A comparison: Seattle to DC metro. Wow, what a difference

[mike2]

I decided to relocate to the DC area thanks to a job opportunity. Since I found out about the potential to take the position I've been researching the local market in Northern Virginia while still keeping up with the Seattle market conditions.

If you haven't been tracking the DC metro market (which NoVa is part of) the bubble here has popped. DC metro is down 7% from last year (per Case-Shiller) and certain pockets are down 15% YOY.

Demographically, Fairfax and Loudoun counties have a median family income of $100K, nearly $25K higher than King County. The population growth in Loudoun has been up around 100% over the past 5 years.

There is a huge boom going on in commercial construction in NoVa. There's NOTHING to compare this to in the Seattle area. Seattle is asleep on this level. You can't drive a quarter mile without coming across a brand new midrise office complex, and another, and another... and yet another. And as you might have guessed they are mostly vacant.

On a personal level, pretty much everyone I talk to brings up realestate - buying, selling and asking if I'm going to buy here. I'm getting all kinds of advice from "start looking for a killer deal on foreclosures" to "now is a great time to buy since prices have come down". Everyone seems to know someone that wants to sell, can't sell, or knows a realtor that would love to work with me. However you still can't easily find condos, townhomes of a SFH that would come close to cash flowing as a rental.

Biggest difference though is everyone accepts that the market has tanked and the only point of contention is how long it will last.

[SeattleMoose]

"everyone accepts that the market has tanked and the only point of contention is how long it will last."....don't forget...and how low it will go.

Rent for a year and watch the chaos around you as the market implodes and then...decide whether or not to make your move.

Good luck in DC!!

[Horror Artist]

[mike2]