If you're looking to live near National Landing and Amazon HQ2, a condo is a great property option to consider buying. With extremely limited detached single family residential properties available, the condo market offers buyers a little more power in and Arlington, Virginia--right now. Plus, owning a condo eliminates maintenance expenses such as landscaping, mowing, exterior wear and tear, and more.
Currently, several units are available in and around the Ballston and Crystal City area, making it a good time to buy. Beyond that, you may be wondering why you should buy a condo in Arlington, Virginia?
1. Negotiable List Price
Condo inventory levels are rising in proportion to the low demand. As such, the sellers are more willing to accommodate a reasonable offer from a buyer. That said, it's possible to secure a quality condo below the listed price.
2. Stable Real Estate Market
Buying a property in Northern Virginia is a great investment. As an asset, in and around Arlington maintains a sufficient demand for housing and growth potential.
Arlington, also has excellent proximity to Washington, DC., especially around the Orange Line Metro. The evergreen job market in the Washington D.C. metro area enhances a healthy flow of real estate clients through the years. To that end, due to the slower uptake of condos during the COVID-19 pandemic (largely due to mixed-use being shuttered), that is actually an advtange for buyers. It is, therefore, a prime opportunity for speculative and patient investors.
3. A Thriving Local Economy
Arlington has one of the best economies in the United States — the job market is expected to grow by 40% in the next ten years. The impressive economic figures are attributed to the professional service industry, technical experts, and public administration—they contribute over 40% of the States GDP.
Surprisingly, Arlington's unemployment rate is 1.9% compared to the National rate at 3.7%. Equally, Arlington resident's average annual income is $62,000 compared to United States average at $28,000.
For a potential homeowner, a thriving economy means a greater demand for your services and products. A locality with a flourishing economy attracts investors for social amenities, luxury brands, and other unique but vital services.
4. Favorable Tax Rates
If you're shopping for a new home, it's important to consider annual property tax because it can mess your finances. The ideal tax rate should be affordable or within your budget.
Arlington, VA, has a favorable tax rate of 0.8%, below the national average of 1.07%. The favorable tax makes it easier to maintain a condo in Arlington, VA, compared to other locations.
5. Real Estate Investments In Arlington
Investors play a huge role in the development of an area. That said, Amazon has pulled out of the initial plan to construct its headquarters in New York and opted for Arlington.
The county authorities have backed Amazon's intention among other private developers by investing $220 million worth of infrastructure development to facilitate these investments. The Amazon development will bring along 26,000 jobs to the Virginia economy, not to mention the indirect contribution to the economy.
That said, Arlington's upcoming developments will push the prices of condos up in the coming years. Therefore, it's a strategic move to buy a condo now than later— after the pandemic or upon completion of these projects.
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A condo offers undeniable value, which justifies the decision to buy one. Currently, a buyer has the upper hand because of the low demand associated with the pandemic. As such, the prevailing bargain prices present an opportunity to buy a condo.
To that end, it's beneficial to buy a condo in Arlington, VA, with the help of a reputable realtor like Winkelmann Properties. Brad has 25 years of experience in the industry and grew up in Arlington. Contact him today to acquire a condo in Arlington, Virginia. Also, follow him on Facebook @Brad Winkelmann Real Estate Arlington VA, Orange Line Metro.