Are Bristow, VA Home Prices Back to Pre-Crash Levels?
Near the end of November 2016, Case Schiller reported that national home prices had surpassed their pre-crash levels. You can read the interpretation of that data by clicking this link. Unfortunately, that is a national look at real estate prices. If you want to know what's happening with home values, ask a local real estate agent.
Since I can only speak about the market in which I work, I'm going to tell you about that state of Bristow, VA home values. What we discuss will hold true for Gainesville and Haymarket as well. These are the areas I know like the back of my hand, though I strongly suspect the western suburbs of Washington, DC are all in a similar boat.
Home values in Bristow, VA have recovered a lot of lost ground since our crash, but they aren't quite where they were at the height of the boom. A full recovery of lost value is still underway. We are at about 85-90% of what those values were. This is why our Bristow marketplace has been experiencing Short Sales every year since 2007. Home owners are still under water to what they may owe, especially if they purchased on a 100% financed, interest only loan.
Should you wait until values are fully recovered to sell your existing Bristow, VA home and buy one that fits your current needs? Considering the stable market conditions that have held values rather flat for the past year or so, we would need to see buyer demand out pace market supply. I don't know if that is going to happen.
What we do know is mortgage interest rates have started to rise. What you could gain by waiting to get your pre-crash home value, you will likely lose in higher interest rates. After all, interest rates make up the majority of your mortgage payment. A few more thousand dollars down isn't going to make nearly the dent in your mortgage payment, as avoiding rising interest rates will save you.
You probably think that calling a real estate agent is something you do when you are sure you know the next move. I am here to tell you that you can call me to give you the information you need to decide on your next step. Without accurate information, tailored to your specific home's value, and a look at local market conditions, you are flying blind. Get in touch with me for a free market analysis of your Bristow, VA's home.