Northern Virginia Now Best Housing Market In The United States
FAIRFAX, Va., June 19, 2012 /PRNewswire-USNewswire/ -- The Northern Virginia Association of Realtors® (NVAR) today announced the launch of a new effort to get out the word that now is the time of opportunity for buyers and sellers. NVAR's new "Ask Me!" campaign will connect homebuyers and sellers with NVAR Realtors® to answer the simple but critical question: "Is it the right time for me to sell or buy my home?"
Real estate is hyper local. In terms of affordability, interest rates and market conditions, the local fundamentals in Northern Virginia have never been stronger, with a forecast that shows a sustainable, positive market.
Pat Kline, NVAR's Chairman of the Board, said that the Northern Virginia housing market, which was already one of the strongest in the U.S. over the past few years, has seen substantial additional strength in recent months. "This is the opportune time to let prospective homebuyers and sellers know that, compared to the rest of the country, Northern Virginia is the place to sell or buy a home," she said. "'Ask Me!' will get out the word that there has never been a better time to discuss with a Realtor® about how consumers may take advantage of the tremendous strength of the market and the economy. This is a time of opportunity."
Northern Virginia has seen extraordinary positive trends in every area of the housing market in the past few months, including:
- Supply: There is now a less than two-month supply of homes available to be purchased on the market, a dramatic and highly significant 37 percent decrease during the past year. This limited supply means that prices are rising and that an owner who has been waiting should consider putting his or her home on the market. It also means that prospective buyers will likely pay more if they postpone their purchasing decision to next year or thereafter.
- Price: Recent sellers in Northern Virginia have been able to sell their homes for 97 percent of the listing price compared to 95 percent nationally.
- It's More Expensive To Rent Than Buy: The most recent data shows that average rents in Northern Virginia are higher than average mortgage payments. Without even including the tax advantages of owning, it's now cheaper to own a home in Northern Virginia than to rent one.
- Employment: Unemployment, one of the most important statistics for any housing market, was a bare 4 percent in Northern Virginia in May, less than half the national average.
In addition, the current historically low interest rates and a significant drop in the number of foreclosures and short sales in the region over the past year all are contributing to this being an extraordinary time to participate in the Northern Virginia real estate market.
Dr. Stephen Fuller, Director of the George Mason University Center for Regional Analysis, said via video at the press conference that the factors that make the Northern Virginia housing market so vibrant are likely not just to remain in place but to actually intensify in the future. "Northern Virginia is the epicenter of this strong regional economy, and the underpinning of the economy is driven by a very high quality workforce that is attracting businesses to move here," he said. "The unique set of factors that makes the Northern Virginia market so strong won't exist elsewhere anytime soon," he added.
The campaign will build on continued market education within the industry through a special "Ask Me!" training program that delivers to NVAR Realtors® all of the data they need to provide consumers with the most current and relevant information about the local housing market. Consumers can connect with Realtors® and learn more about the Northern Virginia housing market using the newly launched "AskMe!" communications tools:
- Visit www.AskMeNVAR.com
- Follow @AskMeNVAR on Twitter and join the conversation using #AskMeNVAR
- "Like" AskMe! on Facebook by visiting www.facebook.com/AskMeNVAR
- Read the Ask Me! Blog on AskMeNVAR.com
"Our Realtors® are the professionals who are best qualified to provide consumers with accurate information and advice about the growing, local market, and to help them navigate the evolving trends and make the right decision about buying or selling a home here," concluded Kline. "'Ask Me!' will make it easier for this to happen."
Joining Kline at the launch event were Christine Todd, CEO, NVAR; Jon Wolford, Chairman-elect, NVAR; David Howell, EVP and Chief Executive Officer, McEnearney Associates, Inc.; Suzanne Granoski, NVAR Board Member, Realtor®, Keller Williams Realty (Alexandria); Scott MacDonald, Broker, RE/MAX Gateway (Chantilly); Christine Richardson, Realtor®, Weichert Realtors® (Great Falls); and Trish Szego, President, Virginia Association of Realtors®.
The Northern Virginia Association of REALTORS® serves as The Voice For Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members' adherence to the REALTORS® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has about 10,000 REALTOR® and affiliate members who carry out an $11 billion real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com.
SOURCE Northern Virginia Association of Realtors(R)