All of the regions around the Washington DC real estate area, from Virginia to Maryland, cities in Montgomery County, such as Potomac, Bethesda, and Rockville MD real estate, tend to prosper in times of national crisis. The demand for Washington DC homes and residential real estate in popular Maryland suburbs such as Gaithersburg increases as government lobbying increases. Local business leaders also hope for a boost in the commercial real estate market as well.
Recently, the area has seen a most-welcome relief from the struggles of the past couple of years. Washington DC does not have immunity from the nation’s economic problems. For example, there have been low retail sales, low tourism, layoffs, foreclosures, and declining home values. However, during 2008 and entering into 2009, several residents of homes in the Maryland and Northern Virginia suburbs have benefited during this time.
Professionals that have been referred to as “influence-peddlers” in a January 2009 Associated Press article are coming to town. They include government employees, lawyers, lobbyists, public relations experts, businesses, and companies. These folks have a vested interest in legislation being drawn up to stimulate the economy. They attempt to influence regulations and direct the flow of the government monies.
The AP writer Brian Westley quoted David Rubenstein of The Carlyle Group a private-equity firm who said, “Far from struggling, the Washington region could be on the verge of ‘boom times’.” The federal government has added over 7,500 jobs in the area in the past ten years, partially for defense, military, and homeland security oversight since September 11, 2001. Now we have companies who want bailout funds who are based outside the area operating larger Washington offices.
The region’s unemployment rate (4.4) is the lowest among metropolitan areas of over a million residents. We have gained 31,000 jobs from November 2007 to November 2008, making up for the large numbers of jobs lost in the construction and real estate industries during the housing crisis. Some believe that another 20,000 new jobs will be opening up in the region, with a third of them expected to be government and contractor positions.
Along with the influx, we are expecting the real estate markets in the area to remain slow but steady.
Feel free to contact Eric Stewart of Llewellyn Realtors at (301) 424-0900 for more information about real estate in the metropolitan areas.
Posted by: Eric Stewart
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