Northern Virginia Real Estate
follow up to market conditions
Submitted by Steve on Wed, 2006-01-25 17:59.
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.
Northern Virginia has been one of the largest contributors to jobs in the economy, and it doesnt seem that there are signs that the job growth in the northern virginia area is slowing.
With all that is happening in the market, will the growing job market affect prices? I think so. Will rising interest rates affect prices? Of course. But, will if have a strong enough effect to create a dramatic turnaround in the market and create a drastic drop in prices??? I dont think so. I think come spring, the market continue to grow. Not at the rates we have seen, not the bidding wars, and properties going for 30% over asking price of 50% over asking price (which we have seen). I think the market will continue to grow at a much slower pace of about 4-6%. Not as good as what we have seen lately, but not as bad as what will happen in a lot of the other metropolitan markets that havent been creating jobs and have been relying on low interest rates.
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