During the recent chaos in our government with the shutdown and the debt ceiling debate, many of us here in Northern Virginia, as in the rest of the country, had other things on our minds in addition to finding a new home. Pundits were sure that the shutdown would put a damper on the housing rebound. Fortunately, new data suggests that this is not the case. People are shrugging off the recent troubles and heading back into the housing market.
There have been many reports from various news media outlets and economists about how Americans suffered considerable damage to their consumer confidence and would spend less in the coming new year. However, this doesn’t seem to be happening in the housing market. According to Redfin, annual growth in new clients for the last week in October rose from 41 to 58 percent. The number of clients touring homes jumped from 21 to 33 percent, and the number of offers made on homes increased from 15 to 24 percent.
Where did this boost come from? All signs after the face-off in DC were that more Americans were worried about the economy than they had been all year, yet many seemed to be of the opinion that the bickering in October at the Capitol was just a short-term threat, unlikely to happen again, and are ready to get back to finding their new homes. Once the immediate risk of default had passed, most were happy to get back into the market.
We do have more hurdles ahead. The deal made on October 16 only funds the government through January 15 and only increases the debt ceiling through February 7. Americans will have to once again prove their resiliency, just as they did during the last government debacle. If these new numbers are any indication, most will be well up to the challenge, and will not let bickering between politicians keep them from buying a new home for long.
The team at JC Advantage knows how difficult it can be to find that perfect home, especially during these trying times. Let an expert help you make the right decision. Come visit us at 8245 Boone Blvd., Suite 410 here in Vienna, or give me a call at the office on 703-442-0007, ext. 1. If you prefer, send me an email at firstname.lastname@example.org, and let’s talk about your options.