With the election rhetoric in full swing it is getting harder and harder to know which “spin” to believe. However when it comes to Northern Virginia real estate an agent doesn’t need to create any spin. They can provide you with loads of data to back up their claims…or can they?
This week a market report from a Woodbridge VA agent showed up in my in-box. The report stated not only now is the best time since 2005 to list your home but it would be the best time in the next two years. Now there is no way any agent can honestly say what is going to happen in the future but we certainly can look back and see if the data supports whether we are in the best market since 2005.
To be honest I’m not a statistician. When it comes to making complicated analysis of charts I’d rather present the data and let you decide. Is now the best time in the last 7 years to sell your Woodbridge VA home?
It seems to me the chart shows from August 2007 to May 2008 prices in the Woodbridge (22192) area were higher than they are today. The chart also shows a relatively stable market since May 2010 with a few end of year seasonal dips and only one spike in June 2012. The median sold price in July 2012 was exactly the same as in August 2011.
What the chart doesn’t show is how many homeowners who purchased a home in 2005 are still underwater. No spin will make now a good time to sell a home if you owe more than it’s worth. It also doesn’t say whether your home will sell or whether you qualify for a mortgage if you want to move up. The chart shows a current market which appears to being hanging tight. Will it stay this way through the election and into next year? There is just no way to know. Far to many variables to make a forward prediction.
If you are thinking about selling your Woodbridge home make sure you are getting all the facts and not falling for the spin. If you want an evaluation of what your Woodbridge VA home is worth today give me a call.