Asking prices on Northern Virginia and DC Metro Homes are increasing! The National Association of Realtors® (NAR) just released a quarterly report detailing the “strongest year-over-year increase in seven years.” So, whether you looking to sell or buy a home, this news will benefit you.
Buyers who question why increased home prices are beneficial to them can gain confidence by referencing another report by NAR that revealed “record high housing affordability conditions for metro areas in 2012.” But the bottom line is that low interest rates and slightly higher, but still desirable pricing on Northern Virginia and DC Metro homes mean home buyers have the resources to purchase the homes they desire.
According to NAR chief economist Lawrence Yun, “Our population has been growing faster than overall housing stock,” which leaves a need for more inventory and new home construction and illustrates that, “supply and demand dynamics are very much at play.”
Yun went on to state that, “Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years.”
If you are in the market to sell a Northern Virginia or DC Metro home, this news is very welcome, as well. Statistically speaking the 2012 fourth quarter showed the average single-family home in the United States priced at $178, 900, an increase of 10% from fourth quarter reporting in 2011, and providing the “strongest year-over-year price increase since the fourth quarter of 2005.”
Chances are Northern Virginia and DC Metro homes are increasing in your neighborhood as well. Call our office to determine the current market value of your home. The Dwellus Group can provide you with the knowledge you need to get your Northern Virginia/DC Metro Area home sold while interest rates are still down.
You can also read the actual report from the National Association of Realtors® here.