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Old 06-17-2008, 10:26 PM
 
23 posts, read 69,308 times
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Could anyone tell me if they think it's wise to buy in Bristow (townhouse) at this time? I thought housing prices were predicted to continue dropping in the area, however I've had realtors tell me they believe PWC is at the end of the drop??? I've seen a lot of bank owned properties in Bristow (then again this is the only area I've looked at out in VA!). I'm afraid to purchase a house and have the value drop within 1 year. Any advice would be greatly appreciated as I only have a few weeks to make a decision and move somewhere. Thank you to all who have advice!
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Old 06-18-2008, 11:52 AM
 
Location: TX
3,041 posts, read 11,886,424 times
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Quote:
however I've had realtors tell me they believe PWC is at the end of the drop
Realtors depend on the buying and selling of houses to earn a living. If your realtor is pushing you to buy I'd be wary.

(No offense to any realtors to post here...many offer great advice. )

unfortunately there is no crystal ball...the US market as a whole is still trending downward. The economy is bad etc.....
LOTs of bank owned properties is never good. Empty/vaccant houses are just problems waiting to happen.

If you need to buy and you love the area and you are going to be here for over 5 years then buy.
This is not the time to buy ofr the sake of investment and making money in ashort turn around etc...

Also I don't know where your job is but if it's DC or inside the beltway you have a long commute to think about as well and how you will be feeling about that in 2 years time.

ALL (Loudoun and PWC)of the out lying areas are having trouble and they will take longer to bounce back than those areas inside the beltway.

Good luck, I wish I had a magic anwser for you....
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Old 06-20-2008, 08:54 PM
 
23 posts, read 69,308 times
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Default Thank You!

Thank you for your advice! I originally planned on renting, however the prices to buy some townhouses in Bristow would be about the same amount to rent each month. I wish I knew what to do.
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Old 10-02-2008, 11:26 AM
 
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Originally Posted by undecided2 View Post
Thank you for your advice! I originally planned on renting, however the prices to buy some townhouses in Bristow would be about the same amount to rent each month. I wish I knew what to do.
I would say it depends on how long you intend to live here. If it's more than 5 years, you should be ok, between 3-5 years, it's iffy, and less than 3 years, I'd rent.

We just purchased a foreclosed home in Bristow. But we intend to be there for a long time. We love the area, the place is expanding it's infrastructure (translation:investors are investing in the area), and the location is perfect in relation to major hospitals, airports, shopping and the occasional jaunt into DC.
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Old 10-05-2008, 04:59 PM
 
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I think it also depends on the specific townhouse you find. I might opt for one that needs some cosmetic updates and what not, or one that is otherwise priced low - that would give you some wiggle room in case the market goes down further. I think prices look pretty good right now, but I've learned in the last year to plan for surprises, even "worst case" scenarios.
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