PRINCE WILLIAM COUNTY FORECLOSURE BUYERS EXPERIENCING "ABOVE LIST" CONTRACTS

PRINCE WILLIAM COUNTY, VIRGINIA REAL ESTATE IS HOT!

FORECLOSURES / REO HOMES FOR SALE ARE HOT - HOT!

Sometimes it takes a lot of patience on the part of a good Prince William County Buyer's Agent to help their home buying client understand the real estate market when

THE BEST HOME ON THE BLOCK WILL ALWAYS SELL. Homes in Woodbridge, Gainesville, Manassas, and all communities in Prince William County real estate are selling fast. A review of the DOM (days on the market) for listings sold in Prince William County show that average DOM is far below what it was just a few months ago. What does this mean for home buyer? It means that the competition for homes listed for sale that are in the preferred locations and in the popular price ranges will sell. Further, if a buyer sees a home that meets their needs in their price range and location of choice, if they are not prepared to make an offer, don't be surprised if the home sells before you can make the decision to buy.

FOUR OFFERS AND NO CONTRACT. One of our Prince William County buyers has been outbid on four homes in the past 2 weeks. The offers have been at the list price, 3% above the list price, 7% above the list price and the last offer this week (outbit) ws 10% avove list price.

What caused the turn-around in market activity?

• IT'S SPRING.
• THERE IS A LOT OF PENT UP BUYER DEMAND.
• MILITARY PERSONNEL IS RELOCATING TO PRINCE WILLIAM COUNTY.
• PRICES ARE THE LOWEST IN 5-6 YEARS.
• INTEREST RATES ARE THE LOWEST IN 25 YEARS.
• VA LOANS ARE ACCEPTED BY SELLERS AND HAVE REGAINED THEIR POPULARITY.
• THERE ARE SOME WONDERFUL HOMES ON THE MARKET.
• $8,000 INCOME TAX CREDIT - FIRST TIME BUYERS FOR HOMES PURCHASED BY NOV. 30, 2009.
• $10,000 GRANT FOR QUALIFYING FIRST TIME HOME BUYERS.
• IT'S SPRING.

FINDING A GOOD HOME OFTEN TAKES PERSEVERANCE. We're still looking and our buyers are determined to find a good home ss quickly as possible. Our agent is prepared with forms, comperable sales reports, inspection dates, etc. with every tour. We mean to help this buyer find their home.

LISTEN TO YOUR BUYER'S AGENT. Our buyers have finally learned to ignore the list price for the best homes listed for sale in Prince William County. A home listed for $150,000 have sold for $220,000. Another listed for $149,000 sold for $210,000. The list price doesn't mean anything because the banks are pricing them low to encourage bidding. Let your agent educate you about market value and make your offer based on recent sale, not the list price.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.