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The five-year housing boom is showing increased signs of cooling, and that's likely to mean slower growth for the entire national economy. The big question now is whether home prices will come crashing to earth with even more severe consequences.

The National Association of Realtors reported Wednesday that sales of existing homes climbed to an all-time high of 7.072 million units in 2005, up 4.2 percent from 2004 and the fifth straight year sales have set a record.
In a sign of slowing activity, sales fell by 5.7 percent in December, marking the third straight monthly decline, something th

The question on everyones mind the last few years is "are we in a real estate bubble?" In the Northern Virginia area, we have seen housing prices appreciate upwards of 100%. Prices have risen to the point where many people are being priced out of the market. What could this potentially mean?

1. There will not be as many participants in the market to buy homes which will lead to a drop in prices.
2. Homeowners who have sat and watched their houses appreciate will notice we are at the high point in the market and want to sell.
3. The increase of sellers, and decrease of buyers will create a discrepency. In the stock market called a bid/ask spread, meaning the difference between someone is willing to pay for the security and what someone is willing to take.

I think that the northern virginia real estate market is different from other metropolitan markets. All over the country homeowners have seen tremendous appreciation in the value of their homes. However, as we notice the market starting to turn a little, prices may start to decline.

In Northern Virginia will the decline?
That question depends on what drives prices. The simple answer is simple economics... Supply and demand. However, its not quite that simple. Many factors contribute to the supply and demand. The one everyone is watching is interest rates. However, one that most people over look is the growth in the area, mainly in jobs.

The Dulles Corridor Metrorail Project is a 23-mile extension of Metrorail from the Orange line in the Falls Church area out the Dulles corridor to serve Tysons Corner, Reston, Herndon, the Route 28 area, Washington Dulles International Airport and Loudoun County. The latest action taken in support of the project was increasing the tolls on the Dulles Toll Road (May 22, 2005) to fund the state share of phase 1, the 11-mile segment to Wiehle Avenue in Reston. The new tolls are 75 cents at the main toll plaza and 50 cents at the ramps. For a daily commuter, the maximum toll increase would be $1.00 per day or $270 per year.

Arlington county board has approved developer JBG Company's plan to develop a 237 unit condo called the Fairmont. This project marks the final phase of the mixed-use Arlington Gateway development. Located at 4420 Fairfax Dr., the Fairmont will be a 23-story tower located atop the Ballston Metro Station off Interstate 66. The building will also feature about 7,000 sf of ground-level retail space. The building will carry the distinction of being the Ballston area's first all-glass residential property. The Fairmont is scheduled to open its doors to its first residents in late 2008, with a final completion date of January 2009.