Are Bristow, VA Home Prices Back to Pre-Crash Levels?

By
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470
http://activerain.com/droplet/4Yp9

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.

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Rainmaker
4,499,432
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is good information to share with families on the move. Home sellers and home buyers will be in very good hands when they use your professional real estate services.

Dec 28, 2016 06:13 PM #1
Rainmaker
2,109,647
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Good information to consider for home buyers and sellers not only in your area, but across the nation!

Dec 28, 2016 06:28 PM #2
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I have seen a mix of values. Those good areas, good homes are at or even higher than pre crash levels. But some areas and homes are still below 2005 values.  Have a good day Chris Ann Cleland 

Dec 29, 2016 06:13 AM #3
Rainmaker
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Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hi Chris Ann -- this serves as a reality check for your area. Of course, each home is different as is each selling/buying scenario.  Your post serves as a good starting point in discussing market value in a community.   

Dec 29, 2016 08:07 AM #4
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Chris Ann - Excellent overview and good advice for your Bristow clients. Our market has gone significantly beyond pre-crash levels and doesn't look like it's going to stop until we get some more inventory - and we have only a very few short sales and foreclosures.

Dec 29, 2016 11:18 AM #5
Rainmaker
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Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

I look at it more as to when they bought or refinanced here in Sacramento. If it was prior to 2009, local sellers in Sacramento most likely have equity. If it was 2009 to 2011, they could be underwater a little.

Dec 29, 2016 01:03 PM #6
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Our values never fell drastically but with that said it took a while for any appreciation to happen. It is a much more stable market than even 2-3 years ago.

Dec 30, 2016 06:50 AM #7
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Chris Ann Cleland

Associate Broker, Bristow, VA
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