Archive for January, 2012
Rising home values this year?
January 13th, 2012 categories: Buyer Strategies, Seller Strategies
Will your Chantilly or Northern Virginia home go up in value this year? Who knows, but there has been some good news recently, along with the reality of foreclosures.
Housing has been rough since at least 2007, with home values down nearly 20% nationwide. Don’t forget though that our Northern Virginia housing situation has been far better than most areas of the country.
Obviously, low mortgage rates are good for Chantilly area home buyers. Low rates plus low prices has led home affordability to an all-time high. As you’ll hear in this 4-minute interview with NBC’s The Today Show, carrying a mortgage now costs about 25% less per month as compared to just 3 years ago.
A few other noteworthy points:
- There are more buyers out looking for homes today, which leads to more sales
- The housing market is expected to get gradually better, month-by-month, in 2012.
- There are still lots of foreclosures, but at least they are working their way through the system.
With low housing inventory, Northern Virginia buyers may find their best “deals” today — before the Spring Buying Season begins in February.
Of course, remember that each area has its own dynamics. Cities and neighborhoods have differences, and I am here to help you with the particulars of our area.
My team and I are always here for you. Let me know how I can help you!
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