What's the market like right now? Any predictions? (Burke, Springfield: days on market, for sale)

[julieflutie]

Just wondering how fast homes are selling in Burke/Fairfax area, specifically Robinson or Lake Braddock school districts. In SoCal, homes are sitting a long time, or either being taken off the market. Very few price reductions in the Beach cities. Just want to know what I'm getting into. How competitive is the market? My husband and I would like to buy a SFR for 450-500K in this area. Do we have a chance, or are properties being snagged to the highest bidder? Tired of waiting around for prices to come to reality here in CA, and would like to get more than a fixer upper or a 2 bedroom in the ghetto. Any insight to what you're seeing as far as days on market, multiple offers, price reductions would be extremely helpful. Thank you in advance!

[car54]

I'm just a casual observer, but you should have no problem finding a decent SFR in the LB/Robinson areas on your budget.

I like this site for what's for sale:
Home Search: Select County

(it's best if you have the name of a subdivision, it lists everything for sale there)

Then you can see what a house went for at the County site:
Fairfax County

(the County site takes a while to show the sale and then only shows the total sales price without seller subsidies, if any, but it gives a pretty good idea.)

[novahousehunter]

I am shopping currently (not in your school districts, but in NoVA).

Prices on short sales/foreclosures (which seem to be most of the market) are good--about 60-65% of 2008 tax assessments, well under half of 2005-2007 sold prices.

A few that are in bad shape and/or overpriced are sitting on the market, but the rest are moving, many are going for asking price, most that I have tried for got multiple contracts--I've been outbid a couple times.

I think your price range is reasonable and you will find what you want. It is a weird market right now and these sales are time consuming (banks can take 60 days to decide on short sales) but I think worth it.

[Skapov]

There is not a whole lot of inventory on the market in Burke/West Springfield/Vienna/Oakton area if you are looking for a 4 bedroom 2 bath SFH, but when you get closer to $500-550k the pickings get a bit better. That said, the homes ARE being snapped up, they are on the market for only 30-45 days at most, and several that I had eyed were snapped up after only 10-15 days on the market.

My husband & I tried for a home priced at $400k and were outbid, then the 2nd time we saw a lovely home on the MLS and we IMMEDIATELY got out there to look at it and put in our offer. It was bank-owned, and we paid a bit more than the list price, but fortunately the bank did agree to pick up the closing costs so that was helpful.

Btw, everything depends on what you are looking for as far as curb appeal and location, because my husband & I DID NOT want a split-level, but most of the homes out there are 1970s outdated splits. We also wanted a decent backyard, and most Burke backyards are full of trees and you can't get a garden going. If you don't care much about the outside area or exterior of the home, you'll have no problem getting something, but I have particular tastes and was picky that the home have some charm & curb appeal.

[julieflutie]

Thank you all of your responses were very helpful. I'm looking forward to checking things out this weekend while we are visiting.