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wackywill Donating Member (98 posts) Send PM | Profile | Ignore Tue Jul-27-04 07:51 AM
Response to Original message
28. I live
in Northern VA between Richmond and DC. The market here is super heated. I built a new home on Lake Anna about 30 miles west of I-95 last year. My lot was 30K, lots now selling at more than twice that at 68K. My house complete with post-construction upgrades, landscaping, deck and paved drive cost around 239K will now market in the high 300K's.
My best friend lives in a very modest middle/lower middle class neighborhood. The home across the street in poor condition needing a lot of work was put on the market at 220K it sold in 2 days. I figured it was realistically worth less than half its selling price.
Many people I know are selling just because prices are soooo high and they can move into better, newer digs and keep the same or even lower their payments.
I'm just wondering if/when the bubble will burst and should I get out now and what will I do for housing if I do? Actually not that bad of a problem to have. Thinking about selling and moving to a less heated market. Our jobs travel anywhere East of the Mississippi , must live within 2 hours of major airport....any ideas?
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  -Sales of Existing Homes Climb 2.1 Percent to New Record in June BaysideLiberal  Jul-26-04 09:57 AM   #0 
  - while new homes sales dropped in June  gasperc   Jul-26-04 10:02 AM   #1 
  - That was new home "starts" and "permits" - New home "sales" is tomorrow.  Frodo   Jul-26-04 10:23 AM   #3 
  - You're 1/2 right......  motivated   Jul-26-04 11:27 AM   #13 
     - LOL  Frodo   Jul-26-04 06:20 PM   #19 
        - You don't get out much, do you?  motivated   Jul-26-04 09:00 PM   #21 
        - Interest rates remain low  Baltimoreboy   Jul-26-04 09:06 PM   #22 
           - See post #17 below  motivated   Jul-26-04 10:28 PM   #23 
              - Simply untrue (mostly)  Frodo   Jul-27-04 06:19 AM   #25 
              - What planet are you from?  leesa   Jul-27-04 08:07 AM   #29 
              - What a well-thought-out response.  Frodo   Jul-27-04 10:10 AM   #32 
              - Do you read the NAR reports?  motivated   Jul-27-04 11:33 AM   #33 
                 - scuse' me. My edit expired  motivated   Jul-27-04 12:45 PM   #35 
              - Where I live the median price hit one million dollars a month ago  MaRadix   Jul-27-04 09:30 AM   #31 
        - You always seem to bat for the other side  Cronus   Jul-27-04 03:07 PM   #37 
  - New home sales did drop, 0.8%, just released see link  gasperc   Jul-27-04 11:43 AM   #34 
  - Do those figures for sales of existing homes also include mortgages being  havocmom   Jul-26-04 10:06 AM   #2 
  - No. Refinances are counted by the mortgage industry.  Frodo   Jul-26-04 10:24 AM   #4 
  - have my doubts about that one  havocmom   Jul-26-04 10:26 AM   #5 
  - No  motivated   Jul-26-04 11:07 AM   #10 
     - thank you (n/t)  havocmom   Jul-26-04 11:18 AM   #12 
  - Wonder if the second and vacation  luaneryder   Jul-26-04 10:33 AM   #6 
  - This isn't about "consumer confidence". It's about people scared  soulsick in jp   Jul-26-04 10:36 AM   #7 
  - Hmm, So Why Are There Roughly 12,000 Homes On The Market In Austin, TX  mhr   Jul-26-04 10:42 AM   #8 
  - you'd thought a plane crashed into Dallas  gasperc   Jul-26-04 10:56 AM   #9 
  - Unemployed Four Years, Tell Me About It!  mhr   Jul-26-04 11:15 AM   #11 
     - But it's all Clinton's fault, right?  Wright Patman   Jul-26-04 11:30 AM   #14 
        - Well Patman, I Am Not In Denial And Have No Idea What You Are Saying  mhr   Jul-26-04 11:34 AM   #15 
           - Sorry, I didn't mean you personally  Wright Patman   Jul-26-04 11:47 AM   #16 
  - That's actually an interesting stat.  Frodo   Jul-26-04 06:44 PM   #20 
  - People Like Frodo Never Cease To Amaze Me  Yavin4   Jul-26-04 05:50 PM   #17 
  - People have talked collapse for a long time  Baltimoreboy   Jul-26-04 10:36 PM   #24 
     - They also fail to see the finer details  Frodo   Jul-27-04 06:25 AM   #26 
     - Interesting analysis  Spentastic   Jul-27-04 06:31 AM   #27 
     - Do you believe the U. S. economy is completely healthy? Do you...  Media_Lies_Daily   Jul-27-04 08:11 AM   #30 
  - I just got quarter point lower rate on my Refi because of the weak market  nolabels   Jul-26-04 06:08 PM   #18 
  - I live  wackywill   Jul-27-04 07:51 AM   #28 
  - "shift from new construction to existing homes to snap up bargains"  nolabels   Jul-27-04 01:24 PM   #36 

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