Spending the cash for a house in NOVA-D.C. Metro might work both ways
For decades Northern Virginia rates high as an area where people buy real estate and move in to live there. The region that is linked to Washington D.C. and both can be seen as two parts of a common living organism. That’s why the colloquial short form NOVA-DC is used increasingly (NOVA, if you don’t know stands for NOrthern VirginiA). And when the area is of high demand, it looks promising to purchase an investment property. Assuming that you have the cash and aim to invest it in Northern Virginia – what you spend it for? A great community to call home or the opportunity to make profits out of rentals and/or future sales? On the lands of NOVA-DC, the idea has the potential to work both ways.
The price of the real estate will go up again
The cost of the living property in Northern Virginia is on a constant rise in recent years, and the level is almost the same as it was in the pre-crisis period of 2005-06. Experts predict that homes prices in the area will continue to grow but will not inflate by a high rate. In 2019, the properties will be 1-4% more expensive than in 2018. The trend is not about to change in the long run soon. Thus the ROI in a house or condo purchase has promising perspectives. The area is densely populated and lost of people live in Arlington, Merrifield, or Alexandria on rent. On the other hand, the wear and tear status of the particular real estate plays a significant share on the future profits. And in the end, it largely depends on the neighborhood if the investment will be successful.
Predicting the price moves in specific areas is a tricky business. You might find properties forecasts claiming that the cost of dwellings in Arlington will go up and in Fairfax County will become cheaper. On the other hand, the Pimmit Hills quarter based in Falls Church in the Fairfax region leads the charts of up-and-coming communities taking the opinion of many realtors and media experts. The houses appear to be undervalued for the location, and the purchase of a property in this area around Tysons Corner might bring out a substantial ROI in the future.
Planning to relocate in NOVA-D.C. area to settle down might tell a different story. Fairfax Public Schools System, for example, is the most densely populated in the whole state, so there are lots of family homes there. The demand for real estate to move in remains high in Northern Virginia, yet most of the people look for a better deal. You can find properties at a reasonable price (kalotalksrealestate) in neighborhoods with a decent level of public transportation, low crime rates and lots of stores and entertainment areas. Some places happen to be less popular which doesn’t automatically make them worse for the living.