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What's driving the Northern Virginia real estate boom?
Home sellers are in a strong position in the hot northern Virginia market, but these conditions will last longer.
What's been happening in the northern Virginia real estate market?
Stabilized Mortgage Rates
The first bit of good news to note is that mortgage rates have stabilized. From a low of about 3.41% last July, they spiked to 4.31% in December, and we're now seeing them in the low 4% range.
Booming Job Market
The second bit of good news is that jobs are up here too. One of the great things about living here in Northern Virginia is that jobs are always up, and we've got a lot of government-supporting companies that make our economy thrive.
Supported primarily by government-related companies such as Northrop Grumman, Booz Allen Hamilton, SAIC, and Lidos, the steady influx of employment opportunities fuels the local economy.
This constant demand for skilled professionals contributes to the region's resilience, even during challenging economic times.
The reliance on government contracts creates a symbiotic relationship between job growth and the real estate market.
As employment opportunities thrive, so does the demand for housing, making it an ideal time for sellers to capitalize on the surge in interested buyers.
MORTGAGE RATES HAVE STABILIZED, AND THE ECONOMY IS STRONG, WHICH IS GREAT FOR THE REAL ESTATE MARKET.
Low Housing Inventory
When it comes to housing, we know that inventory is low. I recently placed three properties on the market on a Friday, and by that Monday, we had 13 offers on those three homes! We even had a buyer offer $7,000 in cash above the appraised value.
If you've ever considered selling your house, now is the time. It's the hottest real estate market I've seen in 10 years. You can't take it for granted because it won't be around forever.
The Northern Virginia marketplace offers promising opportunities for buyers and sellers alike.
Stabilizing mortgage rates ensures homebuyers can make informed decisions while seeking attractive financing options.
The booming job market offers economic stability, further bolstering the region's real estate industry.
Finally, the low housing inventory has turned Northern Virginia into a seller's paradise, with unprecedented demand for properties.
Let me know if you want to know more about what's going on in your specific area or community. I'm happy to give you more information. You can reach me at (703) 346-2776 or Dan@greetingsvirginia.com.
