The housing market in Northern Virginia looks to be taking more steps in a positive direction and consumer confidence continues to rise in the area. According to a recent poll by Roanoke College, a majority of homebuyers in Northern Virginia are optimistic about the future of the housing market. The data also shows that the vast majority of Virginians believe that the real estate market has improved over the past year.
According to the poll, 64 percent of Virginia residents feel the condition of the real estate market has improved over the last year and 52 percent of people surveyed feel that conditions will continue to improve over the next year. More than 43 percent of people attribute their confidence to lower mortgage rates. Consumer confidence is one of the key indicators of the health of a housing market so the fact that Virginians are so positive about it is a good sign for potential new homebuyers.
Why do residents remain so confident about the housing market? One reason could have to do with the good labor market in the area. The unemployment in the state is only at 4.7%, compared to the national average of 5.1%. Other factors include a positive consumer sentiment that can be attributed to low prices for goods and services. There has also been a rise in housing inventory around the region; meaning homebuyers are more likely to find a new home for sale to meet their needs.
There’s been no better time than right now to buy a new home. Prices will never be lower than they are right now, consumer confidence is high and there’s a large inventory of new homes for sale. The Christopher Companies has many beautiful, well-designed homes available in the Northern Virginia area that feature unparalleled craftsmanship and quality. Discover more about these spectacular homes from our website.