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Northern VA Market

I've been hearing that in the Alexandria area, housing values will go down a few more percent through the end of this year, into 2009 and then go sideways in 2009 for several years.

My question is about the jargon, basically. If the market's going sideways, will it at least keep up with inflation or mild gains? (CNN's forecast for greater DC is that it'll go up .7% next year).

I'm hoping that in five years my home will increase the 6 percent (of nominal value) necessary to sell it. Considering the downswing now, is this possible?
Fri Apr 11 2008, 11:21 - Virginia - Market Conditions - 3 answers
 
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Firsttimer
Home Buyer
in Alexandria
Firsttimer, Home Buyer in Alexandria in Alexandria
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NonRealtor was FIRST TO ANSWER
When someone says a market is going to go sideways it usually means that it will make marginal moves up or down. In real estate, over time homes have historically appreciated about 6% annually, not accounting for inflation. If you are looking to time the market or you are buying a house because of the investment aspect, you will probably be disappointed. But if you look at the tax benefits and pride of ownership aspects first and the investment aspects second you will make a much better decision. You just have to avoid making any critical errors and a good real estate agent can do that for you.

Fri Apr 11 2008, 15:35
Web Reference: http://www.linkedin.com/in/tonyarko
 
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There is no way to be sure how the market is going to respond after we clear out some of the current inventory of properties. In the past when we have had downturns in the Northern Virginia market and stayed flat for a period of years home values did stay close to the rate of inflation. But the past is just that past. We have no way of predicting what will happen under the current conditions. If you are planning on staying in your home 5 years you are at least thinking in the right direction. Remember how badly Jim Cramer was on the Bear Sterns recommendations a few days before the stock crashed. Don't spend to much time worrying about something that no one can predict.

Fri Apr 11 2008, 14:55
Web Reference: http://varealestatetalk.com
 
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FIRST ANSWER
there's always hope
and the realtors don't have much to say to you
because you are not buying anything
get an appraisal and see if cnn is correct

Fri Apr 11 2008, 12:12
 
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