09-03-2014, 12:52 PM
Well, over 6 years later my home is finally worth +/- what I paid for it (according to the debatable accuracy of Zestimate, but a few have recently sold for my original sales price). I didn't buy near the height here but I definitely didn't buy close enough to the low. Compounding that was the fact that a lot of investors bought in this neighborhood and there were a bunch of foreclosures when the market went flat. Thankfully last year I qualified for the only policy our president created that I agree with, the mortgage principle reduction program for people who actually paid their mortgages on time. I was able to refinance and dump a bunch of negative equity, and now I'm in the black almost $20k.
Having gained some understanding when I worked in real estate in VA, I think my choice of location has really helped and I think in the long term this would be a great rental property or sell opportunity. This area is a lot like the Ashburn / Reston of northern VA and has lots of families, better schools, etc. than most of the area. They just finished a new elementary school within walking distance a few years ago. Also, a lot of companies have relocated their HQ to the Ballatyne area (Chiquita, Met Life, SPX) so it's desireable for commuters.
My wife has been looking fondly at single family homes in the area but after this experience I am not exactly in a hurry to buy another house. Hoping to keep saving and building equity in this one and eventually find a bunch of land to build a custom home on. Living in the burbs so long has made me realize that it starts to eat at your soul.
Having gained some understanding when I worked in real estate in VA, I think my choice of location has really helped and I think in the long term this would be a great rental property or sell opportunity. This area is a lot like the Ashburn / Reston of northern VA and has lots of families, better schools, etc. than most of the area. They just finished a new elementary school within walking distance a few years ago. Also, a lot of companies have relocated their HQ to the Ballatyne area (Chiquita, Met Life, SPX) so it's desireable for commuters.
My wife has been looking fondly at single family homes in the area but after this experience I am not exactly in a hurry to buy another house. Hoping to keep saving and building equity in this one and eventually find a bunch of land to build a custom home on. Living in the burbs so long has made me realize that it starts to eat at your soul.
Posting in the banalist of threads since 2004
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks
2017 Mazda CX-5 GT AWD Premium
Past: 2016 GMC Canyon All Terrain Crew Cab / 2010 Jaguar XFR / 2012 Acura RDX AWD Tech / 2008 Cadillac CTS / 2007 Acura TL-S / 1966 5.0 HO Mustang Coupe
2001 Lexus IS300 / 2004 2.8L big turbo WRX STI / 2004 Subaru WRX / A couple of old trucks