Q. The election has passed and the new administration and all their new people are headed to the DC area. Doesn’t this bode well for the Northern VA housing market?
A. The Belt Team is often asked this question at Presidential Election time. The answer is that the truth belies the conventional wisdom. The fact is that our region is so large that the influx of politicos with a new administration does not have a meaningful statistical impact on the overall market in Northern Virginia. However, remember that real estate is local. This means certain local micro-markets will see a positive benefit. The neighborhoods with good access to Capitol Hill in areas like Arlington, close-in Alexandria & close-in Mclean will most likely see increased activity.
Read this short, interesting article about just this question:
http://www.washingtonpost.com/wp-dyn/content/article/2008/11/07/AR2008110701635.html
What we can tell you anecdotally from our experience over the years is that elections have a psychological impact and activity often slows down before an election as the market seems to be on the fence and holding its breath. . . . and that after an election, this deep breath is slowly released as people get on with their lives and pursue their dreams & goals. We have experienced that slow-down again this year and are already seeing activity increase since the election because prices have corrected have corrected significantly and interest rates are low. First time and move up buyers have opportunities available to them not seen since the early 1990’s. The savvy buyers are looking now.
Lots of real estate opportunities exist in Vienna, Oakton and all of Northern Virginia. If you’d like to make the most of this opportunity - give The Belt Team a call: (703) 242-3975.