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Old 03-13-2010, 04:07 PM
 
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According to this Washington Post article in todays paper our local Real Estate situation seems to have turned around a bit. Any Real Estate experts out there that can substantiate this story?

Local Address - A snapshot of Washington's early-spring housing market
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Old 03-13-2010, 04:14 PM
 
Location: Home is where the heart is
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I'm not an expert, but we had one house in neighborhood for sale and today it's sporting a SOLD sign. For what that's worth.
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Old 03-13-2010, 04:48 PM
 
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We had 3 in our neighborhood that had "under contract" in a week. I think the inventory is low though.
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Old 03-13-2010, 04:58 PM
 
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I saw a friend today who is a real estate agent and was going out to show houses. She said once again there is competition for good listings, with some multiple contracts. I asked if it was just people snapping up entry-level foreclosures and she said no, it's happening throughout the market.

On the other hand, the Post reported that there is a new wave of foreclosures coming. The first wave as we know was default on subprime mortgages by people who never should have qualified for them to begin with. The coming wave is people with standard fixed mortgages who have been unemployed for a long time.

So I don't know for the long term how this will play out in the real estate market.
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Old 03-13-2010, 05:04 PM
 
Location: Brambleton, VA
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Quote:
Originally Posted by normie View Post
I'm not an expert, but we had one house in neighborhood for sale and today it's sporting a SOLD sign. For what that's worth.
One of the houses in my Brambleton photo tour went on the market two weeks ago and had a contract the next day.
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Old 03-13-2010, 05:15 PM
 
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Homes in our area seem to be going under contract pretty fast - many within a week or so. Some within days.
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Old 03-13-2010, 05:28 PM
 
Location: Virginia
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Our house in PW was under contract last spring in less than 24 hours. We were then looking for a house in Springfield and lost out on a couple because the bids went 20k over list. The house we ended up with we went 9k over on the day it was listed and they had at least one other full price offer after ours.
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Old 03-13-2010, 05:38 PM
 
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It's still early in the season, but there don't seem to be very many homes up for rent either...
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Old 03-13-2010, 05:53 PM
 
Location: Everywhere and Nowhere
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The situation around here seems to be that more people are moving in but not a lot are leaving, probably because the job market here is so much better. Folks seem to be retiring in place.

As to the statement about sub-prime foreclosures that's somewhat of a conservative urban legend. Only a very small percentage of first wave foreclosures were sub-prime loans. Almost all were to people on regular loans who got in over their heads or whose incomes dropped. There were a lot more defaults among Republican voting speculators than so called community reinvestment act (right wing code for minorities) borrowers.
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Old 03-13-2010, 06:50 PM
 
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It all depends on the price point.

Homes around $700k are moving briskly in Arlington and Falls Church/McLean/Vienna.

Homes at $1mil and above not so much.
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