How's The Real Estate Market?
I get this question everywhere I go. So I thought I would answer that question today in a little more detail. Since I live and work the Lake Ridge (22192) area fairly exclusively, I will share information on that. It's seems people are always curious about what the market is doing, where is it going and how does it affect them.
The market still very much a BUYERS MARKET and will continue to be for sometime. Foreclosures and Short Sales still rule the market in the Lower End here in the 22192 zip code area. Many, many town homes have been FORECLOSED or are in the process of being Foreclosed. There are countless town homes for foreclosure have just up and left. So keep that in mind if you are thinking of selling. This will affect your value. If you have any questions, please don't hesitate to ask me.
Back to the question everyone asks. "How's The Real Estate Market These Days?"
I Scoured the Realtors MLS Database This Morning To Give You a Snapshot of the Local 22192 Market:
65 Local Homeowners Settled and Moved in July 2008! CLICK HERE TO VIEW
102 Homeowners are fully Under Contract and Awaiting Settlement! CLICK HERE TO VIEW
77 Homeowners Received Offers in JULY 2008 CLICK HERE TO VIEW
"I'll bet you didn't know that, did you? "
Now let's talk about the Available Inventory. Today this is your snapshot:
198 Detached Homes are Active For Sale CLICK HERE TO VIEW
260 Town homes are Active For Sale CLICK HERE TO VIEW
71 Condominiums are Active For Sale CLICK HERE TO VIEW
So what does this mean?It means homes are selling again. The challenge for local homeowners still remains the same. Values are down. If you are thinking of selling, it's critical to get with a Experience Local Realtor who will show you what's happening in your community and what homes are listing for, what they actually Selling for and what the average seller concessions are at settlement. Erick has a web site that allows you to get a Free Market Snapshot that comes to you every month, just simply put in your address information and it arrives by email and it's a comprehensive report that shows you everything that is happening, Recent Closed Sales nearby, Average Days on Market, List Price Versus Actual Sold Price. It's information every seller needs to be able to plan.
If you are a Buyer, then Jump For Joy --I've been selling real estate for decades and have never seen a market like this. When I was 26 years old, I purchased my first home and the interest rate wasn't 6.5% ( it was 14 1/2%), down payments weren't 3% of Sale Price,( they were 20% of the Sales Price), there was no such thing as a Home Inspection or locking your interest rate.
The was no such thing as getting a Seller to pay all of your closing costs. And if someone told me back then I could buy a FORECLOSED HOME at a deep discount for a few thousand dollars and all I had to do was paint, and maybe fix up some wood rot on the outside of the house or a broken water pipe and in return in 5 maybe 10 years down the road, I would earn 10's of thousands of dollars in equity, I would have JUMPED AT THE CHANCE.
If you have any questions about the market,please don't hesitate to ask.
Enjoy you day!