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Old 12-18-2012, 11:05 PM
 
2 posts, read 2,169 times
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I am a first time home buyer. I noticed the market go up in the area. Will the Market drop early next year?
I am thinking early spring.
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Old 12-19-2012, 06:30 AM
 
7,928 posts, read 9,645,247 times
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Quote:
Originally Posted by Charlie723 View Post
I am a first time home buyer. I noticed the market go up in the area. Will the Market drop early next year?
I am thinking early spring.
My crystal ball is saying "no, it definitely won't drop". But wait, my tarot cards are saying it will drop!

Oh, no! Who to trust??

Seriously, if we all knew the answer to that question, we'd all be millionaires. It's been a pretty strong market in this area and has continuted to rise slowly over the past couple of years. Make your own conclusions as to what will happen in the future.
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Old 12-19-2012, 06:38 AM
 
564 posts, read 1,274,435 times
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Yes, count on the market dropping precipitously at the exact time you want to buy, then recovering immediately and never dropping again.

But really, I'd say it's doubtful but possible it will drop if we really do go through sequestration and it really does affect the DC area that much. It's so hard to say. If we somehow avert the fiscal cliff, then I would say there's little chance of it dropping much any time soon.
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Old 12-19-2012, 07:02 AM
 
Location: Northern Virginia
5,083 posts, read 5,351,459 times
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My guess is at the very least, it will remain the same. It is Arlington. And it is the Spring. (a strong time of year for the RE market)
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Old 12-19-2012, 08:18 AM
 
2,185 posts, read 2,645,690 times
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How this fiscal cliff is resolved will have alot to do with housing prices next year. Check back in a couple weeks. But whatever happens areas like Arlington would probably be less affected than areas further out
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Old 12-19-2012, 11:43 AM
 
968 posts, read 1,441,346 times
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Isn't spring peak real estate season? I wouldn't think prices would be likely to drop around then.
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Old 12-19-2012, 01:42 PM
 
2,980 posts, read 3,714,953 times
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lol is this a serious thread?
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Old 12-19-2012, 03:02 PM
 
Location: Chapel Hill, NC, formerly DC and Phila
8,555 posts, read 12,622,593 times
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I think you have a better bet of getting a deal in winter when there aren't as many home buyers. Spring will bring out lots of buyers moving to the area and more competition.
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Old 12-20-2012, 11:38 AM
 
2,633 posts, read 3,056,141 times
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The City-Data info on Arlington here:
http://www.city-data.com/city/Arlington-Virginia.html

Scroll down to "Home Sales in Arlington, VA" (just below "population density"). You'll see that Arlington has survived the housing bubble very well. in 2009 there was a brief blip before prices recovered, then since 2010 prices have been well over the "pre-bubble" values.

Bottom line:
If you intend to buy and live in the house for a while, then over time these fluctuations won't really affect you. Buy the house you need when you need it, take care of it, and sell it years from now for at least a tidy profit.
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Old 12-21-2012, 06:56 AM
 
Location: among the clustered spires
2,380 posts, read 3,861,715 times
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I'd be more worried about:
1. Kids/school
2. Your budget and what you would like in a house. You may find you have a downtown Leesburg budget with Orange Line Arlington tastes.
3. The overall safety of the area
4. Convenience to work (and where jobs are in your field.)

than about the fluctuations in the market. With historic low interest rates you need to get a fixed-rate mortgage.
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