With new jobs coming to the area, John Seggerman predicts that home sales in the Northern Virginia, D.C., and Maryland areas this summer will exceed the 2014 summer. However, new construction will fall below demand
McLean, VA -- (ReleaseWire) -- 06/18/2015 --John Seggerman of Seggerman Homes located in Mclean, VA is a local expert with regard to real estate marketing and trends in the Washington D.C., Northern Virginia, and Maryland area. With over 25 years in the local real estate marketplace, John predicts that home sales will remain strong throughout the summer months and into the fall. With new jobs becoming available in the second half of 2015, employees relocating to the area may find that construction is not keeping up with demand.
Seggerman warns buyers that a lack of construction, especially as it relates to affordable housing, will continue to be a long-term issue in the area. Especially with new job opportunities projected to be 40,000, new home construction will continue to be well below demand. This could have a significant impact on buyers as they seek to purchase homes.
David Versel, a senior research associate at the well-regarded Center for Regional Analysis at George Mason University stated, "We're only adding 10,000 to 12,000 new single-family homes per year, which is a mismatch that could cause rampant price increases if job growth ramps up as anticipated. Land prices in this area are so expensive that builders need to either build a luxury product or high-density condos because we've simply run out of land, especially in Arlington, Alexandria, and Fairfax County."
At the Northern Virginia Association of Realtors' Market and Economic Briefing for Northern Virginia this Spring, Versel stated that an average of 22,000 to 23,000 new housing units are currently being constructed per year. This compares with an average of 35,000 to 40,000 built annually during the housing boom.
Buyers should expect to require the services of a local expert, such as John Seggerman, in order to compete successfully. Properties are often snapped up quickly; thus working with a professional who can access the best information and construct the best offer will be an asset to buyers in this demanding marketplace.
About Seggerman Homes
John Seggerman is a D.C. metro area real estate agent who loves the region in which he's lived and worked for 30 years. He is a "neighborhood specialist" to all clients and is committed to answering any questions and concerns that come across his desk. Seggerman Homes and John Seggerman are associated with Weichert, Realtors, which operates in Virginia, Maryland, and Washington, D.C. Located at: 6257 Old Dominion Drive, McLean, VA 22101 - Phone: 703-821-8300.