U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-20-2008, 05:35 PM
 
1 posts, read 1,981 times
Reputation: 10

Advertisements

I bought a 1BR condo towards the end of 2007 in the West End/Landmark area of Alexandria, VA. Paid just under 200 (plus had them pay closing costs).

With all of the talk of the market and general panic about the economy, I've been obsessively worrying about about my decision to buy and the prospect of loosing the value of my home. I don't anticipate needing to sell until 2011 or 2012, (I will be in the condo at least five years) but will I loose my money?

I'm within the beltway, close to an exit on 395, have an amazing view and am really close to DC... I didn't buy my place hoping to make a profit, I bought it because I loved it and it was a great location for me. I just want to break even. Is that still realistic?

I know no one has a crystal ball, but any insight would be really appreciated.
Reply With Quote Quick reply to this message

 
Old 03-20-2008, 06:26 PM
 
Location: Gainesville, VA
1,261 posts, read 5,052,606 times
Reputation: 719
Stop obsessing over it. Worry about it when your home is actually on the market for sale.
Reply With Quote Quick reply to this message
 
Old 03-20-2008, 06:35 PM
 
Location: Richmond, VA
2,306 posts, read 1,373,170 times
Reputation: 949
I wouldn't worry about it. Typically when you stay in a home for 5 years or more you see a return on your investment...with this being a bad market, you will probably at least break even. Keep the place nice and it will be fine. Besides, if you had rented you would have been throwing money away...at least with a home you have a CHANCE (usually a give-in) of making a profit AND you get the tax breaks that come along with home ownership.
You made the right choice that was good for you at the moment and you still need a place to live, right? You did the right thing. (And, even if you didn't it isn't like you went into it to make a mistake...But, I really think you are good)
If it makes you feel any better we just bought a home in Ashburn for $525K in January and I think today (just less than 2 months later) it would be worth $475! But, that is the way it goes. We needed a place to live and I love it here. We plan on staying here a long time. What goes up must come down and what comes down usually goes back up!
Reply With Quote Quick reply to this message
 
Old 03-21-2008, 09:53 AM
 
Location: Woodbridge, Va.
29 posts, read 122,122 times
Reputation: 27
If you're waiting til 2011-12, the opinion of most everyone I've spoken to and everything I've read is that the local market will have picked back up by then. It may not reach what it was at it's 2005-06 peak, but if you bought at the end of 07, I bet your value will have gone up by the time you move.

But as was mentioned above, worrying about it now won't do you a lot of good no matter where the market goes, but I hope the responses put your mind at ease.
Reply With Quote Quick reply to this message
 
Old 05-19-2008, 09:47 AM
 
12 posts, read 49,741 times
Reputation: 18
There are so many myths about advantage of owning a home. Actually home is not a good investment as brag about by Realtors. Please see this article for more information
This article and more available at Investopedia.com
Reply With Quote Quick reply to this message
 
Old 05-19-2008, 10:07 AM
 
Location: TX
3,029 posts, read 10,663,548 times
Reputation: 1362
5+ years..you'll be fine.
you have a great location and you love it....STOP worrying.
Reply With Quote Quick reply to this message
 
Old 05-19-2008, 10:11 AM
 
2,728 posts, read 7,364,786 times
Reputation: 1062
Quote:
Originally Posted by 5stones View Post
5+ years..you'll be fine.
you have a great location and you love it....STOP worrying.
You just earned some + points
Reply With Quote Quick reply to this message
 
Old 05-19-2008, 11:09 AM
 
Location: Central Maine
1,472 posts, read 2,702,276 times
Reputation: 1276
Default You are fine

I just sold a house I bought a year ago (in Portland, Maine) and broke even. Now don't laugh, the point is not the location of the house, but the market when you bought it. You bought in a down market, therefore short of the housing market tanking for many years, you are fine. Not to say it couldn't happen, but very unlikely. The people that are suffering now are those that bought before the market went down.

Now, enjoy your house!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top