The future of the real estate market is sometimes regarded with skepticism, but according to Terrie Suit, Chief Executive Officer of the Virginia Association of Realtors (VAR), residents of Virginia can look ahead with confidence to the state’s 2014 real estate market.
In a recent “What’s Ahead” for real estate feature in The Hampton Roads Business Journal, Suit said that Virginia’s real estate is expected to show “steady, consistent and solid” growth in 2014, crediting Virginia’s strong business foundation and positive indicators in the housing market over the past several years.
Positive news about the Virginia real estate market is always welcome at Arcadia Communities, since our Arcadia Willowsford and Arcadia Winchester communities are both located in the state. We’re proud to have a real estate presence in Virginia, are looking forward to what this year will bring.
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Suit stated that for almost every month over the past few years, various housing indicators has shown improvement over the previous year. The Virginia real estate market has continued to see increased sales, rising prices and decreased distressed inventory, she said.
Suit credits the current positive housing market conditions to Virginia’s solid and diverse economy, citing strong government and military sectors, as well as businesses in the technology, financial, medical, retail and tourism industries. In fact, Forbes named Virginia the best state for businesses in 2013, giving a nod to the state’s business-friendly government policies, tort system and strong incentive offerings.
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Virginia’s strong business foundation can help support a positive housing market in 2014 because job security and opportunities allow state residents to feel more comfortable buying and selling homes, according to Suit.
The following factors are other reasons that Suit said we can expect “steady, consistent and solid” growth in the state's housing market:
· People continue to value homeownership as a solid financial investment.
· Historically low interest rates.
· Growing health care and technology sectors, which attract more businesses to the state.
· Decreasing unemployment rates.
With all of this great information, it seems that we should be nothing but excited about Virginia’s real estate market for this year. At Arcadia Communities, we’re certainly looking forward to experiencing all the great things that 2014 is predicted to have in store, and we couldn’t be happier to have our new construction communities in the great state of Virginia.
Arcadia at Willowsford, located in Loudoun County, and our Arcadia Winchester community, located in Frederick County, offer different types and styles of homes, but both have one major factor in common. All homes constructed by Arcadia Communities are crafted with the utmost care and with the highest standards in mind, ensuring that residents can enjoy the best that new construction has to offer.
SOURCE: Inside Business (The Hampton Roads Business Journal), Forbes
