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Old 11-15-2007, 04:32 PM
 
3,650 posts, read 9,501,943 times
Reputation: 3812

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That is very depressing. I want to move up and buy another house but am so scared I cant sell mine at a decent price. Now I am stuck in a house I do not like
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Old 11-15-2007, 05:13 PM
 
122 posts, read 347,102 times
Reputation: 77
So sorry Fairfax Mom. But it may not be so bad. If you are buying in the same market you are selling in, what you buy should also be a good value, even if you don't make a large profit on your current home.

I'm not a real estate professional, though I have bought and sold quite a few homes in various states over the years. What I would do is interview three realtors. Let them do a "market analysis" and see what they say. With three opinions you should get a good idea of your home's worth in the current market. If they all come in low, then maybe tough it out and wait a while.

I sold my house in Leesburg in 2004. Interviewed three prospective listing agents. Their analysis was all over the map. One said $500K. One said $620K. And one said $750K. I didn't believe the $750K so I listed for $620K and it sold at full price the first day on the market. Of course that was 2004, not 2007. And the buyer sold it a few months later for $750K. Here in Greensboro the house would sell for about $300K, even in a slow market. The bubble here is small compared with NOVA.

Sorry. Trying to help you feel better and I'm probably making it worse. I don't know where you are in the "faith" department, but I have always had a strong faith in things working out as they need to, not necessarily as I think I want them to. And so far things have worked out well, and not as I expected.

So here's wishing you comfort in your concerns, and good luck in moving.
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Old 11-15-2007, 08:26 PM
 
Location: Alexandria, VA
15,143 posts, read 27,776,049 times
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I'm with you Fairfax Mom - I don't "hate" it, but it's not for me, husband owned the home when we married.. it's just not the layout, etc. that I would like. I can't believe families raised households in these small galley kitchens, living/dining combined that are so small....

I do like/love many aspects of the area but due to health issues we are looking to relocate.

I don't want to believe that having nice landscaping, etc. won't help the bottom line, but... who knows what the future holds? I do really like the area, possibly a part of it is I didn't "pick" where we lived?
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Old 11-15-2007, 08:59 PM
 
122 posts, read 347,102 times
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Just some clarification ... I do believe that good maintenance, landscaping, improvements, can help to sell a house. But I am also saying that in the current market, you probably won't get back the full cost of those improvements. Yet you will likely get more for your house than without the improvements.

In any event, good luck to both of you, Fairfax Mom and Flamingo13. I sincerely hope things work out well for you.
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Old 11-16-2007, 06:35 AM
 
19,198 posts, read 31,471,463 times
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I'd have to ask where Money Magazine was with this article in 2003-04 when people were looking at prices and recognizing that significant interest rate increases were looming and wondering such things as how all these ARM and bubble people were going to be able to cover themselves. That's when a list of area markets poised to tumble might have been useful, but I don't recall seeing one. Maybe I just missed it.

Meanwhile, I continue to believe that it's sound-bite psychology, not fundamentals, that are driving the housing market. Both short-term and long-term, prospects for interest rate declines are significant. Those will translate into higher real estate prices. It could well be that right now is the real estate buy-opportunity of the decade. What we really should be reading about right now are the 25 Areas Best Poised for Take-Off. But I don't see that either. Something seems to me to be wrong with this picture...
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Old 11-16-2007, 06:36 AM
 
15 posts, read 37,631 times
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Smile jobs

boy all you folks seem rather rich to me lol. know of any good jobs over your way? sales perhaps?
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Old 11-16-2007, 07:29 AM
 
18 posts, read 68,058 times
Reputation: 13
I believe there is a list of markets that will be worth more in several years. Its just a very short list. I also think the list of markets set for a decline is based on a relatively strong fundamental. The diversion b/t the cost to rent and the cost to buy. W/ regard to interest, I'm of the view that this is about as cheap as 30 year mortgages will be for some time. Maybe I'm wrong. I've certainly enjoyed access to cheap $.
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Old 11-16-2007, 07:43 AM
 
122 posts, read 347,102 times
Reputation: 77
I agree with jgrfan. Right now I'm earning a higher rate on my savings than I am paying on my mortgage. Which is why I haven't paid it off. But I remember when I first bought a house in the DC area ( 1979 ) and thought my 11.5% mortgage then was a bargain compared to what others were paying.
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Old 11-16-2007, 09:34 AM
 
3,650 posts, read 9,501,943 times
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We bought in the tail end of the boom for $510 - the same model home as mine is now for sale down the street for $415 and is STILL not selling - I dont need a real estate agent to tell me Im SOL.
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Old 11-16-2007, 01:50 PM
 
414 posts, read 2,280,680 times
Reputation: 148
Quote:
Originally Posted by Fairfax Mom View Post
We bought in the tail end of the boom for $510 - the same model home as mine is now for sale down the street for $415 and is STILL not selling - I dont need a real estate agent to tell me Im SOL.
Your best bet may be to just ride hold on tight, and see if you can ride out the real estate slump. If you need to relocate, consider renting your home if doing so makes fiscal sense. The current real estate trend looks as though prices will continue to decline quite significantly.
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