Wednesday, August 1, 2007

Home Sales Expected to Pick Up?

According to Brian Block (Brianblock.com) a local Virginia based Realtor with a similar blog site, research suggests that the local housing market will stabilize if not increase come years end. Brian's thorough research seems to show that 53,200 new jobs were created throughout the DC Metro area in the year ending May, 2007, nearly 8,000 above the 15 year average of 45,000 per year. In addition, our unemployment rate is slightly lower than the national average of 3.1% at 2.9% locally and our rate is the second lowest in the nation.

What does all this mean? Strong job growth, low unemployment rates and a stabilizing housing market means a strong future for housing prices and growth. Unfortunately with the media portraying a crashing housing market around the rest of the country, nobody has taken the time to study our local market, which is in my opinion one of the strongest in the country, outside of New York, NY.

If you are considering waiting to purchase, consider your options now, especially with a recently reduced buyer pool due to sub-prime lender fallout.

1 comment:

Brian Block said...

Jesse,
Thanks for mentioning my research. I'd agree with you that our local market in the metropolitan D.C. area is one of the strongest in the country. Just goes to show that real estate is indeed local and despite what the media reports nationally, one needs to really examine the local market and not run scared because of a CNN report on housing. Sometimes it can be very local. There are some areas where homes are languishing on the market (i.e. Loudoun County) and other pockets, such as Arlington where in some parts, homes sold on average in 3 weeks or less in July.