Known for its proximity to Washington, DC, lower taxes, good school systems and transportation network, Northern Virginia continues to be a popular area for home buyers of all ages and lifestyles.
While the unemployment rate continues to be one of the lowest in the country, demand for lower priced housing is increasing and the supply continues to shrink. A couple of factors influencing this trend are continued historically low interest rates, a steady increase market value, and continued economic stability demonstrated by consumer demand.
There are numerous communities and localities in Alexandria, Arlington, and Fairfax County where the real estate market behavior resembles a seller's market; multiple offers on a property, escalation clauses, offers at greater than list price, little or no seller subsidy, and low days on market. In many areas, properties are under contract in a few days rather than weeks or months.
Best advice for buyers is to have your financing pre-approved with your lender if you are doing a mortgage loan. Be prepared to make your property purchase decision so a contract can be completed quickly is necessary. The real estate market in Northern Virginia is fast paced so not being prepared can mean losing an opportunity to purchase a preferred property.