The Spring Market in Northern Virginia Looks Good
Every Sunday night I get a company newsletter that tells us industry news. I want to share this with you from Jeff Detwiler, President and Chief Operating Officer at Long and Foster Realtors.
Industry Update – Spring Brings Good News for Real Estate
The calendar may say that spring is here, but the warmer temperatures certainly haven’t made their way to most of the Mid-Atlantic and Northeast regions quite yet. Despite the weather, there is good news in the housing industry – the fundamentals of the housing market are positive and improving, driving sales of new and existing homes.
In the coming month, we expect:
- Continued monthly job creation
- Mortgage rates that remain low, making home purchases more affordable
- Inventory in short supply, leading to continued price appreciation
- Stock markets to provide wealth creation and a positive economic environment
- Consumer confidence to increase with a healthy stock market, job creation, high affordability and home price appreciation
Interestingly, we may, at some time in the near future, begin to see slightly rising mortgage rates – indicating a positive sign for the overall health of the economy and the housing market. Buyers and sellers who have been sitting on the fence may be compelled to act, bringing serious customers back to help heat up the market once again. However, increased sales could be held back by limited inventory, which varies throughout our region.
OK, I am ready to go out and list and sell your home, your friends home, anyone you know who has a home or wants to buy one. Let's get going!
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