In keeping with past mandates, I will keep this brief:
Not only has nothing changed from previous predictions of surging housing prices in Northern Virginia, the Fed action yesterday from Uncle Ben Bernanke may turn our current supply/demand imbalance-driven market into a full-fledged buying panic. The more things change……
Mortgage rates are being driven to even more absurdly low levels, and world economies are being flooded with paper money. Logic tells you that this is unsustainable, and the rush to buy valuable real assets with near-zero borrowing costs will not only be sustained, but will intensify.
The Northern Virginia market is among the most desirable residential real estate locations in the world for investors and home owners. Supply is low; listings sell within days. Appraisals are only now beginning to catch up with reality and being pushed higher. This is not an aberration. An abundance of willing buyers in relation to willing sellers at current price levels is destined to get in further imbalance.
All of the above is a way of stating this: prices are going to continue to go up. That remains this one man’s opinion.