Realestate Buyers need to Hold the line (Alexandria, Fairfax: days on market, for sale)

[tigger37708]

If you are in the market for Real estate like I am you will no doubt have noticed that Buyers in North Virginia have been doing a great job of holding the line on House prices.
We Haven't been willing to pay the high prices being asked for Homes in our area, and have had some good success in bringing prices down over the last 3 to 4 months.
At least that's been my observation over the last few months. That Sellers in the market have been gradually lowering prices.
I think we have established a firm floor in prices.
I have noticed that homes properly priced do sell, and that homes do sell when the price is lowered enough.

But we need to hold the line!

I have been seeing Fresh homes hitting the market with much Higher asking prices.
its almost like Sellers and Realtors are trying to jump the prices for the spring season.
For instance one neighborhood I have been watching has had several homes sell over the winter. Nothing over $410K and most around or under $400K. Today's fresh listing of a similar home is priced at $475K.

Buyers Unite! We need to hold the line!

Don't pay higher prices just because its starting to get warm.
Keep in mind the huge shadow inventory of soon to be Foreclosed homes out there.
Look at all the Short Sales still sitting on the market.


This Public Service message will be in effect until I actually Buy a House and the escalation of home prices can resume.

[CarolVa1977]

lol I am holding the line, do not worry

[Fern435]

Not a noVA buyer, but I support your message.

[hilsmom]

Originally Posted by tigger37708

This Public Service message will be in effect until I actually Buy a House and the escalation of home prices can resume.

Haha - can I add myself into this and say "UNTIL NEXT FALL"? If we buy, it will be this summer.

[momtotwoboys]

me too! me too! we are just starting our home search (for real not just searching on zip) so hoping to find something this spring.

[CarolVa1977]

where are you people planning to buy. I can only afford in PW County

[robbobobbo]

I laughed when I saw a real estate listing page in the Alexandria paper with a big headline, "Who says it's slow?" Trying to heat up prices.

I keep checking Redfin and other sources for sales in my neighborhood, just out of curiousity. Same houses sitting there, month after month. Of course winter plays a part in the slowness as well.

[Caladium]

LOL, if a thumbs up helps, then

[smagid]

There are always going to be sellers that are a bit unrealistic when pricing their homes and those will sit. When the home is priced competively it will sell much faster.

Average days on market are still low in the Northern Virginia area. Fairfax County home prices have increased (for sold properties) 8.5% and Prince William County has increased 17.9% from 2009 to 2010. . Most of these are the result of the limited distressed (REO) properties in 2010 and more regular sales and successful short sales.

This year also we expect to see an increase in buyers as a result of the BRAC.

[jillabean]

I am house shopping too. I've found communities I like. The only thing that scares me is the lack of inventory in the places I like--I am pretty much waiting for stuff to come on the market. I am hoping things will pick up in the Spring. I am in no hurry either since I really rather time things so I move after the school year is over.

I am a bit wary of short sales though (I won't consider them). I heard you can wait months and months and still not get the house while you wait on the occupants and the banks. If anyone's had a different experience, let me know. I'd consider a foreclosed house, but it has to be in decent shape (I don't mind some fixer-upping, but I have a limit unless the house is dirt cheap).