DEAR EDITOR: I am a Seller of a home in Northern Virginia. Some of my friends say that this is not a good market to sell real estate. Others say, “If you see it in the HBC Group-Keller Williams articles, you can believe it.” Please tell me the truth; is this a good time to be in the market?
Yes, Virginia, this is a great time to be in the market in Northern Virginia. Virginia, your friends are wrong. They have been affected by the skepticism of a skeptical age. Many economists predict that home prices are headed up over the next 5 years. The Northern Virginia Association of Realtors® shows 2016 to be over 2015 in most areas: https://nvar.com/market-statistics/housing-market-statistics
In many sub-markets of the Northern Virginia, Washington DC and suburban Maryland area housing prices are back to peak levels and in others prices are on a trajectory back to peak levels, others are experiencing appreciation over peak.
The national election was held in November, 2016 for the President of the United States as well as members of Congress. The Washington, DC metro area, including Northern Virginia which is across the Potomac River and nearby suburban Maryland, is likely to experience increased real estate activity and demand as the area prepares for the 115th Congress. First, the actual congressperson and their families will be seeking housing, either by renting or purchasing. One must also consider the staff members that each congressperson is allotted. In 2000, the average staff for a member of Congress numbered 14 while the average Senator employed 34.
Statistics show that the federal government expands, not contracts. Yes the Northern Virginia, Washington DC and suburban Maryland real estate market is a great market to be a Seller of real estate because the Federal government exists and all the related industries that support it.
Interest rates still remain at historically low levels which are projected to increase in 2017. As interest rates rise, Buyers lose purchasing power. Best recommendation is to be on the market prior to the upward trajectory of higher rates which could soften the market.
One can interpret statistics anyway you want, yet it’s how they affect you personally that matters. And I’m here to tell you that in Northern Virginia, suburban Maryland and Washington DC, good houses that are priced correctly are selling in many market segments.
Ah, Virginia, in all this world there is nothing else more real and more abiding than “real estate”.
Karen Briscoe and Lizzy Conroy are active and experienced Realtors® in the Northern Virginia, Washington DC and suburban Maryland market place and would be delighted to assist whether for home buying or selling. Please contact via the means most convenient for you: www.HBCGroupKW.com, 703-734-0192, Homes@HBCGroupKW.com.