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Housing Market Surging in Washington Area

4:33 PM, Apr 5, 2013   |    comments
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MCLEAN, Va. (WUSA9) -- Diane Juba is trying again. She and her husband listed their McLean home for $1.5 million a year ago, but had no luck. 

There were prospects, but no buyers. So after ten months, they took it off the market.

"It was a disappointment," said Juba who, with her husband raised their children here and now want to downsize into a smaller home.

"We hope that with all the changes we made, that will make the difference and make the sale," said Juba.

They've upgraded the master bath with new tile, a walk in shower, a jet sink tub and a TV for your viewing-while-bathing pleasure. Most of the upgrades are in the kitchen which has granite counter tops and all new high-end appliances.

The Jubo's real estate agent Jennifer Harlow says it's not just the improvements, but today's changed market that will help their house in highly-sought after Franklin Park sell quickly. 

"We've seen tremendous consumer confidence. Because of the low rates, buyers are ready to get out there. We're seeing about an eight to nine percent increase in value. We're seeing bidding wars, a lot of action. It's very exciting," said Harlow.

Her boss, Derrick Swaak, CEO at TTR Sotheby's International Realty, says pent up demand is helping to fuel the market. 

"People have been waiting a long time to a buy a home. And rates are fantastic. They've crept up a little bit, but it's still an unbelievable opportunity to finance a home."

Swaak thinks the rush to buy a house before the rates go up has also helped spur demand.

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