On Dec. 19th, 2018 Fed announced another rate hike. This has concerned home buyers who are planning or in process of buying a home in the Northern Virginia counties of Fairfax & Loudoun County.
On the flip side of the coin a month ago we all were celebrating big news of Amazon HQ2 at Nation Landing Arlington Virginia.
Between the rise in the interest rate and having major employer coming to Northern Virginia what will be the 2019 real estate outlook?
Taking one issue at a time: With the increase in the interest rates, many of the buyers are reconsidering the purchase decision since affordability is shrinking. It can be worst for my millennium or any home buyers who have student loans to repay.
As a local Fairfax and Loudoun county seasoned Realtor my personal outlook is we will have a very mix 2019 real estate year in the Northern Virginia area. Some pockets will be hot while some you can negotiate your way.
I know its not the answer you were here to read. To counterbalance the increase in interest rate Northern Virginia has a very strong employment opportunity in the region. Apart from low unemployment we a high per capita income. At some point, renters don’t want to rent and pay someone else mortgage. They want to own and create their space. Even if the appreciation may be marginal you will be building equity in a long run. Everyone needs a shelter.
One thing I am very comfortable stating “We are not walking into a bubble like 2005”. We may have adjustments just like the stock market or any other investment. Think as a long-term investment and you will enjoy your nest AKA your home!!!