Lake Ridge VA Real Estate News: "Since Higher End Homes Take Longer To Sell, Can We Make A Lowball Offer?"

This is a question that was asked of me yesterday.

Peggy, we are looking to buy a home around $400,000 and we've heard that we might be able to make a low-ball offer, since this price point in the marketplace has been slower. "My question is are Banks and Sellers accepting low ball offers in Prince William County VA?"

My answer: "I have been working in that price range all year and tracking the sales. The answer to that question is, it depends."

I wish I had a better answer. As a Realtor, it is my job to help you the buyer (or seller if the case may be) to coach you on all your options. When someone calls me or hires me as their agent to help them, I research the data, share with you the recent sales and comparable homes and from there help you determine what your next move should be.

Both Buyers and Sellers are facing challenges. If you are thinking of buying a home you need to have a experienced Realtor who will take you behind the scene to help you structure an offer that is in line with market conditions. What I mean is they sit down with you at the MRIS computer and show you ( no smoke and mirrors) they show you, exactly what has happened with that property address, what neighborhood homes have recently sold for and what terms the buyers got! For those of you getting ready to Sell we do the same thing. It's vital that you the seller know what the competition is, what you neighbors sold for and what the condition of the home was like. This save everyone time, energy and a lot of stress.

Please understand, Realtors do not make the market.We interpret market conditions and help you make informed decisions based on what is available, what is under contract and what has sold and settled in the past 90 days. That's how an offer price is determined. It's heavy weighted on supply and demand. Remember, unless you present an all cash offer your lender will order an appraisal.

The appraiser is who ultimately determines what the Fair Market Value of a home is.

The chart below is a snapshot of homes that have SOLD and SETTLED in Woodbridge Virginia since January 2009 between $350,000 to $500,000 price range.Early this year things were slow in this price range and homes settled lower than list price.

As you can see from this chart below, those days have come and gone and for the most part homes are selling for ask price or just a tad lower. You must keep in mind that if a home enters the market as a Foreclosed Property, the Bank has a solid idea of what the house is worth. The home has been through a series of steps before it made it to the open market. In many cases we are seeing Foreclosed Homes go for ask price, however I speak from experience.In order to win in a bidding war, you may have to be qualified for more than list price to actually make a solid winning offer. Be willing to pay the higher price if the home appraisers. If it does not chances are good the Bank will roll the sales price back to the fair market appraised value.

If you have questions, just pick up the phone and call Erick Blackwelder or myself at 703-590-2252.

We're here to help you.

This Chart Represents Homes Sold and Settled In And Around Woodbridge Virginia Since January 2009.

Status	StreetNumber	StreetName	L ist Price	Closed Price	CloseDate	Days On Market
SOLD	5970	FINCASTLE	479900	450000	2/13/2009	190
SOLD	7719	SILO MILL	450000	435000	4/14/2009	139
SOLD	16518	MURRAY	449900	440000	7/6/2009	118
SOLD	15419	DUCKLING	445000	420000	6/17/2009	281
SOLD	12483	BASSWOOD	424900	420000	8/21/2009	415
SOLD	14076	ALBERT	407000	407000	3/10/2009	89
SOLD	3625	BEAVER FORD	404900	405000	2/25/2009	176
SOLD	13362	PIEDMONT VIST	402900	345000	2/5/2009	84
SOLD	2915	HICKORY CREE	399900	375000	3/16/2009	561
SOLD	12205	GOODLAND	399900	380000	2/23/2009	190
SOLD	5345	GUNSTON HALL	390000	380625	3/16/2009	154
SOLD	3093	AZALEA SANDS	389900	350000	3/27/2009	295
SOLD	18635	KERILL	384900	375000	4/29/2009	47
SOLD	1200	MARSEILLE	380900	390800	3/13/2009	73
SOLD	3717	RUSSETT MAPLE	374900	325000	3/27/2009	161
SOLD	9192	BIG SPRINGS	369900	375000	1/29/2009	54
SOLD	14850	COX CREEK	365500	380000	4/27/2009	91
SOLD	13638	HACKAMORE	364900	350000	3/31/2009	170
SOLD	10790	PALACE	362500	362500	4/20/2009	100
SOLD	12800	VALLEYHILL	360500	350000	3/16/2009	92
SOLD	13331	PACKARD	360240	369000	2/27/2009	36
SOLD	9752	MANASSAS FOR	359900	355000	6/15/2009	283
SOLD	13305	PACKARD	359900	370000	8/31/2009	258
SOLD	13024	GORHAM	359900	320000	3/9/2009	11
SOLD	13038	TAVERNER	356600	359000	2/26/2009	45
SOLD	5359	DEVOE	355000	355000	3/19/2009	94
SOLD	4856	MONTEGA	355000	366000	2/26/2009	44
SOLD	8108	HILLCREST	350000	325000	3/24/2009	91
SOLD	10007	BENT TREE	348000	320000	4/24/2009	162
SOLD	6738	EDGARTOWN	340900	340000	8/11/2009	211
SOLD	5361	GUNSTON HALL	335000	375000	6/24/2009	205
SOLD	8186	SNOWFALL	334900	300000	6/12/2009	146
SOLD	7502	TODD	328000	328000	9/15/2009	274
SOLD	2713	DEEPFORD	323000	325000	3/23/2009	97

Note:date taken directly from MRIS

If you are thinking about buying or selling your home in Prince William County Virginia.

Remember it doesn't cost you a penny more to work with an experienced Realtor who will go the extra mile to help you and coach you on all your options.

Have a great day.

We Can Help. Call 702-590-2252

or contact me by email

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