About Prince William County, VA

Before our second round of killer snowstorms hits Bristow, Virginia, I got some work done this morning.  Just because there is white stuff on the ground doesn't mean that the wheels of the Northern Virginia real estate marketplace grind to a halt.  There are still short sale contracts to call Bank of America and Wells Fargo about, contract amendments to be signed, and brand new contracts that must get into the hands of settlement companies. 

After about two hours of faxing, and an hour of errands, it was time for fun. 

My husband James takes fun very seriously and had dug out a sledding path in our backyard. He even took the time to pack down the snow for faster sledding.

Eventually I grabbed my camera before my husband and I, and our nine year old neighbor Katerina turned into popsicles.  The picture of Katerina may be blurry, but it was right before she crashed into me.  You don't get a better action shot than that. 

I even made a video of our short sled run.  I hope you enjoy it.  It's shot over the head of Katerina as she steers the sled.

 

Woodbridge Virginia Real Estate News

Woodbridge VA Homes For Sale At Affordable Homes For Folks Who Want To Move Up

You Can Get Large Homes At Low Prices

"Hey Mr Erick, Where Are The Bargain Homes This Year?"

I reply, "The $500,000 - $800,000 Luxury Homes."

The numbers are compelling IF you bought your home in the 1990's, you did not take a huge chunk of your 2004 equity out of your home with a Home Equity Line Of Credit (HELOC), nor did you get a "cash-out" refinance at the top market.

Watch this short video clip.  After you watch the video, you'll be prepared to grasp the numbers.

You may be the ideal candidate to sell your home fast, for top dollar, and move up to the luxurious "Big House" you couldn't afford.

Luxury, executive style homes that SOLD new for $750,000 in 2005, are selling in 2010 for $525,000 - $550,000... same as the peak value of your present home.  

You are "above water", as compared to folks who are "under water. 

You are above water if your home's value in 2010 is higher than the balance owed on your mortgage, while the poor schmuck who used a zero-down loan in 2005 deep under water, because home values are 30% below 2005 values.

For example, you bought your home in January, 1997, for $256,000, put down 10% ($25,600), financed 90% ($230,400) at 6.0% on a 30-year loan.  

Fast forward to 2005, when your home value peaked somewhere around $525,000 - $550,000. 

Friends and neighbors were sucking gobs of cash out of their homes with sky-high HELOC's; buying big boats, Harley's, lavish vacations, Escalades, and Corvette's.

Others used the cash to finish their basement, add a sun room, remodel/update the kitchen and baths.

You resisted your neighbor's urge to harvest gobs of equity with a huge HELOC.  Okay, so maybe you got an interest-only $25,000 HELOC to finish the basement, and buy shares of Apple Computer stock.    

Your mortgage balance in January, 2010, has amortized down to $210,252, and let's pretend that you paid your HELOC down to $5,000 in January.  Your combined pay-off is $215,252.

You paid $256,000; you can sell it now for $368,000; your gain on investment is $112,000.  Your home value is still up $112,000 from the price you paid.

But wait, it gets better...

Your total loan balances are paid-down to $215,252.   You have $152,748 of equity in your home.

Here is where your life could get exciting!! 

You could sell you present home at today's market value, go buy your Dream Home you couldn't afford when the price was $800,000 for today's $550,000 price, make a 20% down payment of $110,000.... you would get a $440,000, 30 year home loan with a lower interest rate.

 

You can find out how you can turn your Dream Home into a dream-come-true when you sit down with your Family Realtor to explore the possibilities.

If you do not have a Family Realtor, you are most welcome to visit with me on the phone: 703-590-2252.  If you like what you hear, you can find out from me what to do next to make your Dream Home your next home, right now. 

 

 

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

 

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity

 

The Rental Market in Manassas and Manassas Park. An Observation.

I keep getting approached by tenants in the Manassas area who are looking for properties to rent.

Ive been talking to a bunch of people over the past couple of weeks and I've made some general observations about the rental market in Manassas and Manassas Park.

Townhouses and single familiy houses in the $1,100 to $1,500 range are in demand.

Tenants are interested in the option to purchase and are even willing to commit to a purchase one or two years out with a least purchase agreement.

The economy has hit a lot of people hard. Even those with steady jobs and a good employment track record have poor credit scores. But this is a temporary situation and they will be ready to purchase in a few years, if not sooner. In anycase, they will probaby make good tenants.

The rental market in Manassas and Manassas Park includes over 100 properties listed on the MLS.

Lake Ridge- A wonderful community in Woodbridge, Virginia

Lake Ridge is a large homeowners association located in Woodbridge, Virginia. There are over 7700 property units situated on 4200 acres on the banks of the Occoquan River Reservoir. Property units include single family homes, townhomes, condominiums, and commercial properties. Schools, shopping centers, and churches also within the community! There are a large amount of amenities which include five pools, a sprayground, a boat ramp, community centers, sports fields, tot lots, basketball pads, tennis courts, ... and so much more.

Lake Ridge is a very family friendly community with plenty of walking trails and sidewalks throughout the community. During the school year there are plenty of programs for children including a pre-school program and many sports programs (T-Ball and Baseball, Soccer, and football). During the summer months there are many different camps for the children of the community.

Home Sales

Home prices in the community currently range from $135,000 to $449,999. There are currently 26 homes for sale in Lake Ridge. These homes are short sales, foreclosures and traditional sales. Homes that have recently sold in the community range from $92,000 to $510,000 and average days on market is 35. In the last 90 days 73 homes have been sold.

For more information about the Lake Ridge community or if you are interested in selling your home, contact us today!

Real Estate News About Woodbridge Virginia Secrets To Buying And Flipping Luxury Homes

Find Out How Realtors And Lenders Buy And Flip Luxury Homes At A Profit

Find Out How Industry Insiders Make Big Bucks Flipping Million Dollar Luxury Homes

Here's the secret industry insiders use to buy and flip luxury homes: WE DON'T DO IT!!

I received an unsoliced (SPAM) offer by email today, promoting luxury home flipping. Here is a portion of the message that sounds like a fast track to easy money:

"That means you acquire these homes well below wholesale prices and you flip them to end buyers quickly below market value and keep 10%-20% of the sale price (using none of your own cash or credit because they're short sales)."

"...wholesale prices..."??? There is no such thing as a wholesale market, unless Sam's Club or Costco just opened a new kiosk.

The industry insiders know that "flipping" houses at a profit sounds good, but the fact is, it's too good to be true.

Another quote that may sound delicious to you, but I know from a ton of experience selling short sales, that the following is total Bravo Sierra.... BS...

"(using none of your own cash or credit because they're short sales)."

That statement is false. Geez, if banks would sell me a luxury home, below market, with no cash or credit, I'd buy them.

You need 20% - 25% down because it is an investment property. That figure is standard among lenders.

Moreover, "...because they're short sales)." is total nonsense. "No down payment", has as much in common with "because it's a short sale", as a fish has in common with a bicycle.

People inside the business see and hear the sad tales of misery and sorrow from "flippers" who woke up one morning with a flipping seizure, heck-bent on making money flipping a house.

It just does not work.

If flipping $Million luxury homes was such a good idea, you could bet we insiders would be buying and flipping.

We don't.

Why? It is a fast, easy way to lose tens of thousands of dollars.

Now here comes the sales pitch for a slickee-boy salesman who wants to separate you from your money:

"This Wednesday at 9PM ET, we're going to introduce you to the EXPERT in luxury home short sales. His team of negotiators handle all of our luxury home short sales and his team will negotiate your short sales too."

Now comes the phrase that creates a sense of urgency for you to sign-up:

"But he can only work with a limited number of investors. You must be on the webinar to find out how to partner with him."

Did you notice that they intentionally left the NAME of the "EXPERT" out of the ad. Why? Because if they
mention his name, and you Google him, you'll find out he's a crook, ready to steal your money.

"This is an extremely hot topic and this webinar is filling up faster than any webinar we've ever done. Register here while we still have some seats available."

Folks, buying and selling short sales in today's market is a horrible, miserable, time-consuming experience that sucks the air out of the room, leaving you in agony.

As Dad always said, "If it sounds too good to be true, it's false."

Don't fall for these slickee-boy snake oil salesmen.

The only folks making six-figure incomes in the short sale business are the slickee-boys who sell expensive tickets to their seminars.

If you get nothing out of this warning other than JUST ONE THING, remember... industry insiders know buy and flip does not work, otherwise we'd spend our time doing so.

Real estate investing is not for everyone.

Real estate investing is a long-term investment. The only folks who make money in real estate are educated investors who buy, rent, and hold their properties in their portfolio as cash flow instruments.

How do I know?

I am an investor in real estate, and I've seen "flippers" lose a ton of money. As we say in Texas, "That dawg don't hunt."

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany, Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity