By now the news is official Amazon will split its HQ between two locations: Long Island NY and Crystal City, VA
As a local real Northern Virginia estate agent, many of my clients, friends, prospects, strangers, potential home buyers, and sellers have asked the same question
Northern Virginia is home to over 5 million resident with a strong employment rate. Loudoun County & Fairfax County has been ranked as the fastest growing and richest county in the country.
If you travel back in the time when the financial meltdown of 2007-2008 happened; we Northern Virginian did not see the impact for a prolonged period. Fairfax County especially bounced back faster than Loudoun or Prince William County.
We have a steady employment opportunity in the region along with high paying jobs. Most people forgot Amazon is another feather in your cap. Amazon’s cloud-based AWS is already growing fast in the suburbs of Herndon area. We have a vast opportunity of employers moving in the area. Here is a snapshot of recent employers moving to Fairfax County Virginia in 2018-2019 according to Fairfax County EDA.
Going back to the question of the blog: How will the real estate market impact by the Amazon Headquarters in the Northern Virginia area?
We are dealing with tight inventory for the past few years. Even though the early winter market in 2018 looks sluggish we will bounce back!
The rise in the interest rate may be a factor but not a big player for the majority of Virginians who already have an opulent lifestyle. A two income family can live modestly in the area!
Apart from the high income, my counter argument for years has been we are not as expensive real estates markets like New York, Seattle, L.A. or San Francios. Our home prices are reasonable compared to those areas.
Another point to take into consideration we have a moderate climate. We are not as hot as Florida in summer nor cold as New England or New York. Being a Northern Virginian resident for over 20 years I can say we have seen some extreme temperature or weather patterns for a short period but nothing we cannot handle. Why this matters? We have a decent number of retirees moving in the region who are bringing their life-time savings to live close to their grandkids. A rise in senior housing construction is a good indicator for anyone who does not have a senior family member in the region.
Real estate investment is a long-term investment. Our investor in certain areas of Fairfax and Loudoun County don’t break even with the rental income however the appreciation of the home in a long-term period has been steady. If you are buying a home to own and live the right time is when you are mentally and financially ready to purchase a home.
Amazon will help boost a demand in our area but nothing surprising to what Northern Virginia has not seen in the past decade.
If you are a home buyer still on the fence about your investment in the Fairfax and Loudoun County of Northern Virginia think again! Let’s talk and make you a homeowner!