Re: house values
Date: August 20, 2007 10:37AM
I don't think the owners are in tough w/reality. Home values are useless, what really matters is what people will pay! Lorton values have gone DOWN, just like the rest of Fairfax, PW, and Stafford counties. Lorton has held on to more of its value than the southern provinces though, but they still went down from the peak in 05/06. I rent a townhome in Lorton that the buyer paid $735K. My street has 11 Townhomes for sale, and the most expensive one is asking 649K, and it hasn't moved in many months. Most are going for High 500's. These homes were all 575K and above when bought in 05/06. They're all losing. I'm waiting another 6 months, when the market falls another 5-10%. Dream on owners!