housing prices in NOVA outlook... Leesburg (home equity loan, relocate, job)

[C5Aprea]

When will housing prices return to 2004-2005 prices.

Will the change in DC administration help NOVA.

Im wondering how long I have to hold on to my house in NOVA to get anything close to what I paid for it. Right now, Im at $100K-150K loss because of all the forclosures in the area

WTF over !!!!!!!!!!!

[symptomatic]

if a certain person who's name rhymes with bccain wins, u might as well put in that hot tub u've been thinking about bc u'll have plennnnty of time to enjoy it...

[Waterboy526]

Don't know when they will return to 2005/06 prices, but here is my story...

Bought a 1200 sq. ft. 20 y/o townhouse in Leesburg in feb 2004 for $206k. Had to rush and make the offer as soon as it hit the market and there were 6 offers in the first few hours. They picked us! The house needed some work, such as new carpet/floors, paint, a lot of cleaning, etc. We were just happy we got it!

Sold the house in April 2006. The house was on the market for 19 days before we accepted an offer and my wife was freaking out thinking we'd never sell (looking back I'm sure people wish they could sell in 19 days now...lol). So we got full price, minus $7k in closing cost help. We sold for $345k, moved to Raleigh, NC and bought a nice 1900 sq. ft. house with .25 acres for $220k.

Fast forward to May 2008. Our old Leesburg townhouse was forclosed upon and been on the market for about 10 months with many major price reductions. I checked the Loudoun Tax website and I saw that it finally sold for $163k!! Crazy!


2004: bought for $206k
2006: Sold for $345k
2008: Bank sold it (after forclosure) for $163k...less than half what it was 2 years prior, and $43k less than what we bought it for 4 years previous!!


That my friends in anything but normal...

[C5Aprea]

I have $610 into my place, and im chasing my price reduction down racing forclosured. Now im listed at $520 and I havent had an offer on the house since I listed it. .

I should take out a home equity loan for as much as I can get, and walk away from it to. It's the american way now.

[VRE332]

Originally Posted by C5Aprea

When will housing prices return to 2004-2005 prices.

Will the change in DC administration help NOVA.

Im wondering how long I have to hold on to my house in NOVA to get anything close to what I paid for it. Right now, Im at $100K-150K loss because of all the forclosures in the area

WTF over !!!!!!!!!!!

Good! Next time "THINK" before you sign a contract. Also NOBODY is going to help YOU because of your mistake. NO "change in Administration" (i.e. DEMOCRAT) is going to take my tax money to help people who sit on their posterior and complain because we're better off killing Iranians than helping you act like an idiot.

[VRE332]

Originally Posted by C5Aprea

I have $610 into my place, and im chasing my price reduction down racing forclosured. Now im listed at $520 and I havent had an offer on the house since I listed it. .

I should take out a home equity loan for as much as I can get, and walk away from it to. It's the american way now.

Walk away and never come back, please. And, your welcome from the tax payers

[tamitrail]

Originally Posted by symptomatic

if a certain person who's name rhymes with bccain wins, u might as well put in that hot tub u've been thinking about bc u'll have plennnnty of time to enjoy it...

I SO agree!

[twinmma]

Here's the deal...no one knows when this will turn around. There are just so many factors: right now unemployment is an issue, so not a lot of people will buy for that reason. Gas is another issue so people will not be buying. I don't think it matters about the administration...but who knows. I am not a huge political follower.
I have noticed in Ashburn there have been a lot of homes going under contract lately, but nowhere near what I am sure it was several years ago.
I feel for you...I don't think you did anything "wrong" or made a "mistake" as someone else mentioned. You were living...you bought a home and you bought it for what the market was dictating at the time. No one has a crystal ball that can predict what will happen. Heck, we bought in Jan and at that moment we got a "great deal" but now the home we purchased just 6 months ago is worth about $40K less than what we paid. But, that is how it goes. We knew the prices could go down but we needed a home (we relocated from another state) and this is the home we liked.
Hang in there and try to sit tight. As long as you can afford your home, then you are okay. You may be a little uncomfortable, but in the long run you will be able to sell your home WHEN they market turns around. But remember, the market may never return to what it once was. (Maybe it will if job openings and such come back...which will be an administration thing I am guessing)

[tamitrail]

I would just settle for the market to be back to "normal," before the bubble where houses appreciated over time and you could have some equity in your home.

[VRE332]

Originally Posted by VRE332

posterior .

I wasn't thinking tone haha