A good deal is what you think it is. What is a good deal for one may not be a good deal for another. If you like the houses, the prices are affordable for you, the schools will be good for your kids, , the commute works, and you like the neighbors, it may be a good deal for you.
In today's market, many people are looking at the fact that interest rates are at historic lows and won't remain at those levels. They are also looking at the First Time Home Buyer's tax credit and the repeat buyer's tax credits that have spring deadlines. While these are not reasons for everyone to get into the market at this time, it is working for a lot of people.
Several people who have answered have more expertise in Loudoun than I do (but don't hesitate to ask me about Fairfax, Arlington, Alexandria, Prince William and Stafford counties), so they might be the right people for you to consult.
We can run properties sold over the last 6 months and take the difference in assessed and market value. Let's say that on average the properties sold were sold at 98% of thier assessed value. It would be fair to say that your property would be worth approximately 98% of the assessed value.
This of course doesn't take into consideration property condition, community location, and current general demand. It does though give us a decent idea of what to expect.
Contact a local Realtor and determine your properties potential value, Realtors are trained and have invaluable current market experience.
Best of Luck! -Pat
Market values are best determined by comps - similar properties within the same community that have sold within the last 30 to 90 days. That is what ready, willing and able buyers are willing to pay and is what "market value" is best defined as.
No one has a crystal ball so there is no way to answer your question of when the market will be stable with certainty. What I can comment on is what the market has done in the past. In the case of that community as well as Loudoun and Northern VA in general, market values have stabilized and increased in most areas in the sub-$600K price point over the past 6 months.
Will the increase continue? No way to tell for sure.
Will it stabilize (aka go sideways as defined by up or down by no more than 1 to 2 percent)? I'd say this the most probable scenario near-term (within the next 12 months).
Will market values go down? That depends on a whole slew of factors including the general US economy and current events. At the rate this country is spending and printing money, this is a possibility that we should not ignore.
To chat more about market values within the Blue Springs community, values in general or anything else real estate related, give me a call - 703.582.6900.
Please feel free to contact me with the price range you're looking in, I'd be happy to give you the statistics which will give you an idea of how the market is in the 20152 zip code as well as a detailed look at the Blue Springs Community.
For a prediction of house prices in 2010 look below.
We will have interest rates go higher this year. The federal reserve is buying mortgage backed securities now. They will stop in march. Interest rates will go up then. The federal government is selling $100 billion of bonds each month far into the future. That could also increase interest rates on mortgages.
when interest rates go up buying power goes down.
5% interest rates =100% buying power.
6% interest rates = 89% buying power
7% interest rates = 76% buying power.
When strict lending standards, high unemployment, and no or very small raises are added in I believe we will see house prices drop to meet the much lower ability of people to get a mortgage for houses at their current high prices. (for most of the country)