“Last year, home prices bounced back,” said Mario Rubio, 2014 Chairman of the Board for the Northern Virginia Association of Realtors. “The lower mortgage rates by the end of last year coincided with favorable local employment statistics, and our region continues this excellent sales activity: a great start for 2014.” Unemployment in Fairfax County is 3.7 percent.
Consumer confidence rose in December when compared to November, and that is highlighted in sales numbers in Northern Virginia which reflect an increase of 7 percent compared to December 2012, Rubio explained. He is the broker owner of Rubio Real Estate in Annandale. Last year, a sense of urgency caused buyers to act and buy the still-affordable homes, with further incentives from historically low mortgage rates. This region followed the nationwide trend of low inventory, which greatly appealed to investors and other buyers who paid cash, Rubio said. Lean inventory trends are likely to continue throughout 2014, he speculates.