Jeff Bezos, as you may know, believes every day is Day 1 at Amazon, where, even as a technology behemoth, the company acts like a start-up. It’s an approach that focuses on customers and results and requires effective and quick decision making. For our team at Long & Foster, this means we’re well-positioned to leverage our leading position in the real estate market and our status as part of Berkshire Hathaway affiliate HomeServices of America.
HQ2 Opportunities (and Challenges)…for the Region
Moderate home price appreciation expected. Seattle has seen an almost 73 percent increase in home values in the past five years, compared to the 15.5 percent that’s been reported in Arlington County. Long & Foster expects rises in median home prices will occur with Amazon’s move, albeit at a more moderate pace than what’s occurred in Seattle. While price appreciation benefits existing homeowners, it could exacerbate the affordability challenges facing first-time buyers and renters in our region. Likewise, demand for housing will push higher with the addition of 25,000+ high-paying jobs, and that could stress our already-challenged low-inventory environment.
Added jobs will drive wage growth. As mentioned, Amazon is set to bring over 25,000 jobs, with an average wage of more than $150,000. The Washington metro area already has a healthy job market with low unemployment, and the added Amazon opportunities will further benefit our local economy. Skilled workers are likely to enjoy a spike in wages, as a result of area businesses now facing increased competition for their talent.
Where Amazon leads, others will follow. Amazon’s decision to call Arlington County home may spark other companies’ interest in the D.C. region. Ancillary businesses will follow in support of Amazon’s operations, and we’ll see billions of dollars invested into our economy from our local and state governments, as well as business.
Increased density will affect our infrastructure. Traffic around the D.C. metro already ranks among the country’s worst, and the addition of 25K+ jobs in the D.C. close-in suburbs will add to commute challenges for both drivers and Metro riders. The Commonwealth of Virginia and Arlington County have committed to investing in infrastructure improvements, but those upgrades will take time.
How Long & Foster Can Help
While some of Amazon’s 25K+ future employees may already live in the area, many will relocate to our marketplace. They’ll need advice on housing prices, commute times, neighborhood amenities, school districts and more.
There’s truly no company better positioned or more experienced than Long & Foster to support Amazon’s HQ2 team.
· National and global network: With the backing of HomeServices of America, a Berkshire Hathaway affiliate, as well as affiliations with Christie’s International Real Estate and Leading Real Estate Companies of the World, Long & Foster offers a vast national and global network to our clients.
· Unmatched financial strength: Long & Foster is supported by the nation’s No. 1 independent real estate company—HomeServices of America—instilling our clients with confidence that we’re well equipped to handle one of the most expensive transactions in their lives.
· Trusted & well-known brand: Since 1968, Long & Foster has helped D.C. area buyers and sellers on their journey home. We work and live for the love of home, operating on a foundation of trust, family and excellence that ensures our clients achieve their real estate goals.
· Market leadership: Just as Amazon’s the leader in its vertical, Long & Foster Real Estate is the undisputed leader in real estate. More home buyers and sellers in the D.C. metro region choose to work with Long & Foster than any other brokerage, for both luxury and traditional sales—proof that we understand the market and our clients’ needs.
· Family of real estate and financial services companies: Beyond our real estate expertise, Long & Foster brings access to a family of companies that help our clients with all things home, from mortgage and settlement to home warranty and insurance.
Long & Foster is the right choice as your real estate partner. If you’re considering a move to, from, or around the Washington DC region, please give Robyn Porter a call. She and her team are ready to help! 703-963-0142 • email@example.com