As 2011 comes to an end and we start to plan and look forward to the new year, as Realtors, there are many positive indicators that 2012 will be the beginning of a housing market resurgence. There have been several different articles lately from Barclays, Money Watch and Housing Wire to name just a few that indicate pent up demand, low interest rates, improving unemployment rates, low housing prices and consumer confidence will spur renewed interest on the part of buyers in 2012. Boy, do we welcome this news!
For our local market-the Northern Virginia and Greater DC market, this seems especially true based on the numbers we have been seeing lately. Real Estate continues to be “hyper Local” as can be seen in the statistics local zip codes are producing. Many zip codes in the Alexandria and Arlington Va markets are now showing MOS (months of supply), a leading market health indicator, as turning toward a “sellers market”. A sellers market is generally interpreted as a market with less than 6 months of housing supply. Sellers can expect to see modestly increasing sales prices, less seller concessions and shorter selling times. Finally, good news for sellers!
The unemployement numbers for our communities continue to be very positive and stand at remarkably low rates with Alexandria-4.8%, Arlington-3.7% and the overall DC area at 5.7% (Sept 2011) helping to drive local confidence. In addition, the Base Realignment and Closure (BRAC) act will also bring significant numbers of military personnel and contractors to this area-all needing housing.
Lastly,the avg home sales price in Arlington VA and Alexandria VA continue to improve (Arlington only-7% below the peak numbers of Sept 05) and Alexandria (only -16% below peak prices of Aug 05) is changing the equity positions of many home owners that were reluctant to sell over the last few years. The Greater DC area was named as one of the top performing markets this year and as home prices continue to stabilize and increase, we will see a larger number of home owners making the decision to sell their homes. All of these factors indicate a very positive outlook for sellers in the Alexandria VA, Arlington VA and DC markets.
As with all things, preparation and market knowledge is key to getting the best possible financial outcome when selling your home. Clients, now more than ever need and are demanding a more sophisticated and proven method to sell their homes. A “New” process, geared specifically for the seller is delivering on this demand. More to Come…“The Selling Edge”-the only way to sell your home in the market today!