Real Estate - where we stand - what should I do? (Fairfax: sale, foreclosure)

[normie]

Just a warning about all-brick houses... they can become ovens in the hot sun.

[normie]

Originally Posted by El General

I don't think those home warranties are worth the paper they are written on. Read the 3500 words of small print. I know someone, whose gas pack A/c, heater was condemned during the warranty. They gave him 850$. Many parts of the electrical system are also, not included.

Along the same lines... home inspection is important, but be aware that they will make you sign a contract that keeps them protected from any responsibility for what they say. For that reason I don't trust home inspectors provided by a realtor. Maybe I'm wrong, but I always think they cuold be lying just to help out their realtor friend.

Soooo... maybe we could provide a real service to our new neighbors and suggest a few reliable home inspectors. That way, our readers won't haev to rely on someone the realtor knows. Anybody know a good home inspector?

[HomesWithTLC]

Originally Posted by normie

Along the same lines... home inspection is important, but be aware that they will make you sign a contract that keeps them protected from any responsibility for what they say. For that reason I don't trust home inspectors provided by a realtor. Maybe I'm wrong, but I always think they cuold be lying just to help out their realtor friend.

Soooo... maybe we could provide a real service to our new neighbors and suggest a few reliable home inspectors. That way, our readers won't haev to rely on someone the realtor knows. Anybody know a good home inspector?

As a Realtor, I find that kind of funny, since not only do I want my buyers to have the best home inspector they can find, I also don't want to open myself up to legal liability by suggesting a poor home inspector. I have worked with good home inspectors and I have worked with terrible home inspectors...I get nothing for recommending either kind, except a lot more hassle if the inspector isn't good!

That being said, I think suggesting a few reliable home inspectors would be beneficial not just to the people moving to the area but also to fellow real estate agents (to see what other people think!).

[seysoldTD]

Really, several factors do play important roles on your decision. If you plan to stay put for a minimum of 3 - 5 years it is an awesome time to purchase.

Traffic, Schools, restaurants, hospitals are a few of the factors that must be taken care of before you make your decision. Traffic parking lots around here are not going away.

There are a lot of great deals out there now but I think you need to talk to a realtor. He or she can show you what is available on the market and take care of any specific needs you and your family need in your new home.

Take care

[spidercharm]

I do plan to stay here 5 years, most likely longer.

For comparison with new homes I have been looking at new THs in fairfax as they seem to be in my price range. Does any know a good community that's comming up with good schools and good neighborhoods? (or the ones I should avoid)

I know Kendall Square (in fairfax) does not seem to have good schools around.

Originally Posted by seysoldTD

Really, several factors do play important roles on your decision. If you plan to stay put for a minimum of 3 - 5 years it is an awesome time to purchase.

Traffic, Schools, restaurants, hospitals are a few of the factors that must be taken care of before you make your decision. Traffic parking lots around here are not going away.

There are a lot of great deals out there now but I think you need to talk to a realtor. He or she can show you what is available on the market and take care of any specific needs you and your family need in your new home.

Take care

[seysoldTD]

Spidercharm,

SPRING PARK STATION &FONTAINE PRESIDENTS PARK are a couple of subdivisions in your price range.

Since I am a realtor I can not comment on a good/not so good school system. There are websites out there that can give good reviews on our school systems.



seysoldTD

[Margery]

Originally Posted by normie

Along the same lines... home inspection is important, but be aware that they will make you sign a contract that keeps them protected from any responsibility for what they say. For that reason I don't trust home inspectors provided by a realtor. Maybe I'm wrong, but I always think they cuold be lying just to help out their realtor friend.

Soooo... maybe we could provide a real service to our new neighbors and suggest a few reliable home inspectors. That way, our readers won't haev to rely on someone the realtor knows. Anybody know a good home inspector?

I certainly take exception to the idea that I would recommend a home inspector based on the fact that they would lie about the condition of a house. I refer only inspectors that will go over the house with an eagle eye trying to find a problem. I would rather have the sale killed than have a buyer get stuck with a lemon. I have been in the business almost 12 years, 8 years as a licensed broker, and have not survived by tolerating shoddy work by anyone. I would be happy to recommend a competent inspector to anyone who wishes to contact me directly.

[claude henry smoot]

Personally, I can't imagine anyone buying now with the market being what it is. This area is one of the worst bubble areas in the country, with the exception of some FL, CA, AZ, and NV markets. Home prices here are ridiculously disconnected with incomes... home prices in Fairfax County increased 160% since 2000, while income only increased 24%. Do the math on that one! When you understand exactly what allowed that disconnect, you begin to realize why it must return to "normal". (Of course "normal" in NOVA is still relatively expensive.) This market downturn is going to be slow, so if you simply can't stick it out until 2008-09, do what you have to do. Prices are already slipping considerably in Loudoun - there are quite a few 50% off sales out there. Fairfax - it will take longer, but prices will drop eventually. Historically speaking, home prices are generally slow to reflect housing market downturns - people tend to be stubborn and unrealistic. We've really only just begun to enter this period of ARM resets - so foreclosures are going to be ongoing through the next year or 2.

But don't buy without preparing yourself to see your home price drop and stagnate for the next few years. I think it's reasonable to expect home prices to drop to 2004-05 levels, so when you're looking at a home - check the prior sales/assessments to see what it was worth in 2004-05. I recently stumbled onto this site - http://novabubblefallout.blogspot.com/ - gives you an idea of where the discounts are. Even if I am COMPLETELY wrong about things returning to 2004-05 prices, think about this: at the very least, prices will not "increase" for the next several months. Many housing experts are saying things will not begin to move upward again until 2009-10. So time is on your side.

[seysoldTD]

I imagine several consumers tried to defined the economics factors that created such bubble. This perfect storm that created this bubble had to stop sooner or later, unfortunately too many purchasers bought a home with the expectation of qgetting a quick and huge return on their "minimun" investment.
Locally in NOVA, there are certain areas that will still see a price drop mainly driven by the increase/decrease of distressed properties.
During this bubble and because of the return it gave a lot of people we forgot what the main purpose of buying a home should be. If you are going to stay put for a minimum of 5 years, then it is an awesome time to purchase with the negotiatong pendulum on the buyer side.

[MKing]

[quote=I think it's reasonable to expect home prices to drop to 2004-05 levels, so when you're looking at a home - check the prior sales/assessments to see what it was worth in 2004-05.[/QUOTE]


I hope someone or the op can help me understand this because I don't understand how prices adjusting to 2004-2005 prices could happen or be a good thing, (except for sellers) because 2005 was the height of the market?? So I just don't understand this post. Our house would have sold for about $600,000 in 2005 but now we would be lucky to sale for $400,000 - $425,000, so how is home prices going to "drop" to 2004-2005 levels?? Thanks for helping me understand.