NoVA Home Prices Over the Next Few Years? (Arlington, McLean: new home, neighborhoods)

[CAVA1990]

Buy NOW before prices really start going crazy.

[lindy112]

We'll be putting our West Springfield house on the market in 2 weeks. We have one of the lesser desirable floor plans (split-foyer) in a very desirable neighborhood (Cardinal Forest). It'll be interesting to see what our experience is.

[CAVA1990]

Originally Posted by lindy112

We'll be putting our West Springfield house on the market in 2 weeks. We have one of the lesser desirable floor plans (split-foyer) in a very desirable neighborhood (Cardinal Forest). It'll be interesting to see what our experience is.

Just don't let your realtor talk you into pricing it too low so he/she can make a quick sale, unless you need to get out quickly. That's a big and very costly mistake a lot of sellers make. An extra $10K probably means a lot to you but the few percent in commission on that's not going to make that much difference to the realtor.

[Fern435]

Originally Posted by CAVA1990

Buy NOW before prices really start going crazy.

That's what EVERYONE told us when we moved to NoVA in 2005. We explored the possibility of purchasing as others jumped into NoVA home purchases (some in less-than-ideal locations) but felt uncomfortable with the insane pressure, ridiculous prices, and bidding wars and said no. People around us thought we were foolish for not buying, but as the economy soured they were the ones who came to regret their ill-timed purchases.

Economic recovery is only one factor to consider when deciding whether to buy a house. With the deficit still high and no guarantee of where federal/state/local taxes are going, a potential buyer must weigh all the risks. This is probably not the best time to jump into a purchase that locks one into huge debt.

Of course, there are some NoVA residents who believe that everything looks rosy. Especially realtors and homeowners who want to sell homes this year.

[lindy112]

Originally Posted by CAVA1990

Just don't let your realtor talk you into pricing it too low so he/she can make a quick sale, unless you need to get out quickly. That's a big and very costly mistake a lot of sellers make. An extra $10K probably means a lot to you but the few percent in commission on that's not going to make that much difference to the realtor.

Thanks ... I was a realtor in NOVA for quite a few years (no longer live there) and a former colleague is listing it. He knows better!

[deeboe23]

Originally Posted by NovaOne

Right, we are helping some friends shop for a home. They are looking in the McLean area, for something in the $1.7M range. The choices are horrible - next to a major road, half the lot is swamp, power lines running through the back yard, obsolete floor plan, and etc. Suitable homes get snapped up quickly within a week or so of coming on the market, usually for above asking price. The market is not the same as it was last year this time - that's when it *started* to feel tight. But at least during that time, there was more inventory and you could pick and choose and even negotiate on the price. Not now.

Our friends are just about ready to call it quits and do a tear-down rebuild. But there again, they've been looking at lots with old homes, and it's been slim pickings.

There are dozens of $1mil+ houses in McLean. I don't know how many houses they've looked at but there are certainly plenty of good homes on the market for that price range. The busy season is just getting started and the inventory will go up significantly over the next couple months. ...

[JfromReston]

Originally Posted by elias9193

Rates are low now and $700k houses are not flying off the shelves so if rates go up it won't make much
difference. At this stage its a mute point imo.

I don't know where you are seeing $700K houses sitting on the market but in 20191 (South Reston) of the 8 houses currently under contract between $599K and $850K, all went under contract in 4 days or less. To me that is flying off the shelf! Currently there is only one house on the market in that price range and it has been sitting for a long time - about 275 days (between two different listings). I've been to the house and it has lots of issues -- I clearly understand why it has not sold. Bottom line -- if you want a house in the $600K - 800K range in 20191 you are going to have to jump fast when properties come on the market. Under contract in 4 days or less really means that people are writing contracts the first or second day a house is on the market and in time we will see if these houses had bidding wars to push the price above asking.

[Flamingo13]

Our friends sold their TH in Ashburn/Leesburg 4 days after listing (they were "only" at the half-mil mark)

[CAVA1990]

Originally Posted by Fern435

That's what EVERYONE told us when we moved to NoVA in 2005. We explored the possibility of purchasing as others jumped into NoVA home purchases (some in less-than-ideal locations) but felt uncomfortable with the insane pressure, ridiculous prices, and bidding wars and said no. People around us thought we were foolish for not buying, but as the economy soured they were the ones who came to regret their ill-timed purchases. .

This isn't 2005. That was the height of the market. This is more like the early 2000s. We bought our current house in 2000 and even at it's lowest point it was worth 50% more than when we bought. My only regret is not hanging on to the house we sold at that time.

[va_lucky]

I guess that I am a moron. I learned this about 2 years ago...and writeoffs...well not too much further back.

Originally Posted by snowdenscold

No offense, but your co-worker is a financial moron.

That's as bad as the people who think that if they're just a couple dollars into the, say 28% tax bracket, that all their money gets taxed at 28% instead of 25% and thus would prefer to make a couple bucks less.