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Old 01-13-2010, 08:12 AM
 
5,071 posts, read 8,616,501 times
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I'd deleted my message (to which Guamanians was responding) because I was concerned that it could be misread as insulting to people in Plano hurting in the current downturn. But my point with respect to the real estate market was that inventories in NoVa are down sharply now compared to the same time last year, and prices have increased a bit. Not really sure, but it's possible that some of the price increase is due to the fact that sellers of upper-bracket properties are getting more realistic, so more expensive properties have started to change hands. Or, as Guamanians notes, it's possible that the decline in inventories of homes for sale is accompanied by an increase in rentals.
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Old 01-13-2010, 08:15 AM
 
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"I'm no real estate expert, I didn't predict how high prices would jump in 2006 either."

Those liar loans and pay option loans recast in 5 years, which will occur over the next two years. They estimate 5.1 million foreclosures over the next three calendar years.
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Old 01-13-2010, 08:23 AM
 
Location: Washington, DC
3,845 posts, read 3,951,644 times
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I've seen 2 houses on my block under contract pretty quickly, pleasantly surprised.

Perhaps alot of buyers are like me (I bought in Bucknell Manor, Alexandria in 2009), I figured, prices had dropped to reasonable, interest rates excellent, $8K 1st time buyers credit, and most importantly I felt this area (DC metro area) would be about the last in the country to face harsh property devaluation.

I would be worried and doubtful if I bought in just about any other part of the country.
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Old 01-13-2010, 08:56 AM
 
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The market has definitley not fully recovered. Sorry if this comes out wrong, but I hope it never gets back to 2006 prices. The housing market (specifically dc metro area) was waay too high. The current drop in prices varies depending on the exact location, and the number of foreclosures/desperate sellers in each neighborhood. South Alexandria has been hit hard, and we are now seeing huge drops in prices (for sales and/or rentals) in that area. I'm (renting) moving into a house at the end of Jan right next to Huntington metro. We checked all around NOVA, and this was by far the best all-around deal for us. We also liked a few others in the same general area vs. others in Springfield, Arlington, etc. It is a buyers market, but it helps to be a persistent buyer (or renter) or you could luck out and find a motivated seller.
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Old 01-13-2010, 09:06 AM
 
Location: Home is where the heart is
15,400 posts, read 25,778,611 times
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Quote:
Originally Posted by Guamanians View Post
The market has definitley not fully recovered. Sorry if this comes out wrong, but I hope it never gets back to 2006 prices.

IMO, returning to 2006 prices is not the definition of recovery. 2006 shouldn't be used as a gauge, the crazy price jump we saw that year was just a moment of temporary insanity.

ps. I agree with the people who don't want prices to go up--I don't want to see them go up, either. But reality is they will. How much will they rise? Wish I knew...
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Old 01-13-2010, 09:17 AM
 
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Normie: I have been following the real estate market since I moved here in 2000. I knew that this area was expensive, but it really got crazy from 2003-2006. It is a shame that gov't & Fannie/ Freddie, and investors all contributed to the insanity that we are now "recovering" from.
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Old 01-13-2010, 12:37 PM
 
Location: Virginia
18,717 posts, read 26,831,493 times
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We just took the plunge and bought a new house. I don't know how quickly prices will rise but IMO they are going up and they certainly won't go any lower. We're now officially Loudouners.
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Old 01-13-2010, 01:01 PM
 
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Quote:
Originally Posted by Caladium View Post
We just took the plunge and bought a new house. I don't know how quickly prices will rise but IMO they are going up and they certainly won't go any lower. We're now officially Loudouners.
Congratulations on your Loudounization!
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Old 01-13-2010, 01:08 PM
 
5,071 posts, read 8,616,501 times
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Quote:
Originally Posted by Caladium View Post
We just took the plunge and bought a new house. I don't know how quickly prices will rise but IMO they are going up and they certainly won't go any lower. We're now officially Loudouners.
Congratulations - does that mean you drive on the left side of the road now?

Oh, Loudouners, not Londoners. Never mind!
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Old 01-13-2010, 05:30 PM
 
Location: Home is where the heart is
15,400 posts, read 25,778,611 times
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Quote:
Originally Posted by JEB77 View Post
Congratulations - does that mean you drive on the left side of the road now?
LOL, that would explain some of the crazy drivers on Rt. 7...

I'm intrigued that the three people on this forum that I know of who just bought homes all moved west. Styx moved to Winchester, Caladium moved to Cascades, and Car4u is getting a house in Round Hill. I was expecting the next migration to be inward, to the towns closer in to DC (Arlington, Alexandria, etc.)
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