Housing market prediction (Springfield, Fairfax: foreclosure, countertops, mortgage)

[jgrfan]

The good thing about the DC area is jobs are good. So just keep making the payments and you will avoid / minimize your loss. Staying in a house you don't like is a small problem compared w/ writing a 100K check.

[normie]

"boy all you folks seem rather rich to me lol. know of any good jobs over your way? sales perhaps?"

LOL, I never thought of myself as rich before but we own a house in Loudoun County so I guess we're doing all right. It's funny, we don't exactly have high paying jobs. We aren't salesmen or doctors or prosperous business owners. I write murder mysteries and magazine articles. Hubby is an engineer. We're just people who live simply and save our money.

[El General]

Prices have already fallen more than 25% in this area. 510K two years ago, is now 360K.
Don't let the realtors tell you any differently.

[Flamingo13]

My personal opinion is that housing isn't going to go that low. Granted there won't be the large increases as there were in the past, it probably will be at the prices of last year or so, but it's not going to bottom out - there are plenty of jobs here and I can't believe that many (if any) will sell that low. I think the bottom line is: look at what you want, check out the areas, what can you afford, compare to renting (but think of the tax write-off).

[jaywallace]

Originally Posted by Flamingo13

My personal opinion is that housing isn't going to go that low. Granted there won't be the large increases as there were in the past, it probably will be at the prices of last year or so, but it's not going to bottom out - there are plenty of jobs here and I can't believe that many (if any) will sell that low. I think the bottom line is: look at what you want, check out the areas, what can you afford, compare to renting (but think of the tax write-off).

My financial advisor showed me an interesting graph that showed houses still dropping for the next couple years because of the ARM type loans continuing to adjust. Remember, A LOT of people got the 3-5 year arms within the last three years. They will adjust within the next three years (like they did this year to a lot of people) and the foreclosures will continue to climb.

[car54]

Originally Posted by nitrovic

My financial advisor showed me an interesting graph that showed houses still dropping for the next couple years because of the ARM type loans continuing to adjust. Remember, A LOT of people got the 3-5 year arms within the last three years. They will adjust within the next three years (like they did this year to a lot of people) and the foreclosures will continue to climb.

And then you have all the idiots that bought before the boom but then went wild buying Hummers and Caribbean vacations with those home equity dollars....and they're WAY upside-down now, and we'll be seeing them walking away from those loans too.

I think the bottom is a LONG way from here....

The scariest thing is that the Chinese and others are starting to prefer other currencies to the dollar....and when that happens, we will have finally maxed out the national credit card.

I hope you all know how to grow food!

[El General]

A home in North Arlington that fetched 698K in February 2006, was just sold by the bank for 450K. Lennar is now selling a "villa" at Heritage Hunt in Gainesville for 194K; more than 100K less than others paid for identical units. 25%? When all is said and done; there will be many opportunities to buy homes at 50 cents on the 2005 Dollar.

[Flamingo13]

So, do you all think it's worth investing in getting the deck rebuilt (It's "okay" now) - some warpage and mildew stains, etc. - also thought about getting the driveway topped (it's really in need) - is this throwing good money after bad? I thought we'd be in a good position, decent landscaping, a bit larger yard and no neighbors behind, roofing-appliances, carpet, a/c, etc. replaced w/i the last 5-6 yrs. I hate hearing about these down reports... we want to move for health reasons but won't "give" the house away and can hang

[jgrfan]

I believe you would normally get cents on the dollar for any upgrade you make. Perhaps sellers feel they make a return on their upgrades in a rising price environment but are just getting compensated for a rising market.

[normie]

Getting the driveway topped next spring strikes me as a smart idea. I don't know if you would get back all the money you'd pay for the deck, but if it isn't a big expense there is something to be said for the appeal of seeing something fresh and new. The same goes for fresh pain and fresh flowers in the landscape. I'd avoid getting granite counter tops, however.