Tuesday, February 18, 2014

Northern Virginia Homebuyers and Sellers— This Is Your Year!


According to a fourth quarter Consumer Outlook Survey conducted by Prudential Real Estate, consumers are more committed to buying or selling real estate this year. Great news for both sides of the Northern Virginia real estate transaction— it was found that 78 percent of consumers surveyed hold a favorable view of real estate given the current state of the market.  

That is a five point jump from the previous quarter and in fact, fifteen points higher than the levels at the end of 2012. Homebuyers and sellers alike are growing increasingly confident in their abilities to buy and sell homes in Alexandria, Arlington, Falls Church, DC, or McLean, with 63 percent saying they are more committed now than they have been in past years.  

Realtor.com has also reported that one generation in particular is feeling a confidence boost in the real estate industry— Millennials. According to the latest survey, millennials' favorable perception of real estate increased significantly, coming in at a staggering 87 percent. This particular group of homebuyers has the most potential for purchasing new homes in Northern Virginia this year.

“Consumers understand that the U.S. economy and residential real estate continue moving in positive directions,” said one real estate insider. “Accordingly, they’re feeling much better about their personal situations and want to take advantage of attractive home prices in many markets and interest rates that remain low by historical standards.” 

And while housing has been propelling strongly forward in the early months of 2014, with mortgage rates and housing prices increasing, homebuyers and sellers are confident that the rate at which these are rising will begin to slow. The previous year in Northern Virginia real estate saw strong numbers and rising rates, but now there is a chance for the numbers to begin slowing down. 

“Normalcy is returning to residential real estate,” said the real estate insider. “People are seeking homes for all the right reasons: to gain shelter and security, raise a family, and generate long-term wealth.”  

What else did the survey find? In observing the data, 96 percent of consumers say owning a home is important. Along with important statistics like the 78 percent that still believe home ownership is an important part of the American dream, the 72 percent that say finding the right home is key to their family's happiness, and the 64 percent that say a great real estate agent can help make the right choices about their home needs and wants.

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

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