Have you ever wondered if the Woodbridge VA Real Estate Market has caught back up with levels before the recession? Well according to the above chart we are very close to pre-recession levels. The Woodbridge Real Estate market has definitely recovered quite nicely. Prices have increased year over year and we are very close to pre-recession levels.
Now the big question will be where are we going from here? I wish I had my crystal ball to predict. Here is what I can tell you from what I have see happening in the market. With interest rates going up there are lots of buyers that want to lock in rates now before the rates increase even more. But with the raising rates that has also priced some buyers out of the market. They might have been able to afford a home for $250,000 when rates where below 4 percent but now with interest rates up,the same buyer might no longer qualify for that $250,000.- mortgage.
What we also have to take into consideration many home owners that were not able to refinance their adjustable rate mortgage and did not short sale on their home will slowly see higher payments, with raising interest rates. Some of these home owners might not be able to afford the raising payments causing more foreclosures and short sales. Having said that there really aren't that many home owners that are in this situation at this point as many have gone trough foreclosure and short sales way before, but still something to keep in mind. If you are in this situation and are trying to figure out your options, call me today at 571-446-0002 or check out this blog post.
Its going to be interesting to see how the spring Real Estate market will turn out. I hope and predict a good market, based on the fact that we already have quite a high volume of buyers and sellers contacting us, but of course also due to the fact that spring is where lots of people will be moving. Especially this year with new administration who will be bringing their own staff, also lots of military will be moving in spring, and then also lots of buyers are worried about more rate hikes and want to lock in as soon as possible. Over all I would say the spring market will be strong, but beyond that I don't really want to make any predictions. Also, like I said earlier no one has a crystal ball and so many things can happen.
If you are looking to buy or sell in or around Woodbridge VA The Claudia S. Nelson Real Estate Team will be happy to help. You can call us at 571-446-0002.
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