Resilience and Adaptation: Northern Virginia's Real Estate Market Through the Eyes of Dallison Veach

Few markets demonstrate the resilience and complexity of real estate like Northern Virginia. Dallison Veach, a third-generation real estate professional and award-winning agent, offers a unique perspective on the current state and future prospects of this dynamic region.

Veach, who has been named as a best real estate agent by Northern Virginia Magazine since 2017, brings a lifetime of industry exposure to her work. “My grandfather was a developer. My mom and my stepfather were both [in the business]. So I kind of have been in this since birth,” she explains. This deep-rooted connection to real estate provides Veach with an intuitive understanding of market trends and client needs.

Despite national concerns about economic slowdowns and interest rate fluctuations, Veach paints a picture of stability in Northern Virginia’s real estate market. “I’m just as busy as I’ve ever been,” she states, dismissing notions of a significant market shift. While she acknowledges a slight “softening” in some areas, she clarifies that this primarily means a reduction in extreme overbidding rather than a true slowdown in activity.

One of the key factors contributing to the region’s stability is its unique economic composition. “We’re a little recession-proof,” Veach explains, citing the area’s proximity to Washington D.C. and the presence of multiple military bases. This diverse employment base, heavily anchored in government and defense sectors, provides a buffer against economic uncertainties that might more severely impact other regions.

However, the market is not without its challenges. Veach expresses particular concern for first-time homebuyers and those in the lower end of the market. “The only people that I see it really, really impacting are the lower-income [buyers] that are having a hard time purchasing the starter home,” she notes. With townhouses now starting at $500,000 to $600,000 in the area, affordability has become a significant hurdle for many potential buyers.

The recent changes following the NAR settlement, add another layer of complexity to the market. Veach believes these changes will disproportionately affect the lower end of the market. “I think that the area of the market that’s going to be most impacted by this is going to be that lower end,” she states, highlighting the potential for increased financial barriers for first-time buyers.

In response to these challenges, Veach has adapted her approach. She now focuses more on finding government subsidies and programs for first-time homebuyers, such as those offered by the Virginia Housing Authority. Additionally, she employs strategic negotiation tactics and encourages clients to consider properties that may need some work but offer better value.

“You have to be strategic,” Veach advises. “You can’t go for the nice, shiny model house that just came on the market. You have to maybe go a little outside of your comfort zone.” This approach not only helps clients afford homes but also allows for commission coverage and potential home improvements.

Veach’s client base spans a wide spectrum, from those purchasing $100,000 properties to million-dollar homes. This diversity in clientele speaks to both the range of the Northern Virginia market and Veach’s versatility as an agent. “My clients come from all walks of life and all different price points,” she explains.

Looking ahead, Veach remains cautiously optimistic about the market’s future. While she acknowledges the potential for short-term fluctuations, particularly around election cycles, she doesn’t anticipate significant long-term changes in the region’s real estate landscape.

The key to Veach’s success and her optimistic outlook lies in her approach to client relationships. “I put my heart and soul into what I do,” she says. This dedication has resulted in a business built almost entirely on referrals, either from other real estate agents across the country or from past and repeat clients.

As the Northern Virginia real estate market continues to navigate national and local economic trends, professionals like Dallison Veach play a crucial role. Her blend of generational industry knowledge, strategic adaptability, and genuine passion for her work provides a valuable service to clients across the economic spectrum.