UPSCALE LIVING IN HAYMARKET & GAINESVILLE
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g Market Watch: A Review of Real Estate Trends in 2014 Neighborhood Market Watch: Dominion Valley 10 Local Places to Donate Unwanted Household Items Business Spotlight: Cathy's Hair Design Cost vs. Value: Remodeling Projects that Pay Off when Selling a House December 2014 Real Estate Summary Published by
"Haymarket Real Estate Guy" Associate Broker
EXIT Heritage Realty Haymarket, VA www.EXITgarcia.com 703-517-2574
Real Estate & Community News from Bryan Garcia, "Haymarket Real Estate Guy" 703-517-2574 January | February 2015
Three Real Estate Predictions for 2015
ere we are in another new year approaching the busiest time for the real estate market ... Spring! Overall, my projections for the real estate market in 2015 are optimistic, however I am not a fortune teller and unforeseeable changes can occur. Here are three of my predictions: 1. Mortgage rates will increase, but probably not too much. The mortgage rates were predicted to rise in 2014, however during the year they declined steadily. The year began with rates for a 30-year, fixed mortgage (monthly average) at 4.55% and ended at 4.00%, according to HSH.com, publisher of mortgage and consumer loan information. As of February 6, 2015 the average was 3.80%. So where are they headed? Predictions from market experts, bankers and loan officers are mixed. Some feel rates will lower due to economic weakness abroad. Others feel they will rise due to an improving economy, yet others say they will remain unchanged due to the lack of qualified borrowers and the difficulties that still exist for getting loans. Mortgage rates are one of the more difficult things to predict, however based on what I’ve seen in our local real estate market, I am optimistic. Therefore I believe they will rise slightly but remain at historic lows.
2. More people will be moving out to the suburbs (from DC metro). According to Realtor.com’s chief economist, Jonathan Smoke, Washington D.C. will be one of the “Top 10 Hottest Housing Markets for 2015”. The District is recovering from slowed employment growth but predicted to rebound. However, unemployment rates in the Metro regions remained low due to a booming tech sector and other corporate growth inside and outside the beltway. With housing demand will come home and rent price increases. This will drive buyers further west where you tend to get “more house for your money”. 3. More Northern Virginia homeowners will come out from under water. For the past five years the Median Sold Price in Northern Virginia has increased steadily (see chart). This is good news for homeowners who bought between 2005 and 2007 and lost equity in their homes during the recession, which resulted in an increase of foreclosures. Homeowners who have held on are beginning to regain much of their home value. This is enabling more homeowners to sell confidently.
TIPS & ADVICE
Published on Feb 11, 2015
Published on Feb 11, 2015
Upscale and luxury living in the Haymarket and Gainesville, VA area of Prince William County and Northern Virginia. Real estate market trend...