What do you think about the real estate market in Vienna, Va ? Any REO type homes in zip 22181 ??

Asked by Zaina, 22182 Fri Oct 19, 2007

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Tony Arko, Agent, Reston, VA
Fri Oct 19, 2007
There are very few bank-owned properties currently listed for sale in the 22181 zip code. I could only find 2 that were actually owned by banks listed in the MLS. There are also 4 or 5 short-sale properties listed but these are technically not REO properties. Comparing this to the market in Loudoun County where close to 20% of all listings are distressed properties and the Vienna market seems to be pretty healthy. That could change next year but chances are it will not be a significant percentage of the marketplace and Vienna will do better than other areas of Northern Virginia. On a side note, if you want to find REO deals in Loudoun County check out our site: http://www.loudounforeclosures.com
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Abcnews, Home Buyer,
Sat Apr 12, 2008
Having also looked in the real estate market in Vienna -- yes, I've already seen a reasonable price drop. Some sellers were faster to realize this than others though, so you have to approach each property with a cautious eye. How "aware" is the seller that it's currently a buyer's market?

That said, you need to be careful -- if you're going to become picky about the layout and look of a house, you would do better to set a budget range of what you're willing to spend upfront. Because you'll find it extremely difficult to negotiate for the features you want *and* a low price you want. Often the features you want are features others want too, and thus that increases the price. If you want just a low price, be prepared that the homes may not have all the features you desired.

Hope this helps!
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Zaina, , 22182
Fri Nov 9, 2007
Thank you to all of you that answered my querry. Very interesting points were made by all.

Debra, I have seen the home we talked about and its a split foyer, and we dont want that. Also I have seen a number of other homes in the Lakevale area and in today's market they all look over priced to me. The sellers need to adjust their prices to reflect the market today.

Also I have seen a reasonable drop in home prices in Vienna. I wonder if any one else agrees with me on that point.
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Debra Talley, Agent, McLean, VA
Wed Oct 31, 2007
Hi Zaina,

The one that I had scheduled to show you has now been reduced to $649,000. It's a great buy! Call me if you change your mind and decide you want to see it after all.
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Jay Hurst, Agent, McLean, VA
Wed Oct 31, 2007
Hi Zaina,

How is your search going? Debra and I are looking forward to continuing your search with the newest listings. This can be a great forum for cheap help.
Web Reference:  http://talleyhursthomes.com
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Joey Remondi…, Agent, Vienna, VA
Mon Oct 22, 2007
The market in Vienna is very healthy but is still a buyers market. In the 22181 zip there are four short sales that may or may not become foreclosures in the near future, those are condos and one townhome .There is only one REO in that zip and it’s on Roundhouse Rd but it is currently under contract. If you need any further help I would like the opportunity to interview for your business.
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Lenn Harley, , Maryland and Northern Virginia
Sun Oct 21, 2007
There are 5 bank owned properties in the 22180 Zip priced from about $460,000 to $539,000. Vienna isn't a community where there would be many foreclosures found. The one below in 22182 is very nice.

MLS#: FX6562522 Price: $739,900
Bedrooms: 3 Bathrooms: 2 full 1 half
Garage: Side Loading Garage Zip Code: 22182
City, State: VIENNA, VA
Status: ACTIVE ?

Listing Agency: REO Real Estate
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