Needs to cool off badly. I think certain markets will stay high,
like Florida, sunbelt remains attractive, as well as some of the
hot areas in the north...though nationally it will come down
some.
The Northern Virginia area has become the "data center capital"
of the world; somewhat quietly. Microsoft, Google, Salesforce and
even FB all have huge data centers in this area. Amazon moving it's
headquarters in. That has forced property values through the roof,
especially now. I'm in real estate and have felt the pain
while trying to help buyers. On the flip side, getting a listing is
like a freebie as they still sell first weekend. (usually avg
50K over asking, all contingencies waived).
Nearby is Wash DC, which saw deals to be had during the
pandemic. Quickly bouncing back as people get back to the office.
Those property values are quickly catching back up!
My buyers are looking out West now, in the rural areas
desperately trying to afford property. (like two hours
outside DC).
Therefore, I think property values around here will plateau and
possibly go up another 5% this year, even in the midst of rapidly
increasing interest rates. Millennials are driving this and
Boomers (still in workforce) aren't selling= no supply.
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Needs to cool off badly.
Housing
Posted by fundamentalvalues on 21st of Apr 2022 at 06:17 am
Needs to cool off badly. I think certain markets will stay high, like Florida, sunbelt remains attractive, as well as some of the hot areas in the north...though nationally it will come down some.
I agree but still don't
Posted by cozz101 on 21st of Apr 2022 at 08:20 am
I agree but still don't see it cooling quickly.
The Northern Virginia area has become the "data center capital" of the world; somewhat quietly. Microsoft, Google, Salesforce and even FB all have huge data centers in this area. Amazon moving it's headquarters in. That has forced property values through the roof, especially now. I'm in real estate and have felt the pain while trying to help buyers. On the flip side, getting a listing is like a freebie as they still sell first weekend. (usually avg 50K over asking, all contingencies waived).
Nearby is Wash DC, which saw deals to be had during the pandemic. Quickly bouncing back as people get back to the office. Those property values are quickly catching back up!
My buyers are looking out West now, in the rural areas desperately trying to afford property. (like two hours outside DC).
Therefore, I think property values around here will plateau and possibly go up another 5% this year, even in the midst of rapidly increasing interest rates. Millennials are driving this and Boomers (still in workforce) aren't selling= no supply.