Tuesday, August 7, 2012

Tell Tale Signs the Real Estate Market is Turning Around


Many home owners and prospective home buyers doubt the turnaround of the real estate market.  The NOVA real estate market may be on a steady incline, but what exactly proves this? Reports state that market analysts believe the market is finally turning around, and there are some clear reasons as to why this could be plausible. 

The latest reports show that housing prices are on the rise.  While many see this type of increase as negative for future home buyers, it is in fact the opposite. The increase in home prices shows that buyers are willing to spend more money; therefore sellers are getting full value for their home.

Rental prices are also on the rise. It has been a long time debate on whether people should rent or buy a home in the Northern Virginia area.  Skyrocketing rents make it more financially logical for people to buy a home. In some cases reports are indicating rent is so high that it would be cheaper to pay a mortgage every month. 

People can afford to buy a home. Digging ourselves out of this recession has not been a simple task. With job security getting better and the unemployment rate dropping, more people are willing to make large financial decisions and investmetns.  Another contribution is the low mortgage rates that are making people increasingly eager to purchase a home. 

While many prospective buyers are still hesitant to purchase a home, and sellers are nervous about putting their home on the market, these few stats show steady recovery for the market. With mortgage rates continuing to fall and home and rental prices continue to rise; the market will just continue to improve.

If you have any questions regarding the real estate market, feel free to ask. Remember, if you or anyone you know is interested in buying or selling Northern Virginian Real Estate, contact me! I look forward to hearing from you!

Earle Whitmore
Long & Foster Real Estate, Inc.
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