Just when buyers thought it was safe to go back in, the inventory changed??? Competition fueled by low, low pricing has made it difficult to find a home in Prince William County. As the number of foreclosures begins to dwindle we are finding them replaced by "Short Sales". It took a few years, but most banks have figured this one out. What they learned through the foreclosed homes, and their increase in staffing to accommodate them is translating into a much easier process for those with a Hardship. Thank goodness that the Lenders are using the resources of Realtors throughout the area to help those who have lost income, employment or have seen their payment skyrocket dueto the adjustable rate mortgages. The free-falling of prices seems to have stopped thanks in large part to the lenders participating with the sales force. This bodes well for 2009 and let's me hope for a 2010 recovery. It is an excellent time to buy or invest in single family homes! But bring your sharpened pencil. The price will be fair. The process may be drawn out longer then usual, but good things are worth the wait. Nothing is sooo sweet as hearing the word"YES", to an offer around 88% of market value. The smart ones will make money in this next housing cycle!
The housing plan appears to be set to roll out to the lenders. where does this put us here in Prince William County. The plan is aimed to help 9 million homeowners. The problem is that these homeowners at risk of losing their homes must have a home that is worth no more than 105% of the loan value. With the pricing drops in our area, it is unlikely to assist many.
Long standing residents of Lake Ridge do not fair any better than in other areas of the County. From January 2006 to January 2009, the median price for sales in Lake Ridge was down 83% to $196,000. While in the County as a whole the spread was down 80% to $175,900. Unless homeowners purchased quite a ways back and put some cash down, this Housing plan is of little use locally. Many distressed homeowner will be looking at other alternatives such as Short Selling to eliminate additional financial hardships and their future livelihoods.
With over 35+ years combined experience, we offer you the confidence you need in your next transcation. A Team of Professionals dedicated to helping homeowners, current and future.
The Evans Team is dedicated to a smooth and seamless transaction. We work tirelessly to turn over every stone and get the job done. As Top Producers, we have worked through the different market cycles. We are currently helping many individuals with Short Selling their homes and protecting their financial futures.
As Realtors with Prudential Carruthers REALTORS, we bring 35+ years of combined experience to your transaction. Please feel free to use this website as a resource for all your Northern Virginia Real Estate needs, and if you have any additional questions, don't hesitate to contact us today! In today's real estate market, there is simply no substitute for a good REALTOR®. Whether you're aiming to buy or sell property, a REALTOR® can spell the difference between a smooth transaction and an unsuccessful one. We look forward to hearing from you soon.
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