements
Fewer available loan options (some lenders won’t lend at all)
Appraisal issues
Delayed closings or terminated contracts

Even communities that were previously approved may lose their status during routine recertification.

Rising Insurance Costs Add Another Layer

Another trend affecting condo communities: skyrocketing insurance premiums. Due to inflation, natural disaster risks, and regulatory changes, HOA master policies are becoming far more expensive — and sometimes, harder to secure.

This drives up HOA fees for unit owners and can create budget shortfalls, further complicating a condo’s ability to remain “warrantable” under lending guidelines.

What This Means for Buyers and Sellers

For buyers:

Always ask your lender early in the process whether the condo is warrantable.
Be prepared for extra paperwork or delays — even for well-maintained communities.
If a community is non-warrantable, consider alternate financing options, but know they may come with added cost or risk.

For sellers:

Know the status of your building before you list. Realize that a building can lose its status at any time.
Consider ordering a recent condo questionnaire and reserve study (or ask your HOA to do so).
Be ready to work with buyers who may need flexibility with timing, pricing, or financing terms.

How to Navigate the Process

As a real estate professional, I can often proactively assess condo lending eligibility and work with both lenders and associations to try to avoid last-minute surprises. If you’re planning to buy or sell a condo, especially in a building that hasn’t recently undergone structural or reserve review, now’s the time to ask the right questions and plan ahead.

Transitions are hard – I believe things will settle down to the new normal after things have had time for everyone to adjust. Unfortunately, in the meantime, there may be delays for some condominium sellers and buyers.

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Market Boom or Bust in Tysons 2025?

2025-04-04T18:53:07Z

In response to reports that he was gravely ill or had died, Mark Twain reportedly responded: “The reports of my death have been greatly exaggerated.” Same goes for the real estate market. While the reports of job losses, stock market downturn, and still high interest rates are unsettling, the real estate market in Northern Virginia has not crashed (as of today at least.)

In 2024, Tysons Corner’s real estate market exhibited robust pricing amidst a transaction volume slightly below the 5 year average. The still elevated interest rates likely contributed to a continued low inventory. Homes for sale continued to swiftly leave the market, often generating multiple offers and surpassing asking prices.

In 2025, with anticipated interest rate reductions, existing owners will hopefully let go of their low fixed-rate mortgages and proceed with the normal up and downsizing that happens.

Illustrated in the graph below, the number of new listings in the Tysons Corner 22102 and 22182 zip codes tracked slightly below the 5-year average for 2024 and the first two months in 2025.

There are currently 93 homes listed as Active in the 22102 and 22182 zipcodes. (see a list of those homes for sale in the Tysons Corner area here.)

Among these, 48 are detached homes with a median cumulative days on market (CDOM) of 127 days and a median price of $3,099,450. Additionally, there are 2 townhomes with a median CDOM of 30 days and a median price of $1,406,900, and 42 condominiums with a median CDOM of 66 days and a median price of $571,250.

So, how are things selling in the 22102 and 22182 zipcodes? In 2024 the number of homes sold generally remained slightly under the 5-year average in the Tysons Corner 22102 and 22182 zip codes. The number of sales in January and February 2005 were down but it is too early to tell what caused that. It could be anything, including the election, weather or a multitude of other factors. Keep in mind the number of sales is a lagging indicator, those homes were likely put on the market 1-3 months before they closed.

For a broader regional context, NVAR has released year-over-year statistics for February 2025 for the entire region, offering a comprehensive view of the market dynamics during this period.

From the NVAR February 11th press release:

FAIRFAX, Va. (March 11, 2025) The Northern Virginia housing market in February 2025 showed a combination of growing inventory and slowing sales activity, reports the Northern Virginia Association of Realtors® (NVAR). While total closed sales and dollar volume declined compared to last year, the median home price increased, and active listings rose significantly, indicating a shift toward a more balanced market.

In February 2025, 937 homes were sold, representing an 8.1% decrease compared to February 2024. The total dollar volume of homes sold fell by 9.5% to $761.4 million, reflecting a pullback in overall market activity. However, the median sold price rose 6.6% to $732,750, showing continued strength in home values despite fewer transactions.

“The Northern Virginia market is adjusting to changing economic conditions, with buyers and sellers navigating shifts in affordability and inventory,” said Ryan McLaughlin, CEO of NVAR. “While closed sales have slowed, the steady median home price suggests ongoing demand for well-priced properties.”

One of the most notable trends in February was the sharp increase in available homes. Active listings rose 31.8% year-over-year to 1,520 units, and the months of supply grew by 29% to 1.12 months, indicating a rise in housing options for buyers.

“The increase in active listings is an encouraging development for prospective homebuyers who have been faced with limited options in recent years,” said NVAR President Casey Menish, Pearson Smith Realty. “A boost in inventory not only helps create a more balanced market but also opens doors for buyers who may have been sidelined by fierce competition or rising prices. This shift could provide much-needed opportunities for those eager to make their move.”

However, new listings decreased by 3.8% and new pending sales dropped by 6.7%, suggesting some hesitation from sellers and buyers alike. Meanwhile, the average days on market remained steady at 22 days, indicating that well-positioned homes continue to sell at a stable pace.

“While the market is seeing shifts, homes that are competitively priced are still moving quickly,” added McLaughlin. “As inventory continues to grow, buyers will likely have more negotiating power in the coming months.”

As Northern Virginia’s housing market navigates fluctuations in inventory and home prices, experts continue to assess the underlying factors driving these changes. One area of ongoing discussion is the shifting dynamics of the federal workforce, a key component of the region’s economy. Although these changes may play a role, their full impact on the housing market remains uncertain.

The market is constantly changing. Let us help you put together a strategy to sell your home for top dollars – contact us to set up a time to talk.

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In 2021 real estate prices are going…

2021-02-04T19:16:32Z

2020 was an unbelievable year in so many ways. Who would have thought possible the amount of change we have all had to endure and live through? Some thrived, a few failed, and many struggled. Everything considered, real estate would been one industry that thrived.

So, where is real estate now that 2020 is over? The last half of 2020 was great, 2021 is looking to be another great year. In 2020, while sales slowed significantly in the spring, the market has been full steam ahead since. In many areas single family homes have been flying off the market with multiple offers and prices far above asking. In Tysons Corner, detached homes have been selling well while condominiums have been slower in Tysons Corner condominium communities like Gates of Mclean, One Park Crest and Fountains at Mclean.

The graph below shows the marked activity in the Tysons area. Notice the slowdown in April and May.

Real estate sales recovered in July and is now back to the 5 year average.

To put the numbers in a regional perspective, NVAR put out year-over-year statistics for December 2020 for the region.

From NVAR:

Fairfax, Va. – “Defying expectations, the 2020 housing market in Northern Virginia was a powerful driver of the region’s economy,” says Derrick Swaak, partner and managing broker with TTR Sotheby’s International Realty in McLean, Va. and 2021 president of the Northern Virginia Association of Realtors® (NVAR).

“Even with the downturn we experienced in the beginning weeks of the pandemic, the NVAR region housing market had an incredibly strong year,” says Swaak. “We closed 2020 with a dollar sales volume that was 13% higher than last year, with $15.3 billion sold, compared with around $13 billion in 2019,” Swaak says.

Historically low interest rates helped to fuel the 2020 seller’s market, driving prices up throughout the region as buyers competed for available listings. The 2020 average home price in the NVAR footprint, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, was $670,408, up 9% above the 2019 average. The 2020 median sales price also rose by 9%, from $541,000 in 2019 to $590,000.

The total number of homes sold by Northern Virginia Realtors® in 2020, 22,840, was about 4% higher than the 2019 total of 22,030. And those homes sold quickly, with the average number of days on market reduced by about 21% — from 24 days to 19 days.

“Notwithstanding the uncertainty we experienced in 2020, our members rallied to help people in Northern Virginia safely buy and sell homes,” says NVAR CEO Ryan McLaughlin. “Not only did Realtors® represent their clients under difficult circumstances, but also lobbied on behalf of home buyers and sellers to ensure that their critical transactions could be completed,” McLaughlin says.

So, will prices go up or down in 2021? I believe 2021 will build upon the great second half of 2020. January was very busy for us at Soldsense. The last two homes we had buyers make offers on had about 20 offers (yes, each listing had about 20 offers…)

While we are all waiting on vaccines to be widely available, I believe things will really take off when schools open.

The real estate market is very local. In many communities homes are selling as soon as they are listed with multiple offers and waived contingencies. In others there is a slower or sales pace. Send us a message if you are wondering how things are selling in your community.

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Awesome August Market!

2020-09-16T17:18:23Z

Summer is coming to an end and the real estate market in Northern Virginia ended up being surprisingly robust in spite of the economic uncertainty. While sales slowed significantly in the spring the summer has been very good for most sellers.

The overall listing volume for the year is still down – the number of listings were about average in June and above average in July and August.

The number of sales likewise went up significantly year-over-year for July and August 2020.

The market is very local – in many communities homes are selling as soon as they are listed. In others there is a slower or sales pace. Send us a message if you are wondering how things are selling in your community.

To put the numbers in a regional perspective, NVAR put out year-over-year statistics for August 2020 for the region.

Every situation is different – if you need to sell or buy in the age of COVID send us a note or give us a call. We will be more than happy to give you our thoughts.

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HOT July Market in Tysons area!

2020-08-22T02:29:22Z

The real estate market in Northern Virginia has remained open for business throughout the COVID crisis. Will sales slowed significantly in April, May and June it is back to business as usual in July.

The overall listing volume for the year is down – but the number of listings increased significantly in June and July and is above the 5-year average for July.

The number of sales likewise went up significantly year-over-year for July 2020.

To put the numbers in a regional perspective, NVAR put out year-over-year statistics for July 2020.

The Northern Virginia Association of Realtors® reports on July 2020 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 2,376 homes sold in July 2020, a 6.45% increase above July 2019 home sales of 2,232.

Active listings decreased this month compared with 2019. Listings were down 15.97% below last year, with 2,210 active listings in July, compared with 2,630 homes available in July 2019. The average days on market for homes in July 2020 was 18 days – compared to 20 days on market for homes in July 2019.

New listings rose by 31.23% in July compared to last year, to 3,009. There were 2,293 new listings in July of last year.

The average home sale price rose by 12.57% compared with last July, to $696,902. The July 2019 average sale price was $619,082.

The median sold price of homes this July, which was $625,000, rose by 15.15% compared to the median price of $542,750 in July 2019.

Every situation is different – if you need to sell or buy in the age of COVID send us a note or give us a call. We will be more than happy to give you our thoughts.

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Wegmans is coming!

2020-04-16T20:50:39Z

As has been reported for years, Wegmans is coming to Tysons Corner. And we are now getting closer with a planned fall opening this year. The 80,000 sq.ft. supermarket will be at the new Capital One Center at the intersection of I-495 and Route 123. Above it will be a residential high-rise and across the street is the Gates of McLean.

Some are delighted with this news and are jumping off the building(with parachutes)…

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Great communities near the Silver Line metro

2020-04-15T14:32:35Z

With the Silver Line metro line phase 1 long completed and phase 2 on the way many communities are now metro-walkable for the first time. Apart from being able to park your car at home there are also other great new areas amenities like new grocery stores, retail and restaurants.

While there are some new construction condominiums and townhomes in the area, there aren’t really that many residential developments in the center of Tysons Corner. Most if not all the new residential housing units are apartment buildings. However, is the list of the communities that should benefit:

McLean metro stop
Gates of McLean, The Westerlies, The Colonies, Encore , Hallcrest Heights, Hunting Ridge, Morgan at McLean , Regency at McLean

Tysons Corner metro stop
Park Crest, Lillian Court, Rotonda

Greensboro metro stop
Rotonda, Lillian Court

Spring Hill metro stop
Rotonda, Fountains at McLean, Westwood Village, Tysons Village

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Tysons Corner real estate in the age of covid

2020-05-07T19:18:18Z

The 2020 spring is here and Tysons Corner Virginia would normally be filled with excited buyers, hopeful sellers and busy real estate agents. Instead, we have home buyers and sellers worried about getting infected and lenders having to deny loans for furloughed or out-of-work applicants.

All is not lost. Homes are still being listed, still getting offer and going under contract. And homes are still selling. We are all adapting to the situation and doing virtual showings, unattended inspections and separate and/or virtual closings.

2020 started strong with an above average number of homes being listed for sale in January and February. However, in March the number of new listings dropped noticeably. Also, not reflected in the graph, are homes that were listed but subsequently withdrawn or set to temporarily off market.

Some digging shows that of the 108 homes that were listed in March:

53 are still Active
31 are Active Under Contract or Pending
10 are Temporarily Off Market
8 were Withdrawn
5 went to Closing
1 were Cancelled

Those numbers do not look alarming me and indicates that in March as a whole the market was still doing well. The graph shows that there are fewer homes coming on the market for sale overall though. This may help keep prices up even if the number of homebuyers go down.

The number of closed sales have been very strong – including in March 2020 (almost double the number from January 2019.) 2019 was an overall strong year – especially in the fall. Those numbers carried into January 2020. The low interest rates, strong job market and economy as well as all the great things happening in Tysons Corner all contributed to the strong real estate demand.

So, how is the market in Tysons Corner, Mclean and Vienna right now? It looks to be doing surprisingly well, all things considered. Housing is an essential need – sellers are still listing homes, buyers are still making offers and lenders still make loans at great rates that allow the transaction to close.

Not sure what to do in the current market? You are not alone – email or call us today at 703 861-0845 and we will help you figure it out!

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Fountains at McLean Spring 2020

2020-02-19T22:38:13Z

Times are exciting in Tysons Corner with lots of new construction and “town centers” popping up throughout the area. With the Silver Line metro completed many communities are finally within walking distance to the metro. Fountains at McLean is one of them.

At the Fountains at McLean the home values struggled to recover after the 2006 “market correction.” After a few ups and downs, the prices are again working their way up. The true 2019 prices are a bit hard to nail down due to the special assessments that were in place part of the year. Some sellers paid the full assessment amount as part of the sale while others took a lower price and paid none. The special assessment has since been “cancelled” and in its place, as of early 2020, are higher condo fees.

Currently for Sale at the Fountains at McLean

In April 2018 a $7,000,000 special assessment was approved and assessed to each unit starting May 1, 2018. It can be paid in a lump sum or spread over 44 monthly installments. The total assessment was to be $13,024 for 1 bedroom units and $16,280 for 2 bedroom units. The assessment was supposed to pay for things like stair/landing replacements, window/sliding glass door replacements and miscellaneous other exterior maintenance items.

However, in 2019 a homeowner successfully sued the condo association and managed to get the special assessment deemed improper. Future payments of the assessment were cancelled, and owners that had prepaid received that amount returned.

Higher condominium fees are now used to fund necessary common area repairs.

Recently sold at the Fountains at McLean

As of early 2020 you can still get a 1 bedroom home in the mid $240’s and a 2 bedroom home in the $350’s at the Fountains at McLean – a great value! It will be interesting to see what, if any, effect the higher condo fees will have on the real estate values in 2020.

The Fountains at McLean is in a great community with reasonable prices that would make a wonderful home. If you would like to discuss selling or purchasing (5 Reasons We Rock For Buyers!), please give me a call at 703 560-3424 or contact us.

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Low inventory in Tysons Corner?

2020-02-14T14:53:43Z

The 2020 spring is almost here and the real estate market in Tysons Corner Virginia is onto another great start. January started with a record number of closings (almost double the number from January 2019) and there were a lot of new listings (79) as well in the Tysons Corner area (zip codes 22102 and 22182.)

The listing season in 2019 pretty much followed the 5 year average. People list their homes in the spring months, peaking in March/April. Then there is a summer lull in July and August before people again list in September for things to then slow down towards the end of the year.

For closed sales, 2019 was strong. Especially in the fall a lot of closings took place and those strong numbers also carried into January 2020. The low interest rates, strong job market and economy as well as all the great things happening in Tysons Corner all contribute to the strong real estate demand.

So, how is the market in Tysons Corner, Mclean and Vienna? It looks to be doing about great. There is a low inventory in some communities. It is common for attractive homes to get multiple offers and to sell quickly.

2020 is shaping up to become yet another great year for real estate. Email or call me today at 703 861-0845 to talk about how I can help make it great for you!

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