THE QUESTION - THE ANSWER
Ask me what? Ask me if it is a good time to buy or sell a house in Arlington Virginia. Why? So that I can tell you that the market in Arlington VA and other areas of Northern Virginia is different from the rest of the country. This unique campaign was started by NVAR (Northern Virginia Association of Realtors) earlier on this year on the basis that just like politics, all real estate is local. What is happening in one area of the country does not necessarily mean that it is the same in all regions.
However, with most people getting their information from the sensational headlines of the media, they have been fed a steady drumbeat of mostly negative real estate news.
WHAT'S HAPPENING IN ARLINGTON VA AND NORTHERN VIRGINIA
The truth is that Arlington real estate and NOVA real estate did not suffer as steep a downturn as, say, Florida or California. So for the past several months there has been a ticking up in prices over the same period last year - Since October 2011, there has been a 7.6% increase. Homes sales in Northern Virginia has seen a 22% increase - 1,385 in October this year compared to 1,134 in October 2011.
In addition, inventory has decreased by 44% since October 2011 to a mere 2.25 months' supply of available homes as opposed to the 'normal' 6 months' supply. As a result prices have been rising. Also, the stats are now showing that it is more expensive to rent than own with average increased rental prices across various cities in Northern Virginia ranging from 1.09% in the City of Alexandria ($2,186 to $2,210) to 3.91% in the City of Falls Church ($2,269 to $2,357).
WHAT SHOULD YOU DO?
What does this mean to you? Should you buy a home now in Arlington, Virgiinia or Northern Virginia? Should you sell a house now in Arlington Virginia or Northern Virginia? My answer to you is a definite 'Yes'. In addition to the aforementioned encouraging barometers, interest rates continue to be historically low. On a 30 year mortgage of $350,000, a 1-point increase in rates from 3.5% to 4.5% means an additional $201.74 per month on your mortgage payment! No one knows when these rock bottom rates are going to rise, so why not take advantage of them while you can.
Coupled with these unbelievable rates, homes prices, although rising, are still attractive. Rents do not build equity whereas home ownership does. Real estate has and continues to be a prime method of wealth building. Buy now! Do not wait. Sell now! Multiple offers are common place with sellers receiving 97% of their list price in Northern Virginia compared to 95% nationally.
So, is it a good time to buy or sell a home in Arlington Virginia and Northern Virginia? The answer is a resounding 'yes'.
Fellow agents, join the campaign and get the word out to your customers to ensure a successful 2013!
Call me at 703-920-0003 and Ask Me!
Click here to find what's your home worth - http://www.buysellinvestarlington.com/sell/
Click here to search for Arlington Virginia condos - http://www.buysellinvestarlington.com/listings/areas/5973/maxprice/500000/beds/1/baths/1/propertytype/CONDO/listingtype/Resale+New/