The Economic and Housing Outlook for 2008 in Northern Virginia

With the real estate market constantly changing, sellers need to team up with a dedicated Northern Virginia realty company that is informed and knowledgeable about the local market conditions as they buy and sell their homes in the Northern Virginia area.

While the nationwide unemployment rate is currently unfavorable, the communities of Northern Virginia and Washington, D.C. continue to forecast strong job growth and low unemployment rates. As we look to 2008, the local Virginia job market and economy continues to remain strong and healthy.

Jobs in Fairfax County created 54% of the new payroll positions. Northern Virginia job reports boast at being the fourth largest job base for metropolitan areas. Service providers lead the pack with 95% of the job growth held in the fields of Professional, Business, Trade, Transportation and Utility.

87% of the retail sector jobs provide over 5,400 new jobs to the communities of Northern Virginia and Fairfax County. Government contractors and law firms, of the Professional and Business Services sector, will also continue to lead the Northern Virginia job market as this area moderately progresses in 2008 and is projected to remain constant over the next two years.

Prospective sellers look to Fairfax County realtors to sell their northern Virginia homes in a market where consumer confidence remains pervasive in regard to housing and new home purchases in northern Virginia. Despite some of the fallen volumes of home sales, the Northern Virginia real estate market remains steady – particularly in the areas inside the Beltway where home prices continue to increase. There are higher volumes of Northern Virginia homes available that have a decline in price that can be valuable to buyers interested in purchasing a new home in Northern Virginia.

The Northern Virginia and Fairfax County real estate market remains volatile despite significant rate cuts over the past few months. In an attempt to restore consumer confidence, there are national events that will impact our local Northern Virginia real estate market. The new economic stimulus package approved by Congress is a helpful attempt to encourage spending. The outcome of the National Elections will play a hand in procurement spending as Defense Contractors take a backseat to Health Contractors if the Democratic Party holds the power once the election is over.

Historically, Northern Virginia real estate has been an excellent long term investment. The Northern Virginia and Washington, D.C. areas show annual rates of appreciation that have outpaced the increase in income for the area. Northern Virginia home sellers are encouraged to wait out the volatility. If that is not a possible option, it is important to seek the advice of a seasoned, knowledgeable Northern Virginia realtor that can analyze the particulars and plan a course of action to successfully sell your home.

Northern Virginia real estate buyers are in a position to capitalize in a real estate market that currently favors them. The high inventory of real estate properties, low interest rates and motivated sellers make this the best time to invest in property that is sure to benefit them for many years to come.