Just how hot is the NoVA real estate market right now? (house, school district)

[michgc]

From what I've seen (from afar, I've been watching as we're likely selling this summer) I think the NoVA depends on location and obviously which end of the market you are in. My friend in Fairfax sold her house in one day in the $700K-$800K range. I'm not sure about condos, though.

[mcleanexec]

Market is always hot for homes/TH in the 400-600k range. After that they need a sizeable down payment. There are two 1.3 million dollar homes near Oakton HS that have been for sale for over 30 days. And no bids on the 3 Million dollar home across from Famous Daves.

The Rotonda in mclean is one of hottest condo units in the area. Rents by Owners have gone up 20% in the last year with very little inventory. I have two offers for both of my unit that are not too far off from house bubble peak.

[jmking]

Within 1.5 weeks I had a contract on my home in NOVA---$500,000+-. That contract fell because of the sequester. Transfer denied to buyers by the fed. The house went back up on the market on a Friday, new contract on the following tuesday. My agent says it is a sellers market in Fairfax, condos and townhouses are moving faster than single family homes which is what I have.

[spencgr]

Originally Posted by mcleanexec

And no bids on the 3 Million dollar home across from Famous Daves.

And this is suprising to you? Do you know anyone who would pay 3M to have a view of a Famous Dave's?

[swested]

Smells like a bubble is brewing in this area (big surprise). It would be a great time to sell...except that you'd only be running somewhere else overpriced (or have to fork out an insane amount for rent!).

[tysonsengineer]

Originally Posted by mcleanexec

Market is always hot for homes/TH in the 400-600k range. After that they need a sizeable down payment. There are two 1.3 million dollar homes near Oakton HS that have been for sale for over 30 days. And no bids on the 3 Million dollar home across from Famous Daves.

The Rotonda in mclean is one of hottest condo units in the area. Rents by Owners have gone up 20% in the last year with very little inventory. I have two offers for both of my unit that are not too far off from house bubble peak.

Park Crest is plenty hot too. Theres nothing for sale in the building, and we just approved a renters cap, so it isn't even investment ownership. Current owner occupy is 83%. I cant believe there aren't any new condos coming to tysons given that dynamic

[Rick Lee]

Originally Posted by swested

Smells like a bubble is brewing in this area (big surprise). It would be a great time to sell...except that you'd only be running somewhere else overpriced (or have to fork out an insane amount for rent!).

I already own another house in AZ and am living in it. Shedding the NoVA house would be a pure monthly savings of $$ and headache.

[CAVA1990]

Originally Posted by swested

Smells like a bubble is brewing in this area (big surprise). It would be a great time to sell...except that you'd only be running somewhere else overpriced (or have to fork out an insane amount for rent!).

What makes you say that? Mortgage payments and rents are within a normal range of one another and monthly payments are well within the ability of buyers to make the payments. If anything the market is still slightly undervalued.

[ACWhite]

Originally Posted by Rick Lee

I already own another house in AZ and am living in it. Shedding the NoVA house would be a pure monthly savings of $$ and headache.

We were in a situation somewhat similar to yours, years ago. My advice would be to put it on the market now, even if you end up taking a small loss, unless the particular neighborhood/zip that it is in still isn't moving well, still has a lot of foreclosures, etc. The reduced stress/headache is worth a lot. You also don't know what the future holds, e.g., interest rates may be going up and home prices may be going down, there may be a major home repair needed.

[Jlyles]

One client bought in 2009 in Penderbrook, cashing out big time. One client bought in 2009 in Lakeside/South Riding, cashing out a little. Another client in Bryson/Woodland bought in 2005, will have to wait it out at least two years, it's a rental now. It's definitely better, depends on circumstances, like yours, which is unfortunate.

Originally Posted by Rick Lee

I live in AZ, but am getting killed on my condo in Fairfax. I could raise the rent $200 a month, but then my excellent tenant would leave and it'd take me nine months at the new rent to make back the one month I lost trying to re-rent the place. I'm down $500 a month when nothing at all goes wrong. That's a good $30k since I moved out of the place in 2008.

I've been talking a lot with a very helpful realtor, but he doesn't convey any sense of excitement or urgency about the current market, which, I hear from others, is really heating up in NoVA. I bought in Oct. 2004, so before the peak, but ran up a HELOC while switching careers during the peak. So I need to sell it for what I bought it for in order to not have to write a check at closing. Are we almost there (again)?