Taking a look at the recent comparables can bring the most optimistic seller back to reality in a heartbeat. Comparables matter. Its that simple. Buyers are savy and informed.
Most buyers have learned from the financial meltdown and the bursting of the real estate bubble. They want to be sure they are not paying too much and they want to be sure they can afford their monthly payment. This is a good thing.
To put Northern Virginia in proper perspective, let's take a look at the country as a whole. The KCM blog has a great map of the country with the corresponding current day pricing compared to the pricing at the top of the market in 2005-2006. The map references specific cities in each state.
Recoveries take time. The housing shortage in Northern Virginia is fueling the real estate recovery. Take your time in purchasing your real estate investment. It will pay off in the years to follow.