Woodbridge Virginia Real Estate News: December 2008

You Can Get A Lot Of Home For $400K To $525K With Land, Modern Features

I was cruising through several segments of the Prince William County real estate market, searching by price, lots of upgrades, lush home sites, and listings with lots of photos.

You can CLICK A LINK down this page to download a list of Erick's favorites of today, December 26.

Oh, and I got a little giddy with the little button on this blog-making-thing that lets me stick pictures of cool stuff in here among all my rambling words.

Look at this massive deck covered with deck chairs.  Reminds me of the last cruise ship we sailed.

You can get some recently-built homes, with all the cool-guy stuff like theater rooms, pools, hot tubs, big garages, billiard rooms, and custom-built bars.

This theater room looks like someone went to the La-Z-Boy factory with a stack of calf skins and ordered a killer set of custom chairs.

The ladies who don't get excited about the cool-guy stuff will get their own cool-gal stuff like sexy kitchens, luxury master baths, sleek architectural features, and soothing spaces.

Come on kids, there's some good values out in the market for sale, and mortgage rates have fallen to record lows, so you can get lots of home without a hefty payment.

So go ahead and CLICK HERE NOW to download your own copy of my list of favorites for today.

You'll get photos, addresses, maps, directions so you can drive by them on your own.

When you see a house you want to see inside, call your family realtor.

If you don't have a family realtor yet, call us now, and we'll help you out.  703-590-2252

Sign up for FREE ALERTS on our Website  at http://erickandcompany.com/search-for-homes.asp

That way you'll never miss the house you really need.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity

Homes For Sale In Woodbridge Under $400000 Give You Big Bang For Your Buck

Lovely Homes On Quiet Streets With Sunrooms, Garages, Glitzy Kitchens, Finished Basements, Under Ten Years Old

You can get a large, newer home with lots of upgrades, finished basements, 2-car garages for less than $400,000 around the Woodbridge area.

See the link below to get your list of homes with photos, maps, directions, addresses, and descriptions.  You can drive by these homes at your liesure, see the neighborhoods, and proximity to shopping and schools.

When I ran the search for these homes I got 22 homes that match.  11 of those homes are under contract.  I dropped the under contract homes from the list so that you get to see the 11 really nice homes that are available as of today.

I noticed that the homes under contract were typically on the market less than two weeks.  Also, most of the homes that have sold over the past six months have sold AT or ABOVE the list price, with multiple offers.

Now let's not kid each other... the headlines throughout the media are shouting doom and gloom for ALL real estate, EVERYWHERE.

Well, all real estate is local.

Take Miami, Orlando, Phoenix, Las Vegas and California out of the mix, and you'll see that the nation as a whole is experiencing a normal correction that always follows a few years of rapid price increases.

I have NO opinion about the state of our market.

I only have access to numbers and statistics from our local Multiple Listing Service (MLS) and the numbers say that Northern Virginia's real estate recovery is already under way.  Monthly sales are way up, inventory has been declining rapidly all year.

CLICK HERE NOW TO GET YOUR FREE LIST OF REALLY GREAT HOMES FOR SALE UNDER $400,000 WITH FINISHED BASEMENTS, LUXURY FEATURES, LARGE ROOMS, SEXY KITCHENS, AND GARAGES.

Sign up for FREE new listing alerts on our Website  at http://erickandcompany.com/search-for-homes.asp

You can program your wish-list for your next home into our computerized search system, then, each time a new listing goes up for sale that matches your criteria, you'll get an instant email notification, including addresses, directions, maps, descriptions, photos.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity

Woodbridge VA Homes For Sale Give You Luxury And Value

Woodbridge Real Estate For Sale Loaded With Glitz And Glamour

Get Your FREE List Of Erick's Prime Home Picks By Clicking The Link Below.

Howdy folks.  See how much bang you can get for your buck right now.

Are you ready to be dazzled?  Do you enjoy living in luxury at affordable prices?  I do.  Of course you do.  If you don't like affordable luxury, go live in a shack and get some therapy.

Here's what happened...

I logged into the Realtor's Multiple Listing Service (MLS) database to see what's for sale around Woodbridge in the $400,000 - $730,000 price range.

"Gee Erick, why did you pick $730,000?  What about a nice, round number, like $750,000?"

Good question.  You can easily get a home loan up to $730,000 right now because FHA, Fannie Mae, and Freddie Mac are backing or making loans up to $730,000.

You can get houses right now with every luxury feature, all the upgrades you could imagine, at prices today that are affordable.

Especially if you get an FHA 4.5% home loan.

My friends who own home loan companies say the phones started ringing off the hook early last week when home loan rates dropped under 5%.

Then, when the rates began bumping 4.5%, their phones exploded.  Phone technicians have worked round the clock over the weekend replacing the phones that blew up with industrial grade phone systems with massive diesel-powered phone systems that can handle the load of calls to loan companies when business opens on Monday.

CLICK HERE NOW TO DOWNLOAD SOME FEATURE-RICH HOMES AT STUPID-LOW PRICES.

Sign up for FREE ALERTS on our Website  at http://erickandcompany.com/search-for-homes.asp

That way you'll never miss the house you really need.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity

Woodbridge And Manassas Virginia Real Estate For Sale Bouncing Back

Still Sitting On The Fence Waiting For The Bottom Of The Market? 

Gentle reader, if you are a fan of this blog, you have perhaps noticed my series of reports month after month, quoting fast sales and falling inventory in 2008.

I have no opinion about the market direction.

I faithfully report the facts.

"The facts ma'am, just the facts please."  - Joe Friday, from the TV series DRAGNET

Here is more evidence from Forbes Magazine, a feature in a national publication reporting the rapid turn-around we are experiencing in the local real estate market.

To those who have tried to debate the facts I have reported, I give you a hearty NANNY-NANNY-BOO-BOO!!  See, I told you so.

Sign up for FREE ALERTS on our Website  at http://erickandcompany.com/search-for-homes.asp

That way you'll never miss the house you really need.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

 Erick Blackwelder or Peggy James Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Woodbridge And Manassas Virginia Real Estate For Sale Bouncing Back

Still Sitting On The Fence Waiting For The Bottom Of The Market? 

Gentle reader, if you are a fan of this blog, you have perhaps noticed my series of reports month after month, quoting fast sales and falling inventory in 2008.

I have no opinion about the market direction.

I faithfully report the facts.

"The facts ma'am, just the facts please."  - Joe Friday, from the TV series DRAGNET

Here is more evidence from Forbes Magazine, a feature in a national publication reporting the rapid turn-around we are experiencing in the local real estate market.

To those who have tried to debate the facts I have reported, I give you a hearty NANNY-NANNY-BOO-BOO!!  See, I told you so.

Sign up for FREE ALERTS on our Website  at http://erickandcompany.com/search-for-homes.asp

That way you'll never miss the house you really need.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity

Woodbridge And Manassas Virginia Real Estate For Sale Bouncing Back

Still Sitting On The Fence Waiting For The Bottom Of The Market? 

Gentle reader, if you are a fan of this blog, you have perhaps noticed my series of reports month after month, quoting fast sales and falling inventory in 2008.

I have no opinion about the market direction.

I faithfully report the facts.

"The facts ma'am, just the facts please."  - Joe Friday, from the TV series DRAGNET

Here is more evidence from Forbes Magazine, a feature in a national publication reporting the rapid turn-around we are experiencing in the local real estate market.

To those who have tried to debate the facts I have reported, I give you a hearty NANNY-NANNY-BOO-BOO!!  See, I told you so.

Sign up for FREE ALERTS on our Website  at http://erickandcompany.com/search-for-homes.asp

That way you'll never miss the house you really need.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity

Woodbridge Virginia Real Estate By Short Sale

What Is A Short Sale?

You've seen in the media about the housing "meltdown."  

Northern Virginia has not been hit as much as the rest of the country.

However, that does not mean that there are not some good buys for astute buyers.

Yes, you will find more foreclosures for sale than we've seen in a while.

You will also notice that a "new" type of sale is happening in Woodbridge Virginia homes for sale during this market correction... the short sale.

I put the word "new" in quotes because short sales have been around as long as the standard 30-year mortgage has existed.  However, during our current market correction, thousands of short sales are being listed for sale.

So, what exactly is a "short sale?"

A short sale means the homeowner owes more on their existing home loan than the property is worth in today's market.

The bank that holds the note has agreed to "settle" with the homeowner for less than is owed on the property.

For example, a home that sold at the peak of the boom in 2005 for $825,000 was purchased by Harry Homeowner with a five percent down payment, and the remaining $783,750 financed by a home loan.

Truth be told, Harry Homeowner actually qualified for a $500,000 fixed rate loan, but Larry the loan rep convinced Harry to use a "Cash-Flow Adjustable Rate Mortgage (ARM)", tied to the British LIBOR index, with a start rate of just 2%.

The cash-flow ARM was scheduled to "reset" (adjust) in three years, to the LIBOR index in 2008.

Harry was concerned that his loan rate, and house payment, could double or triple in 2008 if the LIBOR index was significantly higher, and he said so to Larry the loan rep.

Larry said, "No problem Harry... if the LIBOR rate goes that high, just refinance to a different loan you can afford.  Besides, you said you were up for a promotion at work, with a substantial pay raise, and I showed you that you could qualify for a loan of $750,000 at your new pay plan".

Just refinance if your rate and payment doubles or triples...

Fast forward to 2008...

Harry's home loan company notifies Harry that his rate and payment have doubled because the LIBOR index in 2008 was substantially higher than the 2005 rate.

Moreover, Harry's promotion with the big pay raise was put on hold because his company lost a big contract to a competitor.

So Harry dashes to the phone, calls Larry the loan rep to refinance to a more affordable loan program, but Larry's loan company went out of business in 2007, and Larry is back at the Ford dealer, selling cars again.

Harry calls one of the big-name mortgage companies for help. 

Thankfully, Harry gets an experienced loan rep on the phone, a nice lady with 20+ years in the business, Lucy the loan rep.

Lucy listens to Harry explain his situation.

Then she patiently, carefully explains to Harry that he has three GIGANTIC obstacles, road blocks, that destroy any chance for Harry to refinance to a more affordable home loan.

First, Harry's $783,000 loan is a "Jumbo" loan that exceeds the $730,000 conforming loan limit.  The cold, cruel fact is that there are NO jumbo loans offered by any bank, anywhere. 

So he needs to pay down his loan balance to $730,000 with $53,000 CASH right now to get a conforming loan.  Plus, Harry will need $12,775 to pay closing costs for the refinance.  Altogether, Harry needs to plop down $62,775 to refinance, and he doesn't have it.

Second, the house must appraise for $803,000 because the bank will lend up to 90% of appraised value; Harry needs to have a 10% equity position to qualify for the loan.

That's a problem right now...

Harry's appraisal will be based on the sale prices of homes in his neighborhood that have sold in the past 90 days.

Five homes have sold and closed around Harry's house in the past 90 days, but the average price for the homes sold is $625,000.

That's good news, and bad news.

The good news is that home prices in Harry's neighborhood show that the market has turned back up, and home values are slowly inching up again from the market "bottom" in 2007 when homes in his neighborhood sold in the $570,000 - $595,000 range.

(All you folks who plan to sit on the fence, waiting to buy a house when you think the market has hit "bottom", and you proclaim that the "bottom" has not yet been reached, well, the numbers and statistics say "you missed it"... that ship has already sailed.)

So Lucy the loan rep calculates 90% of $625,000 and tells Harry that he can only refinance $562,500, far below Harry's $783,000 loan.  Harry would need to pay down his loan balance with $202,500 cash from his own pocket, and have an extra $9,844 to pay closing costs to refinance the remaining loan balance.

Harry has $300,000 cash invested in his 401K retirement plan, but were he to cash in his 401K, he would owe the IRS a $30,000 penalty, AND pay income tax now on the money he would withdraw.

Third, Harry will not qualify for a $562,500 fixed-rate loan.... remember, his income in 2005 only qualified Harry for a $500,000 loan.  Harry didn't get the big pay raise, and rates on loans are higher.

So Harry's only remaining options would be to walk away from his house and loan, let it go to foreclosure, or ask his lender to let him sell the house with a short sale.

Remember, Harry cannot afford his new house payment now that his LIBOR loan has reset and doubled his payment.

 In my next post, you will find out why the experienced Realtors call short sales "Fake Listings".

Sign up for FREE ALERTS on our Website  at http://erickandcompany.com/search-for-homes.asp

That way you'll never miss the house you really need.

Opportunities Are Everywhere...We Can Help You Find Your Dream Home.

Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.

Equal Housing Opportunity