The details of the 700 Billion Dollar "bailout" plan and how it will help the average homeowner in our area is still unknown.   However that hasn't kept buyers sitting on the sidelines in Prince William County.  Prices in many communities are 50% off of the highs of 2003-2004. 

Everything from almost new homes that only need cleaning to true contractor specials are available throughout the area.  For first time buyers can find a detached home in Lake Ridge under 300K and if you are looking for a Lake Ridge townhouse or condo you can easily find a property under 200K.  Investors have quickly figured out that this is one of the best markets to snap up homes to hold as rental properties and in the last few weeks I've seen investors presenting offers in cash! 

Yes it is a bit harder to qualify for a loan than it was a few years ago but it is not impossible.  For buyers who are eligible a VA loan is the best 100% financing option you can find to purchase a home you are going to live in.  For buyers who are looking at a rehab project an FHA 203K loan which includes the money needed for repairs is ideal.  FHA and VHDA loans are top of the list for many buyers and with sellers offering to assist with closing costs you still may be able to get into your new home with very little money out of your own pocket.

New foreclosure properties are still coming on the market every day and deals are being negotiated with lenders that might surprise you.   Interest rates are still low but we are beginning to see a bit of an upward trend.  No one knows 100% if we have reached the bottom but we are beginning to see a plateau in some areas.  Homes that are priced right and in reasonable condition are garnering multiple offers.

If you have been planning to buy a home and you plan to hold on to it for 5-7 years this might just be the right time to make a move.  If you would like to sit down and talk about the options available give me a call.  We can meet over a cup of coffee and talk about whether this is the right time for you to buy a home.  No hassle, no pressure, just straight talk about the process of buying a foreclosure property in today's market.

Homes shown are for illustrative purposes only.