Daniela Berson
WMAL.com
WASHINGTON — (WMAL) 2015 was a good year for the local housing market, and 2016 is expected to be even better.
According to Virgil Frizell, Chairman of the NoVA Association of Realtors, home buyers are benefitting from low interest rates.
He expects 2016 to be the “best year of the decade” for house sales.
“It looks as if the Fed wants to continue to do these modest increases in interest rates,” Frizell said. “While it’s not a one-to-one relationship, it certainly will impact mortgage rates in the future.”
Another factor in the healthy housing market is the lack of housing itself.
Prices for homes in Northern Virginia increased by 2% this year because there weren’t as many houses to sell.
Frizell expects to see more market growth in 2016, especially in Northern Virginia.
Copyright 2015 by WMAL.com. All Rights Reserved. (Photo: CNN)
