Is this the right time to buy?
Sure, but I don't think price will go up in a while. Norther VA, like any other DC metro area market, hasn't seen the values go down like other parts of the country. Buying a house in VA could cost serious money. They say when real estate goes up, House is the first thing to go up followed by town house and condo. When it crashes, condo is the first thing to go down followed by a town house then house. So, a house might be a good option in surface. However, because of the associated cost, it might not be a bad idea to invest in a condo or town house. It really depends upon how fat your wallet is (these days you gotta cough up a lot of downpayment to secure a mortgage) and how much risk are you willing to take.