Moving to the DC area and wondering what's happening with home prices in an area you are interested in buying? Perhaps you just bought a property and, despite all the bad news about real estate prices spiralling downward, you are wondering why you couldn't negotiate a better price? Need to sell but a little worried about what you might get?
If you have an interest in some of the pricier neighborhoods of the DC area, the area's "golden zip codes", the chart below, compiled by Washingtonian magazine, with data from First American Core Logic and MRIS, will give you a clue as to what's really happened to area prices in the last 3 years since the peak of the market in 2006. If you don't find the zip code of special interest to you in the chart below, please contact me and I will try to get the numbers for your zip code.
While the zip codes in the outlying suburbs tend to have suffered the most, core areas have shown remarkable stability and sometimes even progress in the down market that has impacted the entire country. Ever heard the expression "real estate is local"? Indeed.
SELLERS: Don't make the mistake of assuming that because the chart seems to indicate your Bethesda 20814 home appreciated by 3% since you purchased it in 2006, that this is what you can automatically expect. These are median prices, and many homes sold in 2009 would have had more updates and upgrades than homes sold in 2006.
BUYERS: if you are preparing an offer in Chevy Chase MD 20815, dont make the mistake of starting your bid at 15% below list price because of the data above!
Selling or buying, nothing takes the place of the advice of a Realtor and neighborhood expert to help you determine market value for a specific property.
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