Real Estate Market Report for Alexandria and Northern Virginia June 2011
With the traditional spring selling season behind us and vacations well underway, what is really happening in the Alexandria real estate market? Don’t believe all the doom and gloom reports on the national news. The reports aren’t necessarily inaccurate, they’re just not telling the whole story.
Remember that real estate is a VERY local business. Most recently, positive activity has been report in multiple Coldwell Banker Residential Brokerage offices, and there are signs of unit growth in almost every market.
Real estate is also very cyclical and ever changing. The spring selling season started off strong and then suddenly dipped as a spike in gas prices, rising unemployment claims, and severe weather hit the nation.
Essentially, home sellers shouldn’t be disheartened by the late spring reports. The Federal Reserve Bank of Philadelphia just released the Livingstone Survey which summarizes the forecasts of economists from industry, government, banking, and academia. According to the 35 participants, they raised their estimates of output growth for the second half of 2011 and revised the unemployment rate downward throughout 2011, which is very positive news.
It is also anticipated that reluctant buyers will finally jump into the market before FHA loan limits are decreased on October 1, making it difficult for some to secure a loan. Loan limits determine what types of mortgages may be FHA secured or insured. Loans that fall outside of the limits face tighter credit requirements, higher interest rates and larger down payments.
With home prices at their most affordable, and mortgage rates still at historic lows, a serious buyer would be very wise to make their move now.
If you want to understand what is happening in the real estate industry as it directly impacts your buying and selling decisions, look to the linked graphs below and then call me at 703.927.4554.
I will provide you with facts and the current market conditions that are relevant to you, in your local area. It’s my job to dissect those national headlines and give you the right kind of information you need to make the right decisions.
Let’s do this together,