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Old 10-06-2008, 05:51 PM
 
948 posts, read 3,358,199 times
Reputation: 693

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I'm still getting a feel for the NOVA area and its' housing stock, but I want to buy a place. Been here a year now. Will probablly be here at least 3 to 5 years. I've found a couple of townhomes I like and am considering buying. Price range is around $800-950k. I've got friends that have lived in the area for 3 to 5 years and they're telling me I'm crazy to be buying a townhome or condo now. They claim they're hard to re-sell and the value is still going down. They say a home is a better buy. Is this a shared sentiment here?

I'm not crazy about the idea of owning a home and the maintenance that comes with it. I've looked up county records and I do see a high turnover for many townhomes. But, I do see them being re-sold. Anyone care to add their 2 cents?? Lay it on me
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Old 10-07-2008, 07:20 AM
 
8,982 posts, read 21,181,432 times
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My totally unprofessional thought is that since Clarendon is in a close-in area that is convenient and popular, homes bought there will retain their value more than many other areas. Whether you're guaranteed an increase in value anytime soon is anyone's guess.

If you're not sure whether you're ready to assume ownership, why not look for a townhome to rent for a year. I'd imagine that there should be a number of them available, given current events. You might even be able to make a deal to rent with an unsuccessful seller. You may not be quite responsible for some of the more serious maintenance issues but you'll still get a feel for what it's like without the additional worry about a mortgage.
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Old 10-07-2008, 10:12 AM
 
948 posts, read 3,358,199 times
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I know I like the area and am currently renting near the area. I was trying to get a feel for townhome value, not necessarily townhome life; kwim? The other part of my "anxiety" is buying in this climate being a newbie to the area. I keep wondering if prices will take a hit and I'm just not seeing it to the extent that other areas of the country are seeing it.
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Old 10-07-2008, 11:08 AM
 
8,982 posts, read 21,181,432 times
Reputation: 3808
Because SFHs are so expensive around here, THs tend to hold up very well, especially in an area like Clarendon. If your would-be townhome loses value, it would be due to other forces outside of living in a sought-after section in one of the most stable (in bad times), usually booming (in better times) job markets in the country.
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