Welcome to City-Data.com Forum!
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)
Reply Start New Thread
 
Old 01-12-2010, 11:25 AM
 
107 posts, read 334,445 times
Reputation: 52

Advertisements

It seems like Northern Virginia is doing better than most of other counties in the country. Do you think foreclosures are disappearing and the house prices increasing?
I definitely felt my house was worth 30% lower last year than this year looking at Zillows and MLS sites.
Reply With Quote Quick reply to this message

 
Old 01-12-2010, 11:28 AM
 
Location: Reston, VA
2,090 posts, read 4,235,338 times
Reputation: 1330
YES

http://www.city-data.com/forum/12319355-post15.html
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 11:37 AM
 
Location: Northern Virginia
1,418 posts, read 3,449,084 times
Reputation: 436
I don't put any stock into what zillow says but I just read a report in the Loudoun Times I think it was about "days on the market" in Loudoun and it was an average of less than 30 DOM for the county, which is unheard of in other areas of the country. We just moved from CT where the average DOM was probably at least 180. We've also spoken to our builder who said there isn't enough inventory out there so he was scrambling to get another house built, which he thought he could sell very quickly. So yes, I think the market is turning here.
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 11:41 AM
 
2,482 posts, read 8,723,261 times
Reputation: 1972
Definitely. The DMV was definitely one of the more recession-proof places in the country.
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 12:37 PM
 
Location: Home is where the heart is
15,402 posts, read 28,893,285 times
Reputation: 19090
Just from informal observations around my neighborhood, I haven't really noticed much change in the price. Of course, they didn't go down that far either. What I've noticed is houses selling much more quickly.
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 12:48 PM
 
Location: Falls Church, VA
722 posts, read 1,977,962 times
Reputation: 316
Quote:
Originally Posted by normie View Post
Just from informal observations around my neighborhood, I haven't really noticed much change in the price. Of course, they didn't go down that far either. What I've noticed is houses selling much more quickly.
I have noticed this, as well. A few houses near me that I thought would never move suddenly sold over the past few weeks. It's like somebody flipped a switch and people are willing to buy sub-par properties just to have any house. They all had price drops in the course of listing, but not so far as to make them affordable for normal human beings.
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 01:10 PM
 
Location: Bethesda, MD
658 posts, read 1,782,937 times
Reputation: 377
Quote:
Originally Posted by athousandlogins View Post
I have noticed this, as well. A few houses near me that I thought would never move suddenly sold over the past few weeks. It's like somebody flipped a switch and people are willing to buy sub-par properties just to have any house. They all had price drops in the course of listing, but not so far as to make them affordable for normal human beings.
I think it's a combination of lower prices (compared to 2006), low interest rates and the $8K rebate from Uncle Sam that has increased demand of properties.

The situation for now is improving, but it's uncertain what will happen after all the tax breaks end and if interest rates creep back up.
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 03:02 PM
 
Location: Richmond, VA
2,309 posts, read 2,300,119 times
Reputation: 974
I work for a real estate agent and have been running some CMA's and it seems prices have come up a bit. I know last year my home was valued at $435 (which we bought in 2008 for $525...makes on sick!) Today when I ran a CMA just for fun on my home it was somewhere near $480K...so it has come up a bit but still not where it was when we bought 2 years ago. I am in Ashburn.
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 04:26 PM
 
12,022 posts, read 11,525,189 times
Reputation: 11136
A big part of it is the government and its banks keeping the foreclosures off the market. There's far more foreclosures than active listings. That may change if and when they do the principal modifications and the debtors no longer need lender approval to sell their homes. Y-O-Y Median comparisons are skewed by the period last year from September to March when the major banks failed and the new homebuyer credit was preannounced (i.e., everyone waited).
Reply With Quote Quick reply to this message
 
Old 01-12-2010, 04:37 PM
 
3,378 posts, read 3,701,061 times
Reputation: 710
Yes, there is something fishy going on with all the foreclosures. But, the local market has held up well compared to other parts of the US. Part of the reason is that Gov't continued to grow, and thus more jobs = more people = more potential homeowners. It will be interesting to see which locales recover faster. I do think that the areas inside the beltway will maintain or appreciate solely on location. Areas outside the beltway might have a tougher time due to the long commute, rising gas prices, and the home sizes are too big. I used to say that it is a buyers market, but the sellers don't know it yet. I think the sellers (i.e homeowners) have finally caught on.
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:


Settings
X
Data:
Loading data...
Based on 2000-2020 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

All times are GMT -6. The time now is 08:01 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top