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A Real Estate Catch-22

December 6, 2012 By Doug Francis

A constant question I get asked is, “is that it?”

Northern Virginia is a unique little spot where the statistics show an increase of 30,000 new jobs in 2012 and an overall housing supply that has grown very little. And you really didn’t have to go to college to grasp the concept of what happens when demand exceeds supply to understand that we have a housing shortage.

If you haven’t seen the movie or read Joseph Heller’s novel Catch-22 then know it is worth your time. Set during World War II, Heller sets up situations that can’t be resolved logically due to rules and regulations. Frustration rules the day!

Real Estate Buyers moving up face a Catch-22

In the Fairfax County real estate market, for example, there is a Catch-22 type of problem for people have who want to move up to a new home but can’t find one that they like. There aren’t many new homes being built under $850,000 so they have to wait for people in their price range to retire, die, get divorced or follow the other Baby Boomers and downsize to a hip urban condo in Arlington. (…yes, it’s your destiny.)

And, while they wait, they have decided to not put their homes on the market.

As a result, those home buyers down the chain can’t move up either. Following?

That is why I hear, “is that it?”

Although this is a median price chart, notice the subtle rise in prices over the past three years graphed out here. Especially interesting is that 2012 did not have the price dip seen in years passed.

Each local real estate market is unique like these two:

North Arlington Real Estate:

McLean Real Estate

So it isn’t just you who is waiting for a new home to pop up on the market. There is a lot of competition so I forecast that the northern Virginia real estate market in 2013 will continue to demonstrate these trends.

Let me know if you have questions or want a detailed chart on any local zip code.

 

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Filed Under: Blog

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

I’m so excited that you found me! Yes, this site covers real estate, but also a lot about lifestyle and  living in Vienna, Virginia outside Washington, D.C.

There is a lot of info here, and you can also contact me with any specific real estate questions. And, at home consultations are available too.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let me help you: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for 2023 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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