Will home prices in Fairfax, VA continue to fall into '09?

Asked by sandra, 22033 Tue Sep 23, 2008

Hi Everyone, I’m currently working in CA, but am returning to Fairfax to settle and buy a home next summer. I know prices are low right now, so my question is would the trend continue into next summer, or should I move on buying a home sooner than that? I’m a first time home buyer looking for either a single family or townhome. It has to be move in ready since I plan on moving right in from CA. I’m very familiar with the area and want to live in the Fair Oaks/Fair Lakes/Chantilly area. Any advice is appreciated.

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Lostski, , Virginia
Wed Sep 24, 2008
I grew up in this area. I am a mortgage banker for a large national bank. Several of my former neighbors have sold in the Chantilly area. Prices here have stabalized to a degree. This area is not subject to the vast decreases in value as other surrounding communities have seen. Will there be further declines- probably. But these declines will not in this area be for long. Your problem as mentioned by some one else is going to be the Interest rates. Many future changes to our industry will impact you greater than a slight decrease in value of your home.
If this is going to be your home for more than 5 years, i would seriously start looking.
Feel free to ask more by emailing me at lostski@gmail.com
Have a great day!
0 votes
NonRealtor, , 23456
Tue Sep 23, 2008
Wait another year, save another 14%. The trend is your friend, and the trend is down. Good Luck
1 vote
George Wali, , Austin, TX
Tue Oct 6, 2009
I'm a real estate invester if you need help let me know i can help you buy a bank own house so you can have equity in it.

When ever you ready give me a call like a few weeks before you come out to see the house
my namber is 703-625-2310 George
0 votes
Mokismom, Home Seller, Fairfax County, VA
Mon Sep 28, 2009
Hello. We just purchased a pretty 3-bdrm, 2+2 bath end-unit townhome last year in Fairfax which is off Government Center Parkway and Ridge Top. Close to everything! Walk to Fairfax Corner and Wegmans.
We are looking to return to Rocky Mountains as our work in DC may be closing winter 2010. We have a new home in the West which has been rented and will be available in Feb. If you are interested in photos, let me know. Contact patti@livingmagazines.biz
0 votes
Freddy Solis, Agent, Mclean, VA
Thu Aug 27, 2009
The Fair Oaks/Fair Lakes/Chantilly area is a great location to move in Northern Virginia. I have lived here for over 20 years went to school in Herndon, what I hear from clients is how they would love to find a townhouse or condo near all the new shopping areas in this part of Fairfax.
This is an area next to everything, prices here have been moving up, this properties show up in my data base today gone in three days, with as many as ten contracts for the seller to choose from. It has been very hectic lately trying to get a home in move-in condition, if you are willing to buy a unit that needs painting, some carpet cleaning and other minor work or maybe with older appliances you might find one that eventually fit your needs and in the future brings you good profit in your pocket.
If you still need to get your questions answered please feel free to contact me, maybe we can talk about a near by place, Centreville and the bargains you find just ten minutes west of Fair Lakes.

Freddy Solis
RealEstate.com, REALTORS®
Capital Region
703-943-7844 Direct
703-955-3528 Fax
The Real Estate coach helping achieve your goals.
Web Reference:  http://www.FreddySolis.com
0 votes
Jennifer You…, Agent, Chantilly, VA
Fri May 1, 2009
Did you find a realtor yet Archersa? It's about that time to move! Check out my website at C:\Users\Jenna Davis\Documents http://\www.jenniferyounghomes.com and send me an email if you need any help. Good Luck on your move!!
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Thu Oct 16, 2008
Archersa - I am re-reading your question, hoping you'll be alerted to this newer posting. You may find this blog post interesting: http://therealestatewhisperer.blogspot.com/2008/10/homes-sal…

If you email me, I will be glad to keep you on a mailing list to get updates monthly, and as the time moves closer, more frequently. VChrisner@kw.com

Hope to talk with you soon... oh, and by the way, feel free to use the many resources on my web site, including the home search tool!
Web Reference:  http://www.vickychrisner.com
0 votes
Cheng, , 08817
Tue Sep 23, 2008
By the way, you will always find a very good spot of a town that everyone trying to move over and end up often sold out. e.g. Edison Hollow South http://raspberryct.blogspot.com/ just sold out. Not long ago came out a 1br 1ba condo 1935 Raspberry Ct Edison NJ 08817 and it sold in just one day!! and the price $203,000 no less than the price of 2007, 2006 or 2005... or a bit higher.

Why EHS is sold out? hey! you so-called experts? I think it is because it is only 5 minute walk to Edison Train Station http://edisontrainstation.blogspot.com/ and 40 minutes to Manhattan. So, gas hike also make community like this very desirable, and NEVER fall! So, in Fairfax VA area, look for condo or townhouses can walk to Washington DC Metro station. http://www.wmata.com/metrorail/systemmap.cfm

By the way, do you know that 1935 Raspberry Ct was just rented at $1,400 ? That is to say, if you, as first time buyer, bought a home close to Metro in DC area, when you want to buy a bigger home to move up, you can always rent out for good rent and used to pay the mortgage of your next bigger home.
0 votes
Tue Sep 23, 2008

You have asked the question that everyone would like to know the answer. I am a mortgage banker and live in the area. My personal opinion is that we are at or near the bottom of the mortgage collapse in NOVA. Remember just like politics, all real estate is local. I have seen sections of one town like Vienna rising while just a few miles away prices are falling. The wild card of course are mortgage rates. Even if prices have dropped more next year but rates are higher, any financial gain by you is likely to be a wash. In the long run you could lose money every month. My question would me, how much more can they come down in the area you like? You have to move when you are ready on the home but start the process with a lender NOW. Without knowing the rest of your situation it's impossible to quote you a rate but I can promise you regardless of rates and prices the mortgage industry WILL be more restrictive next year. What I am saying is that you may be blocked all together next year from buying a home by changes that no one can see coming down the road. If you would like to take the next step I am happy to pre-qualify you and see what can be done. Please let me know if you have any questions.
0 votes
Cheng, , 08817
Tue Sep 23, 2008
sorry, here is the collapsed mortgage rate info ... http://www.bankrate.com/brm/graphs/graph_trend.asp?tf=180&am…
0 votes
Glenda Cherry, Agent, Herndon, VA
Tue Sep 23, 2008
Unfortunately, no one knows the answer to that question. Some experts say we're at the bottom of the market now ... some say the market will continue to fall through January, 2010. If I were in your position, I would rather not be paying a mortgage payment on a house unless I'm living there. You also have to look at potential problems of a vacant home: security, maintenance, etc. And a vacant home is usually more expensive to insure.
Web Reference:  http://www.GlendaCherry.com
0 votes
Cheng, , 08817
Tue Sep 23, 2008
I believe you should make your buying decision based on your own need, NOT all the rumors or so-called forecast since they often turned out false.

Fairfax VA is one of the best places I ever visit, and I believe many people would like the town like you. The area is expected to boomed due to the Dulles Airport that many Asian moving in and invest in the area, so you can expect foreign investors kept coming to the area.

You should consider buy right now when the mortgage rate just collapsed http://riverheightsestates.blogspot.com/ and many housing bashers out there to hammer sellers' confidence, and if you start shopping and end up buy at Thanksgivng time you may find some great opportunities, and may be close some time grab a great low rate.

As first time buyer, you may buy a condo or townhouse so that you will not be overwhelmed by the maintenance of outside of a single family house. Also, just buy what you need, say, if you are a young couple just buy a 1br or 2br condo, or if you have a kid, buy a 2br or 3br townhouse, and you will find in the future, you may have lots of flexibility.

Ideally, you would buy a 1br condo now, if big enough, then after you move in, you may buy another 2br to move up a year or two later, and rent out your 1br condo, and later move up to 3br townhouse and rent out your 2br condo, and eventually move up to your 4br single family house and rent out your 3br townhouse.

In next cycle of real estate boom, you will have a chance to sell all your 1br, 2br and 3br and realize the gain.

Note, you have to do it in this sequence since if you bought a bigger home first, say, 3br townhouse, and later you want to buy a 1br, the bank will think it is "investment" and that rate and point fee are much higher than owner occupied loan.
0 votes
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