The Silver Line makes its debut this year, which has many potential homeowners asking what this means for home prices in the neighborhoods affected by the much-talked-about public transit expansion. We know what you’re thinking and you’re right on the money!
If you play your cards right you could be sitting on a cash cow that brings with it increasing property values, an easier commute, more local businesses, walkable town centers, and substantial changes in the outlook of a various communities (think schools for example).
Phase 1 of the Silver Line lies right along the Tysons Corner Corridor, home to the largest shopping mall in the DC Metro area and in the entire state of Virginia.
As the overall economy in the Washington, DC Metro Area continues to climb out of recession due to an expectation of rapid growth in local federal spending, the local real estate market is a prime beneficiary of those expectations.Since real estate and the overly aggressive lending to the asset class led the economy into recession, it makes sense that more prudent lending combined with lower sales prices are going to lead it back out.
The demise of mortgage brokers as a credible source of mortgage financing, (few banks will fund their loans anymore due to the fraud and high default rates), means that buyers getting loans today are truly qualified and able to make those payments.
What a difference six months makes. After months of steadily increasing inventory, the number of townhouses, condos and single family homes available for sale in the market areas around our Dulles Office has dropped by more than half!
In the $300,000and under price range, it is tough to have much to show. Our agents report that at almost every single family home and town house they showed this weekend they ran into other agents who were also showing these same properties their clients.
Why is this happening? Where did all the inventory go?
Everyone has their own reasons for why, but what really matters is that the time to wait while prices keep falling is coming to a close. When demand