Happy Days Are Here Again…
Well, Almost!
by Christine M. Todd, NVAR Chief Executive Officer
For the past three years Realtors® in Northern Virginia witnessed and suffered through one of the most painful real estate markets in history! In early 2009, we hit the bottom of the market and the much anticipated correction began.
In 2010, we will continue our slow but steady climb out of this correction mode. By the end of the year, a more balanced market will take hold. No doubt we still have a long way to go before residential real estate in Northern Virginia is back to normal. But after looking at the tea leaves and the latest statistical data, it appears we are on the way.
The local market indicators that I follow for my analysis, which give me the courage to make such bold predictions, are: the employment rate, number of properties on the market, monthly stats of pending sales, the number of new housing permits issued, open house traffic and mortgage rates. My favorite indicator is my “gut” intuition.
With these factors in mind, it appears Northern Virginia is ahead of the rest of the country as we work through the worst housing downturn in recent history. All measurable facts for 2010 point to sales increasing, prices rising slightly, low mortgage rates continuing, unemployment easing, new jobs being created, and the lack of affordable inventory becoming a problem for buyers.
The question for Realtors® in Northern Virginia is, “Do you have the knowledge and skills to effectively service the complex mix of buyers and sellers in 2010?” NVAR has the tools and classes that you need to keep yourself up to date. Explore our dynamic Web site and all its links and pages, found at nvar.com; consider enrolling in a new certificate or educational program; attend one of our forums designed around real estate specialties or cultural diversity, and become involved in the political process by contributing to RPAC.
With the NAR program, ‘Right Tools…Right Now’ and the capacity of NVAR to provide you with the resources that you need to succeed, such as our standard forms and our state-of-the art lockbox system, there is no reason why 2010 cannot be your best year ever in real estate. So let the bottom of the market stay in the history books while you work to be on top of your game.
Remember: NVAR is only a “click” away!