I attended the Northern Virginia Affiliation of REALTORS '10th Annual Financial Summit held at George Mason College. This Summit is all the time a wonderful alternative to be taught from financial specialists about their outlook on actual property and a wrap-up of the yr to this point. The data introduced on Thursday was very useful in understanding our present actual property market in Northern Virginia. Along with economics of the housing market, the opposite most important matter on the Summit was transportation points in Northern Virginia.
The speaker that everybody retains coming again to listen to is Dr. Stephen Fuller, Director of the Heart for Regional Evaluation at George Mason College. Dr. Fuller is considered THE EXPERT on actual property economics and evaluation in Northern Virginia and is extensively quoted by the media.
Briefly, Dr. Fuller made the next observations and predictions:
Demand for houses in Northern Virginia continues to be very sturdy (together with a lot pent-up demand from
patrons who have been ready for the market to chill)
35,000+ jobs arriving in Northern Virginia in 2006
Cannot beat housing as an funding over long run
Northern Virginia housing market nonetheless outperforming a lot of the nation
Metro-DC space – 74Ok jobs in 2006
We’ve got the bottom unemployment price within the nation
Extra demand for housing in Northern Virginia than in Suburban Maryland
Metro-DC space is a really rich area – 7 of prime 10 counties per capita revenue in nation
Over time, housing costs recognize common of seven.2% / yr – Housing costs double each 10 years on common
Demand will strengthen by Spring 2007
Subsequent 18 months – costs enhance by Four-7%
Gross sales quantity all the way down to 2002-2003 ranges, however nonetheless very excessive (simply not as excessive as document 2004 and 2005)
Common days on market approaching 90 days
Fundamentals of Northern Virginia economic system nonetheless sturdy and haven’t modified.