Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
The bust is going to last much longer - my own home has dropped about 50k in value from last year - it will be years before anyone recovers. They are not writing any crazy loans any more. People will have to be happy with less.
Without getting into the illeals immigration thing all over again I think the houses in Woodbridge wouldnt sell due to the neighborhood.
You can build as nice a home as you want but if the guy next door has fifteen people in his place and ten cars on the lawn then your house just won't sell.
The big houses, Mcmansions, on the website were most likely from people who should never have gotten them in the first place or some jerk trying to cash in by flipping them. A simple supply and demand thing, plus the cost of gas, and these homes being in Stafford didnt help.
> I was at a convention where the founder of ReMax
> believes that the market will settle and return to
> normal. What's normal? Like 7% annual
> appreciation, not 20% like we've seen in recent
Remember, people working in real estate business always say what they want to see, not what's really happening. They are people who want real estate prices to go up ALL THE TIME. We and the rest of the world don't.
Houses in this country are generally way overpriced turkeys. Even single family houses built 20+ years ago starts from $450K in FFX, which is bulls__t.