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Old 12-16-2007, 08:00 PM
 
3,504 posts, read 7,927,277 times
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I live in a very desirable neighborhood in Fairfax and not one home has been sold or is currently under contract since JULY!! And the prices are at least 100k less than they were 2 years ago. We are in real trouble here.....
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Old 12-16-2007, 10:25 PM
 
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True ... the real question is ... who would sell or buy in the current market? I would only sell if I absolutely had to sell (financial difficulty, forced relocation); and I would only buy if I had to (relocation from another area?). Clearly, I would be more apt to buy than sell, since prices are down. But still, there is still a good chance that prices will continue to fall.

Another issue presumably affecting your neighborhood is the difficulty in getting the jumbo loans.
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Old 12-17-2007, 07:41 AM
 
Location: Home is where the heart is
15,400 posts, read 25,795,090 times
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Plus.... everyone seems to think that the bottom is going to hit in 2008 or 2009. So nobody is going to buy now if they can just wait a year and get the REAL bargain.
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Old 12-17-2007, 10:21 AM
 
Location: Near Ashburn, VA
28 posts, read 95,592 times
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We have now too many factors that are creating price declines in most NOVA areas and now too many homeowners are suffering this effect...For many months it was somewhat surreal see how prices kept going up and up...
On house sales, if you live in a neighborhood were new contruction is still going on, the best way to check for home sales in your county website.
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Old 12-17-2007, 10:33 AM
 
192 posts, read 193,801 times
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I think a good indicator of the market is how many signs are broken or are falling down. There are three homes nearby me, that are for sale. One is a repo, for 369K. It has been on the market for two months; no one has even stopped by. The wind knocked the sign down, and a neighbor leaned it against the garage. Keep in mind, these were 500K, two years ago. Of the other two, the lower rider is dangling by one chain; the other broke. It is listed for 409K. Again, vacant, no one has come by to look, or adjust the sign. Just a sign of the times.
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Old 12-17-2007, 01:49 PM
 
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Well, I do like the broken, falling down sign indicator. But ... those signs can fall down fairly easily. With a simple storm involving wind, half of the 'for sale' signs in my neighborhood are down. The question is: how quickly are they put back up?
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Old 12-17-2007, 02:10 PM
 
Location: Home is where the heart is
15,400 posts, read 25,795,090 times
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If you see a sign that has fallen off its sign post, can you do your neighborhood a favor and see if you can easily put it back in place? Signs often fall apart due to strong winds like we had yesterday. Sometimes all you need to do is hook it back into place. It doesn't really matter what the reason is that the sign fell apart, the point is that dangling signs make a neighborhood look forlorn. So.... why not take a few seconds and put it back in its hook?
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Old 12-17-2007, 02:18 PM
 
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precisely, so when the people in a neighborhood don't care enough to just put it back up, that says something (about the neighborhood).
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Old 12-17-2007, 02:59 PM
 
2,462 posts, read 8,047,371 times
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Several homes in our neighborhood have sold since summer. One was gone after a week on the market and two full-price bids. The seller was a friend who is not relocating, divorcing, or otherwise under pressure to sell -- but the house was recently updated and immaculate. Another house down the street sold last month after less than two months on the market. A third was sold earlier in the summer at just under the asking price.
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Old 12-17-2007, 03:42 PM
 
280 posts, read 969,352 times
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Two homes in our neighborhood have sold in the past two weeks. One was on the market for about 3 months, single family, 14 years old, needed some updates. The price reflected that. New buyers moved in within a week of closing.

The other home was on the market for about 2 months, also 14 years old, kept up very nicely, showed well. The owners said they had 40 showings in the first 30 days and received several offers but turned them down due to too many contingencies. They are now "sold".

There are two other homes in the neighborhood that have not sold. One backs to a main road. The other has a tight lot and needs a lot of updating.

The neighborhood is in Cascades, walk to an excellent elementary school, close to jobs, shopping, dining, etc.

The prices on all of these are still a good $100,000 over 2003 prices.
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