Spring Real Estate Market Continues to Bloom in DC-Metro Area

Thursday, March 10, 2011

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Federal government spending continues to fuel the economy in the Washington, DC area. In February, The Greater Capital Area Association of Realtors (GCAAR) reported that the area's residential housing markets are showing signs that a recovery is well underway.

"The number one question asked by both buyers and sellers in our market is 'have we reached the bottom?'" says 2011 GCAAR President Adrian Hunnings. "Most homeowners define a healthy housing market as one in which the equity in their homes is rising.  Prices have increased over the past 11 months. I sense quite a pent-up demand of buyers who have delayed their purchase of a new home over the last three to four years waiting out the market."

Sales volume has increased in the DC area, signifying that buyers are returning to the market. As of December 2010, sales were up 3.4% over last year.

Rising consumer confidence, population growth and a stabilizing local economy are expected to help push the DC area steadily toward recovery throughout 2011. "The biggest difference I think buyers will face in 2011 is a sense of greater urgency," says Hunnings. "If prices continue to rise, if interest rates continue to rise, the pressure on buyers will build to make a quicker decision to buy while values are still good."

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