Home Buying in 20171>Question Details

Rizwan Ali, Home Buyer in 20171

We are looking to buy in Middleton Farms but worried that prices may be poised to fall drastically.

Asked by Rizwan Ali, 20171 Sat Aug 2, 2008

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Kay Bal’s answer
whether to buy or not depends on individual situation. good realtors do not tell buyers to " just go and buy". it all depends on what a client wants. if comps are selling for 865K, in a polular location and my buyer who has the need to buy and i negotiate a similar home at 750K (same price what the seller paid in 2003)...
I am quoting a real case : what my buuyer just bought (not in middleton farms).

another example where my buyer benefited recently : homes are selling at 380K but my buyer paid 300K, ask me how..I am not going to post here :-)

Thanks for your comments on my reply.

Bottom line is buyers have to choose to work with real professional and NOT sales people. Its NOT whether they buy NOW or WAIT. its what they buy and what they pay for.

I do not predict future market, but if you are a realesate pro, you may read the NVAR stats and see that inventory is 28% lower than Feb 2008.
0 votes Thank Flag Link Mon Apr 6, 2009
If you ask a real estate agent they will say..interest rates are low...great time to buy,..if you live there long term....etc etc.

Prices are significantly set to fall in next year or two. Long term or not, it is NOT a time to buy. Why not rent rather than owning a depreciating asset. Prices have doubled in last 6-7 years and have only come down somewhat from that peak.
0 votes Thank Flag Link Mon Apr 6, 2009
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=26899302114

Hi Rizwan,

You may check the link above that includes some current available homes in and around middleton farms. It also includes few recent sales to give you an idea on comps in this area.

Hope this helps. No one can guarantee future market prices, but if you are looking to buy for long term and working with a great agent and lender, you will be fine. You may have also noticed that interest rates are down.

Best wishes,
Kay
http://www.kaybal.com
Web Reference: http://www.kaybal.com
0 votes Thank Flag Link Wed Sep 10, 2008
In looking at statistics for that zip code (I posted a link on another of your questions), I see signs of stabilization. While prices are down an average of 13% from last year, the number of sales are up by 40%; and there is less than a 3.5 month supply of homes on the market. (NAR considers a 6 month supply a "balanced" market, less than that is a seller's market).

I work in the Dulles area - here's a post from June: http://therealestatewhisperer.blogspot.com/2008/06/can-you-h…
Then, after reviewing No. Va stats this morning, I posted this:http://therealestatewhisperer.blogspot.com/2008/08/thinking-…
Now, that talks about the "region", but does not zero in on Herndon. 20171 has seen a definitive shift.

There are no guarrantees in life, but I feel that the sudden dramatic price drops that occurred this year increased buying power, and is stabilizing the market despite the credit crunch and other economic challenges. I think we're "at" the bottom of the market. I think we're going to bounce around here for a bit, before we start seeing rapid appreciation again; but barring unforseen circumstances, I don't think we'll continue to see dramatic price drops. That's me. I've been wrong before, I'll be wrong again... but NoVa is where I've lived my whole life, and I literrally grew up in real estate - I've been riding the waves since I was a child, and I have gotten a good feel for them.

Just so you know I am not one of those overly optimistic people - here's a comparison. I checked the same stats for a South Arlington couple today. While North Arlington is appreciating and has never seen a price decline, South Arlington is stinky. Prices there have dropped only 4%, and the number of units sold is down 30%. That, and other factors resulted in me saying that I felt that zip code was going to take a sudden and hard price hit, soon, before stabilizing.

In each "submarket" that is what we are seeing - dramatic price drops, which spur buyer activity, resulting in a reduction in supply and a stabilizing market.

I hope you'll call me if I can help you more. I love working with buyers in Herndon.
0 votes Thank Flag Link Sat Aug 2, 2008
Let me start by asking how long you plan to live in the home if everything stays constant? I live in the neighborhood and have seen home prices go up drastically, however I remember selling the 2nd home there in the 300's. You need to decide what your goals are. It is a great neighborhood, wonderful schools(both my children went through all 3) and the proximity to major routes and business hubs can not be beat. There is a house for sale ther currently. If the house meets your criteria move forward. Hope this helps.
0 votes Thank Flag Link Sat Aug 2, 2008
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