Northern Virginia Home Prices: Why They Are At A Three Year Low

First quarter numbers for Norther Virginia home prices are down 10% in most areas which is bad news for some home owners looking to sell. however, this is great news for home buyers. 

This means that home buyers can get a great deal on a home if they successfully search the right areas and play the market right. Timing the market right is one practice that many people do not take advantage of and is often very tough. 

Why Northern Virginia Home Prices are Down

Prices have dropped 10% since March 2013 with an average home price of around $450,000 in most of the Northern Virginia area. This is great news for those looking to buy a home and get a great deal. Many believe that this could be the results of a very rough winter we had that consisted of very cold temperatures and high amounts of precipitation which slowed the market down more than usual. 

Home sales for the first quarter of the year (January - March) were relatively low. According the the Virginia Association of Realtors, 17,838 homes were sold which was down 5.7% from the year before. This was the lowest recorded first quarter in the past three years. 

People are not as confident in the market as much as there were before the housing bubble back in 2008 and are making sure they sell their homes at the best possible time. If they feel the housing market is low, they are going to wait for prices to increase again in hope to have made a good investment. 

Even though this is not such good news for sellers, this is potentially very positive news for people looking to make a home purchase. Home buyer should look at this and realize how much money the could save if they buy a house in this market especially if they are working with a real estate rebate company. Below, we have laid out some numbers on the advantages and savings a home buyer could potentially find. 

How Home Buyers Can Take Advantage of the Market

Imagine a home in northern Virginia is listed at $450,000 which is 10% below what the market typically has been in past years. This means you would be buying a home that is $45,000 below what it should be listed at. 

Now add in a 1.5% real estate rebate and that comes out to $6,750 cash back in your pocket.

That is a total savings of $51,750!

Just imagine what you could do with that much savings. You could invest in a new family car, take a vacation or complete renovations to your new house. That is a lot of money that people living in or are looking to live in Northern Virginia can take advantage of. If you would like to learn more about how others have taken advantage the home buyer rebate check out our recent case studies below. 

Resources: www.leesburgtoday.com, www.bizjournals.com