Yes Virginia, There is a Real Estate Market
DEAR EDITOR: I am a Seller of a home in Northern Virginia. Some of my friends say that this is not a good market to sell real estate. Others say, “If you see it in the HBC Realty Group articles, you can believe it.” Please tell me the truth; is this a good time to be in the market?
Yes, Virginia, this is a great time to be in the market in Northern Virginia. Virginia, your friends are wrong. They have been affected by the skepticism of a skeptical age. Many economists predict that home prices are headed up over the next 5 years and that 2014 will show about 4.8% appreciation nationwide. http://www.keepingcurrentmatters.com/2014/11/18/where-are-prices-headed-over-the-next-5-years/ In many sub-markets of the Northern Virginia, Washington DC and suburban Maryland area housing prices are back to peak levels and in others prices are on a trajectory back to peak levels, others are experiencing appreciation over peak.
The national elections on November 4, 2014 netted 70 incoming members of Congress. The Washington, DC metro area, including Northern Virginia which is across the Potomac River and nearby suburban Maryland, will see increased real estate activity and demand with the 114th Congress. First, the actual congressperson and their families will be seeking housing, either by renting or purchasing. One must count also consider the staff members that each congressperson is allotted. In 2000, the average staff for a member of Congress numbered 14 while the average Senator employed 34.
Statistics show that the federal government expands, not contracts. Yes the Northern Virginia, Washington DC and suburban Maryland real estate market is a great market to be a Seller
of real estate because the Federal government exists and all the related industries that support it.
Interest rates remain at historically low levels which are projected to increase in 2015. As interest rates rise, buyers lose purchasing power. Best recommendation is to be on the market prior to the upward trajectory of higher rates which could soften the market.
One can interpret statistics anyway you want, but it’s how they affect you personally that matters. And I’m here to tell you that in Northern Virginia, suburban Maryland and Washington DC, good houses that are priced correctly are selling in many market segments.
Ah, Virginia, in all this world there is nothing else more real and more abiding than “real estate”.
Karen Briscoe and Lizzy Conroy are active and experienced Realtors® in the Northern Virginia, Washington DC and suburban Maryland market place and would be delighted to assist whether for home buying or selling. Please contact via the means most convenient for you: www.HBCRealtyGroup.com, 703-734-0192, Homes@HBCRealtyGroup.com.
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