Realestate Buyers need to Hold the line (Lynchburg, Vienna: low income, rental)

[FrannyBear]

Here is what I know -- houses in good shape in highly desirable areas are in great demand. In my neighborhood I have realtors calling asking if I want to sell because they have buyers interested in ANY home in my development. Right now there is not one house for sale.

If you live in a good area with good schools and are near a metro -- say Vienna or Falls Church -- you have more demand than supply.

Moral of the story -- be very careful in choosing your location. -- and a good location WILL cost you more.

Good luck to all buyers and sellers!

[mdcrim]

I don't believe the federal budget has been passed yet. I do know some agencies currently have hiring freezes and, of course, federal salaries are frozen for at least the next two years. I also know that some government contractors are tightening their belts. I do not know what impact this is going to have on the housing market in this area.

[tigger37708]

Originally Posted by LynchburgLover

Tigger's not serious about buying . . . for whatever reason, he's just trying to stir things up.

Sir You have hurt my feelings considerably.
I am wounded and deeply saddened by your accusation.
But I assure you with utmost sincerity
That I am very serious about Buying.

[tigger37708]

Originally Posted by mdcrim

I don't believe the federal budget has been passed yet. I do know some agencies currently have hiring freezes and, of course, federal salaries are frozen for at least the next two years. I also know that some government contractors are tightening their belts. I do not know what impact this is going to have on the housing market in this area.

The Agency I am affiliated with has completely stopped Hiring.
Most new contracts are on hold.
Pay will be frozen for 5 years.
And if our budget is cut back to 2008 levels there will be program cuts.

Don't interpret this as complaining. Its not. Its the new reality.
And in my opinion it has to have an impact on the housing market.
What happens to home prices when the influx of new federal and contract workers into the area slows from a flood to a trickle?
Will housing prices maintain? maybe. probably.
But this is another good reason to Buy carefully.
Old paradigms may no longer apply.

[scimitar12]

Originally Posted by guyincognito

The idea that Buyers act in any sort of organized fashion is simply false. In fact, it's buyers competing against buyers which drives home prices up. A good home with the right features in the right place in the right condition will attract a lot of offers, and I'll tell you right now that any of you will pay more than you thought you would once you've walked through a dozen decrepit houses and then finally find the one.

I'm speaking as both a seller and a buyer last year. It was incredibly frustrating to be in a down market and find myself in bidding wars for houses that marginally met my requirements. This area has the best job market in the country though and more people are coming in than leaving. Prices will maintain.

Good point. If a home is in pretty good shape with recent upgrades it seems to sell fairly quickly given the rest of the country. Those homes that sit are foreclosed, short sales, or regular homes that are somewhat run down. Not that homes are selling like hot cakes here too but I do know that bidding wars are once again recurring here. We look at homes every now and then as a fun activity; notihg scientific. However, it seems like there really isn't much new in the way of additional homes for sale. It seems like potential sellers are just waiting things out.

[e2ksj3]

Originally Posted by LynchburgLover

If the buyers were truly in control, they would not be buyers, they would be homeowners. . .

The sellers still have the house and not all sales are foreclosures.

Also let's say a house that's listed at $475k in a $400-410K neighborhood gets a contract, the appraisal will come in too low so the mortgage probably won't go through anyway.

That's what happened with me and seller lowered the price slightly, but he wouldn't sell it at the price it appraised for and I had to come out of pocket an extra thousand dollars or he would drop the deal.

Is it common for people around here and in that price range to stand their ground against what they fill as low appraisals? My realtor advice me not to for my price range which was in the $100k-160k range because I could easily squeezed out through an all cash deal.

[normie]

This post is an error. It belongs in a different thread--oooooops!

[momtotwoboys]

I thought this was a great example of a fairly priced home selling quickly. Went under contract in under a week. This is our target area so just goes to show you still have to move quickly on a property that is well priced.

609 THELMA CIR, VIENNA VA for $500,000 in VIENNA WOODS

[oneasterisk]

Originally Posted by momtotwoboys

I thought this was a great example of a fairly priced home selling quickly. Went under contract in under a week. This is our target area so just goes to show you still have to move quickly on a property that is well priced.
609 THELMA CIR, VIENNA VA for $500,000 in VIENNA WOODS

And only in our area would a home with that much wood paneling, blue carpet and salmon bathroom tiles sells for 500k

[momtotwoboys]

Originally Posted by oneasterisk

And only in our area would a home with that much wood paneling, blue carpet and salmon bathroom tiles sells for 500k

trust me, that place is a gem compared to some of the houses we have seen!