Lake Ridge Virginia Real Estate Help For Sellers and Buyers: February 2011

This a call we get weekly. Of course you want a good deal.  The first question I am going to ask is you is "What do you consider a GOOD Deal?"

Some will say they are looking for a house they can buy low and make a killing on in a few years. And I say great are you willing to pay cash? Are you really handy? Are you willing to accept a foreclosure home that has been sitting rejected by others? If the answer is no. Then we need to talk.

What is a good deal to you?Do you know? A good deal is subjective to your situation, your cash position and you budget (pre-approval)

• Do you need closing costs?
• Do you need a delayed settlement?
• Do you need to use a VA Loan, an FHA Loan? A 1% Down Loan?
• Are you looking for a turnkey house that needs very little work?
• Or a fixer upper?

For those who say they want to buy really low and sell really high in a few years. I say, you missed that market in 2008! Back in 2008 I personally showed many single family homes in Dale City Virginia that were being offered by bank under $100,000, now those homes today are almost $200,000. Less that three years later. Investors who use cash are able to beat out buyers like yourself. They fix properties up and then resell to you for a profit. Are those homes good deals? It depends. If you are looking for a turnkey home, where you will not have to spend a lot of money  monthly fixing it up and the seller pays your closing costs, then you might consider that a sweet deal. The only way you are going to know is by house hunting with a Buyers Agent who works strictly for you and helps you decide what is best for you.

Right now Prince William County Virginia is experiencing a Balanced Real Estate Market.

What does that mean?

Well we have three kinds of markets in real estate.

• A Buyers Market- this is when their is a glut of inventory and we are seeing sellers competing against each other to offer the best terms to entice a buyer like yourself to choose their home.
• A Sellers Market- this is when inventory is critically low, and buyer activity if very high and sellers are not so quick to offer incentives. Negotiating things like closing costs are not as favorable.
• The Balance Real Estate Market - this is when homes are selling in 60-90 days of listing, there is good inventory, not to many, not to few. In this market, negotiation is possible and favorable

 Now let me show you what has happened in the past three years so you can see what Realtors see. The charts below were taken from the Realtors MRIS database. I asked the system for closed detached homes sales in 22192 for 2008,2009 and 2010. You may find the results of interest.

Clearly these charts show the minimum price for homes has risen since 2008 from an average of $175,000 to $231,000 in 22192. In 2008 you had a far better chance of getting a tens of thousands off the list price than now in 2010! That said when you get over the $600,000 price point in the 22192 area, you have a far better chance of seeing price drops and closed prices far less than Original or Current List Price.

Here is the Northern Virginia Market Watch Report

So when you are ready to buy a home...let's talk about what kind of home you want to live in, what features you want, how much closing costs you need from the seller, and how flexible you are with regard to condition. It would be my pleasure to negotiate for you and help you find the perfect home.

Need real estate help? Feel free to contact me by email  or call 703-851-3085  

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office).If you are a homeowner who has a home to sell, we have  buyers ready and waiting for nice homes to come on the market. Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City, Gainesville, Aquia Harbor, Garrisonville and Triangle area's .