Alexandria, Virginia Continues "Crazy" Housing Market
by Blanche Evans
Alexandria, Virginia, is regarded as one of the most desirable suburbs of Washington, D.C. because of its own charm and unique history, say local Realtors. "The City of Alexandria exudes charm and its motto is "The Fun Side of the Potomac," says Realtor Brian Block. "Residents living in Alexandria enjoy the quaint cobblestone streets in historic Old Town, strolls along the Potomac River, eclectic shopping and restaurants in the Del Ray area, numerous outdoor parks, and a general great style of living. George Washington made Alexandria his home, maybe you should, too. Housing choices in Alexandria include single-family, rowhouses, luxury townhouses in great developments like Cameron Station, and a multitude of condominium options. New luxury condos are currently being built in the Carlyle area of Old Town, near the King Street metro." About the market, Block says, "With the spring market in full swing in Alexandria, inventory has finally increased a bit, which should help buyers looking to move here. However, still expect multiple contracts and fierce bidding for the property of your choice. About 40 single-family homes are currently available starting at just under $500K and going up to the millions for luxury homes. There are almost 90 townhouses on the market starting in the mid-$300s with a median price in the high $600Ks. Alexandria condos provide the most affordable option with many in the $250K-$400K range." Says Realtor Lisa Bailey Harper, "The market continues to be out of control. Housing prices are soaring as we speak, and interest rates still remain low. Builders continue to build and there are buyers continuing to buy despite the prices. We can attribute the buying power to the low interest rates. For sellers who are interested in doubling or tripling their real estate investment dollars, now is definitely the time to sell. Also with the low inventory of homes in the market being sold, sellers are getting the prices they are asking and a whole lot more." Harper advises, "Homeownership is certainly a wonderful investment that will pay you as the seller in years to come. For those of you who are buyers, jump into the market, and find the home of your choice. With the purchase of a home in today's market, you'll be glad you did. Before you go to settlement, your home value will have appreciated. This will certainly bring a smile to your face. It is also a renter's market where you can negotiate the price so be renter-savvy. Do your research, then hit the streets. Hang in there as the market can't continue this way. There is a leveling in the air... can't you smell it?" "Today's market is a very active market," says Realtor Michael E. Wilson. "Prices are still holding steady and increasing with the recent demand for property and historically low interest rates. Buyers and sellers need representation in this kind of market to get the most out of their situation. I like to remind buyers that they don't exactly pay the Realtor. Realtors get paid by what the seller is offering, so it's always to the buyer's advantage to have a Realtor represent them. For sellers, they need representation to handle all of the buyers, agents, and lenders that they will have to deal with in this market, while negotiating for the best possible offer on their home." |
