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About Kosher Deli In Northern Virginia
I attended the Northern Virginia Association of REALTORS’ 10th Annual Economic Summit held at George Mason University. This Summit is always an excellent opportunity to learn from economic experts about their outlook on real estate and a wrap-up of the year to date. The information presented on Thursday was very helpful in understanding our current real estate market in Northern Virginia. In addition to economics of the housing market, the other main topic at the Summit was transportation issues in Northern Virginia.
The speaker that everyone keeps coming back to hear is Dr. Stephen Fuller, Director of the Center for Regional Analysis at George Mason University. Dr. Fuller is regarded as THE EXPERT on real estate economics and analysis in Northern Virginia and is widely quoted by the media.
In brief, Dr. Fuller made the following observations and predictions:
Demand for homes in Northern Virginia is still very strong (including much pent-up demand from
buyers who were waiting for the market to cool)
35,000+ jobs arriving in Northern Virginia in 2006
Can’t beat housing as an investment over long term
Northern Virginia housing market still outperforming most of the country
Metro-D.C. area — 74K jobs in 2006
We have the lowest unemployment rate in the country
More demand for housing in Northern Virginia than in Suburban Maryland
Metro-D.C. area is a very wealthy region — 7 of top 10 counties per capita income in countryOver time, housing prices appreciate average of 7.2%/year — Housing prices double every 10 years on average
Demand will strenghten by Spring 2007
Next 18 months — prices increase by 4-7%
Sales volume down to 2002-2003 levels, but still very high (just not as high as record 2004 and 2005)
Average days on market approaching 90 daysFundamentals of Northern Virginia economy still strong and have not changed.
Brian Block is a top producing Realtor with RE/MAX Allegiance in Alexandria, VA as well as a real estate attorney. To view current homes for sale, visit his website at www.brianblock.com and please visit his blog to keep up to date on the Northern Virginia real estate market at www.virginiarealestatenews.com.