I am moving from outside of NOVA. I am moving to Fairfax this summer and we are looking to buy a 1500/2300 sqft home. We are looking at Fair Oaks/ GMU area. Looking for a detached single family home under $500k. Move in ready homes are listed between $450-$500. I have seen a few homes listed around $400k but need repair.

We are moving From an area that the housing market is fairly cheap. $300k for a 3000sqft new home. So we will only have about 5% down. So I would like some equity down the road.

Questions: has the housing prices reached their peaks and therefore not much room for appreciation? In order to gain value in the home should I just buy a fixer upper? Am I going to be competing against house flippers if I try to get a lower cost fixer upper?

I already have a realtor so I don't need representation. I'm just trying to get another view from someone else. Also I'm very handy and more than capable of doing any home repair .