Once again we are seeing multiple offers being placed on homes. One of the listed homes within my office had 20 offers last week. With the recent influx of Bank Owned Homes or Foreclosures coupled with Short Sales in the Prince William County and surrounding areas, prices plummeted and adjusted over the last few years. Many Buyers have decided to jump into the market and purchase their home or investment.
It is not a Seller's market, it is not a Buyer's market, it is a Bank's market. If you are searching for that "great deal" and find it, it is what every other Buyer 
in that price range and area also sees. Many of these Buyers will also come to the same conclusion.
In Manassas, Woodbridge, Gainesville, Haymarket and all of Prince William County the January 2009 statistical report shows twice as many homes sold and 1/3 the inventory compared to the January 2008 report from MRIS. Many of the sales being the bank owned homes that have gone through the foreclosure process. These homes have implied value to the Buyer.
The more things change the more they stay the same. Or what goes around comes around. We are back to Buyers being up against competing and multiple offers once again. The circumstances are different. The home prices are drastically reduced and for the first time in a very long time first time Buyers are able to enter the market and purchase a home. FHA and VA loans now make up a large and significantly increased percentage of the loans.
How do you approach this market when buying a home? With a lot of research and knowledge. Knowing the Bank owned property sale process, the addenda, the multiple offer procedure being used and strategies for getting your offer accepted. Knowing your options for possibly purchasing a home that is a "Short Sale." Short Sales also present wonderful buying opportunities under the right circumstances. As long as you are aware of how the Short Sale is being managed and you are comfortable with the process and procedure. Let's not forget the Traditional Sale. If they are priced for this market they will also present good opportunities. Don't rule them out. Just know the market and have your strategy planned.
Kathleen Exprtise Matters
www.FairfaxRealEstateHomes.com
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