The turmoil in the housing market has directly been influenced by the pandemic. The industry stopped worldwide, which resulted in the prices increasing. The real estate market hasn’t been immune to the changes, and many professionals agree that it is an uncertain time. No matter if you want to sell or buy, you won’t know what to expect: since things change so fast. But if you are about to hire A2B Moving and Storage and move out, you won’t have a choice. You will either need to rent or buy a property if moving to Alexandria, and you will benefit from getting to know the Alexandria housing market.
What are the housing prices like in Alexandria?
Alexandria is a city in Alexandria City County, Virginia. It is an urban area that has a great location thanks to its proximity to D.C. The capital of the USA also has lots of job opportunities, which attracts people from all over the world. Thanks to its numerous benefits and reputable movers Virginia, Alexandria has seen a slight, steady increase of 0.12%, compared to many other states who have encountered a negative trend. With the increasing population comes higher housing costs. The median home value in the USA is $300,000, while rent costs $1,100 a month on average. The situation is quite different in this part of Virginia, where the average price of a home is $573,000 and rent is $1,800.
What trends can we expect to see shortly?
2022 has been a rough year, with many unexpected things happening. No one can predict the future with certainty, but by following the trend at the end of last year, we can predict what 2023 will bring. If we look at the last two years, there is an increase of 10% in property prices in 2021 alone. Even though this trend is slowing down, we cannot expect prices that are lower than 1.5% compared to last year.
Mortgage rates are luckily on a downward path, after reaching a record high of 7% in the last 20 years. The main reason for the high prices was the lack of housing supplies. But this won’t change much in the new year. There will be more homes available, but not due to more properties, but thanks to their long time on the market. But one thing that won’t be available for long are the services of affordable, high-quality moving and storage Alexandria VA companies. These should be booked as soon as you decide to move, even a few months in advance.
Should you invest in property during such uncertain times?
Buying a home is a highly personal decision, that everyone should answer for themselves. There are also certain benefits and bad sides to buying a property, like:
- Having freedom – once you make a property yours, you can redecorate and remodel whatever you want
- Paying a high upfront cost – becoming a homeowner is a big step that includes a lot of dedication and a big amount of money
- Enjoying long-term stability – if you plan on establishing roots, buying a home is a great first step
- No flexibility – when renting a home, there is nothing holding you in one place. The same cannot be said for homeowners
It is a much bigger commitment than hiring some storage Alexandria VA, even though you can keep using additional storage no matter your decisions. Since 2020, the real estate market has been unpredictable: and the Alexandria housing market is no exception. But if you find a property that fits your preferences and your budget, don’t think twice. With the shortage of properties and high competition, the property you like won’t stay longer than 10 days without a new owner. So act fast, unless you want to see your dream home become someone else’s!
A final thought on the Alexandria housing market in 2023
Even though the trends suggest one thing, something unexpected can always happen. That is why predictions should always be taken with a grain of salt, significantly when they impact such a great decision. You need to know when to trust your gut, as this might be one of the cases when you should listen to it. We wish you good luck and a clear head while making this life-altering decision!