Real Estate is Local!
You hear this term a lot but what exactly does it mean? To demonstrate how true this statement is, look at the graphics below. They point out the difference in home values from 2007 to 2008 in Fairfax, Loudoun, and Prince William Counties by zip code. Prices do not only vary from state to state in the US but they vary within our local area of Northern Virginia from zip code to zip code. This is why you can't read the paper or watch the news in order to determine how the real estate market is doing in your neighborhood. You need to call an expert to run your local numbers to determine your home's value.
As you can see below, some areas saw huge price reductions like in Manassas which was down 51% while other areas like McLean were only down between 3%-8%.
Looking at Fairfax County as a whole on average prices were down 25% for single family detached homes from Dec. 2007 to Dec. 2008. However, if you look more closely at the County in Herndon prices were down by more than 25% while in the Tyson's Corner area prices were down as little as 3%. The same differences can be found in Loudoun and in Prince William. It is safe to say that all of our home prices are down, but you have to be careful in generalizing by how much.
I'm happy to run the numbers for your specific neighborhood for anyone who is interested. Just contact me via email or phone and I'll give you specific information about your home.
Fairfax County Price Changes Dec. 2007 to Dec. 2008
Prince William County Price Changes Dec. 2007 to Dec. 2008
Loudoun County Price Changes Dec. 2007 to Dec. 2008
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