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March 01, 2007

Comments

Stephanie

It's easy to say that the 20164 properties listed for sale are overpriced by $30,000. But what your article doesn't mention is that even listing at $399,000 the average short-term homeower is LOSING an average of $40,000 when compared to the list prices of the area from just a year or two ago. So are you proposing that they now lose $70,000?

Tony Arko

Stephanie, thanks for the comment. The prices for all homes in Loudoun County have dropped in price since the peak of the market in June of 2005, not just the homes in the 20164 zip code. In some places the drop in value has exceeded 15%. If in fact someone was looking to sell the home after only owning it a short period than their timing couldn't be worse. But most people buy homes to live in and do not view them as short-term investments. Also, the only way a homeowner loses is if they actually sell the property. If they hold onto it than they don't lose anything. I propose they hold onto the property and not sell unless they absolutely have to.

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