What is True Nation Wide Is Not Always True For the Real Estate Market Here in Northern Virginia



The first thing they teach you in Real Estate 101 is that all markets are Local. National trends are important, sure. But what they talk about on the National News may not by relevent to the current real estate market here in Northern Virginia. An example: Interest rates rose significantly from May to June, and nation-wide home sales fell as interest rates rose. The number of homes sold in Northern Virginia, on the other hand, increased slightly from May to June. This may be an obvious example, but it illustrates a point: You can’t rely on mainstream national news if you want an accurate picture of the Northern Virginia real estate market. You have to find reliable local information sources. Here are a few that top industry professionals use on a regular basis: – Real Estate Business Intelligence (rbintel.com) provides free reports on home sales in Northern Virginia, as well as area-specific reports for Arlington County, Fairfax County, and the cities of Alexandria, Falls Church and Fairfax. You can download the monthly statistics right off the site, free of charge – The Center for Regional Analysis (cra.gmu.edu) conducts research and analytical studies on a wide range of subjects relating to the economy of the DC Metro area, and has a wealth of information onthe local housing market. Learn as much as you can from reliable local sources, and if you still have questions, get in touch with a quality Realtor® with knowledge of the local market. Realtors have access to information that the general public does not, and any Realtor® worth their salt should be able to provide you with information and insights that shed light on your questions and concerns about the Northern Virginia real estate market.

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