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Northern Virginia Housing Market Statistics - Things that you don't hear
15 December 08 12:08 PM | Elena & Kirill Gorbounov(a) | 0 Comments   
December 15th, 2008 Interesting Points: 1) The DC metro area has the lowest unemployment rate out of the fifteen largest metro areas and about two percentage points less than the national average. 2) According to a national survey conducted in 2004: the average renter's net worth: $4,800. The average homeowner's net worth: $171,000 3) In a recent survey, 8 out of 10 economists stated they believed housing prices would be higher five years from now. 4) An overwhelming majority of economists surveyed - by a better than 5-to-1 ratio - agreed with the statement, "A person can increase their long-term wealth by purchasing a house rather than renting." 5) Over the past 40 years, home values have risen more than 7 percent annually in NoVA. 6) People who purchased homes six years ago have, on average, seen the value of their homes rise over 24 percent, despite recent price declines. 7) Homeowners benefit from the power of leverage. At an annual appreciation rate of 5 percent, a 10 percent down payment on a home will return 94 percent after three years. After five years, it increases to 225 percent. After ten, 623 percent. 8) The median selling price of a single family FSBO in Virginia was $249,500 compared with $313,400 for REALTOR assisted home sales. Is 26% more for a seller's home worth paying a commission for? I'd like to think so. 9) Virginia's population is expected to grow by 500,000 by 2010. 10) RE/MAX Associates averaged 39 percent more transactions than our nearest national competitor. Read More...

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