The Toughest Part of a Northern Virginia Short Sale
Chris Ann hits this one on the head not only for her geographic area but also for Alexandria, as well. Rental inventory is limited and prices have risen dramatically - to the point where I just groan sometimes when I get a call from a prospective renter because I don't like being the bearer of bad news.
In some neighborhoods, it's not about getting the house you want, it's about getting shelter in your desired neighborhood or school district. There is barely enough time to even get to the properties before multiple applications are submitted - never mind having time to think about it or look at a few others in order to "compare."
It is a little tough these days out there in the world of rentals in Northern Virginia.
Lately, the toughest part of a Northern Virginia Short Sale has been helping families that are selling their homes in a Short Sale find a rental home. The Northern Virginia rental market is tight. If a house in good condition comes on the market at 10am, it's probably going to have 5 applications by 2pm. Northern Virginia Short Sale Sellers need to practically wear a beeper so that I can send them the bat signal that it's time to go see a property that meets their needs.
Get past the availability of the rentals in Northern Virginia and you come to the problem so many of my Short Sale Sellers face. The home they are selling short has created a certain standard of living. And in most of my Northern Virginia Short Sales, the sellers simply can not afford to hold on to those homes that were financed on subprime creative mortgages. When the rubber meets the road, and they see what their monthly budget buys on the rental market, well, it's a reality check.
Some may be used to granite counters in gourmet kitchen and big open floor plans. Of course, those things comes with larger price tags, even on the creatively financed mortgages. When those owners hit the rental market with the more realistic monthly payment, it's laminate counters and flooring in smaller, often times, compartmentalized spaces. What is a rental in great shape in the eyes of a Northern Virginia Real Estate Broker may not be the the snazziest place to call home. If it's been renovated and reflects more current tastes, count your blessings. The spaces may not be getting any bigger, but if it's visually appealing, clean and in a neighborhood you desire, snag it! Sure you may not have a garage, but at least you have an affordable place to call home for a while until you can regroup and give home ownership another shot.
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header is a combination of photos, taken by Chris Ann Cleland, of various listings and neighborhoods in the Bristow-Gainesville-Haymarket area.
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