Things are looking up for the Real Estate Market in Northern Virginia
If you haven’t heard, the real estate market is in recovery. It is official. Even Governor Bob McDonnell says so. In all seriousness, the real estate market in Northern Virginia is in a state that has been deemed to go so far as “All Virginians should be pleased.” Really.
Why should all Virginians be so pleased about the real estate market, especially Northern Virginians? There has been an upswing in the median appreciation by almost 8% in Northern Virginia. That is phenomenal… stunning, even. With interest rates at record lows, and lending continuing to be funded, the market was able to make a turn for the better. Shadow Inventory, or homes that were foreclosures, bank owned or potential short sales being virtually all closed out, the banks have a bit more shadow inventory left, but haven’t released it to the market yet…
What now? Right now, Northern Virginia is seen as one of the most desirable places to live. Joblessness is at all time, and national lows. Medical jobs and military jobs are available and being created. The problem we have right now is that there are many people looking for homes, but not enough homes for sale. We call this a seller’s market. Inventory is at an all time low; the lowest it has been seen in about a decade. Home buyers are still flocking to the area.
Do we see the issue? The housing market is healthy, but the inventory needs to be replenished. People who were holding onto their home, because they bought at the height of the market, or because they were uncertain about any number of variables are still not selling their homes. The thing is- people are looking to buy.
Infographics via VAR Market Report issued 2/6/13