Foreclosure Update for Prince William County VA

It’s still a question hanging in the air.  Is there a shadow inventory of foreclosures being held by the banks?  Certainly the predictions (not mine) at the beginning of 2012 were that the market would be overwhelmed by this “shadow inventory” causing prices to fall once again in Prince William County VA.

The latest statistics by the MLS show the foreclosure/bank owned inventory in Prince William County VA in 2012 has steadily decreased instead of increasing.

The foreclosures currently available (10/11/12) cover all areas of the county from Bristow to Woodbridge. Buying a foreclosure does not mean you are going to be able to “steal” a home. Depending on the condition of the property making sure you are comparing the cost of repairs needed in a foreclosure property to a “regular” sale.

Last month one of my clients settled on a nice Fannie Mae foreclosure in the River Oaks neighborhood in Woodbridge. As we often see in the current market it was a multiple offer situation. The market statistics show the average list to sold price for a regular sale and foreclosure are almost identical at the end of September at 97.66%.

Here is a list of currently available foreclosure in Prince William County VA. If you are interested in buying a foreclosure in Prince William County you can give me a call to discuss what is currently available to see if a foreclosure is the best deal for your money.

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