I knew the caller could tell I had a smile on my face and a chuckle in my voice. I shared with the caller, I wish I had a Chrystal Ball to be able to tell you what is going to happen, but I don't. What I can share with you, is what has happened to past clients that all of us at Erick and Company have assisted over the past two years when buying a home in the Eastern Prince William County Virginia area.
The caller said; " I'm sure that the houses are worth about the same as when they purchased."
I said, wrong! Let me share with you just a few that come to the top of mind.
Example #1: Pulte Townhome located in the heart of Lake Ridge Virginia.
First Time Buyer Buys A Foreclosure Home.
Back in September 2008, a first time buyers was looking for a starter townhome in Lake Ridge, Virginia. The one that really caught their eye was located within walking distance to shopping,schools, the pool and fantasy play ground.
This was a Fannie Mae Foreclosure home purchased for $159,900. Homes like this if in good condition and updated today sell for $170,000 up to $190,000 Link to comps
Purchased for $159,900 current market value $190,000 =$30,100 Gross Equity
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Example #2. Thousand Oaks Townhome in Lake Ridge Virginia
We assisted a military veteran who wanted to buy using his VA Eligibility. The best home for him in his price range at the time was a dreaded short sale home priced at $171,500. We contracted in December 2008. It was a Countrywide Short Sale and the process was a painful one. Long and drawn out. However he finally settled in June 2009. Even though it was a grueling way to buy his first home. I am happy to inform him that it was worth every painful moment. Homes like this end unit sell for anywhere from $199,000 to $215,000. Take a look click here
Purchased: $171,500 -Current Value $210,000= $38,500 Gross Equity
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Example #3. Renters bypass townhome ownership, and jump into single family ownership.
This was a single family home we helped a purchaser buy in Meadowbrook Woods. They were renting a townhome in the Westridge Subdivision of Lake Ridge and were ready to jump into home ownership. The home they liked needed a little TLC and some updating. Other that that, it was a quality built NV Home with a great floorplan in a quiet neighborhood located between Woodbridge and Manassas. The best news is they purchased the home with their VA Eligibility. They secured a fixed rate VA Zero Down Loan to buy and the seller paid most of their closing costs. The result are outstanding!
Purchased for $449,000 in June 2009, currently homes with similar floor-plans in the community are selling on average for $525,000 and higher!
That is an $76,000 Gain In One Year...Take a look at the comps
The caller was jazzed and said. I need to get pre-approved for a home loan can you help me? That I did and they will soon be ready to begin their search for the perfect place to call home.
What are you waiting for?
Interest Rates are historically low, and homes prices are still being offered at deep discounts. Many new home builders are offering incentives and sellers are offering to pay your closing costs. Erick and Company has Erick, Luis and myself who are standing by ready to assist you to help you find your dream home.
Share with us what you are looking for. Feel free to call me 703-851-3085 or contact me by email
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Do you have a home to sell before you can buy your move-up home. No problem, we can help Click Here For More Information
Contact Peggy James or Erick Blackwelder of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place, Woodbridge VA. 22192. 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
Curious what homes are selling for in the Woodbridge area? Take a look
Do you need help? Have a question?
Just ask me..Click here
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st 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.
Great job...."worth the same as when they were purchased "...hmmmm...that would assume that they were all purchased at the same time...real estate is local of course...and all the variables that go with that....good illustrations !
Peggy, I can hear you chuckling right now! And don't forget that in addition to the appreciation, the buyers have had the benefit of the mortgage interest deduction over the past two years, and that's nothing to sneeze at - unless you nose itches.
David and Sally- the prospective buyers question was a funny one. However the fear of the unknown's was holding them back. This is where a little education and some extra coaching is needed. These are just a few examples of how home buyers in the Eastern Prince William County Virginia area are wining in today's challenging real estate market.
Patricia-" could you now? LOL" I remember one of the purchasers calling me in March of this year to tell me they received $6000 after filing their taxes. They were over the moon. All the fears of home ownership had flown out the window. They all have been busy making making that house a home.