Welcome to Real Estate Live, an online discussion of the Washington area housing market with Post Real Estate editor Maryann Haggerty.

Maryann has been with The Post for 18 years and has served as real estate editor for the last five years. She's been a business and real estate editor and reporter for about 25 years. In all that time, she still hasn't figured out where you can find a lovely but inexpensive house in a charming neighborhood.

Haggerty is joined by Washington Post columnist Elizabeth Razzi. Razzi is the Local Address columnist for The Post's Sunday Real Estate section in Business. She's written about real estate and other personal finance topics for magazines and newspapers since the days of double-digit interest rates. She is also the author of two consumer-advice books, The Fearless Home Buyer (2006) and The Fearless Home Seller (2007).

Today, they'll discuss the local housing market -- from condos and investment properties to contracts and mortgages.

For more on local real estate, visit washingtonpost.com's Real Estate section.

Submit a question now or during the discussion.

The discussion follows.

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Elizabeth Razzi: Hello, everyone! I see there are some good questions waiting for us, so let's get to 'em.

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Maryann Haggerty: Thanks for joining us.

It has been about a year since the collapse of the subprime mortgage market, and people are still feeling unexpected consequences. I hope you saw the front page story today about renters getting caught up in foreclosures. In addiiton, we had an interesting story in the Business section about people losing big bucks when their custom builder ran into problems.

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washingtonpost.com: Builder's Troubles Put Buyers in a Bind

Maryann Haggerty: Here's the one on builder problems

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washingtonpost.com: Foreclosure Crisis Catching Renters Off Guard

Maryann Haggerty: ...and the one on renters...

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Woodbridge, Va.: I read the story on today's front page about renters getting caught up in the foreclosure crisis. I'm renting in a complex owned by a national company; should I be as worried as those renting from a private owner?

Elizabeth Razzi: You're probably much safer renting from an established company that has lots of units. They've actually had pretty profitable times in the Washington area in recent years.

Maryann Haggerty: A few other points: The big companies generally conform to laws about deposits. And a complex owned by a national company is less likely to be foreclosed upon per se -- lenders tend to like to work things out with big debtors. When problem come up, they would rather talk than seize. Usually.

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Washington, D.C.: I bought my 1BR condo in the Gallery Place/Chinatown area at the peak of the market in May of '05. At the time, I figured I'd stay there for quite a long time, however I met my future wife not long after I moved in. We are getting married in the spring and while we will begin our married life in the condo, we don't expect to stay there for more than a year. We plan on leaving the condo as early as Spring '09 and no later than Spring '10. Comparative condos in the area are currently selling for about 12 percent less than what I paid. Luckily with parental help, I was able to put 20 percent down, so if we sold at a loss, we wouldn't come out owing money on the loan. My question is which of the following options makes the most sense:

We sell the condo at a 10-15 percent loss of the original price paid. The money from that sale (difference of sale price and remaining principal on my loan) and other savings would be put towards down-payment of a new home.

Rent at a monthly loss (Mortgage and condo fees are approx. $2,400/month and going rent is approx $1,800-$2,000/month). We would live in a rental house or apartment that would cost the same or similar to the rental income we'd have from a tenant. That way our monthly housing expenses would not change (i.e. we'd still be paying $2,400/month since the rental income and outgoing rent payments would be similar.)

Are there any other considerations we need to make, such as tax implications? I am familiar with the capital gains tax in that you can only claim primary residence if you lived in the home for 3 of the last 5 years. What about when selling at a loss?

Elizabeth Razzi: Man, there is no surer way to find a spouse than to buy a one-bedroom condo. I, personally, would probably hunker down in that condo and ride the market out for a while. At least you might try the sales market next spring. Who knows? You might face better conditions then. A couple of points on renting, if you decide that: You'll get tax deductions for depreciation, which will shave some off that $400-$600 monthly loss. But that gets recaptured when you sell. Capital gains on sale of a rental shouldn't be a worry though -- seeing as you wouldn't face any gains. Also, read up on the District's landlord-tenant law. Maryann -- you're the expert on that...

Maryann Haggerty: A big consideration for you is whether you want to be a landlord. It's not zero effort. And yes, in D.C., it's particularly complex, especially when it comes time to sell.

(One point on taxes: Losses from the sale of a personal residence are not deductible, unlike capital losses on, say, stock sales.)

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Adams Morgan: Hi there, my wife and I own a place in Adams Morgan, and we may be moving around the end of the year. Here is our question: what effect does a change in the White House have on the D.C. real estate market (both sales and rentals)? You always hear things, but I'm wondering how much of an effect it really has. Thanks and keep up the good work.

Elizabeth Razzi: A change of administrations has shockingly little effect on the housing market. There's a lot of musical chairs that goes on with jobs when administrations change, especially if the majority parties change too. But the same old folks tend to stick around. Their commute might change a little, but their address might stay the same.

Maryann Haggerty: Almost no discernible effect from a relative handful of people in a metro area of 5 million.

I'm sure, however, that we'll write about this later this year. We always do.

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Falls Church, Va.: I know you don't have crystal ball, but what do you think the majority of homeowners will do once they realize that their homes are worth less than their mortgage? My wife and I bought our home in early 2002, paid $350,000 (30-year fixed, 20 percent down). From the sales and foreclosures in the area and it looks like we've not only lost all value but we are dangerously close to being upsidedown on the mortage. We have no plans to sell anytime soon and can afford to wait it out, but we certainly can't be in the only ones facing this issue. If the prediction of another 30 percent decrease in housing comes true, millions of homeowners who followed the traditional financing method will be faced with this problem. Thoughts?

Elizabeth Razzi: The majority of homeowners don't have homes worth less than their mortgages. Many people bought before the boom, and didn't borrow excessively against their equity. They have no reason to worry. Nor do you, really, as long as you can afford the monthly payments. And a prediction of a further 30 percent plunge is off-the-charts. Freddie Mac exec Richard Syron a few days ago said he expects a total decline, from the peak of prices, of about 18 to 20 percent. And he said we're through half of it. Is he right? I don't know.

Maryann Haggerty: Why would people who don't have to do so sell a depreciating asset, unless they were forced to by life circumstances, or they truly believed value would never ever come back? (I've been in dead or dying towns where this might be the case, but I don't think Falls Church qualifies.) Especially if they still need someplace to live?

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Silver Spring: I recently put in an offer on a fixer-upper, only to find out that because it's considered uninhabitable (e.g. no kitchen appliances), I can't get a conventional mortgage. Now I'm looking at either a FHA or non-FHA "purchase and rehab" loan. I think I understand the gist of these loans, but are there any non-obvious differences between them and conventional loans, such as mortgage interest deduction, prepayment penalty, or extra difficulties in refinancing?

Maryann Haggerty: The FHA's purchase-and-rehab loans (also known as 203k loans) are made for your situation. I'm not aware of any pitfalls to them, as long as you proceed with your rehabd plans as agreed. Anyone else?

Elizabeth Razzi: You might also consider asking the sellers to add the appliances and whatnot that would make it habitable.

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Elizabeth Razzi: So... anyone have something to report from the field? Seen anything new and exciting at an open house lately? Or have you given up on them entirely?

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Rockville, Md.: Hey Guys!

I have a dilemma. I'm young (only 22), and making decent money (around $62,000/yr). I am currently living at home, but I've decided it's time to move out. As someone who knows about real estate, I am having trouble bringing myself to rent instead of buy. I know I'm young and only have about $30,000 in savings, but why rent for $1,500/mo in the District when you can buy for not much more than that? I don't know definitively what my plans will be, but I hate to think of throwing out tens of thousands on renting when I could be buying my own place (which I could possibly rent out and profit from eventually, especially a place downtown, such as U St.). Help!

Elizabeth Razzi: Oh, to be 22 and not knowing definitively what your plans might be! That argues for renting a while. Why tie yourself down to a specific address at 22? Besides, I think it's a good learning experience to manage a rental -- for at least a year -- before taking on the responsibility of owning a home. Don't think of it as wasting money; think of it as buying freedom.

Maryann Haggerty: A couple things: 22 is too young to be mowing the lawn and fixing the plumbing on weekends.

Also, your life can change in many, many ways. My little brother was reluctant to move out of mom's house until she pushed. But when she refused to do his laundry after he moved to the big apartment complex down the street, he found himself in the laundry room one day. There he met a lovely young woman who is now my wonderful sister in law.

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D.C.: Well, I've heard of how Potomac, Md., residents chuckle when people who live in Gaithersburg call it "North Potomac." I've also heard of East and West Vienna, Va., in how residents try to divide themselves. What shocked me last week and made me laugh was when I was surfing Live Online and someone posted a comment from "North McLean." Have you ever heard of North McLean?

Elizabeth Razzi: I thought Oakton was to the west of Vienna... and Great Falls to the north of McLean. Both of them are pretty chic addresses.

Maryann Haggerty: Hmmm. New to me. I wonder what they're trying to say? Langley is the northern part of McLean, but it's McLean. Only thing north of that is the Potomac River...

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Fairfax, Va.: Hello. I am on a budget that would either allow me to buy a smaller condo (2 bed/2 bath) in an area I would like (Fairfax, around Rt 66 and Rt 50) OR a townhouse in an area I'm not that crazy about (Chantilly, South Riding, Centreville, Herndon). I work in Reston so the commute would be similar either way. I plan to live in the NoVA area maybe 3 to 5 years. For resale purposes, would it be better to buy a condo (closer to 495/Metro) or a townhouse (with more space but farther out)? Thank you.

Elizabeth Razzi: If you're only planning to live in the area 3 to 5 years, you probably ought to rent. Even if home prices were to remain completely level through that period, you'll have to pay thousands of dollars for services related to selling the condo.

Maryann Haggerty: If you INSIST on buying, please do so in a place you like.

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Bethesda: My husband and I are orginally from Cape Cod. Until recently, we were looking into buying a one or two bedroom condo/small townhouse in the D.C. area since we plan to be here for at least 6 or 7 more years. One day it occured to us that instead of spending between $350-$450K here why not spend that money for an actual small house/cottage in our hometown? In the long term, it seems that spending the money for a vacation house on the Cape that we can occassionally rent out is a MUCH better investment than a two bedroom condo for $400K in this market. Right now we rent a small apartment cheap and would continue to do so... eventually, we could perhaps get something down here, too. We've talked to our broker and it looks like it works out financially (it would be a second home rather than an investment home). My question is: How common is this? How often do people buy a first home they don't plan to live in? We understand that you want to live in the place you buy, but we also view real estate as an investment... and we just don't see our money going far here in a condo as opposed to a house on the Cape. For what it's worth we have family and community connections that will help us "keep up" the house when we are not there.

Elizabeth Razzi: Aren't you lucky to have a spot on the Cape! From a tax perspective, that vacation house won't be much different from a "first" home. You get to deduct interest and property taxes. Talk to a tax advisor, though, about how occasionally you offer it for rent. If you rent it out for more than 14 days a year, it may be classified as an investment property, which changes the deductions.

Maryann Haggerty: One key to making this work, at least in the early years, is that you have to be happy living in the little pied a terre most of the time.

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Calvert County, Md.: I just want to let you guys and the other posters just how bad the housing market is: I work in banking and in August 2007 we had a housed certified appraised @ $593k. Well we had the same appraisor go out August 2008 and appraise the same house will the value has dropped down to $500k.

Elizabeth Razzi: Ouch. I wonder, though, if some part of that decline might be due to the appraiser having adopted a stricter method for assessing value. Do you think there's anything to that?

Maryann Haggerty: Yeah, part might be what number he needs to hit at those two different times for two different purposes. (Or whether a foreclosures has been involved.)

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Arlington, Va.: Have you noticed whether there's been a change in market prices and whether prices have come down? The house prices I've seen in Arlington don't seem to be coming down -- not even for houses far from the Metro.

Maryann Haggerty: This is a contrast with the Charles County observation a few seconds ago.

And what numbers seem to be showing is that prices close in are holding better than those farther out, for the most part.

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Anonymous: I currently own a cape cod in Ballston. It is a half mile from the Metro. It needs air-conditioning, new windows and an addition. I am afraid of overimproving it given it is on a major road. There is a cape cod not on a major street about a mile from the Metro. It is in better condition but also needs an addition. I do not want to have to deal with two real estate transactions but I think in the long run it may be worth it. What would you do?

Maryann Haggerty: Are you thinking of selling one house and buying the other? I really can't tell from your question. But as far as the house you now own: Look at your immediate neighbors, not at that house that's differently located. Do they all have AC/decent windows/extra square footage? Then to be competitive, you'll problay have to do all of the above before you sell IN SEVERAL YEARS. If you want to sell now, I don't think you'll make back what you pay for those upgrades.

Elizabeth Razzi: You need to look at some numbers. What would the Ballston cape cod sell for NOW? If you sold it, could you afford the other one? If the answer is no, I'd plant some fall flowers at your current house and enjoy the view for a while.

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Worried: Hello, I bought my first home in Loudoun County last July. I paid $320K for a three-level townhouse in a spanking-new development. I really liked the $450K townhomes (in the same development) but they were out of my price range. Well, it's only been a year, and now those $450K townhomes are going for $300K. I understand this is due to the housing crisis, and I know this could turn around over time. But I'm thinking of leaving the D.C. area in the next three years. Will I be able to sell my home for close to what I paid for it? Friends say "just rent it out" but who's going to want to rent my home when they could buy for much cheaper? Thanks for any insight.

Maryann Haggerty: Three years is a short time frame. I can't predict whether te market will turn around by then. But who's going to want to rent? Maybe someone who knows they, too, will be leaving in a year or three.

Elizabeth Razzi: Why not put the worrying off a bit until you actually face the decision? You're only in the home a year. You could be there three more. Try the market then; see what your home is worth at the time. If it sells; cool. If not, then try to rent it out. Don't forget, not everyone who can afford $1,000 a month in rent can (or wants) to buy for $1,000 a month. There's that little issue of a downpayment that lenders want these days.

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Washington, D.C.: We bought on Captitol Hill in May, and just received word that our new assessed (tax) value has gone up to 7K more than the purchase price of our house! Should we fight this? What are our chances? Seems kind of ridiculous that in this market, the tax assessed value would be any more than the purchase price a mere 3 months before...

Maryann Haggerty: I'm confused. In D.C., you receive assessment notices in March. You then have a very limited window to appeal that assessment. Notices don't go out in summer. (Is there som eweird quirk -- did you get caught in that vacant-house tax law change?) But yes, if you have the right to appeal, do so. our purchase shudl have set the market value.

Elizabeth Razzi: You bet you should challenge it.

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Frederick, Md.: Any thoughts on back-to-back townhouses? We're thinking of purchasing one and the thought of having that extra insulation on three sides sounds good in terms of heating and cooling costs. Don't really want to have much of a yard to mow, and the front yard is probably 20x20 and will be plenty for us. The neighborhood is only 5 years old, very pleasant, well built, and there are very few (4) other units for sale right now. Other than the fact that some families will want more yard, any other downside we should consider for resale in a couple years?

Elizabeth Razzi: Well, back-to-backs have more of an apartment feel. The flip side of extra insulation is fewer windows. You could have a real lack of sunlight (especially if the side with windows happens to face north) and cross-ventilation. But, of course, your purchase price will be a bit lower, and the lower cost could help you sell it, eventually. It sounds as if you find the place charming -- and that counts for a lot.

Maryann Haggerty: Often those are in subdivisions that have added common green space, which can be a plus.

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Takoma Park report from the field: I've noticed lately that the larger homes are selling more quickly than the smaller ones. Three houses, one for over $800,000 and two slightly smaller ones for over $600,000 each sold in under two weeks on the market. A smaller very cute bungalow in the low $400,000s has been sitting on the market for almost a year with an open house at least twice a month.

Elizabeth Razzi: Interesting!I wonder if the little bungalow has a tough defect, like an odd bedroom arrangement.

Maryann Haggerty: Really! I too think that sounds odd, as if there is a flaw in that bungalow.

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Washington, D.C.: I'm simply not seeing the same impact in D.C. that seems to be going on elsewhere. Yes, condos and new construction/renovations are taking a hit, as always, but when we recently bought another investment property, there was still quite a bit of competition for anything that was priced right. Of course, I'm only shopping for properties that I can add equity to and that are walkable to the metro. But the only difference between now and 7 years ago when we bought our first home, was that our lender required a slightly higher downpayment.

Overall, do you think D.C. is weathering the storm better than other places?

Elizabeth Razzi: Overall, yes, it seems to be weathering it better. Close-in, there just hasn't been a lot of room for overbuilding. And if you're talking about walking distance to Metro, well higher gasoline prices are making that particularly attractive now. Thanks for your observations.

Maryann Haggerty: People are still complaining to me, regularly, about bidding wars in the District. (Tho some houses attract no interest at all--it's all a matter of price/location/condition.) The just-out July MRIS numbers for DC show median prices rising over a year ago (but sales volume notably down) for both condos and single family. I had not yet seen comparable numbers for Virginia jurisdictions when we started this chat. But through June, prices in all Va. jurisdictions were sharply down, tho sales volume had started to rise in Prince William and Loudoun. We recently ran an article on the Prince William turn; let me see if we can find it.

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Harrisburg and D.C.: Have you guys seen the walkscore.com site? For anyone thinking of buying, it gives you an idea of how much time you will spend in the car versus on foot. Two spots in D.C. made their top 100 list -- namely DuPont and Logan. I've got a pied a terre in Logan, so was thrilled when my score came out 98!

Maryann Haggerty: That site's a lot of fun to play with and based on some sound concepts.

However, don't take it as gospel. For instance, it doesn't take into account how close you are to public transit. (ie, I don't get credit for being less than a quarter-mile to Metro) and some of its info is just plan wrong. (I guarantee you the movie theater it thinks is .23 miles from my house hasn't been there in about two decades. But my husband still recalls its kung fu movies fondly.)

Elizabeth Razzi: I've seen it. Great idea, but I think the data is a bit old -- which is almost inevitable given a lot of the databases out there. Isn't figuring walkability more fun as a do-it-yourself job?

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North Potomac and Proud: Gaithersburg is an incorporated town/city with its own police force, mayor, etc. North Potomac is outside the city limits so it isn't truly Gaithersburg (except for the ZIP code). North Potomac is an unincorporated area in between Potomac, Rockville and Gaithersburg.

So yeah, North Potomac sounds snobbier than West Rockville or South Gaithersburg -- but so be it!

Elizabeth Razzi: Where I come from they'd just call it "Greater Gaithersburg" or "Greater Potomac."

Maryann Haggerty: The problem withsome of these (particularly in Maryland) is that the Post Office doesn't always agree withthe incorporation lines -- i.e., it calls some unincorporated things Gaithersburg.

And Potomac is not incorporated, by the way, even though Gaithersburg and Rockville are.

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For the Cape Codders: About 10 years ago, we were working (good job, bad location) and "living" in a midwestern hellhole (don't want to hurt any feelings, but it rhymes with "paint louis"). We knew that we wanted to be on the Gulf Coast some time, so we bought a house in the Fort Myers area and came down as often as possible. Sooner than we realized, we had an opportunity to leave that world and make the transition to full-time. We lost money selling that house after only three years, and couldn't be happier that we left.

Just something to reinforce your advice to the Cape-Cod-bound couple.

Elizabeth Razzi: Make that "Greater North Paint Louis," please.

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To 22-year-old: Don't even think of buying until you're 80 percent sure you'll still be there in five years.

I can hardly imagine a 21st Century 22-you who would fall in that category.

Elizabeth Razzi: Twenty-two is fortunate -- and probably doesn't need to be in quite so much of a hurry.

Maryann Haggerty: I sure as heck didn't have that much $$$ saved when I was 22.

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Takoma Park field reporting part two: Re: the bungalow not selling. I honestly have wondered about that myself. It is being sold by an older couple and the outside is kept impeccably clean. Though when I drove past at night (yes, I sneak a peak as I slow down) it looks like a senior's home with heavy drapes, outdated furniture with doilies and lots of ceramic knick-knacks. A part of me wants to find their real estate agent and ask why they haven't suggested clearing the place out for a more updated look.

Maryann Haggerty: Thanks for the added info.

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washingtonpost.com: Yes, all Real Estate Live discussions are archived! You can find transcripts here: Real Estate Live

Maryann Haggerty: Here you go!

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For Falls Church:: Something is not right here. If you bought at $350K with 20 percent down, that means you borrowed $280K. And you've been paying down principal. The average sales price in Falls Church hasn't been below $400K in more than a year. So there's no reason anyone should be upside-down there.

Unless you secretly refinanced with a subprime mortgage. All I'm getting at is, people who bought in 2002 and 2003 (and even parts of 2004 and early 2005) with responsible financing, who didn't pull out equity, should be FINE. Keep paying your mortgage. It's the people who bought at the top of the market with subprime financing who should be worried.

Maryann Haggerty: I didn't do the math, but I think you're right on that. It would be tough to be upside down on that loan unless you took a lot out on a second or home equity line. (In which case, well, check the pockets of your other suit for that cash.)

Elizabeth Razzi: Agreed!

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washingtonpost.com: In Prince William, A Spike in Home Sales

Maryann Haggerty: This is the article about the trend in sales in Prince William County. The spike in number of sales is really noticeable, as is hte collapse in prices, i.e., prices are low enough to get folks to buy.

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Richmond, Va.: Recently walked into an open house and was more or less pounced on by the Realtor and financial consultant. My boyfriend I were upfront that the place was out of our price range, but we lived nearby and wanted to take a look. We also told them we were unfamiliar with the whole process and were still trying to learn about all of our options (plus this was the first house wed looked at). After 20 minutes of pressure-filled conversation we did agree to get a loan application emailed to us. We got home and decided it want even worth filling out b/c after doing some mortgage calculators we definitely need another 8-10 months to save. When the financial consultant called two days later asking why we hadn't sent in our application I let her know that now was not the time. I reiterated that that was the only house we'd ever looked at and we were not ready. The next day at 8:45 am the Realtor called and said the financial consultant informed her that we wanted her to show us more properties! Untrue! I was upset ot say the least. Is this common practice? This was our first experience with any sort of real estate, please tell me it isn't always that bad!

Elizabeth Razzi: Oh, my! You stumbled into some desperate real estate folks, I believe. The good news is you now have the names of a real estate agent and a loan officer (ahem, cough, gag -- financial consultant) with whom you never want to do business.

Maryann Haggerty: I gotta say, I'm always amazed at how LITTLE follow up most agents do with open house attendees.

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Cleveland Park: For the 1 BR person:

In the economic sense, its not a real loss if you can rent the place for taxes + interest + condo fees. While you might have to come up with cash each month to make up the difference between the rent your earn and your mortgage payment, the amount you are putting toward principal is moving your cash from one account to another. Meaning instead of earning 1 percent in a checking account, your reducing your costs in the -6 percent account by bringing down the amount of money remaining on the mortgage.

Now if you have a cash flow problem or don't have any money saved anyway, that's another story. But the person shouldn't look at it as if s/he were taking a loss each month unless the rent didn't cover the amount of the taxes + interest + condo fees.

Elizabeth Razzi: Thanks for the advice.

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price-watcher: RE: the question from Arlington on property values, I recently moved from Arlington to Fairfax and have been watching Metro-accessible real estate in both markets for over two years. The overwhelming trend I am seeing is houses coming on the market at "boom" prices, and owners unwilling to sell at any lower price. So the house goes off the market (possibly reappearing to "test the waters" from time to time) or just remains for sale but unsold. I have to guess that those who could buy into these areas in the first place now also are able, financially, to wait indefinitely for their preferred price.

Sellers think that dropping the price $10K or so is a big sacrifice that will draw buyers, but they don't think about the fact that a $10K drop on a $550K house makes almost no difference in my monthly payments. I am not looking for a house "on the cheap," but most of the houses I look at are $50K to $100K overpriced. So, they just sit.

Elizabeth Razzi: I'll say it again: It's only worth what it's worth TODAY. And it will only sell if it's the best deal on the market.

Maryann Haggerty: It's amazing that people are still "testing the waters" at those high prices, isn't it?

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Frederick back-to-back townhomes: One thing you left off is that Frederick should be wary of buying a place and planning on selling in a couple of years. The market is such that this plan will most likely result in a loss of money. Right now the housing market is overflooded with homes. Home prices are decreasing for everything except the most choice locations and properties. The market values are resetting lower and lower and have not bottomed out yet. The market is not likely to go back to the traditional rising value for at least five years.

If Frederick is only looking for a couple of years, they should rent the property rather than buy.

Elizabeth Razzi: I don't know if I'd count on the "at least five years" estimate. But longer-term is a safer bet.

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Arlington, Va.: Hello ladies,

I noticed a house that my husband and I saw at an open house sold. The sales price was just recently listed on the tax assessor's site, and it also states, "Duress (liquidation, forced sale, etc.)"

The house was in good condition, and had been updated. What would cause it to have notes in the database to state "Duress (liquidation, forced sale, etc.)?"

Elizabeth Razzi: That means the sellers were in trouble with their mortgage. If it was sold as a short sale or foreclosure, that will be flagged in the records so appraisers know it's not a traditional sale at full value.

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Orange Line, Va.: Where are all the long-term rental houses and townhouses? My family needs more space than usually is found in a tower-type apartment, so we rent from individuals. Invariably, the individual decides to sell the house at the end of our lease: We can't find a long-term or "professional" landlord. (We also have not been able to negotiate a lease longer than two years.) I have lived in other cities where it is quite common for a professional leasing company to own/manage houses used solely as rental properties. Where can I find that kind of landord in the NoVA area -- and if it doesn't exist, then why not?

Elizabeth Razzi: You're right; there don't seem to be many long-term single-family rentals in the area. I'd blame the region's long history of high prices for that. The would-be landlords simply could make more money selling the house to someone who wanted to live there permanently--or to tear down the rental and build something fancier. Your best bet for finding a professional rental would probably be through one of the real estate brokerage companies. They have rental divisions.

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Falls Church, Va.: I bought a TH in 12/2006. Original listing was 629k. I closed at 525k. I just checked on zillow.com that it's valued at 519k. Talk about OUCH!

Elizabeth Razzi: Check Zillow again tomorrow. It could be back up to $629k. They'll protest, but it is just not that accurate!

Maryann Haggerty: Last time we said something like this, they e-mailed us to tell us how accurate they are at whatever percentage of the time -- and to give them their due, that's in the small print explanations on the site somewhere. But for any given house, I wouldn't stake my finances or my ego on what they said.

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Just a Suggestion: We've been watching a lot of 'House Hunters International' on HGTV lately, and I heartily recommend the European episodes for anyone who feels unsatisfied in their current abode.

I know it's Paris and all, but a million bucks for a 500-foot one-bedroom, not on the Champs-Elysees, with one bathroom with no shower and no washer, overlooking somebody's clothesline? Passez moi.

Maryann Haggerty: Sacre bleu!

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Dupont Circle, D.C.: Are these discussions archived? How can I go back and look at previous chats? Thanks!

Maryann Haggerty: Hmmm -- I think I posted the answer to this before I posted the question. Yes, we're archived. See above...

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22-year-old: Wow. Our daughter is looking at buying a starter home in her town and renting out to help with money. Since her job can be done in one of two cities in the country, she's pretty set on staying there.

She was living on her own while getting her degree, does that count with you? It just seems like a good time to buy.

Elizabeth Razzi: Now, now. You and your daughter can do as you please. And it's good that she had the responsibility of making monthly rent payments. Good luck to her.

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Elizabeth Razzi: Thanks, everyone! We got a rush of comments late in the chat that we can't get to now. But we'll take a stab at a couple in each Sunday's paper. This week I'm writing about real estate commissions -- and how they can be negotiated. See you next time.

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Maryann Haggerty: Time seems to be running out here.

Have you ever wondered what it's like to buy the house where you grew up? In Saturday's Real Estate section, we talk to many local people who have done just that; they discuss the pros and cons.

And we also tell you what you need to know about sump pumps. Not glamorous, but...

In the meantime, have a glorious weekend.

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