A year ago the market was ripe for buyers to try and negotiate the deal of the century with REO properties. Fast forward to spring 2009 and the chances of getting a lowball offer accepted are quickly becoming history.
The market in Prince William County, especially in the Woodbridge area has shifted and instead of decent properties sitting on the market for weeks or months they are snapped up in days, most with multiple offers. For buyers who are still thinking that the opportunity to make an offer 10-20% below list price is a good idea you should seriously reconsider your plans. Lowball offers aren't even a consideration on most properties.
A recent search through the MLS and personal experience with buyers has proven that if you snooze you lose. For example in the Lake Ridge area 50% of the townhouses that have sold recently have sold for ABOVE asking price!
The usual cautions are in place when buying a foreclosure. You are buying a property "AS IS" and this means that though you can have an inspection for information purposes only. As a buyer you are going to be responsible for having the utilities turned on, the home de-winterized and pay for any repairs that need to be made to the property. All of which factor into the price you should pay for a new home.
If you are looking at purchasing a new home in the lower price brackets (under 200K) this spring in Prince William County make sure you have talked to a local lender and gotten your pre-qualification ready. Have enough money in your checkbook to write a small earnest money deposit and be prepared to act fast.
If you need assistance with your new home purchase give the Cindy Jones team a call at 703-346-2213. Let's talk about the current market conditions and see if now is the right time for you to buy a new home in Prince William County.
I'm happy to hear the good news. Same thing here on Staten Island. Price it right and it's gone in a few days, 30 at most. Nice blog. I like the foot picture.
Cindy, That's definitely been my experience with the bank owned homes in Prince George's County too. The good ones go really fast and for close to or over asking price. Its a good sign for the market.
That is good to hear! Real estate will be moving again in 2009! It is a great time to buy!
Our list to sale percentage is still over 90 percent here in Falmouth on Cape Cod. Low ballers seem to be only wasting time.
Stacey-Ann-for the moment inventory is moving again. Hopefully it will continue throughout the rest of 2009.
Heath-I'm seeing bidding wars in our lower brackets and prices escalating 20-40K above list. I think it shows that some of the prices are way to low to start with.
Cindy, great information for buyers. I have seen similar situations in Calvert County MD on REO properties. I think it is a good sign that the market is changing!
Cindy, we are seeing the same thing down here in Knoxville, TN. However, down here it does not just apply to bank owned properties. We are seeing some major moving in all homes that would qualify for the 1st time home buyers. The majority of my 1st time home buyers have snoozed and lost on their first home choice.
Jen-I think we have a bit of an upward trend going on and all we can do is hope that it lasts!
Christine & Jennifer-good news seems to be coming in from around the country. I'm glad that the first time buyers are getting into the market and taking advantage of the tax credit.
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