2013 is going to be good for real estate. At the gym this morning was riding the exercise bike, when looked up and saw one of the news channels talking about real estate. I don’t remember if it was CNBC or CNN. Either way, it was one of the big national channels.
They mentioned that the forecast was for this year, 2013, to be a good year in real estate. This made me laugh, and also energized me.
The laughter because as a real estate professional, helping people buy, sell and invest in real estate in Virginia, Maryland and Washington DC, I have the benefit of seeing the local real estate market from the inside out. It is a great industry. And for the past year in many of our sub markets throughout the DC region we’ve seen prices inch up steadily.
Part of that is because of supply and demand. In our area as a whole we seem to have steady demand. And in some neighborhoods or cities it is much more than steady demand, probably categorized more like high or strong or even some other fun adjective. The point is that demand is outbalancing the already low supply. Here is a graph showing year over year 2012 vs. 2011 and how the supply of homes
is significantly less in 2012 vs. 2011 at all parts of the year. So it has nothing to do with the seasonal curve experienced in both years 2011 and 2012 in our region (Northern Virginia, Washington DC, and Maryland).
So I laugh because the National news media seems to have just figured it out. They get peoples attention traditionally in print and TV by the fear articles. It feels good to have a good story about our real estate industry. It’s exciting for the year to come, and the clients I will have the opportunity to serve!
Call or email me with any questions, or to have a positive discussion on life and/or the real estate industry. Your local Realtor, Jeff Wu.