Are People Buying Homes Right Now in NOVA (Arlington, Reston: for sale, real estate)

[VAReelEstate]

YES let me repeat YES

Forget what the media says... lets look at the FACTS.... you can then make up your own mind

Under 400k

Fairfax


253 active listings

In the last 30 days 143 homes are under contract or have sold !

Centreville

254 active listings

In the last 30 days 255 homes are under contract or have sold !

Reston

214 active listings

In the last 30 days 139 homes are under contract or have sold !

Herndon

225 active listings

In the last 30 days 274 homes are under contract or have sold !

Arlington

319 active listings

In the last 30 days 183 homes are under contract or have sold !


Looks like people are buying to me !

Your comments ??

[VRE332]

Originally Posted by VAReelEstate

Any comments ??

Yea get a real job and quit advertising on this site.

[VAReelEstate]

I am just stating the obvious. The media is so hung up on reporting negative things that it scares people and then its a trickle down effect.

Numbers don't lie. The media just tries to twist things

[lchoro]

Sales volume has increased where there's a lot of foreclosures and prices have fallen considerably. What you left out was that the market still has negative absorption. NoVa has 2800 new listings compared to 1800 new pends.

[VAReelEstate]

Depends on what city you are in if it has a negative absorption rate. Centreville & Herndon had positive absorption rates for under 400k. Besides the absorption rate right now for all the cities listed is good !

Its less then 1 month of your home being on the market if it is priced correctly. Who doesnt want that.

Data is only for homes under 400k. Higher priced ones probably is MUCH different

[Fairfax Mom]

Most people have given up at selling their homes at a profitable price - they have taken them off the market.
The sales you see now are foreclosures and people that are selling at a loss or have to sell no matter what.
Things are still very, very bad

[Yankeesfan]

Tomorrow morning's Washington Post (Friday) has an article about investors and young families snapping up homes in Prince William at bargain-basement prices.

[Tee11]

People selling at a loss are only the ones who bought after 2003/4 and have to sell now for one reason or another.

Anyone who bought before that is still trying to sell for considerable profit or taking the property off the market. I can tell you that I know couples who have suspended efforts of buying a home for the time being despite having a downpayment and no credit issues. In this economy how can anyone expect young homebuyers to finance the "over-the-top" lifestyle and retirement of someone who took a huge equity loan out of their house in 2005/6?

The Washington Post is a wonderful thing. Looking at the sales history as well as at "for sales" of houses in the area, for example in FFX county, you can see that people are still asking $550,000 to $850,000 for homes they bought themselves in 2002 or earlier for $250,000 to $450,000.

Hardly a fair price increase for a period of six years, is it?

[bungalowmo]

Originally Posted by VRE332

Yea get a real job and quit advertising on this site.

No kidding.... sheesh....

[VAReelEstate]

Tee11 made an excellent point. Anyone who bought before 03/04 are making a very good profit on their home. Just not as much as if they were to sell during 03-05 and sellers are finally realizing that.

The point of this thread is that the media twist so much negative but right now is one of the best times to buy in our area and some smart people are taking advantage of that. Who cares if there are so many foreclosures. That means its time to buy low !

Granted lending has finally cracked down and it is going to be tougher to get loans. But if you can qualify and are living within your means. Now is a great time !

New lending limits I just heard for any area.

- Noone accepted with credit score under 580 (unless you got lots of cash, cash is king)
- If you own a 400k property and dont want to sell it right now because the market is low. But, you want to buy another place, lets say that is 500k Well new limits will require you to HAVE to qualify for a 900k loan now. They are cracking down on investors and will not count your other properties rental income at all.
-Minimum you have to put down on a place is 3-4% using an FHA loan , no more 100% financing.
-Now more down payment assistant programs. But...buyers are still getting a lot of seller subsidy ... if their real estate agent is good. This helps pay for closing costs and anything else.