This weekend, I was scheduled to house hunt with a family who wanted to look at homes in Woodbridge Virginia and as far out as Manassas Virginia. It was an average house hunt, the couple talked with a lender and learned they could afford to buy a home up to $450,000.
They are veterans and were amazed they could buy a home with very little money out of pocket.
They had many homes to choose from and selected several they wanted to see. This was the first real day out with a Realtor, not just popping into open houses, and walking around vacant homes. This family is contemplating buying since they live in a smaller starter single family they currently rent for about $2200 .
What happened next is the part I like the best when showing homes to folks in today's market....it was priceless. When I open the door...."I hear comments like WOW, Can We Really Afford This Home? What's Wrong With It? " There it is..."the realization just kick in, they realize in that split second that for a few hundred dollars more a month, they can buy a home that would exceed their wildest dreams!
"Home prices that have dipped so low in Prince William County Virginia, that many renters find themselves at a crossroads."Continue to rent and remain flexible and free or commit to home ownership. For some the decision is easy and others it takes more time. However, if you talk to anyone that has looked at homes lately they will tell you don't miss the best Buyers Market we've seen in decades.
You be the judge. The following photo's are of a Bank Owned home priced under $400,000 off the Prince William Parkway on an acreage. This is the first home they say. Mind you the lot is huge and there is no HOA!
If you heart just skip a beat..there is no reason you ever have to miss a home like this if you signs up for alerts on our website. Whenever a home is entered into MLS by any Realtoryou will be notified if the home is in your price range and matches your search criteria. Erick Blackwelder and I work as Buyers Agents to help you find your Dream Home. What are you waiting for????
Look at that sun room off the kitchen, it overlooks the great big flat level acreage lot. Like I said, this is a Bank Owned home ( take a look at the photo's I took). My clients were in love, however they needed to see what else was available in their price range. So next I took them to a new home community where the builder has a few homes ready to go before June, however the prices were a bit to high, based on what they just saw.. So then I took them to see a very nice resale home that just came on the market.According to the Multiple Listing Printout (MLS) the home had everything the buyers were looking for. It was not a Short Sale, and Not A Foreclosure Sale. So that meant a quick response is possible and if they liked the home, chances would be very good if seller and buyers could agree on terms, this could potentially be their new home. Here are a few photo's I took of that home, to give you a feel for what the buyers here get to see. This home is in a great school district, has a community pool,it sits on a cul-de-sac lot, has an amazing open floor plan with a two story foyer, hardwood floors on the main level with more than 2600 sq ft on the first two levels and the most gorgeous yard! For me, it's the kind of home that comes on the market every once in awhile and it's the kind of home, most buyers have in mind when they dream of owning a home. Add to that, it had a screened in porch and beautiful patio for entertaining and the home has a Brick Front! Just perfect.
So what happened......?
When we ended the day, they were going to think about the homes they saw. These two homes photographed were at the top of the list. As always buyers need time to talk, and run the pros and con's of each home in their minds. Sometimes the market will wait for them, sometimes it won't. The good news is buying a home is a process. I have worked for twenty years in real estate and what I know for sure is when they see the home that at makes their heart stop, and makes then really pause and even loose sleep...that's the house. I'll be checking with them to see how things look in the light of day. .
If you've read this and you're thinking how much can I afford to buy? The the best advise I can give you is before you start looking and fall in love and loose something....get pre-apporved for a home loan. That way if a home peaks your interest and you find yourself falling in love with a stunning home that enters the marketplace you'll be ready to secure that home for your family.
Are you looking for your Dream Home? Just call me, let me know what your looking for and all of us at Erick and Company will move mountains to help you find it!
Did you know we scrub the MLS Database Weekly for Foreclosure Homes? GET INSTANT ACCESS.
Would you like to search for homes in your price range right now in the Woodbridge, Lake Ridge, Manassas Virginia area? Just follow this link --- SEARCH WOODBRIDGE AREA HOMES NOW.
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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) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
Good advice for buyers . They should get pre approved so that they can make an offer on the home when they find their dream home.
Apparently not, but sometimes it's not as easy as seeing the 1st shiny car and saying of yeah this is it. When you have a limited budget, kids schools concerns, and are new to the process it can a bit overwhelming.
Yes get pre-qualified, get your papers together, know the school areas beforehand, know about septic systems, sit with Realtor and discuss what you can actually qualify for vs. what is assumed and lastly talk with one agent and let them do the legwork, provide timelines and guidelines but also trust your judgement on offers.
A realtors job is to do the legwork and guide me to the table in the manner necessary while allaying your concerns in a timely manner. It is not always simple as seeing two houses and deciding in 24 hrs if it's the home of your dreams...
Lesson Learned...
Hi Gita,
Thanks for weighing in on this. Do the foreclosures in Philadelphia go under contract fast?
Here in Prince William County Virginia, if a buyer visits a foreclosed home 99 times out of 100 the home gets multiple offers and is under contract in a few days.It hardly gives buyers time to think.
Dear Lesson Learned,
You twice said that you expect the realtor to "do the legwork".
I couldn't help noticing that you expect the realtor to "sit with Realtor and discuss what you can actually qualify for vs. what is assumed".
Realtors can work with you to help you find a house you want to buy.
However, Virginia law, and virginia contracts say that you are engaging us as a real estate agent.
Agent's are not loan officers. We are prohibited by laws from being lenders without a lender license. We are not licensed to act for our clients as attorneys, or accountants, we aren't home inspectors, radon inspectors, septic inspectors, title searchers, etc.
We can't give legal advice without an attorneys license, or accounting advice when we are not CPAs, or render judgements about stuff the professional/licensed inspectors do.
Brian,
Thank you for commenting. I hope this post will help other buyers in the home buying process as well. You are correct, the process can be overwhelming, especially if the home someone falls in love with is a sought after home. Here in Prince William County, many of the foreclosed homes are being priced drastically low similar to the first one photographed in the story noted above which means they are being snapped up fast. Sometimes to fast for buyers who are just tip toeing into the buying process.
On our website we have Buyer Tools and our video that we hope helps prospective buyers learn how we work.Keep in mind,no two real estate transactions are every alike. Each purchase or sale is different, each client has different needs, each bank has different rules, each REO Listing Agent works their way, each type of financing has it's own set of guidelines we must follow. Once a buyer decides on a home, Realtors then walk the buyer through every phase, what contingencies can be submitted and what inspections will need to take place before the home can be transferred to a new owner.
Never rush the process...buying a home is a huge decision and must feel right.
Vance,
You don't even know what you are talking about so let's leave it at that.