How tough? RealCentralVA has an example:
- "Nice" house
- Under $250k
- Priced less than in 2006
- on a couple acres in Eastern Albemarle County
But these sellers aren't alone in their difficulty. A quick spot-check of local listings will show a number of houses listed for less than what the current seller paid a few years ago. Compare the listing with the previous sale price: City and County. Many of these sales are not "short sales," where the mortgage lender has agreed to take less than what is owed on the property. These are sales where the seller will lose $$ out of pocket.
Locally and nationally, it's the "new normal:" prices continue declining and home buying demand remains weak, despite historically low interest rates.