Price Reduction Leads to Contract
The 2022 sales market in the McLean Hamlet has seen significant price increases, so it is somewhat surprising that a listing initially priced below the other homes would require a price reduction of $50,000 to draw interest from a buyer. The home at 1402 Gower Court, listed on May 13, 2022, for $1,000,000, received a contract on June 2, after a price reduction to $950,000.
Buyers keeping track of listings in the Hamlet are aware that homes sell fast, but this home had a couple of factors that left it on the market for 22 days. Location cannot be changed, and this home is located against the sound wall of the Dulles Toll Road, and also has high voltage electric transmission lines adjacent to the rear of the property. The condition of the home, a factor that was updated and renovated in other homes sold this year, was mostly original. Several rooms have wallpaper, shag carpeting, and the bathrooms with original fixtures.
In any case, this home may be a great purchase. The average sale price of McLean Hamlet homes sold to date is $1,418,000, and the median sale price is $1,400,000. This property provides an opportunity to get into a sought after neighborhood considerably below the market prices.