Real Estate Market Update – January 2011

2011 is already shaping up to be a busy year in the real estate world.  Here’s the latest:

Interest rates are creeping up, creating angst in buyers who are hoping to take advantage of still-low prices.

The DC area’s strong job market continued to carry our real estate market, which was one of only 3 US markets to see growth in 2010.  DC was named the #1 market expected to rise (6.5%) in 2011 by Forbes.  The census showed our area to be the wealthiest and most educated in the nation.

Renters are starting to feel the squeeze, too, as noted in this Washington Post article.  (Thinking of buying an investment property?  Read our recent blog posts on finding a property and calculating cash flow, then attend our free class on January 31st.)

Our first “First Time Home Buyer” class of the year will be held January 31 at Arlington Central Library.  As always, there is no charge but registration is required.

Thinking of renovating your house instead of buying a new one?  Make sure you don’t over improve…read what Money Magazine has to say about kitchen remodels, and check out the 2010-2011 Cost vs Value Report.

Our Keller Williams office now has a commercial division!  If you know of a commercial property owner or a business owner looking to buy or lease space, please think of us!

If you know someone looking to move, please don’t hesitate to contact us. NOW Is the time to start getting a home ready for the spring market if you’re thinking of selling — contact us for a no obligation market analysis of your home.

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