Home prices bottomed in the 2011-12 range coming out of the housing decline and Great Recession. Many home buyers don’t realize that prices have fully recovered in most Northern Virginia areas and have actually elevated beyond the former 2006 price highs.
Home Prices in Northern Virginia Continue Their Historical Rise
Are you considering buying a home in Northern Virginia, or an investment property? If so, this is one graph and trendline you’ll want to know well. I’m often asked where home prices will be in the next few years? I respond, “The next few years is the short-term and the short-term is where speculation occurs. Real estate is an investment and investments are measured in medium to long-term time horizons. Consider any medium to long-term period in history and you’ll see real estate prices have gone up. Prices will continue to go up in the future when measured against these time horizons.”
In the last 30 years (1987 to 2017) shown in the chart above, home prices have appreciated 3.75% per year. Moreover, this 3.75% factors in and includes the 23% decline that occurred during the Great Recession (shown in the red box). Most people don’t realize home prices in Northern Virginia have fully recovered from the Great Recession decline and prices are breaking-out to new highs above the former 2006 highs.
Key Takeaway – If past experience is a gauge of future results, then home prices in Northern Virginia will continue to go up for the next 30 years and beyond. In fact, the recent break-out to new highs could be a very important and positive inflection point for home prices when we look back 10 to 20 years from now. Generally, the lowest risk area to purchase any asset (real estate, stock, commodity, etc.) is after the break-out from a consolidation area while prices are still in an uptrend. This is exactly what the graph shows.
“It is with much enthusiasm that we share with you our thoughts about Tim Trainum. He his the most knowledgeable and informed real estate agent with whom we have ever dealt. Over the last 45 years we have bought and sold a combination of 26 homes, condos, and multi-family apartment buildings in Fairfax, Arlington and other parts of the country. Tim is without a doubt the complete package. He did everything we asked him to do. He gave us great information and advice and kept us informed as to his progress day by day. We highly recommend him.” – Dean and Mary Simonds
I am a high-value agent who delivers demonstrably useful results to my clients. I operate my business with relationship-focused interaction that aligns client goals with beneficial outcomes. I have an unyielding commitment to being an open and honest advocate, ensuring my clients reach their desired outcome efficiently and with the most equity. My overarching passion in real estate is to join your buying and selling journey and help improve your quality of life.
I am a full-time, licensed Realtor® who has established deep roots and knows the region. I was born and raised in the Northern Virginia area, graduating from Chantilly High School and then James Madison University with degrees in Economics and Finance. I live in Fairfax with my wife Liz and our seven year old son Robby. I’m a homeowner myself and understand the important decisions my clients face when they’re buying or selling a home. In addition, I’m an owner of investment property, including a multi-family apartment buildings. I have a penchant for helping people having taught adult education courses in investing and personal finance, and helped numerous clients, friends and colleagues in creating a path to wealth creation. I also serve as the trustee for a private charitable memorial fund.
I have been working in the real estate industry helping clients for over 25 years. As a Listing Agent, the value I create for my sellers is to help them elevate and showcase home condition. I use multiple valuation techniques to pinpoint market value for my sellers. I use cutting-edge marketing strategies to promote widespread buyer awareness and produce the maximum selling price in the fewest days possible, while protecting my seller’s best interests throughout the complete selling and settlement process. As a Buyer’s Agent, I help my buyers locate the home that changes their life. I guide my buyers in structuring the most compelling offer that can win seller acceptance, while retaining the most value and equity possible for buyer benefit and in a manner that protects their best interests throughout the complete buying and settlement process. I have worked with clients in the purchase of investment property, helping them to prospect property as well as evaluate all the financial metrics important to making the investment. My real estate experience includes working in the development, construction and operation of real estate infrastructure projects, closing over $500 million, as well as supporting several commercial real estate clients in the pursuit of reaching their objectives. My experience spans across consulting with clients on remodeling and home improvement projects to negotiating land purchase agreements and easements, to negotiating residential and commercial leases. There are few areas of real estate that I haven’t touched and it continually has been with a mind-set of delivering exceptional outcomes.