The real estate market has become the "little engine that could" in the latest rise in economic news. Meanwhile, both JP Morgan Chase & Co. and Bank of America have nearly doubled their forecasts in home value appreciation for 2013, according to
JP Morgan rose its estimate from 7% increase to a 14% increase on national averages. Bank of America tweaked its estimate from 4.7% to 8%.
If their forecasts come to fruition (and I don't see why it won't) the economy should steam forward quarter after quarter. Here's why.
Unlike many other industries, real estate construction and sales create a huge domino effect. Think about the last time you bought a house (or even rented one). What happened to make that transaction occur?
Builders purchased building supplies: lumber, nails, screws, glue, roofing tiles, windows, insulation, plumbing, electrical wiring, you name it. Then they purchased decor for the interior -- flooring (carpet, hardwood, synthetic), paint, light fixtures, granite counters, upgraded faucets, even more.
Then, they bought stuff like appliances, air conditioners, furnaces, turf, plants, and on and on it goes. Not only do builders purchase these items, new homeowners do to. When you bought your last house, I'm sure you got busy decorating the house and making it your own.
When real estate gets going, the country gets going - from manufacturing to finance to Wall Street.
So - what's happening to pricing in Northern Virginia? Year to date (2013) home prices are up across the board.
Single Family: $688, 616 (+8.5%)
Townhomes: $423,780 (+7.4%)
Condos: $308,682 (+9.8%)
If you're looking to take advantage of today's market in Virginia/Maryland/DC - give Weichert Realtors/McLean a call at (703) 821-8300.
The Northern Virginia area includes Arlington and Fairfax counties, and the cities of Alexandria, Falls Church and Fairfax.
NVAAvg Prices YTD