Advice for selling home in Herndon, VA (foreclosure, refinance)

[twinmma]

It's price. I know Herndon is closer to "the working areas" but this market is bad and if you want/need to sell, lower the price. I would say $675K would be a good start. It stinks you had to move already, but there is a 7 month plus supply here in Nova and since you have been on 6 months OVERPRICED, you basically "start over" when lowering the price, so I would firesale it so you don't waste another 6 months worth of mortgage. (If you took out all of the equity in your home too, you will be hurting I am assuming, but get rid of it.)
Good luck. This market stinks

[smcf]

The job market in N. VA is great, so that's not the issue. Price is the issue. Quite frankly, most people who can afford $769K for a house would not buy it in Herndon. sorry. But, the house is BEAUTIFUL.

[Novamom06]

[quote=smcf;2363864] most people who can afford $769K for a house would not buy it in Herndon. sorry.

Really, where would they buy then?

There are many super nice areas of Herndon off Rt. 7/Fairfax county parkway area. I have friends who live there and the communities very nice, most of the homes are over $1Mil, maybe a little less now.

[claude henry smoot]

Originally Posted by andyscaer

...all have said they love the home and the price is fine but are waiting.

Waiting for what? Well, my guess is they're like most buyers and they're waiting for the market to stabilize. The market is tanking and regardless of their ability to afford a $769k home, those folks probably don't want to fork over that money just to see the home's value decline over the next year or 2. Why should they pay $769k when it very well could be worth $625k summer 2008?

One thing that should lure these folks is a bargain. Slash the price now and get that thing sold.

(btw - great looking house!)

[ACWhite]

I suspect that the posters are right concerning the price and location. Your house is very big, and probably 95% of buyers do not really "need" 4000 square feet. So in the current market, they have the option of buying a somewhat smaller house that is closer to DC, thus you are competing with a lot of other neighborhoods/houses at the listing price. I think the word is out (rightly or wrongly, or too generally) that areas that are not very close-in have experienced price depreciation, including some foreclosures, and that many buyers fear more depreciation will occur before we hit bottom. This is less of a concern for the close-in suburbs and DC proper, but even there, it is a concern. It is definitely a concern for Herndon.

[Novamom06]

Originally Posted by ACWhite

This is less of a concern for the close-in suburbs and DC proper, but even there, it is a concern. It is definitely a concern for Herndon.

Just a reminder that the Reston/Herndon/Dulles area is a major employment center and as such, being in Herndon for many is considered a "close in" location. I feel that too often on this site people are talking about being closer in to jobs in DC and inside the beltway, when most everyone I know outside the beltway is working in the Herndon area.

[Skatergirl]

You do have a super large home. If you did indeed buy for around $500 and if you put work into the home then your price may be justified. If you bought the home without adding work to it then not sure how you justify the price. Your kitchen is plain and seems small for such a large house. As a home buyer, I would want to see more pix of the inside of your home. The outside is beautiful, btw.

[kevinm]

You are chasing the market with price. You need to take a major price cut to get ahead of the price curve for your neighborhood.

[ACWhite]

Originally Posted by Novamom06

Just a reminder that the Reston/Herndon/Dulles area is a major employment center and as such, being in Herndon for many is considered a "close in" location. I feel that too often on this site people are talking about being closer in to jobs in DC and inside the beltway, when most everyone I know outside the beltway is working in the Herndon area.

Yes, this is a good point; I should have said close-in to DC (for example, Arlington vs. Herndon). However, this doesn't alter the fact that, according to the NVAR, prices generally have dropped more the farther away from DC one goes. Some people who work farther out also like to be closer to the city for recreation. Also, there is some evidence that foreclosures are more a problem in Herndon, which may make buyers more hesitant for now.

Area Suburbs See Rise in Foreclosures - washingtonpost.com

None of this is to say that Herndon isn't a very nice place to live and work.

[zenetanar]

We just bought a foreclosure in the Vienna area, and though we looked in Herndon I was very hesitant to buy anything there because it is not currently metro-accessible, it is FULL of foreclosures listed hundreds of thousands of dollars below what was paid 2 years ago, and it is near the airport.

At this point in time, the only houses that are selling are the ones that are excellent deals. With all the foreclosures priced below tax value, I would never have even considered buying anything above or at tax value. The last thing I want is to owe more than my home is worth.