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Short Sales in Arlington Lowest of Any D.C.-area County

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Real Estate Agent with Keller Williams Realty

Short Sales in Arlington Lowest of Any D.C.-area County

short sales Arlington VA, Washington DC area

The front-page lead story in the Sunday Washington Post “Walking Away With Less” tells the tale of the decline of foreclosures and the growth of short sales through a troubled townhouse development in Manassas.

Nationally, the story notes that completed short sales have tripled since 2008 and that the “the greatest volume” of short sales and foreclosures are in Prince George’s County (48.9% of all active listings), Manassas Park/Manassas City (39.1%) and Prince William County (28.6%).

But, as I always like to point out, all real estate is LOCAL.

In Arlington, just 7%* of the 784 homes for sale as of Sept. 26 were short sales (43 or 5.5%) or foreclosures (12 or 1.5%).

Just 7 Short Sales or Foreclosures Listed Along Orange Line

And of the 314 active listings for sale along the Orange Line Metro in Rosslyn, Courthouse, Clarendon, Virginia Square and Ballston (zip codes 22201, 22203 and 22209), there were only 7* homes for sale listed as short sales (5) or foreclosures (2 ) as of Sept. 26. And, those listings were in 7 different condo buildings.

So, while the Post’s headline screams that foreclosures and short sales are a big problem everywhere, it depends on where you live. If you’re a homeowner in North Arlington along the Orange Line there will be little impact on prices from short sales or foreclosures.

Learn More About Short Sales in Arlington, VA

What’s a short sale? In a short sale, a homeowner works with their mortgage lender to accept less than they owe on the property to avoid a foreclosure. View a short video about short sales or read Thinking Of Making an Offer on a Short Sale? What You Need to Know on my website.

If you are looking to buy a home, I usually caution buyers to think twice about making an offer on a short sale because there are many pitfalls, including the length of time it can take to close (up to six months in some cases) – if it closes at all.

However, a short sale might be an option to look at if you are an investor.

If you are a homeowner who is having trouble making your mortgage payments you can contact the Homeowner’s HOPE™ Hotline, a counseling service provided by the Homeownership Preservation Foundation.

Search Arlington Homes for Sale

If you want to know more about short sales, search homes for sale in Arlington or need help selling your home, feel free to e-mail me at Meg@MegRoss.com or give me a call at 703-447-0970.

* According to a search of active listings on MRIS, Sept. 26, 2010

 

Originally posted on the Arlington Real Estate Scoop.

Comments (1)

Trustworthy Responsive-Personal-Banking
HOMEPATH, USDA, VHDA, FHA, VA, CONV & JUMBO MORTGAGES - McLean, VA
Younullre not just a client-your a FRIEND!

Hey Meg,

We need to obviously ship some people from Arlington over to PG county HUH!

Dec 29, 2010 03:57 PM