Homes in this area are being sold for hundreds of thosands of dollars off. Closing cost , home warranties, inspections are not being charged to the buyer.Folks are offerring vacations, rental cars,lottery tickets and other incentives to buy. It has to be more than gas prices and interest rates. Think of it this way. Renting is not owning.
2006-07-27 06:40:17 · 4 answers · asked by WILLIE M. J 1 in Business & Finance ➔ Renting & Real Estate
People are waiting for prices to drop even more. Real estate prices from Alexandria to Fairfax County or Price William County have skyrocketed so much in recent years.
A house in the Annandale area -- being sold as is and built in 1946 - is priced at $890,000. It was in the market for 8 months, and sold only for $700,000. Still, for an as-is house? No granite countertops, no curb appeal, kitchen looked stuck in the 70s with wallpapers since the 80s - granted it was in a nice quiet neighborhood
2006-07-27 06:45:13 · answer #1 · answered by imisidro 7 · 4⤊ 0⤋
That is because half of the military is oversees. They account for a great deal of the real estate transfers that go on at any one point. Since you lost your sellers and no longer have the buyers, prices stagnate or eventually fall. There is also the problem of overbuilding in that area. If you can buy a new house for the same price or less than the what the resells go for that will also effect pricing and sellers begin to panic.
2006-07-27 07:02:59 · answer #2 · answered by Sam B 4 · 0⤊ 0⤋
Sellers got too greedy. Can't last forever. The market fluctuates based on many factors. Everyone is moving to Sugar Land (Houston) Texas because you can buy the same house mentioned in above post for $200K. Makes sense if you're a professional who can bring in an equal salary down here and buy a house for 1/4 the cost. Think of all the extra money you'll have to spend on your wife!!
2006-07-27 06:53:58 · answer #3 · answered by pumpkinlina 1 · 0⤊ 0⤋
I do not know & the why of it matters little. R Estate is a flowing balance of a lot of factors. One area is up while the other areas are down. Thanks I will check this one out.
2006-07-27 06:44:00 · answer #4 · answered by awaken_now 5 · 0⤊ 0⤋