People are moving to Northern Virginia from all over the country. Many are taking jobs with the federal government, and with local defense contractors. Also, Northern Virginia still has one of the lowest unemployment rates around. Buyrers and Sellers in this area feel more secure in their jobs than many around the country, and so they are more likely to buy their first home, or move-up to a home which better meets their needs.
Every week I hear from people taking jobs at Fort Belvoir. This has resulted in very strong sales in the surrounding areas of Alexandria, Springfield, Lorton and Woodbridge. The market for affordable townhouses in Alexandria is very hot with multiple offers on properties and homes staying on the market for only a few days. Prices are rising in Springfield, where families can find larger homes in tidy neighborhoods with good schools close to Fort Belvoir. In Lorton where the housing stock is newer, it is very hard to find a property on the market which is not a short-sale. In Woodbridge, investors who snagged up foreclosed and short sale properties over the winter have tidied them up and put them on the market $50000-$100000 above their purchase price. Home buyers looking for move-in ready homes are snapping up these still affordable properties.
As one contractor explained to me, the recent announcement by Robert Gates to "cut" defense spending, was mostly just a re-assing of funds. So there will still be lots of jobs in this area.
Many of my clients are obtaining loan quotes for 30 year mortgages of 4.5%-4.75%; a 30 year low.
Click here to see the full real estate market statistics for the Washington DC area.
Its a good time to buy and sell in Northern Virginia
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