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When Amazon decided to divide its second headquarters between New York City and Northern Virginia, the D.C. metro area reacted with mixed emotions. While the news is certainly exciting, concerns exist regarding the overall impact on the housing market and local services, like transportation. Now is a good time to research, and to possibly invest, in the local housing market. Amazon projects a workforce of 25,000 for their Northern Virginia operations. Understanding how to navigate a move to the area and what to expect on the real estate scene will make the transition smoother for newcomers, realtors, and local residents alike. Here's what you need to know about Amazon's move to the D.C. Metro Area and the Effect on the Housing Market:
In Stages
The anticipated number of 25,000 workers is a large-and somewhat scary-amount. It is important to note that the complete hiring process will take place over a period of 10-12 years. The hiring process will begin, however, sometime during the current year. In an already competitive real estate market, there's no time like now to prepare for the influx of home buyers about to descend upon the area.
Just as the hiring will occur in stages, so might the home buying process. Millennials may choose to rent before they buy, making an investment in rental properties an attractive option.
Location, Location, Location
Amazon will locate it's Northern Virginia headquarters in an area known as National Landing in the City of Alexandria and Arlington County. Officials with both localities cite Amazon's selection of this site as a great fit for their vision-one of mixed-use, high-density, and transit-oriented development.
Planning for transit-oriented development is vital when it comes to mobilizing such a large workforce in an already congested area. Experts predict that housing located within a short walk to Metro stops on the Yellow and Blue Lines will be most attractive to buyers. Real estate located within 15-20 minutes from National Landing is core to the Amazon real estate boom. Areas circling out from the core will see a ripple effect.
Arlington County and the City of Alexandria plan to invest more than $570 million in transportation projects aimed at improving service to the site. A review of existing regional and local transit systems found the systems operating at a largely unused capacity. The transportation investments, along with current systems, were just part of the draw for Amazon. The employer is transit-focused, with many employees walking, biking, carpooling, or utilizing public transit.
How First Savings Mortgage Corporation Can Help
Amazon is investing approximately $2.5 billion into the Northern Virginia region. This investment will trickle out into the surrounding suburbs as the need for housing and services grow with demand. While the full impact won't be felt for quite some time, understanding your mortgage options is an important first step to purchasing a property.
At First Savings Mortgage Corporation, we've served the D.C. metro area since 1989. Our loan officers and friendly employees help guide you through the loan process. If you are planning on purchasing a home or a rental property, let us help. Contact us online today. We have four convenient locations to serve you.
We are excited about the new opportunities Amazon will bring to the D.C. metro area. The selection process was very competitive and we congratulate Virginia on securing Northern Virginia as part of Amazon's second headquarters.
Amazon may not be here yet but it's coming. Now is the time to start securing your place in the local real estate market. Whether it's choosing the right neighborhood or moving to a new one, there are a variety of loan options available. Trust First Savings Mortgage Corporation to help you through the upcoming changes to the D.C. metro real estate market