BEST ANSWER
If you have a Buyer Agent, that professional should provide you with a comparative market analysis to show you what properties are selling for in that community. That professional also should be able to advise you as to recent sales statistics in the area. Comparing prices today with the same time in 2007, home prices dropped anywhere from 7 - 15% in Northern Virginia. Your real estate professional can give you the data by zip code. From January to June 2008, prices have been dropping anywhere from just under 1% a month to a little over 1%. The national economists and the George Mason University real property experts do not expect this scenario to improve for perhaps another 12 - 15 months. They are, however, stabilizing somewhat based on reports out of the Fed and local and national economic reports.
Ella L. Mulligan
Long & Foster Realtors
(703) 850-5090
Sat Aug 2 2008, 08:06