Tuesday, June 11, 2013

What Housing Price Gains Mean for NOVA Homebuyers

Housing prices have been on the rise for months now and Northern Virginia homebuyers are taking notice. In many parts of the country, buyer demand and lagging new home construction continue to push prices upward at near double-digit paces and now, how the gains will affect the area economies may be a worry for many in the local real estate markets.

A recent survey from the National Association of Realtors suggested that too many buyers are chasing too few sellers— a statement that amplified the problem of low inventory in local markets this year. Because of the high buyer demand, and lack of inventory, housing prices are said to continue to rise for the rest of 2013 and into next year.

For those on the other side— the sellers— housing price gains are a good thing. However, increases that exceed income growth are detrimental for both buyers and the area economies. Even still, it's important to note that demand from homebuyers continues to push forward in spite of rigid lending standards now adopted by many banks as nearly one-third of all buyers are using cash, reported the NAR.

What does it all mean for local NOVA homebuyers? It is suggested that banks will soon loosen their tight standards, making the home buying process all the more enjoyable for both first-time buyers and current homeowners. While prices continue to surge, they are said to increase even more as time moves forward in the market. In short, if you're looking to buy in the NOVA area— the time is now!


Earle Whitmore
Posted by at
Labels: , , , , , , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)