Northern Virginia Housing Shortage

By
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

Northern Virginia Housing Shortage

There is a definite housing shortage in Northern Virginia, particularly for homes in lower price ranges.  Townhouses, for instance, are flying off the shelves.  Buyer demand has risen as many first time buyers gave entered the market due to historically low mortgage interest rates. 

If you are outgrowing your home and want to move up to something bigger, now is the time to do it.  I am still in shock over this two bedroom, one and a half bathroom townhouse in Centreville that has my phone ringing nonstop.  A couple years ago, a one bathroom home would be a tough sell.  Not in the current marketplace where there aren't enough houses to meet first time buyer demand.  We hit the market on Monday, March 19th and by the time the Sellers review offers on the predetermined date of March 29th, we'll probably have a minimum of six to seven offers.

Waiting for the housing market to recover and give you more equity to put toward your next home, may have you miss the most critical factor in housing affordability.  Today's super low mortgage interest rates.  You will never be able to afford to buy more than you can right now.

When you're ready to explore your move up options give me a call.  There are first-time buyers just waiting for your home to come on the market.

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