The Answer To The Question Is -"It Depends"

By
Real Estate Agent with Integrity Real Estate Group

Depends on how you frame the answer.

The question is "are there fewer short sales and foreclosures in Prince William County VA than last year?"

As an example I've posted charts showing the decrease in foreclosures and short sales in the Port Potomac neighborhood since 2008.  Port Potomac is one of the newer developments in the county where it was evident as the market began to turn that investors were going to bail.  The impact on home prices in the neighborhood was evident. 

In the case of Port Potomac the answer is "YES" the number of short sales and foreclosures has declined.  However if you look a the entirety of Prince William County VA you will see overall short sales and foreclosures have held steady over the last year.  However and this is where the idea of a decrease of distressed properties comes to buyers minds is check out the change in "non bank-mediated" sales since January & Feb 2011.

As an overall percentage of the Prince William County real estate market short sales and foreclosures ARE decreasing.


What is important to remember that Prince William County is a big area.  What is happening in one neighborhood such as Port Potomac might not be the same as what is happening in Belmont Bay, Lake Ridge or Montclair.  If you are searching for a new home or making the decision to sell your current home you need to know what is happening in your neighborhood not in another neighborhood, a general zip code are or the whole of Prince William County VA.

If you are interested in talking in more detail about your neighborhood give Cindy Jones and CJ Realty Group a call at 703-346-2213. Let's talk about YOUR neighborhood and YOUR priorities for buying or selling a home.  Don't let generalizations about the market or news about the national real estate market determine what you do with your real estate future.

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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Rainmaker
3,246,879
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Cindy

From the numbers the distress sale market seems to be moving in the right direction.

Good luck and success.

Lou Ludwig

Nov 04, 2011 11:35 AM #1
Rainer
144,225
Former Agent
None - Adak, AK

Just loved the subject line.  That was always the answer in my criminal law class, "it depends". 

Nov 04, 2011 12:16 PM #2
Rainmaker
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Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Cindy, like life, simplistic answers are not worth much. The devil is always in the details and this is the kind of real estate agents clients need. Someone who thinks and interprets data for folks.

Cal

Nov 04, 2011 12:32 PM #3
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Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo
Well done, Cindy! It always is such an individual case by case event, when you discuss real estate, isn't it? Town by town, and month by month.....
Nov 04, 2011 02:18 PM #4
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Cindy, real estate is so very local.  I like your charts.  Even I can understand them.

Nov 04, 2011 03:13 PM #5
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Lou-the overall percentage of distress sales is less than it was a year ago.  I hope the trend continues.

Nov 04, 2011 10:14 PM #6
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Aimee-the answer works for a number of questions.  Criminal Law would be an interesting subject to study.

Nov 04, 2011 10:16 PM #7
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Cal-it is interesting to see how you can change the answer to a question just by framing it with a different look at the numbers. 

Nov 04, 2011 10:17 PM #8
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Dagny-absolutely.  When you work in a broad area it is harder to generalize.  Even my area the differences in neighborhoods in one zip code can be startling.

Nov 04, 2011 10:18 PM #9
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Pat-you have the same issue in DC as we due in NOVA.  Your neighborhood has a very different statistic as another one.  Go figure.

Nov 04, 2011 10:19 PM #10
Rainmaker
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Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Cindy - numbers are just numbers until someone who understands what is behind the numbers takes a few minutes to explain them ..... your closing line says it all but the explanation makes it.

Nov 06, 2011 02:39 AM #11
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Kathy-thanks for stopping by.  It's amazing how one set of numbers can have a variety of interpretations. 

Nov 11, 2011 06:30 AM #12
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