In February of this year, the average sales price of a home in Prince William County had risen almost 15% above that of 2001! Last year, the average price of a house selling in our county in February was $173,563 compared to $199,256 for this year. Also, many more houses sold in February 2002 than in February 2001…up more than 45%! In addition, this has been the best year ever for recorded sales in Virginia! More homes sold the first two months of this year, than in any other time in history!!! This huge increase is due to large demand and fueled by low supply. With the volatility of the stock market, consumers have also realized the high value of investing in Real Estate.

Of course, with the rapid rise in home values comes an increase in Real Estate Taxes. Prince William is already the leader in our area, with a tax rate of $1.30 per $100 of assessed value. This is significantly higher than the tax rate in Manassas City ($1.24 per $100), and Fauquier County ($.99). This translates to a difference of almost $620 annually for a property which is assessed at $200,000. And, as most homeowners in our county are aware, Prince William reassesses annually. So, values have been adjusted upward as the market has climbed.

To most of us, the positive outweighs the negative, and as our county grows, we are afforded more employment opportunities and closer conveniences than in the past. Plus, as home values rise, so does the equity in our home. Now, we are fortunate to be able to enjoy our rural lifestyles, and have easy access to the world around us …from our home town …Nokesville!!

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Peggy Bassette, Realtor

Bassette Homes, Inc.

(703) 791-3884

peggy@bassettehomes.com

www.bassettehomes.com

Buy or Sell with me and use my truck for free...

 As an additional service to our current and past clients, we have
purchased a truck for the use of everyone! To reserve the truck for free,
please contact Brittany at Bassette Homes: 703-701-3884.