Are Cash Buyers Dominating The Prince William County Real Estate Market?

By
Real Estate Agent with Integrity Real Estate Group

You’re looking for a new home in Prince William County and you’ve heard “cash is king.”  Are you worried you might not have a chance against the investors?  Though there are sellers who prefer the clean nature of a cash transaction it doesn’t mean that cash is always in the drivers seat.

Type of Financing to Date in 2012 in PWCIf you look at the number of transactions in Prince William County so far in 2012 you will see that cash accounts for 16% of the transactions.  Looking at the types of homes sold with cash over 2/3 of those transactions were either REO’s or short sales.  The average sales price on a cash REO was $177,000 and many of these properties likely would not have qualified for FHA or VA financing due to issues which would not pass a lenders condition requirements.

If you are planning on financing your new home purchase, make sure you have a solid lender letter in hand before you make an offer. Write an offer that reflects the comps in the neighborhood and present an earnest money check showing you are serious about purchasing a home.

The local market is competitive but it doesn’t mean your competition is a cash buyer.  It is more likely to be another buyer just like you looking to take advantage of today’s low interest rates.  Present a strong offer, well written offer and you could be in the drivers seat.

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

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Rainmaker
490,543
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Here in San Diego, Ca a third of the buyers have cash, and it is tough to compete with when you have a FHA/VA buyer. Also, so many offers come pre-approved loans with the only two conditions being the appraisal, and title search, we have some serious buyers that are shopping. If the property does not appraise the sellers are asking that buyers come up with the difference.

May 31, 2012 01:00 AM #1
Rainer
220,742
Jennifer Polansky
Realty One Group - Goodyear, AZ
TOP 1% of Realtors in Phoenix, Arizona

Phoenix buyers are the same way... I had one agent call me on my listing today.. his investor group is buying a 100 properties a month- cash.  Its hard if your buyer is FHA with appraisals not keeping up with our prices.. you have to really have some thick skin to get ahead in this market if you are only working with buyers needing financing.

Jun 01, 2012 03:33 PM #2
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