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Anyone sold a house lately?

DH and I are thinking about selling our house but we are so scared b/c the market sucks right now.  Have you sold a house in the DC/MD/VA area lately?  If so, when and how long was it on the market?  Did you have to reduce the price?  Condo, single-family, townhome?

 Thanks in advance!!!

Re: Anyone sold a house lately?

  • No, but we're about to.  We're in Fairfax City, which luckily has pretty much held it's value.  We were never going to stay here very long and we'd like that "forever house".  As much as it sucks to sell, I'd rather sell low and buy low than sell high and buy high....
  • It's so hard to decide whether to sell or not. For us, we moved to CA, and we didn't want to rent out our condo.  Plus, our 5 year arm was ending, and with being in the military, we just felt it wasn't necessary to keep it.  Anyway, we had a 2 bedroom, 1 bath, 900 sq feet condo in Reston.  Our house was put on the market in February, and sold at the end of July.  It sold for $65.000 less than the original selling price we initially set.  Totally stunk, but oh-well.  Condos are definitely hit the hardest in the market now.

    I don't know anyone that has sold their house in the past year where they didn't have to lower their price at least twice - and they did not start with a high selling price to begin with. Most of my friends that sold houses did not lost tons of money - at least not as much as I did.  Obviously you are the only one that knows what's best as far as selling your house and your financial situation.  Good luck!

  • I think it depends on when you bought your place.  If you bought in the last 2 years, you might not have to take a hit or at least not a big one. If you purchased your home more than two years ago, then there is a decent chance you aren't going to get much more then what you paid for it, if even that.

    I have heard of some people selling their place relatively quickly, but I've also seen places sit on the market for months and months. 

    We sold our townhouse about 18 months ago. We didn't take a loss, but we could have sold it for more, if we had put it on the market 6 months before we did.  It went on the market in June/July 2006 and sold Feb 2007.  That info is a little dated, but maybe it will help?

     GL!

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  • We didn't sell a house, but we did buy a house. The house we purchased was on the market only 3 days when we first saw it, and by the time we bought it, it had been on the market for less than 30 days. We bought our house for about 6.5% below the original asking price. We're in the Alexandria section of Fairfax County near Kingstowne.

  • We sold our place on 8/7 after about 40 days on the market. After consessions it sold for about 7% less than original asking. Since we werent' on that long, we didnt' have to lower the price but obviously we sold for quite a bit less than asking. But since I bought the place 8 years ago, we had the ability to sell for lower and still walked away with about 150K. It was a townhouse in montg. county. We did alot of work to prep it for sale though and it was basically move-in ready.
  • image Jenn&Rob:
    No, but we're about to.  We're in Fairfax City.

    Oooh, really?!? Tell me  all about it. We really want to buy in FFX city.

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  • image hsbbride:

    I think it depends on when you bought your place.  If you bought in the last 2 years, you might not have to take a hit or at least not a big one. If you purchased your home more than two years ago, then there is a decent chance you aren't going to get much more then what you paid for it, if even that.

    I have heard of some people selling their place relatively quickly, but I've also seen places sit on the market for months and months. 

    We sold our townhouse about 18 months ago. We didn't take a loss, but we could have sold it for more, if we had put it on the market 6 months before we did.  It went on the market in June/July 2006 and sold Feb 2007.  That info is a little dated, but maybe it will help?

     GL!

    Wait. So you're saying if people bought at the highest point of the market, they will be OK, but people who bought before the boom will be in trouble? If that is what you're saying (and admittedly I may be misunderstanding you) please explain.

    image
  • we have a condo and we've tried 2x. we'd have to take at least 30k hit to move the place and right now we don't have that sitting in the bank..better luck to you!
  • It depends on where you are.  Some neighborhoods have retained their values and have sold quickly without price reductions.  Others continue to lose value.

    I disagree with what the pp said about if you bought at the height of the market, you won't take a hit.  The people who purchased at the height of the market are going take the biggest loss, because values have dropped.  If you purchased your property prior to the boom, you are most likely to make a profit because values have risen, but haven't come down enough to match pre-2003/2004 prices.

    I am happy to look up the comps for your neighborhood and let you know average days on market, average price, and whether they have had price reductions or seller subsidies.  You can email me at dawnpace AT gmail.  I would love to be interviewed by you to be your realtor.

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