VAR CEO Terrie Suit was featured in Hampton Roads-based Inside Business magazine, where she wrote the 2014 What’s Ahead forecast for real estate. Terrie was asked, among other well regarded CEOs across the state, to discuss the outlook for a business sector — in her case, the real estate market.
Here’s a sample of what she had to say:
Realtors are optimistic by nature, but this optimism is guided by some solid market facts.
Over the past few years, almost every month has shown an improvement in housing figures over the previous year: Sales are up, prices are up, distressed inventory — foreclosures and short sales — are down.
The result is that, for most of the state, the housing economy has returned to its near pre-bubble level and the economic figures we track show the general upswing is likely to continue.
That was in large part due to Virginia’s solid economic position. We are a diverse state with diverse economies. Besides the strong military and government sectors in the north, Virginia businesses run the gamut: technology, agriculture, retail, financial, medical, tourism and more.