Recently an article on realestate.com entitled Riding the Trillion-Dollar Real Estate Recovery Roller Coaster stated nationwide the housing crash had cost homeowners a combined total of over 9 Trillion Dollars in home value. It’s a number that’s hard to wrap your head around.
However it easy easier to take a look at the local market and see how the roller coaster ride has hit Northern Virginia.
As you can see the “bottom” of the market in Northern Virginia was in late 2008 and early 2009. Since then the market has experienced ups and downs finishing at the end of September with a slight dip but prices slightly above the beginning of 2008. A caveat in looking at this chart is the numbers are general for Northern Virginia for all home types. To understand what may be happening in your neighborhood you need to have a Realtor® complete a detailed CMA.
Even with home prices in Northern Virginia moving back to 2007 prices, a home today is more affordable by the lower interest rate. For the same 5 year time period you can see how interest rates have declined.
If you are considering buying or selling a home in the Northern Virginia area give Cindy Jones and CJ Realty Group a call at 703-346-2213. Let’s look at whether now is the right time for you to make a move. No hassle, no pressure, just straight talk about today’s Northern Virginia real estate market.
And if you are a fan of real roller coaster rides you might enjoy a ride on the California Screaming Coaster