REO, Foreclosures, & Short Sales are dominating the housing market across the Washington, DC Area along with across the country. Finding a diamond in the rough can be difficult but it is possible and doable. Many investors, along with first time home buyers are out diligently searching daily and nightly for that ONE property that meets their needs. Distressed Properties are properties that are usually below the current market value and have been run down, abandoned, or not been taken care of for whatever reason.
Like it has always been noted it really is about LOCATION, LOCATION, LOCATION. Being as though I cover a Tri-State area Washington, DC, Virginia, & Maryland going into one area will be totally different as far as if the majority of the houses are REO, Foreclosures, Short Sales, or Regular Sales. Many always ask about foreclosed properties & they are here.
Washington, DC which in the past months has been the strongest housing market in the entire country has more regular sales than anything else. There are very few short sales or foreclosures compared to the rest of the surrounding areas which gives it a stronger market in terms of value. Thus making for less distressed properties in this area.
Maryland depending on which county you venture into. Many counties have more foreclosures and short sales in the counties closer to Washington, DC while some of the counties outside of the counties closer to DC have an equal amount of Regular Sales and Short Sales. But again these statistics change daily. You'll find more distressed properties in these areas compared with Washington, DC.
Virginia depending if it's Northern Virginia or a little more down in Fairfax County will give you an ideal of just how the distressed properties dominate certain areas in some areas there are very few if any regular sales. Again there are plenty of properties for the pickings. Especially in today's current buyer's market.
If you're looking for a distressed property or have one that needs to be SOLD immediately do not hesitate to call me 240-694-6460.
Damon J. Brockenberry (Damon The Agent)
Your Washington DC Area Realtor
Servicing Washington, DC, Maryland, & Virginia
cell: 240-694-6460 e-mail: sold@damontheagent.com
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