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20148 Real Estate Market Stats

Discussion in 'Broadlands Advertisers Forum' started by Steve Campot, Mar 20, 2013.

  1. Steve Campot

    Steve Campot Broadlands Real Estate Broker

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    I have attached the Feb market stats for the 20148 zip code. Prices are up over five percent year over year. Inventory is way down so that should put pressure on prices to rise this spring. Several new listings in Broadlands have sold in the first few days of being on the market.

    If you have any real estate questions please don't hesitate to ask. All consultations are complimentary.

    Enjoy,
     

    Attached Files:

  2. MikeK

    MikeK Member

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    Very interesting Steve, thanks for posting the data. I have a few friends looking in the Ashburn area so this is good info. I've been tracking some town houses and it looks like some owners are also starting to overprice. Are you seeing that?

    I know some are also waiting to see what happens with the sequestration/economy before making a move.
     
  3. jw25413

    jw25413 New Member

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    Thanks Steve, but Southern Walk we are still underwater..so sad
     
  4. T8erman

    T8erman Well-Known Member

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    We are in SW and far from underwater.
     
  5. jw25413

    jw25413 New Member

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    That is great , but here in my neighbor in SW we are still underwater my next door neighbor sold his ouse last month 75k under what he paid
     
  6. Steve Campot

    Steve Campot Broadlands Real Estate Broker

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    Unfortunately some people who bought new homes at the top of the market in 2005-2006 and put very little money down are still under water. However, real estate prices in Broadlands should be at all time highs in the next few years if the current trends continue.
     
  7. Steve Campot

    Steve Campot Broadlands Real Estate Broker

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    You are most welcome.

    Please pass my info along to your friends.

    Always, some owners overprice. If they do it sits on the market until they lower their price or the market catches up.
     
  8. PDILLM

    PDILLM Well-Known Member

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    We bought three years ago and always thought we overpaid...but due to inventory and our personal requirements we were pretty locked in on selecting one of 4-5 houses. We are definately not under water, but when you factor in the loss on our old house the water line is still pretty high!
     
  9. jw25413

    jw25413 New Member

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    i settled in Nov of 2007 put 100K down and will still be under water if I sell now, I'm in the TH
     
  10. razng2grtboys

    razng2grtboys New Member

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    There is no way you could be under water if you settled 2007NOV and put down 100K. You are in better shape than me and I settled 2007FEB am not even close to being under water. In fact, my house will likely fetch not much less than what I purchased it for in 2007. The only way you are under water is if you put zero money down or did a major 'cash out refi' somewhere along the way.
     
  11. jw25413

    jw25413 New Member

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    Well if you paid over 500k and can only sell for 435 then you are underwater . If you put money down its your money your loosing don't you think ....to me that means I'm under water because I can't sell for what I paid for the house
     
  12. razng2grtboys

    razng2grtboys New Member

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    Under water means your house is worth less than you currently owe on it. That's not the case. I bought my house for over 700K and it was appraised at 550K in 2009. The market is coming back now so that's good for both of us.

    You are correct that prices aren't fully recovered from where we paid, but they are coming back and coming back very strong now. I hope to have my house on the market by the end of April.
     
  13. flynnibus

    flynnibus Well-Known Member Forum Staff

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    'lost money' and 'underwater' are not the same thing

    Underwater means you owe more than you can get out of it.

    Your scenario is simply 'I lost money on the house'
     
  14. fidothedog

    fidothedog Member

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    I think the pitch that this market is going to keep on roaring back sounds a little familiar.

    Ask yourself why this and the rest of the US market is roaring back.

    Why?

    Supply and demand.

    Demand is relatively constant but supply has shrunk.

    Why has supply shrunk? Didn't they do analysis in 2008 that we had 20% more homes in the US as compared to people who could own homes. I guess in the past few years we immigrated 20% more people into the US who could afford to buy US homes...NOT.

    Think this through... you are being manipulated on the supply side of the equation. Banks are not releasing all of the supply from all of the foreclosures and not evicting people who are in default...couple this with Freddie/Fannie/Fed not kicking people out of their houses or releasing their owned units either.

    They are intentionally creating another bubble here folks. You do not have to be a rocket scientist to understand this.

    WHY are they doing this? To move those houses that the banks have been forced to repurchase at a loss back onto unsuspecting buyers.

    The banks need home prices to rise. They need you to take out more debt.

    So yes...home prices should continue to increase over time until the bubble pops again.

    Then you throw in that 75% of all of the people in the Washington Metro area either directly (60% - government workers or government contractors) or indirectly (15% all people who support the 60%) get paid via the federal government.

    What is going to happen to this area if (big If here) the federal government actually cuts spending.

    This is not free market economics.

    You cannot look anywhere in the past to understand what is going to happen here.

    This market has the absolute most risk in it compared to any other market in the US. Even more than Las Vegas. Spend a few minutes thinking about this.

    Unfortunately, this is not the American dream you are buying into.
     
  15. Steve Campot

    Steve Campot Broadlands Real Estate Broker

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    "Think this through... you are being manipulated on the supply side of the equation. Banks are not releasing all of the supply from all of the foreclosures and not evicting people who are in default...couple this with Freddie/Fannie/Fed not kicking people out of their houses or releasing their owned units either." This is not true in our area, if it were you would see a lot of empty houses and the HOA would be collecting payment from the banks that owned the houses. All real estate is local and prices have been going up for the last two years in this area.

    True we have a big government related work force but that is better than our local economy being reliant on one industry, like a car factory. Let's say they did lay off some of the workforce. Northern VA unemployment rate is under 5%. It could use some skilled workers.

    I offer you a positive out look on things based on the USA becoming the number one oil producing country in the world in the next five years. Funny how the press does not like talking about this much, being good news...
    Modern technology will enable us to release gazillions (fancy term I know) barrels of oil from the sea of shale that this country sits on. Think what will happen to our economy when we stop sending billions of dollars over seas and gas cost under two dollars again! The only reason it is going to take five years is that the USA does not have the refineries yet.
     
  16. fidothedog

    fidothedog Member

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    Steve,

    I like the optimism. Always worth having a smile on your face.

    I would agree with you that the DC market didn't have the number of foreclosures as Miama, Las Vegas and other major cities.

    Why? Our entire economy is being kept up by government spending.

    25% of the total US GDP is now driven by federal government spending. Throw in the rest of the states and you are over 30%.

    Look back to the 1990s and the DC real estate market when they just slowed the increase in federal spending. What happened? It is not pretty. Real estate market (outside the beltway) was pretty much down from 1991 to 1998.

    Now the exposure to this real estate market would be impacted significantly more to a reduction in spending here than it was in the 1990s. Why? Because the federal government spending here is so much greater now as compared to the 1990s.

    Federal spending in the early 1990s was a little over $2 trillion. Now it is $3.6 trillion. Think about how much of that discretionary and military spending hits this local market. If they do anything like they need to do to start balancing the budget this real estate market will get rocked.

    Do I think they are going to actually reduce spending and balance a budget? No way. Sequestration will take a bit out of the DC market but they would loose too many votes to actually govern this country the way that they need to.

    I hope you are right and American oil can lead us out of the financial problem this country has but I seriously doubt it.

    Just don't be naive about the numbers....and also don't even start to think about all the baby boomers about to retire and what that will do to the real estate market over the next twenty years.

    Unfortunately all of this is just on borrowed time.

    Do I want the American Dream? Definitely. Do I want my kids to graduate college with a job? Definitely. Do I want this country to be strong and prosperous? Definitely. Do I believe in an open free market? Definitely.

    Do we live in a country with an open free market? Absolutely not.....unfortunately.

    Will the stock market keep going up? Yep. But how can this be you ask if everything is all gloom and doom. Follow the cash and you will see the answer.
     
  17. luftinarr

    luftinarr Member

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    Steve,

    we are getting some work done in the basement and the contractor told us that Loudoun County now enforces an older law that says any square footage underground does NOT count toward the total square footage of the house. Is there any truth to that?
     
  18. Steve Campot

    Steve Campot Broadlands Real Estate Broker

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    No truth that I can tell by your statement. So if that where true, any one with a finished basement tax assessments would be going down...

    If your finishing any space make sure you verify all the permits and get a final inspection from the county. That way when you sell you will avoid big problems.
     

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