Road to Recovery in Northern Va and DC Metro Area I had great opportunity this morning to attend a very informative seminar about the state of the economy in the Northern Va and DC Metro area. The seminar was hosted by the Northern VA Association of Realtors (NVAR) and took place in Herndon. The keynote speaker was Dr.Fuller. Dr. Fuller is a Dwight Schar Faculty Chair and University Professor; Director, Center for Regional Analysis for George Mason University and is a region expert for the DC metro area. Dr. Fuller is often asked to consult local and regional businesses on economic trends for the area. We also had the Urban Land Institute show us some insightful data on the true cost of housing in Washington DC Metro area vs Fairfax, Loudoun and Prince William county areas. So, let’s get down to it! What did Dr. Fuller have to say about our area and the economy for the DC region moving forward? 1. Our area in general is out performing every other metro region handily. Our local unemployment is currently at 5.5% vs. most metro areas that are in the 8.6% range and up! One of the main reason of course is our area federal jobs. I read recently that 1 of 8 jobs in our area is a government job and that 1 in 4 job is directly related to the government sector in some way. 2. We are now into our 18th month of this recession. This makes this recession longer and deeper then the 1990 and 2001 recessions. Since March all the economic indicators have been moving in a positive direction. This includes home sales, housing inventory, number of days on market, number of canceled contracts and of course interest rates. The positive numbers have been slow to come in but they are moving in the right direction....
Neighborhood Spotlight: Farmwell Hunt Ashburn Neighborhood Spotlight: Farmwell Hunt, Ashburn, Va Farmwell Hunt in Ashburn Va is one those communities that just has it all. From the nearby schools, to walking trails, nearby shopping, community pool, tennis courts and tot lot. Even the HOA is reasonable at about $80 a month. The community itself is a mixture of stately brick front 2 car garage townhomes to the large three car garage 4,000+ sq foot estate single-family homes. The community was built around 1996 and has a little more 550 homes in all. The community has always been in high demand and prices range from the $360,000 for the townhomes to $720,000 for the estate homes. Currently there are only 4 homes for sale which is very low for a community of that size. Low turnover is always a good sign in neighborhoods this size. The only note that I would add for anyone thinking of buying in this neighborhood is that the houses are starting to show there age a bit. The houses were built very well for the most part but as we all know not every homeowner knows or understands the importance of good upkeep. Most of the houses in Farmwell that I have personally toured have been maintained very well. I would keep a sharp eye out for original equipment like A/C units, hot water heater and a good inspection of the roof would be wise. If anyone has any comments about this neighborhood please don’t hesitate to add a comment or send a favorite pic. Here is an updated CMA. Chuck