What is Hot in Northern Virginia Besides the Weather?
June 13th, 2008 Categories: Buyers Corner, Focus on Prince William, Local Market Updates, NOVA Foreclosures
Sales in Prince William County would be the answer. Sales may be stagnant in other parts of Northern Virginia but buyers are flocking south to Prince William to take advantage of the lower prices and great bargains in the area.
Check out the total sales comparisons between 2007 and 2008 in two zip codes in Prince William County.
So why the sudden interest in Prince William County? Obviously it is due to the significant price drop which has happened over the past year.
Neighborhoods in 22191 include both the newer subdivisions of Port Potomac, Belmont Bay, Rippon Landing and River Oaks. Older neighborhoods such as Georgetown Village, Marumsco Woods and Newport have been some of the hardest hit with foreclosures. Neighborhoods in 22193 include Dale City, Lake Terrapin, Winding Creek Estates and Pearsons Landing.
Does this mean that Prince William County is out of the woods yet? No as there are still a significant number of properties for sale and there is anticipation that more foreclosures will be coming on the market through the summer. However as new properties are listed the expectation is that we will see additional price reductions in certain neighborhoods in Prince William County creating even more values for savvy home buyers.
For investors, who are looking to buy and hold for a few years, and particularly buyers who are looking for a new home that falls well within the limits of a FHA or VA loan there are terrific homes and neighborhoods to explore. From the starter home in Lake Ridge to the luxury mansion in Haymarket you can find a deal in Prince William County.
If you are interested in exploring your options in Northern Virginia give me a call. I’ll travel the highways and back roads of Prince William County looking for a deal for you.
Cindy,
Thanks for the update. We have enjoyed your take on the PW market and of course your showing us some terrific properties. You were right that we could find a good value and we are pleased with our new home! Thanks,
John
A 61% jump? That is really compelling. Looks like a lot of people have discovered that now is a great time to buy in Prince William.
Ben,
With the 30% drop in price between 07-08 it makes PW the place to find some of the best buys in the area.
Cindy!
Love your article. Why is it that real estate is the only thing people won’t buy when it’s On Sale??! I’ve been showing a lot in PW lately, and I believe “there’s gold ‘em dem dar hills” Especially those in the $350,000-$400k bracket. Newer single-family homes and townhomes are at really good prices now. See you soon.
Tamara-yes I’ve been finding and selling some great places. You have to dig a bit but you are right the gold is out there.