Archive for the 'Focus on Prince William' Category
FHA Loans-The Change Didn’t Hurt
May 19th, 2009 Categories: Focus on Prince William, Real Estate Ramblings
When FHA first announced they were raising the required down payment from 3 to 3.5% there were shouts of alarm from both lenders and Realtors® that the change would crash home sales.
However looking at the type of loans used to purchase properties in Woodbridge in April it is obvious that the alarm was just another “Chicken Little” scenario.
FHA loans are alive and well and out pacing all other types of loans. This quick chart looks at zip codes 22191, 22192 & 22193 all hot areas right now.
| Loan Type | Number |
| VA | 39 |
| FHA | 164 |
| Conventional | 79 |
| Cash | 87 |
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Let the Bidding Wars Begin Again in Prince William County
April 12th, 2009 Categories: Focus on Prince William, Local Market Updates
Have the prices in PW County (VA) finally hit bottom? Have the lower interest rates sparked new interest in home ownership? Has the $8000 tax credit finally gotten buyers off the fence?
Whatever has happened the bidding wars to buy lower priced properties in Prince William County are back and going to strong. Look at this list of current list to sales prices for townhouses in the Lake Ridge neighborhood.
List Price Sold Price
$87,900 $125,000
$97,900 $135,576
$119,000 $128,000
$128,900 $145,000
$125,900 $150,000
$139,900 $159,900
$139,900 $160,000
$149,900 $160,225
$144,900 $175,000
This past week I spent a good deal of time searching for properties for a buyer and one property on our must see list have 5 offers on it in 3 days and another one had 15. In the agent remarks we see the comments “multiple offers received”, “best and final only”, “contracts sent to the lender” and “no more offers being considered.”
The good news is that this is going to have a positive impact on prices this spring and we should see the list prices for foreclosures start to be more in line with true market prices. This will help “regular” sale and possibly short sales as well. It also means if you are a buyer you need to have your mortgage paperwork in order and be ready to make an offer on the property you want.
Lowball offers are dead!
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PW County Inventory-What’s Missing from our Numbers
March 19th, 2009 Categories: Focus on Prince William, Local Market Updates
Currently the MRIS data shows that the number of new listings in our area is down. This chart shows Prince William County inventory for Feb 2009 as compared to Feb 2008.
Okay this should be good news. However along with every set of data comes the back story.
In the case of lower inventory some of that back story has to do with foreclosure listings. Last fall Freddie Mac along with other lenders put a moratorium on new foreclosure proceedings until the economic stimulus packages worked their way through Congress. Only those properties that had already been through the foreclosure process made their way to the MLS and not even all of those have been listed.
For example one agent in my office who handles Freddie Mac foreclosures has just now received the go ahead to list a few of the properties that had been through the foreclosure process last October and November. Even more interesting is that in one case the owner of the property is still living in the property five months after the foreclosure. A quick look through RealtyTrac.com shows a few hundred properties with the title transfers to a lender, yet none of them have made it to the market. A recent Friday Washington Post showed close to 300 Trustee Sales at the PW Courthouse alone and those properties haven’t hit the market yet either.
At some point many of those properties that have been in a holding pattern for the last three to five months will make their way to the spring market. Add to those the properties where tenants have been living with their lender landlords and you begin to see when the foreclosure moratorium is lifted that we could have a huge influx of new foreclosures on the market.
Hopefully the lenders are looking at the impact of how unleashing all of these listings at one time could devastate an already fragile Prince William County market. If they don’t consider a staggered release of this pent up inventory we could be facing another significant drop in prices, creating even more problems for those sellers in the middle of trying to refinance their homes.
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Lake Ridge VA-Avoiding the Cookie Cutter House Syndrome
January 4th, 2009 Categories: Focus on Prince William
Tucked away among the trees off of Old Bridge Road in Prince William County is the community of Lake Ridge. With over 7000 detached homes, townhomes and condominiums a buyer can find just about any type of home at a price that fits their budget within Lake Ridge.
As you drive through each of the different sections of Lake Ridge you will get a true sense of “small town America.” Frequent community events including Youth Flag Football, T-Ball, Summer Camps, Yard Sales, and Holiday Parades give everyone young and old a chance to meet their neighbors.
With multiple grocery stores, plenty of places to eat and a nice mixture of small shops residents of Lake Ridge don’t have to drive far to find everyday necessities. When the need arises Lake Ridge is only a few miles from the huge Potomac Mills Outlet Mall, Ikea, Costco, Lowes and Home Depot.
If your family includes children there are 5 elementary schools, 1 middle school and 1 high school all within the community. Many children can walk to school and for the others it is a short bus ride. There are also a number of pre-schools located within the boundaries of the community as well.
Looking for recreation activities? Then Lake Ridge is the place for you. If you are a runner join the Ridge Runners Club, launch a small boat Hooes Run Boat Ramp, play tennis at one of the seven courts, swim at one of the five pools, or join one of the many other clubs that meet at one of the two community centers. If that isn’t enough for you Prince William County Park Authority also operates Lake Ridge Park with a 9 hole golf course and a small marina.
Lake Ridge has always been popular with military families who find themselves with orders to Fort Belvoir, the Pentagon or Quantico. Not only are all of the reasons listed above important to military families but the drive to Fort Belvoir is within 30 minutes or less depending on where you live in the community. There are multiple options for commuting to the Pentagon including slug lines, bus routes from commuter lots and the VRE with transfer points to the Metro. Quantico is a reverse commute on either I-95 or Route 1.
So if you are looking for a neighborhood where the developers left the cookie cutters at home then give me a call to take a tour of Lake Ridge. Let’s see if this Prince William County community is the next place you want to call home.
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The house was unassuming from the outside. A typical Prince William County brick front colonial with a great lot. Nothing unusual on the main level and since it was a foreclosure the buyer’s expectations weren’t set to high. Upper level had 4 nice size bedrooms and other than a little clean up the house was receiving two thumbs up.
Then we ventured to the lower level recreation room. This was obviously the party room in the house. At first glance the thought was perhaps vandals had come into the house. But then we realized that the graffiti was there on purpose. All of the walls had been covered with words and slogans. Honestly it was “tastefully” done and when you consider what we all encounter in foreclosure properties it was a pleasant surprise.
The house is on the buyer’s short list. It has multiple commuting options to the Pentagon where he is stationed, good schools and close to shopping. In a way it might be hard to paint over the graffiti but at least it only needs paint and not someone to come in with a mask and protective clothing to take out mold! Another day of interesting things you find when showing foreclosures in Prince William County.
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Fort Belvoir- Neighborhood Connections in PW County
September 13th, 2008 Categories: Focus on Prince William, Military Relocation
With the upcoming influx of military and civilian personnel scheduled to move to Fort Belvoir, neighborhoods within 30 minutes of the post in Prince William County are gearing up for new homeowners to arrive. All of these neighborhoods offer great value in today’s market and they offer a choice for buyers which include foreclosures, new homes and re-sales.
The first community you find when you cross the Occoquan River is Belmont Bay. With its waterfront location, variety of home styles and communities amenities it isn’t a surprise that this community has been discovered by military families being stationed at Fort Belvoir. If you walk the waterfront paths in the community you will be greeted with a smile and hello from everyone you pass. Kids love to run on the pavilion green and watch the boats coming and going from the gazebo by the docks. Commuters appreciate the quick hop onto Route 1 to head to Fort Belvoir or the VRE station right in the neighborhood to take them into Alexandria or DC.
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Meteoric Fall in Prince William Prices Lead to Scorching Summer Sales
August 15th, 2008 Categories: Focus on Prince William
Scientist around the world are studying the phenomena of global warming and wondering why the temperature around the world is rising. Perhaps they should take a look at the meteoric fall of prices in Prince William County leaving the county the hottest real estate market in Northern Virginia.
Even though the press likes to focus on the negative on aspects of the market the buyers who are out today are not flip and run investors. It is also interesting to notice the distribution of price ranges. The majority of the sales aren’t at the lowest price point of available homes but closer to the mid-point of prices.
Sales over $500,000 are still happening and the majority of the homes sold in this price range are the newer homes in the western Prince William County cities of Bristow, Gainesville and Haymarket.
The price volume of sales is up 22.5% from the same time in 2007 and the number of homes sold is up 95.5%. This is as always tempered with the fact that average sold price is down 37.3%. The majority of new loans used to purchase properties were FHA and VA and there were 52 all cash transactions recorded in the MLS as well.
The sales numbers this fall are going to be the one that we are going to be looking be paying close attention to. With the changes in the FHA loan programs, the elimination of the down payment assistance programs and how first time buyers view the $7500 tax credit will begin to be reflected in our sales in late September and October.
For now buyers who have been sitting on the fence have an opportunity to make a grab for homeownership in an area that is offering some of the best values in Northern Virginia.
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It’s New, It’s Huge and It’s Extraordinary
June 18th, 2008 Categories: Focus on Prince William, Out and About
Our stomachs were rumbling and when we opened the refrigerator door all we found was a bottle of ketchup and a can of tuna fish. We were desperate and knew that the time had come; we had to make a trip to the grocery store. Our mailbox had been filling with coupons and store specials from some new comer to the area and we decided oh what the heck lets check them out.
So off we went for what we thought would be a simple run to the grocery store. As soon as we pulled into the parking lot I was ready to run the other way. But I was outvoted and in we went. It was HUGE. I’m talking MEGA. And it was crowded. I can’t remember the last time I saw that many people at the grocery store at one time. Especially on at noon in the middle of the week. Don’t these folks have jobs somewhere?
Could I find goat cheese? Yes about 10 varieties. Could I find seafood? Absolutely and some of it was not anything I had ever seen in this part of the world before. Vegetables including the “dreaded” tomatoes, with “it’s okay to eat these signs”, were front and center. The list of what you could find or not because the store is so big is incredible.
Despite my protests we managed to spent time checking out what we might want to eat should we want to get a bit more exotic than our easy and light summer cooking. The thought did cross our minds to pull up a chair at the seafood bar and have some oysters but we grew up with the mindset that you don’t eat oysters in a month without an “r” in it so we passed. Plenty of other folks were filling up the chairs both at the seafood bar and at the outside patio with prepared sandwiches.
So what is this new and extraordinary addition to Prince William County? It is Wegmans. Part of the new and upscale stores planned for the Shops at Stonewall situated between Route 1 and I-95 off of Nebesco Road. If the crowds at Wegmans are any indication of how long the residents of Prince William County have waited for the store to open, then the county planners have made the right decision.
It might take me a little while to get up the courage to fight the crowds again. In the meantime we have enough food to keep us happy for awhile.
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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.
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One Bad Apple Doesn’t Spoil the Whole Bunch-Or Does It?
May 21st, 2008 Categories: Buyers Corner, Focus on Prince William, NOVA Foreclosures
On a regular basis the local press focuses on the negative aspects of the current market in Prince William County. Buyers call to ask about the area and say we have heard the Prince William County is a “bad place to live.” It is an assumption that keeps many people from making an exploration through the great neighborhoods and communities that stretch across the entire county.
For those that aren’t familiar with Prince William County, the first thing to realize is how big the county is. It stretches from the Potomac River at the eastern border and to the west the start of the Blue Ridge Mountains. That is a total of 348 square miles. To put this in perspective Prince William County is about ¼ the size of the entire state of Rhode Island. To try and say that the entire county is a bad place to live would be a stretch of grandiose proportions.
So how do you put a “bad market” in perspective in a county as large as Prince William is? You break it down into small and manageable sections and then you start to decide if the market is really bad or is it a great opportunity for a smart buyer to find a nice home at a reasonable price? Every buyer has a choice to make. They can wait for the market to “hit bottom” not knowing where the bottom is, they can stay closer to town and pay more for smaller space or they can decide that a deal is a deal and look past the press.
In the past few weeks my buyers have found great deals in Prince William County, in neighborhoods that have been overlooked by other agents because of the “stigma” attached to the county. Buyers are not only buying foreclosures but they are also buying new construction and waterfront condos too. It isn’t an all or nothing proposition when it comes to what you can find.
So in the case of Prince William County the bad press makes potential buyers relocating to the county think that the entire 348 square mile area should be avoided. This is as far from the truth as still believing that the world is flat. With its rich history, diverse neighborhoods and substantial commuting options buyers need to consider whether they may be shorting changing themselves by not taking a look around. Don’t let the press scare you away. It might not be the place you decide you want to live but you might be surprised by what you find.
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