What in the world is going on with Northern VA real estate?

Well, we are starting to see more activity lately at our listings, more homes are selling than are going on the market reducing our inventory levels, builders are seeing increased activity and sales as well, rates continue to fall, prices are remaining stable, and now is a fantastic time to be in the Northern Virginia real estate market whether buying or selling. What else could contribute to our market? We continue to have low levels of unemployment locally compared to the rest of the country – which is a huge positive for us. As a matter of fact, Virginia was ranked number 1 for the 4th consecutive year as the best place to do business. Jobs drive the housing market – just look at Detroit as an example of how employment has affected their total real estate market.

What is on our forefront? There continues to be the threat of more foreclosures coming on the market but we haven’t seen it here in our area yet. We have the impending expiration of the First Time Buyer $8,000 Tax Credit or do we? In speaking with the Former Governor, now Senator, Mark Warner, he indicated he was voting to extend the credit. Many others in support of this initiative believe this will keep momentum moving in a positive direction with our recovery from the recession as the Housing Market has such a large impact on our national economy. Interest rates may creep up – but they are so low, they have to increase at some point. Basically, as stated above, we are fortunate we have the fundamentals to be one of the top real estate markets in the country.