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Northern Virginia Housing Bubble to POP in 2021?

By
Real Estate Agent with Samson Properties VA0225077251

When things are MOVING too fast and TOO high many of us become cynical. We question is this too good to be TRUE or we are about to fall flat on our face.

 

Pre-COVID Northern Virginia Housing market which typically appreciated 4-5% annually saw during COVID a double-digit appreciation of the home value. In some cities of Fairfax & Loudoun county, we saw a 15+% increase in home values.

A handful of times a week I get this question from my past clients, buyers, and prospects looking to buy or sell their home:

Will the Northern Virginia housing Market CRASH like 2008?

I have lived in Northern Virginia are over 2 decades and truly believe in the housing value of our area. The confidence is knowing the local economy of our region. Fairfax, Loudoun, Prince William, Alexandria, and Arlington has grown tremendously and attracted many global companies to either have an office or headquarter in the area. Apart from commercial corporations, we have monstrous political, federal, and lobbyist employment opportunities in our area. 

When we have a strong economy it does attract high-paying jobs, entrepreneurs, businesses, and other workforces.  

The affordability of the housing index (for rent and for sale) is still lower compared to DC or New York or Seattle or Tokyo or London. If you compared the cost of living, housing, and income we are still very affordable.

Now off to the other side of the DEVIL's argument. If the global economy crashes we will all go down. Which is 100% true. However, going back to my earlier statement: When you have a strong foundation and local economy we will bounce back faster than elastic cities that do not have these opportunities. Reflecting back to 2008 DC metro recovered faster than other regions or states across the country.

If you had read my blog on the local housing market when COVID had just kicked in high gear I had cited FED will rescue. Unlike other countries, the US economy does not correct itself by letting it fail. We have learned our lesson from history and the government will print and rescue us.

I don't want to draw a perfect picture where everything will be beautiful and great. There will be a correction in the market place including housing and stocks. However, housing never was a short term or liquid investment. You will either pay for someone else mortgage or pay for your own home and building memories.

If you are in for the long haul buying a home when you are financially healthy is the right time to buy.

Do share your thoughts or call me at 703-625-494 I would love to hear your thoughts on the housing market in the Northern Virginia area of Fairfax & Loudoun county.

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience.