Northern Virginia home sales hit 14-year high, and Amazon’s a factor (Virginia Beach: 2015, apartments)

[Old Dominionite]

Amazon is likely but one of several factors contributing to the rise in home prices. Currently, a bigger factor is low inventory across the region, and that's something that predates the Amazon announcement.

[sonoronos]

Don't worry. We're just waiting to buy the homes at half price when all these speculators inevitably foreclose and/or short sell.

Thanks in advance for the bargains!

[EmiSky]

Originally Posted by Old Dominionite

Amazon is likely but one of several factors contributing to the rise in home prices. Currently, a bigger factor is low inventory across the region, and that's something that predates the Amazon announcement.

I agree with you for the most part, but all the talk about Amazon, sets some people in a panic mode, feeling it's now or never. And many speculate that housing prices, especially in Arlington, will continue going through the roof, indefinitely.

This article states that it's all a result of Amazon, which I disagree.

Thanks to Amazon HQ2, Arlington County housing market ‘smoking hot’
https://wtop.com/business-finance/20...t-smoking-hot/

[Tarheelhombre]

It's an Amazon Boom:

"If you’ve guessed some of what is driving the Arlington housing market higher is the arrival of Amazon’s HQ2, you’d be right. And it’s not just investors looking to become a landlord or make a quick buck in a flip down the road. Amazon is impacting house hunters that just want to live in Arlington County.

“Each time I encounter this it kind of surprises me, but I would say close to 100% of the time I’m touring with a client, at some point in our conversation they bring up the fact of Amazon is kind of driving their decision to look now before things get even crazier,” Redfin agent Mara Gemond told WTOP.

“The Arlington market is smoking hot. I can’t remember the last time I had a client make an offer that didn’t face competition.”'

https://wtop.com/business-finance/20...t-smoking-hot/

[FIJI67]

How far out into the "country" is this "boom" affecting housing markets /pricing? Farther than outside the beltway?

[CaptainAaamerica]

I think a lot of this is hype by real estate agents. I am in the market right now, and I see homes being sold for less than what they were bought in 2008, and I also see homes be in the market for months.

5-6% is healthy, - but no bubble. The "amazon effect" is just a new banner real estate agents/brokers are using because it clicks with the average joe.

[elias9193]

My daughter who lives in Falls Church put her house for sale this week . On the first day she got 3 offers and the winning
offer was $25k over asking. Is this because of Amazon or a just the market right now, not sure probably a little of both.

[Tarheelhombre]

Amazon’s second headquarters is far from being built, but its prospects already are causing housing prices to spike in Northern Virginia, according to new research from local real estate analysts.

Median home prices in Arlington County are projected to increase 17.2 percent by the end of 2019, according to data from the Northern Virginia Association of Realtors and George Mason University’s Center for Regional Analysis. Prior to the HQ2 announcement, the groups had only forecast an increase of 5.1 percent.

“This is a market response to the Amazon HQ2 announcement with investors competing with residents for a shrinking number of homes for sale," Dr. Terry Clower, CRA director, said at a local real estate conference this week. “The price gains we foresee do not reflect an overall bubble in housing prices but rather reflect the specific circumstances of our current market."

https://www.washingtonpost.com/busin...=.0ad13052aea1

[Lindsey1151]

This is going to cause alot of people from Northern Virginia to move to the Hampton Roads area.

[pcity]

Originally Posted by Lindsey1151

This is going to cause alot of people from Northern Virginia to move to the Hampton Roads area.

Why? Other than military, the two areas don't have much overlap in career choice.