I could be wrong but I feel as though I have first hand knowledge that the housing market is showing great signs of recovery, at least around Fairfax and Prince Williams county's here in Virginia. When I was in Cyprus only a couple of months ago, I felt an urgency to get back to the United States. I felt as though there was something going on in the US housing market and I wanted to be a part of it. I guess it's the same feeling I had when my father-in-law was talking to me about Cyprus joining the E.U. and I felt that it was something big for a small island and I wanted to experience it.
The main thing for us was that we knew that we wanted to raise our kids in the Northern Virginia area and homes that were in the $500,000+ price range when we left in 2006 were now in the 300's. The brand new home that we purchased from Ryan homes in Bristow, Virginia started with a base price of $324,900. We added a few things like a bay window, all brick front, full porch, upgraded master suite, morning room and some wiring and plumbing options for a total of $358,000.
We found the plot early on in our home search and while we were seriously considering putting the plot on reserve, another family reserved it. We were very dissapointed as this was the last plot in this cul-de-sac. We felt that it was not meant to be and we continued our search. A week later the builders agent contacted us to let us know that the plot was available again. At this time we were further aware of the overall market and felt that we needed to move quickly. It was obvious that this builder was running out of available plots. Since we were starting to fall in love with Linton Crest and after researching the schools and the entire area, we placed a deposit to hold the plot.
Ryan homes and NVR are the same company, NVR builds the larger more luxurious homes and because of the recent slump in the market they have been building Ryan homes on NVR plots, which is great for us since we are buying from Ryan. NVR was purchasing more plots from another builder in the Linton Crest community that has not survived the crisis and our plot was one of the last available from Ryan Homes.
For two weeks Ryan Homes in Linton Crest did not have any plots available for buyers, or that's what their salespersons said. When I came into the sales office in that second week I discovered that not only did they get more plots from the bankrupt builder but because of the increase in demand they have raised their base price $10.000. on all the models. They recieved 14 plots and 7 were sold immediately. Another two weeks later when we came in for the pre-construction meeting we learned that the base price went up another 10K. This was great news for us, the value of our home went up $20,000 before ground was broken. This may not be a very significant indicator for many, but for me I am excited and feel I have every reason to feel very optimistic.
Follow me through the whole process, I will update regularly with construction pictures of my home as it comes together.
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