Commuters who live Loudoun county have eagerly awaited the Dulles Corridor Metro Project. While the mass transit system will make getting to and from the city easier for all of us, you are not alone if you are wondering just how it will affect the local housing market. There are many questions that come to mind.
Will There Be An Influx In New Residents?
One of the first questions on everyone’s mind, is how many residents will make the move from the city to Loudoun and Fairfax Counties. While it is impossible to accurately predict a precise number, it is certain that those who are looking to achieve greater balance between working in the city—and living in a grounded community will be weighing the pros and cons of moving to the city.
Will There Be A New Market For Vacation Homes?
City living is appealing to many, so the new transit system may increase the number of secondary homes or vacation rentals for those looking for a fast and easy getaway—or even an extended getaway where working remotely and commuting in a day or two a week allow for a working vacation.
Will Your Property Value Increase?
If the local population spikes over the next few years, it is possible that the influx of new residents will cause the property values to increase. The good news is, that an influx will not occur overnight—but could still occur in a fairly short period of time. This includes the property value of both commercial and residential real estate.
Will The Rental Market Increase?
There are a multitude of reasons why commuters may wait to buy. They may not plan on living in Loudoun County long-term, or they may not plan on working in their current job long-term. This may create a new demand for rental properties—as well as a diverse selection of rental properties.
Should You Buy Now?
Many who plan to move are already starting to narrow down where in the area they want to live. If you are thinking of buying, you will likely get more for your money if you buy sooner rather than later—but you should always wait to buy until you are financially prepared.
Time will only tell, but the Dulles Corridor Metro Project is sure to contribute to NoVa’s ongoing growth and expansion.