When do you think the real estate market will swing back in the dc area?

Question

I live in northern virginia, and want to add on to my home .But the market is so down , is it a bad idea? when will it pick back up?

Answer 1

A loan officer friend of mine tells me the market in DC will still be going down for another 7-12 months. Anybody else have any input on this?

Answer 2

If you want to or need to add onto your home you can always do so (assuming you don't need to borrow the money to do it). Generally adding onto a home is not a cost effective way to get a larger home. You make your home too large for the neighborhood, you spend more than you anticipate, etc. Don't do it to add value, do it because you need it or want it.

Since the DC metro area is one of those areas where prices went nuts, it is likely that it will take years for it to recover. There may be a period where seller/buyers come back to equilibrium, but price appreciation won't happen for quite some time.

Good luck!

Answer 3

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