Learn why home buyers with a pre-approval in hand for up to $400,000 are growing frustrated with the buying process.
Let's assume you were looking in the 22192 zip code area of Lake Ridge (Woodbridge) Virginia area for a home. Would you be surprised to learn 24 single family homes have contracts or have already settled since January 1st, 2015. And as I write this blog post there are only eleven single family home buying opportunities in the Lake Ridge Virginia area for those with a budget under $400,000.
- The younger the home the higher the price
- Most were built in the seventies
- Currently most detached homes are renovated!
- Of the closed sales, most sellers paid closing costs!
- Days on market are dwindling "fair warning"
- Buyers who hesitate are beginning to see SOLD signs in their rear view mirrors
- He who hesitates looses.
So maybe you are thinking, I guess I'll just have to settle for a townhouse.
I want you to be prepared for the current market conditions in the 22192 zip code area. They are BRISK. We are still in the dead of winter and yet the local real estate market is a full spring market surge.
105 Townhouse are listed FOR SALE in the Lake Ridge Virginia area currently between $185,000 and $400,000.
105 sounds like a lot of inventory right? WRONG!
- 16 Homeowners who listed their homes have Settled Already this year!
- 51 Townhouses are Under Contract and heading to settlement
- 36 Townhouses are Active For Sale for this weekend.
- Most of the townhouse were built in the mid 80's.
- Townhouses built in the 1990's and later are priced over $300,000 ( fair warning)
- Half of the sellers did not contribute toward buyers closing costs ( fair warning)
Patty Blackwelder my identical twin sister who works as an Exclusive Buyers Agent is working with a few home buyers who have hesitated and lost. It is so painful to watch this happen, when we agents know it is the right house for their needs, wants, desires and budget.
Our best advise to you is this:
- Align yourself with a REALTOR who know the local real estate market well.
- Make sure you sign a Buyers Agent agreement and are confident the REALTOR is working hard for you trying to find you exactly what you want and need.
- What you may not know. If you sign an exclusive buyers agent agreement an agent can send you all of the "COMING SOON" listings. You can walk inside, however at least you will know before anyone else where homes are coming on the market.
As always if you have a real estate question, please feel free to call me directly 702-851-3085. We are the Twins Selling Real Estate and no matter what your real estete need or question is, we can help. Visit TwinsSellingRealEstate.com to learn more.
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