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First, all markets go up and down, including real estate. We’ve just seen a dramatic downturn; it’s inevitable that prices will rise again. In fact, they are already starting to. This is supported by a number of national house price readings recently. But, even if prices don’t rise nationally, they still likely will in the Washington D.C. area simply because the massive federal government spending occuring there now. The DC area may be the hottest jobs market in the country with businesses flocking to be closer to where the action (and money) is in today’s economy. Of course, Prince William County is in Northern Virgina and a suburb of Washington D.C.
Second, Prince William County is a great place to live. It has nice housing, schools, shopping, entertainment and recreation. It’s a great place to raise a family. So, people moving to the DC area for jobs will certainly look at the Prince William County housing market.
Third, you may be able to get a tax credit for buying a house now. As you’ve no doubt heard, the first-time homebuyers tax credit was recently extended. You may not have heard that even people who have lived in their home for 5 years can now also get a tax credit if they buy a new home. The credit is up to $8,000 for first time buyers and up to $6,500 for “move-up” buyers. But, you have to sign a purchase contract by April 30, 2010 and close on the house by June 30, 2010. Of course, discuss with your tax advisor or real estate agent to be sure you qualify.
So, yes, now’s a good time to buy a Prince William County, VA house. If you want to look into this further, please make an appointment with a realtor in Prince William County. He or she can tell you anything you need to know to make an informed decision about buying a house.
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