NVAR Board of Directors and fascinating data
On Tuesday, Veronica had the honor of attending the Northern Virginia Association of Realtor's Convention, where she was elected to the Board of Directors. Veronica is a seasoned board member, having previously served on multiple boards, including the largest Board of Directors in the world (NAR) in 2010. Her commitment to serving on these boards ensures she stays well-informed and stays ahead of industry developments, making her a valuable resource for her clients. Congrats Veronica!
During the convention, she came across some fascinating data:
-
Over the past 30 years, home prices in the DC area have seen an impressive growth of 514.5%. One can't help but wonder if they should have invested in more homes three decades ago.
-
In Virginia, 66% of homeowners with mortgages had interest rates below 4% as of late last year, with nearly 28% enjoying rates below 3%. Nationally, 70.7% of mortgage rates are less than 4%.
-
The average U.S. homeowner now holds more than $274,000 in home equity, a substantial increase from the pre-pandemic figure of $182,000.
-
The current real estate market shows similarities to the conditions in 1981, characterized by stable prices and a shortage of inventory.
-
Our current situation is not expected to mirror the challenges faced in 2009, as homeowners now possess significant equity in their properties.
-
Single-family homes remain the most sought-after property type in the market.
-
Lenders are becoming more innovative with seller's lockdowns, buydowns and some assumption loans. If you need further information, don't hesitate to reach out to Veronica.
-
The total listing count remains historically low.
-
While current interest rates may seem high compared to the lows of 2020-2022, taking a broader perspective over several decades offers a different view.
Real Estate in the News
Unpacking the Long-Term Benefits of Homeownership
If you’re thinking about buying a home soon, higher mortgage rates, rising home prices, and ongoing affordability concerns may make you wonder if it still makes sense to buy a home right now. While those market factors are important, there's more to consider. You should think about the long-term benefits of homeownership too.
Think about this: if you know people who bought a home 5, 10, or even 30 years ago, you’re probably going to have a hard time finding someone who regrets their decision. Why is that? The reason is tied to how home values grow with time and how, by extension, that grows your own wealth. That may be why, in a recent Fannie Mae survey, 76% of respondents say they believe buying a home is a safe investment.
For more info, click HERE to read the rest of the article on VSGHomes.com
Local Happenings
11 Best Apple Picking Places Near DC
Get ready for fall with hayrides, corn mazes, apple cider, and more.
Taste Of DC
Taste of DC is the occasion to experience more than 60 DC area restaurants over two days on historic Pennsylvania Avenue between the White House and the US Capitol.
Get Your Thrills at These Halloween Events
Spooky season has arrived! Get your costumes ready (and maybe a notepad to tally up the number of Barbie and Ken get-ups this year) and head out for a spine-tingling show, dog- and kid-friendly festivals and other Halloween-themed fun, including a few shindigs that are exclusive to those 21+.
Click HERE to see the list. Courtesy of Arlington Magazine
Best Places to Live in the U.S. in 2023-2024
To make the top of the list, a place had to have good value, be a desirable place to live, have a strong job market and a high quality of life.
Featured Listings
2711 Key Blvd
LYON VILLAGE
5 BD 5 BA 4665 SF UNDER CONTRACT
726 1/2 11th St SE
CAPITOL HILL EAST
2 BD 2.5 BA 1472 SF ACTIVE
915 E St NW #1105
DOWNTOWN-PENN QUARTER
2 BD 2 BA 1186 SF SOLD
205 Commonwealth Avenue
POTOMAC WEST
2 BD 2 BA 1444 SF SOLD
Share:
