No Quick Fix: Residential Market Expected To Worsen Through 2009

Good info here for anyone buying or selling in the next several years. My builder buddies also feel we have another two years to go before we level put and probably will stay flat for several more years after that. I have heard a lot of people took their homes off the market in Nov and dec hoping for a better spring> a huge part of the current listings are distressed properties according to these relator's. perhaps we should get their opinion on the broadlands hospital.

these real estate guys give 5 reasons why prices will not go up in 2008
http://realdiablog.typepad.com/loudounstats/


interesting article in the leesburg today
http://www.leesburg2day.com/articles/2008/01/14/loudoun_business/biz552residential011408.txt

 

mmOK - I need to hunker down......

Please pass the sand bags & Crystal.

Pate anyone?

 

Only if you trade me some duct tape for them bags.

 

Well like I told Kaosdad, Our house on Zillow about mid NOV was at 725K not they have us still up to that range but averageing out at 682K. Back at beginiing of last year we were in the 800k+ range...oh well.

 

Right now i wish Zillow were correct on my house...not sure how Foreclosures fair into the deal, but if you live in a Broadmoor on Windy Oaks Sq...bend over.
An end unit that is now "bank owned" went in the books @ $477K. The owner paid $580, and he paid a lot less than most of my neighbors--b/c there were 2 more releases after they closed.

Oh yeah...the bank is now selling it in the 450's. think i can use this to fight my tax assessment when it comes in? i'm not paying 6G's in taxes this year if i don't have to.

 

I'd expect your 2008 assessment will be much lower than last year's just like last year's was lower than the prior year. My 2007 townhouse assessment was $65k lower than my 2006 and I would expect 2008 to be about the same. Of course that just means they are going to raise the tax rate again to get their funds.

 

Don't put too much faith in Zillow.com. Those #s are all over the board.

 

Good news for those who are buying

 

Zillow is not based on anything except recent sales. I have a family member who is a real estate agent and he hates Zillow. It can give people false expectations. There are variables it doesn't look at. THis sounds like the market between 89 and 96 where prices didnt' go up at all. It happens. We moved from Ashburn Farm in 03 to a new home near Brambleton and our home is still worth more than we paid for it. The key was not to buy at peak. We knew better than to wait too long and are in the house we plan on staying in for a long time. I know of at least one family in our community that took their home off the market after 6 months and are putting it back up in the spring. A home will eventually sell if it's priced right. Prices just aren't where they were a year ago and some aren't pricing appropriately.

 

yep. we're here until 2010-11. Then who knows...in the meantime we re-set from a traditional 5/1 arm at 5.875% Sept 2010! talk about cutting it close. Hopefully the rates will inch down, and prices will conitnue to rise slightly. Zillow was a lot diifferent than what BOA said...so I don't have much faith in Zillow.