Haymarket Area Real Estate & Community News
Haymarket Homeowner HaymarketHomeowner.com Published by Bryan Garcia Garcia Real Estate Group Principal Broker EXIT Heritage Realty
Summer/Fall 2019 Haymarket Real Estate Trends First Half 2019 Garcia Real Estate Group Featured Properties Community: Summer into Fall Haymarket Area Festivals & Events 2019 Homeowner Improvement & Service Directory 2019 Tips from the Team: "Back to School" Home Project Checklist Around Town: The Young Entrepreneur Behind Wag & Woof Aaron Mormonn: Not Your Typical Insurance Guy Haymarket Neighborhood Real Estate Stats YTD 2019
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EXIT Heritage Realty Haymarket, VA garciarealestategrp.com 703-753-9100
Summer/Fall 2019
Affordability Issues Shift Housing Market
H
igh home prices in first-tier cities like San Francisco and New York City are forcing many home buyers and investors to consider second-tier cities in search of better value. This trend is likely to continue through 2020. In Northern Virginia, with the anticipated arrival of Amazon HQ2, there will likely be double-digit growth in investment activity and home price appreciation in Arlington and surrounding suburbs. Amazon may be a sign that economic growth can support continued rising real estate values in second-tier markets, but as new capital flows to the less-expensive second tier and out towards Prince William County, can rising property values in the these secondary cities support the growing need for affordable housing? According to a study done by ATTOM Data Solutions, right now renting is more affordable than buying in 59% of U.S. housing markets, and home prices have continued to increase more than wages in 80% of markets. This report also provides some insightful, localized data. The data shows that it is more affordable to rent than it is to buy right now in Prince William County. The average rent in FEATURED PROPERTIES
2019 for a 3 bedroom dwelling in Prince William County is $2,368. The average weekly wage is $925.00. So, the percentage of average wages going to rent is 59.1%. The study also revealed that based on the average home price and average weekly wage in Prince William County, the percentage of wages needed to buy a home is over 70%. Please note, this is an average and it doesn’t take into account double income, savings or existing home equity if applicable. It also doesn't compare the long term investment advantages of owning verses renting. It does, however, indicate that we may expect to see an increasing rental and affordable housing demand in our area as prices surge around the beltway. Here in Haymarket, we are seeing a shift in home sale activity, especially detached homes. Sold Homes decreased in the first half of 2019 (see next page). Yet, sale prices maintained or increased. It will be interesting to see what the rest of 2019 brings. There may be advantageous options for Haymarket homeowners to buy new and rent rather then sell. Bryan Garcia can help you run through the numbers and discuss the pros and cons. Call Bryan at 703-517-2574 to discuss.
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