If you've been waiting to sell your house, a great time to do so may be just around the corner.
Leading local economy-watcher Dr. Stephen Fuller of George Mason University and the director of the Center for Regional Analysis says "housing is the best story of the year," and that "it's going to be a feeding frenzy in April."
Sellers have been waiting a long time to sell, since the bubble burst back in 2006. Buyers have been waiting to buy too. With interest rates holding near record lows and the economy picking up some steam, some just don't want to wait any longer.
"They are tired of doubling up," living with their parents says Fuller, who points out "their families have grown in 5 years."
Locally, prices have been rising for 38 months in a row. The Northern Virginia Association of Realtors finds that DC area prices in December were up 14 percent over the same time last year. Some neighborhoods are already matching 7-year highs. This could just be the beginning. "We're looking at 3 really good years 14 and 15 are going to be a tsunami when it comes to housing sales," says Fuller.
The biggest complaint about the local housing market at this very moment, there just aren't that many homes listed for sale right now. That's putting more sellers in the drivers seat.
There is one possible limitation to this local housing recovery. Price could be an obstacle. Mortgage industry rules have tightened, making it more difficult to secure jumbo loans, generally those above $417,000. That means there could be fewer buyers for the more expensive houses in the area.