With the bombardment of information regarding interest rates, house pricing, tax incentives, foreclosures, short-sales, modifications, and refinancing...the basic message of Supply/Demand Economics can easily be overlooked as it plays out in the local DC real estate market.
DEMAND: The low interest rates and tax incentives have spurred an enormous increase in demand for housing, especially among first-time homebuyers during the past few months.
SUPPLY: Despite the record-breaking amount of housing inventory, there has been a halt in new construction over the past year. This indicates an upcoming shortage of housing within the next few years.
How does the DC Rental Market affect the housing market?
The rental market is an indicator of upcoming housing trends. We have seen a shortage of DC rentals over the past few months due to new people moving to DC and former owners renting properties.
NOW is the time for investment in real estate throughout the Washington DC metropolitan area.
Call me at 301-452-4767 with any real estate questions!