Several news items and current events have occurred in the past couple days that directly impact the real estate market here in Loudoun County. More specifically, the environment for home purchasers has gotten better due to the fact that mortgage rates are in a free fall and the monthly payments for future home buyers has gone done considerably in the past 2 months.
The rate for a 30-year fixed mortgage was around the 6.4% at the beginning of the month and yesterday they dropped below 6%. This translate into more house for the money or less money for the same house.
Second, the unemployment rate continues to go up. And you might think this is a bad thing but for the lucky few that are already in this area, this bodes well for you. That is because as more jobs are lost throughout the country, the incoming Democratic government will create government jobs to offset the losses elsewhere in the nation. And that will require more government employees, more government contractors and more government agencies, the majority of which will be located here in the Washington Metro area.
I am currently working with a gentleman that is employed by a company that sells both to private business and to the government. He works in the government sales division and reports year over year revenue growth of 70% during 2008. This will continue at many companies in this area.
Third, the question as to who will be in the White House has been answered. The economic advisors have been chosen and a lot of the uncertainty that hung over the country just a few weeks ago has been eliminated.