Saturday, December 29, 2007

When Will the Real Estate Market Rebound?

That is the BIG Question!

I can't speak for the entire country but the Northern Virginia Real Estate Market has always been better judged on its own merits. We have an incredible economy here in the Washington DC area and particularly in Northern VA. We have excellent housing and a wide variety of housing ... and prices have dropped considerably in the past 18-24 months so housing affordability has certainly increased exponentially.

There is little or NO doubt in my mind that a LEVELING OFF and a REBOUND are in Northern Virginia's future and I would predict that it will happen sooner rather than later. The late Winter and Spring of 2008 will probably give us a good idea of what to expect for the balance of 2008. With all the good deals and aggressive prices in the current inventory we could see some leveling off in 2008.

The current market is a great time for first time buyers and investors too. It has been a long time since we have seen opportunities to buy for about the same cost as renting and we are now seeing the potential to invest and then rent at closer to positive cashflow in some areas. The rental market is VERY GOOD and wise investors should be counting on rapid appreciation when the market does rebound. Our market could enter another period of REAL ESTATE BOOM within the next couple years.

Our local economy is stable and strong! We have very, very low unemployment and considerable job growth potential. People all over the region, the country and the world want to relocate to the Washington area and Northern Virginia has always been high on their list for making a new home.

Real Estate has always been cyclical ... and the age-old saying about real estate and land is ... they are not making any more of it! The real estate rebound will come for the whole nation, it will come for the Mid-Atlantic and it will come for the National Capitol Area. The rebound will have to start in locales like Northern VA and Fairfax County and Loudoun County and Arlington County before it will begin to rebound in other areas of the country with weaker economy's, smaller job markets and less population growth.

Will we begin to see a turn in the market during 2008? Will it happen in 2009? I can't tell you when exactly it will happen but I do know that there is always good opportunity in every real estate market and surely some homeowners and some investors will seize the opportunity in this down market to create WEALTH!

JT


Fairfax VA Real Estate - Loudoun VA Real Estate

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2 Comments:

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