Having Trouble selling in Clifton, VA (Leesburg: sales, real estate market, renters)

[cliftonLLR]

I have my house on the market in Clifton VA. In a great community called Little Rocky Run. Our house is in great condition since we just finished remodelig it. I dont understand why its not selling. Will the market get better soon??

[seldomseen]

What's your listing price? The real estate market is very stale right now...and is supposed to worsen from what I've been reading, and hearing. Despite the fact that real estate prices are declining, the average price for a townhouse, or single family house is still to high for many incomes. Another thing that isn't helping the real estate condition is the fact, that the market is flooded with listings because of owner fear that the market will bottom out, leaving them severely upside down on thier mortgage. Consider listing your home at a price that will command a quick sale if this is financially feasible for you---if it's not the case just play the waiting game, and offer some concessions that will peak a buyers interest.

[Yankeesfan]

Unfortunately in the current market probably the only real solution for a nice house that isn't selling is to lower the price. Do you have to move or can you stay longer until the market picks up again?

[memiller]

Your house is only worth what someone will pay for it, not what you want them to pay for it. If you're trying to recoup your renovation costs, you never will. Some of the things you did may simply have gotten the home up to standards not beyond standards. The longer you stay on the market, the less you'll make. Lower the price, higher a realtor that can best position your home or don't sell.

[RitaHawes]

I have recommended to several clients recently doing a 'lease option'. Market should be significantly better in 2009...and have had success with offering a lease at current market value....with a credit back if the tenants opts to purchase at the end of the lease period. This is a win for both parties. The seller locks in a sale price (current marketed sales price)....and if the market gets worse in the next 24 months--the tenant has the option not to go forward with the purchase. If the market improves, and it is a good option for the buyer--they can purchase the home at the agreed upon price, with the 10,000 credit..or whatever the agreed upon amount is, towards the down payment. In this mortgage market, many people cannot qualify for a loan, the 24 month period gives them a decent window of time to clean up the credit--and hopefully the mortgage industry will be in much better shape by then. Just make sure you verify the RENTAL history of your prospective tenant. Talk to a mortage officer too, they will generally only credit you 75% of the rent amount...you have to be able to qualify for your new mortgage, with the 25% of the old mortgage amount. But...it may be better than being stuck and unable to move forward at all.

[nicejohn2]

the market is down, down, down, except for close in areas such as arlington, bethesda, chevy chase, mclean. people (unless you luck out) will first purchase something is a close in area as i mentioned above. Closein houses, although still selling, the prices are stable and no more 30% increases a year.

I've personnally known several people from the clifton area and they all had trouble selling their house and this was in good times. The problem is some houses are expensive without the benefit of a short commute to DC. Both people I knew, it took them well over a year to sell and that at a reduced price in an upward market. Clifton draws a special type of person and obviously not enough of those out there to purchase your house.

Someone before me said your house is worth the amount someone will pay for it. That is correct. it is not worth what you think, or what it was last year, or that you put a $100,000 in renovation costs. Supply and demand.

Also, although rental maybe viable, be careful, especially in downward market. you attract people who can't pay, have no money to reimburse you for damages, and worse maybe difficult to move them out. virginia is a little easier to get renters out of the house for nonpayment, but by then the damage is done.

Advice, stick it out and if mortgage less than what you actually can sell it for, lower the price to that point and hope for the best.

good luck

[victorynsurrender]

I would love to buy a house in Clifton if I could afford it. We just moved from the area.
No one's house is selling, but everyone refuses to lower the prices. My opinion... pride.
Someone doesn't want to tell their neighbor they only made 50,000 on their house vs.
the 150,000 they might have made a couple of years ago.

[5stones]

weve lowered our price... and still no takers. we are taking a 75K hit right now. It's in Leesburg. NOTHING is moving. (it's been on the market 1month and we've lowered the price 2x) We are relocating. IF you don't have to move...DON'T!

[lchoro]

Originally Posted by victorynsurrender

I would love to buy a house in Clifton if I could afford it. We just moved from the area.
No one's house is selling, but everyone refuses to lower the prices. My opinion... pride.
Someone doesn't want to tell their neighbor they only made 50,000 on their house vs.
the 150,000 they might have made a couple of years ago.

Many sellers are stuck because they don't have enough equity left in the house to pay the settlement charges if they bring the price down. The hurdle becomes even higher when the seller considers the closing costs he'll incur in getting the financing for his next home.

[sa_native1977]

Here's the deal, folks:
#1 Investors are gone. Long gone. They were one of the primary reasons prices got so inflated.
#2 Houses are still too expensive for many people.
If you need to sell, lower the price and move on. Your house is only worth what someone else wants to pay for it. Remember that the next time you buy a home.