DAAR’s 14th Annual Economic Summit Prepares Loudoun REALTORS® for 2020 Housing Market & Economy

Renee Haltom 2020 Economic Summit

FOR IMMEDIATE RELEASE                                                       MARCH 12, 2020
CONTACT: CHRISTINE AURIGEMA                                        703-777-2468

DAAR’S 14th ANNUAL ECONOMIC SUMMIT PREPARES LOUDOUN REALTORS® FOR 2020 HOUSING MARKET AND ECONOMY

ASHBURN – The Dulles Area Association of REALTORS® (DAAR) held it’s 2020 Economic Summit on March 6th at the Loudoun County School Administrative Building. More than 115 attendees received the latest economic forecasts, housing market performance data and plans for future development and growth from three expert guest speakers.
Arguably, the Economic Summit could not have been scheduled at a more opportune time, given the impact the February jobs report, the new coronavirus (COVID-19) pandemic and other market factors are currently having on the economy.

“This is the best local event for real estate and related businesses every year,” said Dulles Area Association of REALTORS® 2020 Director Robert Butcher. “It’s like a health checkup for Loudoun’s economy.”

Federal Reserve Bank of Richmond Vice President and Regional Executive Renee Haltom kicked the summit off promptly at 8:30 a.m. with a presentation about economic growth prospects, residential and non-residential sector outlooks and sources of uncertainty. The next presenter was National Association of REALTORS® Senior Economist and Director of Forecasting Nadia Evangelou. She spoke about current residential and commercial market trends on the national and Northern Virginia levels. Loudoun County Department of Economic Development Director Buddy Rizer gave the final presentation, which was about projected economic development and growth in Loudoun County, specifically Metrorail, data centers and key industry target areas. The event concluded after a question-and-answer session with all three presenters.

Vice President Haltom, Director Evangelou and Director Rizer provided a wealth of information. For instance, Director Evangelou informed attendees that in 2020, the real estate market in Loudoun County is expected to outperform compared to nationwide because of the strong employment growth. As more people enter back into workplace, the demand for housing is expected to increase as they set their sights on homeownership. Housing demand is expected to increase further in the area as a result of the fast population growth and the high homeownership rate especially in the key age group of 25-44. However, construction is declining in Loudoun County. While housing supply cannot keep up with the increased housing demand, that shortfall in supply is keeping pressure on home prices and rents.

In addition, Director Evangelou imparted that housing is more affordable in the Washington, DC metro area compared to 10 years ago. Specifically, in 2008, 12% of the renters could afford to buy the typical home in the area compared to 30% in 2018. Lower mortgage rates and higher income are the two main reasons.

“The DAAR Economic Summit is always a great opportunity to learn about the current status of the economy, both nationally and locally, and the direct impact that it has on our local housing market,” said Dulles Area Association of REALTORS® Young Professionals Network Chair Kathleen Stakem. “In our industry, it is easy to maintain a narrow focus on our low supply of inventory and high demand for homes. Having a broader perspective and a stronger understanding of the economy and future forecasts makes me better informed and more equipped to represent my clients.”

DAAR was honored to have AAFMAA Mortgage Services LLC sponsor the 2020 Economic Summit. This being the event’s 14th year, there were high expectations to meet, and AAFMAA Mortgage Services LLC made it possible for those exceptional standards to be delivered upon.

“We’re honored to help sponsor the DAAR Economic Summit and engage with real estate professionals in the Dulles and Loudoun County area and learn more about the housing market,” said Rob Greenbaum, Chief Sales Officer with AAFMAA Mortgage Services LLC. “The panel of speakers was impressive and their presentations were insightful,” he said.

The 2021 Economic Summit is a year away, but DAAR’s staff is letting the momentum of this year’s event carry them into the next one. As they put plans in place for the 15th Economic Summit, the staff keep their members and community top of mind.

“The focus is always on what is actually important and not what is trending at the moment,” said Dulles Area Association of REALTORS® 2020 President Barry Taylor. “We want to use this summit to shed light on issues that directly impact our community, our REALTORS® and our affiliates. If there is a housing-related issue keeping our members up at night, it will likely be a topic addressed at our summit.”

For more information, contact Christine Aurigema, Dulles Area Association of REALTORS® marketing and communications manager, 571-291-9804 or caurigema@dullesarea.com.

The Dulles Area Association of REALTORS® (DAAR) is The Association of Choice for Real Estate Professionals™ in the Northern Virginia area. Founded in 1962, DAAR works to safeguard and advance the mutual interests of the public, property owners, and real estate professionals for real estate-related matters.

Dulles Area Association of REALTORS®
21720 Red Rum Drive, #177
Ashburn, VA 20147
www.dullesarea.com
703-777-2468