I agree. My home in Annapolis in 2007 was worth 1.2 million. I purchased the home in 2011....a huge steal. And of course Maryland is going up up up so someday it will be the 2007 appraisal. People should be buying the home of their dreams the last three-four years. So many bargains and less expensive homes out there. This is the time to buy. We will NEVER be in this incredibly great position ever again in our lives (at least anyone over 30).
Thank you for pointing this out. I am sick of people saying that housing in the DC area is reaching or exceeding its peak, when it clearly isn’t. I pay close attention to prices in NOVA (and have for 10+ years), and it is not even close. Maybe in certain isolated areas it is, but not for the vast majority of NOVA.
Here in No. Virginia, our house is up 10% from our purchase price in 2008. That’s the tax assessment, anyway.
That tax assessment was a typical bait-and-switch by the Dems in control of Fairfax County. When home prices tanked (ours went down 5% after we bought it) they raised the property tax, saying “since values declined, we’d actually be paying less tax.” Right. Now values are way up, and they’re talking about ANOTHER tax increase on top of that first one.