If you live in the Lake Ridge Virginia area and are thinking of selling your home soon, then there is something you need to know.
The local real estate market inventory is climbing.
Market Update for Single Family Homes in the 22192 zip code area:
Only Eight (8) Single Family resale homes received offers since August 1st,2015. With over 148 Single Family Homes to choose from that means "Opportunity and Choices!" for home-buyers.
The knee jerk reaction most sellers have is why now? When I want to sell.
There are several reasons:
- Move-up Buyers are not able to buy.Why? Over the past six or seven years most homeowners have not been able to qualify for a move-up home without selling. That is because lenders could not count a good portion of the rental income on your existing home. Even tough rents are high and you can rent your home for the monthly mortgage or higher. What good is that if the mortgage company would not allow you to buy a move-up home. NONE! That has changed. Contact us for more information on how we can help you move forward and buy a larger home.
- No Money For Down Payment and Closing Costs? No Problem. Currently if you are thinking of buying a home under $417,000 and you have a credit score of 680 or higher, you can receive up to 5% Grant Money FREE. You cannot have more than a $125,000 income. So if that is you. Call us today 703-801-9367 to get pre-approved and reserve your grant money. It does have to be paid back. This is not a JOKE. This is real and here in Lake Ridge Virginia.
- Many homeowners who purchased a home in 2008, 2009, 2010 already have enough equity built up to sell. Some as much as $50,000 give or take. That equity can fund the purchase of a move-up home.
One more factor you need to know about:
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10 Year Arm Mortgages originated in 2005 and now resetting. This is very sad for the homeowners who purchased in 2005 and suffered through the worst downturn we have ever seen in real estate. Many of these homeowners still do not have enough equity to sell, have not paid the principal down enough to refinance and are forced to Short Sell. Banks are still not willing to renegotiate the terms of the loans based on good credit standing, or getting through the toughest years and honoring the promises that the owners made when they took out the loan. No matter if they have good credit or not. The banks DO NOT CARE. One couple I met had a $1456 a month increase, another $632 a month increase in the mortgage as they now convert to PITI terms. OUCH! Some owners can sustain that...other can't. So sellers are being forced to sell by Short Sale or just Walking Away or fighting until the home ultimately go to Foreclosure, if they cannot afford the increases in monthly mortgage payments.
If you would like to know what's selling in your neighborhood. Simply click on Learn What's Selling in YOUR Neighborhood or a Place Where You Want To Live or watch this video to see what is possible.
Have questions? Call me 703-851-3085.
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