Post-Election-Northern Virginia Real Estate Market
Ritu Desai
Experienced Real Estate Agent | Buying|Selling Homes in Northern Virginia, Maryland & Washington D.C.| Specializing in Luxury & First-Time Buyers
The anxiety of the election is behind us how is the housing market in Northern Virginia?
As a home buyer and home seller Realtor, I have not seen a huge impact on the housing market in Fairfax and Loudoun county.
Key driving factors are still the same pre or post-election: Historic low-interest rates, desire to have more space due to COVID, very tight inventory of homes, and Northern Virginia's low unemployment rate.
Will this housing trend continues or the market will crash?
As an almost two decades experienced Realtor in the Virginia area, I have seen big tech companies constantly hiring or relocating employees across the globe. Apart from that, government spending has attracted many high paying positions in the DC metro area. The low unemployment rates have directly impacted our high demand housing market for both for rent and for sale.
We are not expecting a nose dive or housing crash. There may be a correction in early 2021 but in a long run, the impact on the housing market will be minimal.
If you are a home buyer in the Virginia Housing Market:
If renting or buying is your dilemma discuss your current housing, financial situation, and your short/long-term goals with your local Fairfax or Loudoun county Realtor. If you are not 100% confident then buy when you are ready! It's the largest investment! Do not buy a home just because everyone around you is buying a home.
New construction in Fairfax and Loudoun county: New home construction has seen the strongest year in the past 5 years. It feels like 2005. Most builders do not offer any incentives. In some communities, you have to get on the waitlist. While others will offer you one shot to make a decision to buy or not. Every 3rd or 5th home builder sells in a community they are raising their base price. My personal opinion is to weigh in the cost of adding exterior features like deck or patio and the time frame home will be ready to the available tight inventory in the marketplace.
If you are a home seller in the Virginia Housing Market:
If you are planning to sell your home you could not ask for a better market in the early winter and almost holiday season real estate market. We are still seeing a strong number of offers on a right-priced home for sale. If you are planning to sell and move out of the state you can cash out on the equity you have earned. However, if you are planning to sell and buy a home do explore the options for your purchase before putting your home on the market. We are not seeing the home of sale contingency as an attractive option in this competitive Northern Virginia housing market.
Bottom line: Real estate has never been a liquid investment. It is a long term commitment that you will have to ride through the roller-coaster market.