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HQ2 Announcement Boosts Local Real Estate Market

The following article excerpt is from our content sharing partner, FairfaxNews.com.

Amazon’s pick of Crystal City for part of its HQ2 expansion put a jolt of caffeine in November real estate activity, the Northern Virginia Association of Realtors reports.

“The pleasant surprise from November’s housing market data was a significant pop in new contracts,” said Derrick Swaak, managing broker of TTR Sotheby’s International Realty in McLean. “New under-contract sales jumped nearly 90 percent in the NVAR footprint, which means that a buyer’s offer has been accepted by the seller. Some of that increase was a reaction to an unexpected, but welcome, retreat of mortgage rates in the second half of the month, plus a frenzy of condo buying activity in the areas surrounding Amazon’s new HQ2 location in Crystal City.” […]

“While there is speculation about the real estate market showing signs of softening nationwide, our Northern Virginia data still reflects a promising direction,” said NVAR CEO Ryan Conrad.

Read more at FairfaxNews.com

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