Silver Line Will Impact Home Values

Silver Line Will Impact Home Values

The Washington Metropolitan Transit Authority’s (WMATA) Silver Line is currently in the second phase of construction. The first phase of the project is in full service now, providing a transit option for commuters in Northern Virginia.

Development in Tysons Corner continues to be strong, with retail, commercial, and residential density clustering around Silver Line stations. Local attractions and commuting opportunities for work throughout the Metro Washington area are driving up demand for real estate.

Reston, where the commuter train line will eventually terminate, experienced tremendous growth since the completion of Silver Line Phase 1, even though the second phase is currently under construction.

The Impact on Home Values

The real estate market in Fairfax County has been hot for several years. With landlords looking to expand their property portfolio and home buyers coming to the area for the convenience and quality of life, the Silver Line has brought with it a steady amount of growth since construction began.

Houses near Phase 1 stops currently have a price advantage over those further away, because that leg of the train is already finished. However, getting in at a low price now will bring higher returns when Phase 2 is finished.

The Compelling Reasons to Buy In Now

Investors contemplating a real estate purchase in the Silver Line corridor should act quickly to take advantage of the rapid growth in value already taking place. Those who purchase now will see the value of their investment increase faster than the whole market.

This is simply because Phase II is currently under construction and there is no doubt that it will eventually be finished. It is a clear selling point for a property, especially because it will provide single train access to Washington Dulles Airport and downtown District of Columbia.

Northern Virginia is very popular with federal government employees because of its convenience to Washington. Those who frequently travel internationally will be very interested in making it simpler to get to and from Dulles.

In addition, commercial investment is already funding developments such as the Tysons Corner Mall and Reston Town Center. The future value of homes near these developments is climbing dramatically as they get closer to completion.

Home prices in Northern Virginia have been climbing for a long time, despite the recession. This flurry of private investment will make the climb steeper.

Buying into this market now will allow savvy investors to realize tremendous gains over the next five to ten years. As the recovery continues, home buyers will have more capacity to bear higher prices moving forward.

Resale Potential of Existing Properties is High

With so many beautiful properties to pick from, post-purchase renovation investments will be minimal. Demand for residential real estate is making it hard for supply to keep up, which is good for property owners entering the market.

One of the biggest concerns of every property investor is how the market will handle the added supply. This market is so hot right now that investors are turning over property at a very healthy rate.

The benefits of Phase 1 of the Silver Line for Northern Virginia are already apparent. This makes a compelling argument in favor of purchasing real estate near the second phase as an investment.