Report suggests home prices could rise in DC
In a competitive real estate market, homebuyers will take the time to complete property assessments to determine how they can receive the best return on their investments. However, a new report indicates those interested in purchasing one of the homes for sale in Washington, DC, might need to act fast because prices could soon increase.
The Demand Institute, a consumer research firm, reports that the housing market will have a far-reaching impact on the U.S. economy over the second half of 2012, which could lead to increasing real estate prices in booming metros. In a study titled "The Shifting Nature of U.S. Housing Demand," the institute anticipated home prices could increase 1 percent during the final six months of 2012. Additionally, the price of houses might rise 2.5 percent in 2014 and between 3 and 4 percent from 2015 to 2017.
"As the U.S. housing market strengthens, almost every consumer-facing industry will be impacted in the coming years," Chairman of The Demand Institute said in a statement.
DC residents may have plenty of reasons to feel optimistic about the development of their economy and real estate market. The Economist notes the metro's unemployment rate in April 2011 was the lowest among the nation's largest metros, and the growth of the government has led to many opportunities for people new to the area.