NOVA Homes Blog: Northern Virginia Real Estate to Have Big Year

Tuesday, January 14, 2014

Northern Virginia Real Estate to Have Big Year

According to Realtor.com, 2014 is going to be a big year for real estate. From Homebuyers growing increasingly confident and flooding markets to the market strengthening with rising mortgage rates and housing prices, 2014 is a great time to buy homes in Northern Virginia..

Predicted as the "Year of the Big Move," several factors in real estate are also pointing to signs of a relocation trend this year. One real estate insider predicted that "many people may be prompted to relocate to areas that offer better costs of living, making 2014 the "year of the big move."

Higher Mortgage Rates
Mortgage rates are headed higher this year, while they have been hovering around historical lows as the market continues to recover. Mortgage rate increases could put homeownership out of reach for many homebuyers even if they budge one percentage point. This might force buyers to move to different areas or buy now to avoid the increases.

Affordability
Home prices are rising quickly and incomes simply cannot keep up. "Homes are getting more expensive faster than our wages can keep up," the real estate insider told Realtor.com. Affordability is falling as a result and in the higher-priced markets, homebuyers may be forced to look elsewhere to purchase homes.

Equity Returns
This year, as well as 2013, has seen many homeowners regaining positive equity in their homes— great news! They are now finally in a position to move again and many homes will be opening up for sale as a result of this change in the market. They will likely look to better job opportunities, a lower cost of living, and similar factors when making the move this year.

Saving Money
Many Northern Virginia and DC Homebuyers are looking to stay in the positive space of finances this year and save as much as possible. In order to rebuild their personal wealth, they may find that their current place of living is not cutting it. As a result, they may decide to move to areas with a lower cost of living to begin rebuilding their wealth.

Ready to start your search for homes in Northern Virginia? 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

Long & Foster Real Estate, Inc.
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When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
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Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
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