Houses are in high demand and prices have soared since Amazon announced a new headquarters would be located in Arlington County, Virginia. The buyers, however, are not new Amazon workers.
"The latest evidence that the impending arrival of Amazon’s second North American headquarters has ignited a real estate frenzy came last week when the real estate brokerage Redfin calculated that the two housing markets bracketing Crystal City, the new home for Amazon’s multiple offices, are the most competitive housing markets in the nation," reports Patricia Sullivan.
But, she says, the buyers are not the first wave of Amazon employees. Instead, the housing shortage and high prices are the result of current Washington-area residents purchasing properties—investors as well as renters who want to purchase before the new Amazon workers arrive. However, the tight housing market means that many new homebuyers are finding it difficult to compete with investors who can make cash offers and close deals quickly.
The current situation also reflects bigger housing issues in the Washington metropolitan area, notes Sullivan. "What’s happening here is a result of the housing affordability and availability crisis, said Terry Clower, director of George Mason’s Center for Regional Analysis."
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