Early in the year, we were all assured that interest rates were on the rise, and the runaway housing prices would continue in 2013. I begged to differ, and fell this re-blog is a necessary reminder.
I write this as we are once again being inundated by snow, listings are scarce, and there remains an imbalance of buyers over sellers in most of our local markets. Prices are rising for homes in Northern Virginia beyond the expectations of most sellers and market professionals, although not to the extent seen in previous hot markets.
For the past three years, I have been the strongest proponent for significantly higher prices for residential real estate in Northern Virginia. Not only has this been accurate, but the increases have gone beyond my predictions. So now that the “consensus” is beginning to jump to that conclusion when forecasting ahead for 2014, 2015 and 2016, where are we really going?
First, this is a much trickier and potentially volatile market than we have seen in the past three years. What looked like one directional forces pushes prices higher from 2010 to now…
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