On May 27, just a few days ago, there was some very exciting news for residents of the Washington, DC area. Microsoft, the technology development giant, announced that they are planning to expand their operations in Northern Virginia.
With this move, Microsoft will be joining Amazon’s HQ2 project as a future leader of technological development and employment in Northern Virginia and the greater Washington DC region. Microsoft has had a center of operations in Reston Town Center for nearly 20 years, originally opening their doors in 2002, but the future development will grow their presence in the region significantly.
The company aims to invest $64 million as a part of this project, and their new development space will consist of 400,000 square feet in Reston Town Center. Although Microsoft’s new home will include a retail front for customers to directly purchase the most cutting-edge tech devices, the space is primarily designed to be a hub for software research and development.
Why Is This Significant?
Microsoft’s announcement has been met with widespread excitement by many Virginians for numerous reasons.
First, the tech company expects that this move will create 1,500 new jobs in Northern Virginia and the DC area in 2021, putting them in the same league as the newest Amazon HQ2 updates. The creation of this many jobs in a growing region is always welcome, but especially so during the current COVID-19 restrictions that have ravaged the country. These jobs, many of which will likely be well-paying software development gigs, are sure to further cement NoVA and DC as a growing center of information technology and other high-tech sectors in the near future.
Second, the timing of this announcement is perfectly suited to inspire confidence. At a time when even some essential businesses are worried about how to maintain their dealings, a massive expansion of this sort is an encouraging sign. Over the past months, we have seen incredible acts of solidarity as people give back to their communities and help protect local businesses and essential workers — and this announcement is all the more exciting on the back of those efforts!
What Does This Mean For NoVA Real Estate?
With the upcoming infusion of high-paying job opportunities into the Washington DC area, we expect that real estate values will climb in the coming months and years. We predicted that this would be the case when Amazon announced their HQ2 in National Landing, and we conclude that the trend will continue with Microsoft’s new development.
If you own a house in the DC area, now might be a great time for you to look into what your home is worth — home values are going up very quickly! It’s also very possible that you could face a competing offer situation on your home sale, which is a great way to increase your take away from the home sale.
This is a great opportunity to learn about how to move up to a more valuable home. Buying and selling at the same time can be difficult in real estate, but working with an experienced real estate agent will help you avoid common move-up buyer mistakes and get into your dream home! So if you feel like you are outgrowing your home, the budding market situation might be the perfect opportunity for you to find the house that suits all your needs.
This announcement is very critical for those who are interested in buying a home, too. If you wait too long to begin your home search, it’s possible that prices might rise or your dream home might be bought before you can even find it. On the other hand, there’s a good chance that you can take advantage of rising prices to begin investing in home ownership. If you buy a home while prices are still relatively low, you can sell it for more once new tech employees are settled and looking for houses!
If you are currently renting your home — and you are wondering whether to buy a home now or wait — you might be able to take advantage of this opportunity! There are plenty of ways for you to get out of your lease and become a home owner!
How to Maximize this Opportunity
If you want to make the most out of this unique market opportunity, then there are 2 options that you should consider.
Building a Custom Home
The great thing about building your own home is that you can completely customize it to suit your needs and situation. Alternatively, if you want to build a home that has maximum resale value as an investment, just make sure you know the right questions to ask your home builder before starting the process.
If you wait too long to get started constructing your dream home, you might run into the same issue as other home buyers: costs of land and labor will almost certainly continue to rise in the coming years. So now might be the perfect time to speak with the experts about how to build your customized dream home!
Off-Market Home Purchase
Alternatively, if you want to increase your chances of keeping purchasing costs low, then consider finding an off-market home and purchasing it. Off-market homes are a great tool for home searchers because they severely reduce the chance of costly bidding wars on your new home. This means that you can spend less time worrying about how to win a competitive offer in a seller’s market and spend more time getting excited about your new home!
If you are interested in taking either one of these alternatives, you should consider this: they are almost impossible to accomplish without expert help…but luckily for you, the Keri Shull Team is here to support you! We are the top-selling team in the entire Washington DC area — and we specialize in helping you get the best price for your home, on your ideal timeframe, and with absolutely zero stress!
So if you want to take care of your real estate needs before Microsoft and Amazon arrive in NoVA, then contact the Keri Shull Team today! Our expert agents are standing by to help you; all you need to do is click here to schedule a time for a free, no-hassle Real Estate Consultation today!