I prefer to sit down with all prospective buyer clients before we ever look at any homes in order to set their expectations of the home buying process. Most people watch the news, talk to their neighbors and chat with co workers about the real estate market and where it is heading. This makes it easy for most to draw simple conclusions on how to negotiate or what should or shouldn't happen while attempting to buy a home, foreclosure, REO, short sale or investment property. Home shoppers conclusions are therefore normally drawn from inexperienced people who get their information from other uninformed people, national news or HGTV. Home buyers should be aware of two critical points, the first is to hire a knowledgeable Realtor and always, always remember real estate is local. 

      Everyone is aware of the current economic collapse and the volatility of the stock market which was evoked by the real estate debacle. What most do not know or keep up with is exactly when did this precipitous fall in prices begin? The answer to this is as vague as a politician during elections since real estate is local and it depends on the individual market to determine exactly when prices began to fall. We can see the first signs of the market beginning its downturn in Manassas City, Manassas Park and much of Prince William County about April of 2006 when home inventory skyrocketed. We do not see this begin in any part of Fairfax County until late in 2006 and even later inside the beltway. When you do more detailed analysis and take a deeper look you can even see dramatic sale price difference from neighborhood to neighborhood in close proximity. This is one reason why it is detrimental to utilize the services of a knowledgeable agent who is familiar and can effective analyze the local market.

      Now that I have explained that that markets can be dramatically different and change quickly we will touch on the main point of this article. Believe it or not, for at least the past 6 months homes in Manassas, Manassas Park and much of Prince William County have been generating multiple offers. A townhome in Manassas that clients I represent, who are investors, made an offer on was priced aggressively and generated 28 other offers in only 10 days. This is very unexpected and hard to believe for many home buyers and investors looking to buy over the past few months. This kind of market can generate asking price or above asking price for aggressively priced homes. Some buyers I have worked with made offers on several homes before they realized that the well priced homes were selling for at least asking price. There are homes on the market that are overpriced so it is important to employee an agent you trust. In case you do not trust your agent have them put together a CMA (Comparative Market Analysis) to show the details on the specific neighborhoods current home sale trends.

    There are many opportunities in the Manassas and Prince William real estate market to search for the perfect home or investment property at a great price. With the right agent, a little research and some patience it will not take long to take advantage of the current prices.

To search the MLS for a home please click, Search The MLS.

For a free market report on listings and sales in any neighborhood in the Northern Va. area with no sales calls from an agent, sign up here MLS Market Snapshot.

Joey Remondino is a full time Realtor and Broker with StoneHouse Realty Inc. Specializing in residential homes in Northern Virginia including Manassas City, Manassas Park, Prince William, Fairfax, and Fauquier Counties. Trained and experienced expert in Relocation, Short Sales, REO's, foreclosures, investments, and any other residential real estate. Joey can guide you through the home buying or selling process.

 

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Joey Remondino   StoneHouse Realty Inc. (703) 586-7226 direct (703) 242-6705 Office   (703) 242-6707 fax Joey@CallJoey.com   www.CallJoey.com