Amazon is building its HQ2 offices in Virginia, which many consider a huge win. Others, however, are not so happy about this development. This split is seen especially in the real estate market. For some, the building of the HQ2 means more money and a hotter market. For others, it means difficulties. Initially, the announcement meant people quickly moved to buy in the area. However, as time has gone on, the demand has not gone down, which is creating problems.
Inman explains that the high demand means real estate inventory is at an all time low. For agents, this means there is not a lot to sell. While those properties that are available sell for high prices, this is not a good thing for those with lower budgets. They are essentially pushed out of the market and unable to buy.
Buyers also have to be more aggressive, and bidding wars are commonplace. This is fine for those who have the money, but first-time buyers and those with more conservative budgets just cannot compete. Getting a good deal is no longer an option as selling prices are far above the list prices.
Moving Amazon into Virginia seems like a win. It will produce jobs and bring a lot to the state. However, the short-term impact on the real estate market means that many people, homeowners and small businesses, will no longer be able to remain in the area simply because there are no properties or the ones available are too high priced. This information is for education and is not legal advice.