Frustrated home buyer in NoVA--will I ever find anything? (Oakton: sales, power lines)

[Bass101]

My hubby and I have been house hunting in NoVa since September. We have not found anything that we've liked. We check the MLS several times a day, go to open houses a lot, and see houses with our realtor. Every house seems to have some major flaw. It's either a great house on a terrible yard, or a terrible house on a great yard, right on a busy road or right next to the freeway, or some other dealbreaker. Most of the houses we're interested in are also very overpriced, yet the owners won't come down, even though the comps show that their house is overpriced.

We were hoping that the spring selling season would bring more possibilities, but actually we're finding this spring selling season kind of slow. It seemed like tons of houses came on the market in January, but that Feb. and March have been slow. There just isn't much inventory right now.

I'm hoping we'll find something soon!

[wingerr8]

Originally Posted by Bass101

My hubby and I have been house hunting in NoVa since September. We have not found anything that we've liked. We check the MLS several times a day, go to open houses a lot, and see houses with our realtor. Every house seems to have some major flaw. It's either a great house on a terrible yard, or a terrible house on a great yard, right on a busy road or right next to the freeway, or some other dealbreaker. Most of the houses we're interested in are also very overpriced, yet the owners won't come down, even though the comps show that their house is overpriced.

We were hoping that the spring selling season would bring more possibilities, but actually we're finding this spring selling season kind of slow. It seemed like tons of houses came on the market in January, but that Feb. and March have been slow. There just isn't much inventory right now.

I'm hoping we'll find something soon!

When did spring selling season start?

Wait until April as it nears the end of the school year.

[JD984]

Originally Posted by Bass101

My hubby and I have been house hunting in NoVa since September. We have not found anything that we've liked. We check the MLS several times a day, go to open houses a lot, and see houses with our realtor. Every house seems to have some major flaw. It's either a great house on a terrible yard, or a terrible house on a great yard, right on a busy road or right next to the freeway, or some other dealbreaker. Most of the houses we're interested in are also very overpriced, yet the owners won't come down, even though the comps show that their house is overpriced.

We were hoping that the spring selling season would bring more possibilities, but actually we're finding this spring selling season kind of slow. It seemed like tons of houses came on the market in January, but that Feb. and March have been slow. There just isn't much inventory right now.

I'm hoping we'll find something soon!

Complaining about the "spring selling season" in mid-March is a bit like kvetching about lousy Christmas sales the day before Thanksgiving.

You haven't really said what you're looking for, or what your budget is, so can't offer specific suggestions. Prices are continuing to decline in some market segments, and quite stable in others. In general, sellers may be stubborn, but they'll come around. Most don't want their properties to go unsold for really long periods, as it leaves them in limbo and also creates the impression that there might be something wrong with the property (in addition to the price).

[tgbwc]

What is your price range and where are you looking?

[arielmina]

I think it really depends on where you're looking. Some areas have very low inventory (as you're noting) which is going to make it more competitive so why should the sellers come down in price?

[MagazineFreak]

I think you're right about the inventory. We've been looking and there is very little coming on the market right now. But give it time. We were lucky--our dream house went on the market and we swooped in and got it that day.

As for the house we're selling. We aren't listed yet, but have already gotten 2 offers--just because of a "Coming Soon" sign. So, since we have a good sense of demand, we are able to sell it for a high amount. Basic economics.

But be patient, the right house is out there. And a house is only worth what the buyer is willing to buy it for. I've been monitoring a lot of houses in terms of what they list at and what they sell for. Big difference. If you offer about 85-90% of list, you have a very good chance.

[adolpho]

It usually has to do more with what a bank is willing to loan.

[JD984]

I now recall that the OP was the one who raised a question in a separate thread as to whether the Clarks Crossing neighborhood in Vienna was too close to the power lines along the W&OD trail. I thought at the time that was a bit of a stretch. Looking at Google Maps reconfirmed my recollection that Clarks Crossing Park serves as a significant buffer between the W&OD trail and that community. If the OP is going to rule out homes or neighborhoods based on such marginal concerns, I don't doubt that hers will be a lengthy search (although maybe she and her husband got over that issue, but then concluded the homes in question were overpriced).

If the OP is looking at that neighborhood in Vienna, presumably her price target is somewhere between $625-$850K. There's probably less inventory in that price range in the Vienna area than there is below $625K (where one can find the older ramblers or split-levels in the Town of Vienna or neighboring Dunn Loring Woods) or above $850K (where there are homes available both in the Town and surrounding county neighborhoods). Even so, a search of the MLS listings suggests that there are quite a few attractive properties available in the 22181, 22182 and 22124 (in nearby Oakton) zip codes in that price range that aren't, for example, hideous, on a major road, or abutting a freeway.

[CAVA1990]

Originally Posted by Bass101

Most of the houses we're interested in are also very overpriced, yet the owners won't come down, even though the comps show that their house is overpriced.

I think this is the real problem. Champagne taste on a beer budget. Welcome to NoVA.

[ACWhite]

Originally Posted by CAVA1990

I think this is the real problem. Champagne taste on a beer budget. Welcome to NoVA.

If the comps really do show that the house is overpriced, it appears to me that the buyer is not the problem but the seller is. But the good news is, if there are comps that she would like at the price she would like, then she just has to be ready to jump when the next good one comes on the market.