Thanksgiving gives us time to be with family, friends and loved ones as well as a chance to reflect on all the things we have to be thankful for. Homeowners in Arlington and the Greater DC area have many things to be thankful for when it comes to the local area and real estate market. The local real estate market continues to rise and be one of the strongest markets in the country. Several factors are contributing to this.
Low Interest Rates
Interest rates continue to hover near all time lows. While the 30 year rate has come up from the low 3’s which we saw earlier in the year, rates have since stabilized right around 4 percent, a level not seen since World War II and nearly 4 points below the historical average. Lower rates have contributed significantly to the real estate market as buyers have more purchasing power.
An Improving National Economy and Market
At the national level the economy has improved. The national real estate market has also improved. The latest Case Shiller Index showed a 13.3% rise in the top 20 metro markets compared to a year ago, which was the largest increase since 2006. Unemployment across the national economy has also fallen from its peak and of near ten percent a few years ago and is now trending down to 7 percent. The DOW Jones Index recently crossed 16,000 for the first time ever, a sign of renewed investor confidence.
A Great Local Economy
Unemployment in Arlington continues to stay under four percent, which is almost half of the national rate. Despite talks of sequestration, government shutdowns and budget cuts, high paying jobs continue to attract professionals to the area, which has fueled the demand for housing.
Find Out How Much Your Home Value Has Gone Up
To learn more about how much these factors have caused your home value to go up call Dan today at 571-969-7653 or fill out the form below: