subject: The Great Potential of Washington DC in Real Estate [print this page] The Great Potential of Washington DC in Real Estate
Being the capital of United States, Washington DC is abuzz with activities particularly in the business sector. While many regions in the U.S. are still recovering or even struggling from the huge impact of the recent global financial crisis, this area has recovered ahead of the others.
The Metropolitan Regional Information Systems (MRIS) reports that prices in the housing market experienced a rise in the second quarter of this year compared to the first quarter. The increase was also an improvement by 4.2 percent from the same period in 2009. In terms of property sales, the Washington DC area had a 60.6 percent increase also in the second quarter when compared to the first quarter 2010.
One of the major factors that boost the local economy and the real estate industry is the availability of various jobs and this alone already makes the district an attraction to professionals. Latest reports reveal that Washington DC has made possible the opening of high-paying jobs. This positive employment record, in turn, has led to an increase in housing demand. Data from the Bureau of Labor Statistics show that the region's unemployment rate of 6.3 percent is below the national level of 9.6 percent.
But this high demand for housing is not much of a problem as inventory is also high at the moment. As of June 2010, the inventory of homes for sale in Washington DC was at an average of 4.5 months.
Those wanting to buy homes have various choices as to the areas in Washington DC. Buyers who have more than enough funds can go for the main district, Arlington and Alexandria where prices of homes remain to be at a high level.
Those on a budget and looking for more affordable properties can pick the suburbs in Prince William, Loudoun and Frederick counties. These areas saw a sharp decrease in foreclosure prices since 2006 until 2008.
Being the seat of the presidency, the Washington DC area is still home to residential structures that date back to the 18th and 19th centuries. Examples of these are the Georgetown houses, rowhouses and the single family sized homes.
But while there are people who dream of living in a big house, a new survey by real estate search engine Trulia found that buyers today prefer to look for smaller homes. The finding showed that more than half of Americans or 55 percent want a house from 1,400 to 2,600 square feet while only a small percentage or nine percent aim to have a bigger house at 3,200 square feet or more. Experts including home developers also point out that instead of going for the large homes, people these days opt for having a green home which is more energy efficient.
So think about it. If you want to be in an important region of the United States with top quality schools, sports and entertainment facilities, business organizations and modern public transportation, then Washington DC may be for you and your family. But as always, it's worth learning the pros and cons first before making your final decision.
