Re: FAIRFAX COUNTY REAL ESTATE TAX
Posted by:
might not stay there
()
Date: April 15, 2014 09:22AM
When interest rates go up, the values will go back down. And if salaries stay flat, they will really go down.
From 1990 to 2000, the real estate values in Fairfax were totally flat, if not down. We bought a townhouse in 1989 and sold for less than we bought if for in 1999 (after many improvements including new furnace, new AC, new triple paned windows, new landscaping, etc.). The townhouses are a canary in the coal mine for what will happen to the single family homes. The townhouses lead the way going down and trail going up. The single family homes will stay flat or go down as well. Has anyone noticed more homes on sale this spring . . . ? I don't think the prices are sustainable, especially with a bunch of college loan kids and more stringent loan standards.
I think Fairfax County would be well advised to find any savings now and put them in the rainy day fund, but I'm not sure they will do it. Turf fields don't sound feasible politically or economically.