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how is the housing marked in norther virginia? What is effect of sequester on housing around DC?

How is the housing market in northern Virginia? What is the effect of sequester on housing around DC?

  • May 06 2013 - Ashburn
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Answers (4)

There's no crystal ball on where the market is going in the future, however, I can tell you that it doesn't feel the same as the original bubble we saw in 2005-2006. Lending has tightened, and the buyers that are qualifying are showing income and full documentation, along with bringing cash to the table for down payments. I do have a couple of investor clients, but the "deals" that to be had are still being met with tough competition, and not just from investors with cash, but occupant homebuyers that are looking to make a home for the long term. Interest rates 6 years ago were nearly double what buyers are looking at now, so I want to believe that the intentions are pure and we aren't facing another situation if a "burst". Besides, as much as the home recovery has begun in our area, there are still many that are upside down.
  • May 06 2013
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thanks for your responses. This does remind of crazy buying that took place before the crash...I understand inventory being low, but are these buyers buying to make a quick buck or first time buyers or what? If most of these buyers are investors trying to make a quick buck, then this may not last long. What do you think?

Looks like prices have already gone up by 20-30 % in last couple of years or so? Is this sustainable?
  • May 06 2013
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Crazy and hot. I agree with Holly in the below post that fortunately, our market is still moving quickly for sellers. They are receiving multiple offers in just about all well priced homes. The inventory issue may be due, a bit to the uncertainty of the sequestration, but more so to the sellers holding on and not listing waiting for the "right moment" to recover some more lost equity from 2007. Rates are still low and the overall employment opportunities are as solid as they can be here in the DC metro compared to nationally. My 2¢.

Scott
  • May 06 2013
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Fortunately, the NoVA market is still moving quickly for sellers and maybe not so fortunate for buyers (multiple offers)! .  The shortage of housing/inventory, I don't believe can be directly attributed to the sequestration, as many areas across the country are facing the same shortages.  From my professional experience, there was a 2 week window, when anxiety got the best of everyone, and many government contractors weren't secure in knowing their employment forecast.   I had sellers wanting to add contingencies to contracts, and buyers holding back. That has seemed to calm, and with interest rates being low and the overall employment opportunities being solid in the DC metro region, our market is pretty stable, IMO.
  • May 06 2013
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