Woodbridge Virginia Real Estate News: January 2009

Real Estate For Sale In Woodbridge Is Affordable, And Uncle Sam Will Pay You To Buy A Home Now

Woodbridge Homes For Sale Can Earn You A Rebate (Tax Credit) From Uncle Sam

First time buyers read carefully.

You can get your first home this spring with a very low down payment, pay no closing costs, and get a rebate from Uncle Sam called a tax credit.

Pretend for a moment that you buy a $350,000 home.

If you qualify for an FHA first time buyer loan, you can get an FHA loan with just 3.5% down, $12,250.

It is possible to pay NO closing costs when I show you how to get the seller to pay your closing costs.

And, if you take posession of your home before July 1, 2009, Uncle Sam will give you a $7,500 rebate in the form of a tax credit.

So pretend you pay $12,250 down, I convince the seller to pay your closing costs ($10,500), and you get a $7,500 rebate from Uncle Sam in the form of a tax credit, the net cash out of your pocket to buy a $350,000 house will be just $5,000.

CLICK HERE NOW to be directed to the $7,500 tax credit rules at a glance.

Congress has debated changes to the program. 

Up to now, Congress considered a tax credit repayment plan over 15 years, but recent events have squashed such a move, so Congress is moving toward making the tax credit free and clear of repayment.  CLICK HERE NOW to see what I mean.

You can also watch a short video clip from ABC News about 5 ways home buyers can cut their taxes.  CLICK HERE NOW to watch the video.

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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

Foreclosed Homes For Sale In Woodbridge Virginia Are Fetching Top Dollar

Prime Woodbridge Virginia  Real Estate Foreclosures In Good Condition Selling Over List Price

Yes Gentle Readers, I can read your thoughts, I can read your minds.  You read, "...Selling Over List Price", and you say to yourselves, "Yeah right!  Pigs are flying too."

Bidding wars for foreclosures?

"Impossible", you exclaim.

Well Gentle Reader, you can laugh it off as a joke, but the market rules, and the market is running out of homes for sale.

"But Mr Erick, Mr Erick!!!  The newsman on the TV says every other house on every street is in foreclosure, and prices are in a free-fall!!  Mr Erick, it's on TV, so it MUST be true!!"

All real estate is local.

See my previous post that explains the new pricing strategy used by banks called "Stupid-Low Pricing" for top-dollar sales.

My home town, San Antonio, Texas, has a real estate market that has been gently growing, with values tracking upward since the 20th Century.

Meanwhile, Las Vegas and Miami are in the flusher.

Here Is A Summary Of Results From My Last Work Week 

Buyer "A" made a full-price offer on a $135,000 foreclosure, all cash.  Her bid was the lowest bid out of eight (8) bids that were received by the bank within five days of going on the market.  Five similar townhouses in the same subdivision sold in the $160K-$170K range in the past 90 days.  She lost.

Buyer "B" made a $420,000 offer on a house listed for $450,000 on a street where similar homes have sold recently for $525,000 - $550,000.  The bank received four (4) other offers OVER the $450,000 list price.  The bank selected the highest and best.

Buyer "C" bid $125,000 for a house listed at $109,000.  Buyer "C" lost two other houses because "C" bid list price and ended up being the bottom bidder.  The house has eight (8) other bidders throwing offers over list price on the table.  The listing agent hints that we are possibly the lead bidder, but we won't know until the bank chooses the winner tomorrow.

As I mentioned in my last post, banks are looking at recent "SOLD" prices for homes surrounding their foreclosed properties, the pricing their foreclosures waaaaaaaay under the "SOLD" values for what I call "Stupid-low prices".

Stupid-low prices attract a lot of attention, FAST!!

"Gee Honey, look!  This house is priced at just $225,000," says Bonnie Buyer.  Realtor Randy does his due diligence, showing Bonnie that other homes in the neighborhood are selling right now for $265,000 - $280,000. 

Bonnie Buyer's husband, Bobby Buyer licks his chops with lustful glee and says to Realtor Randy, "What if we offer the bank $200,000?  I'll bet they'll take it!"

Realtor Randy patiently shows Bobby and Bonnie the "SOLD" numbers... the last three sales were also foreclosed houses. 

House "A" listed for $220,000 and sold for $280,000. 
House "B" listed for $235,000 and sold for $271,900.
House "C" listed for $219,900 and sold for $265,000.

Bonnie Buyer sees the big picture.  But Bobby Buyer is blinded by ego, blinded by advice from family, and Bobby is confident that he won't be so stupid to pay MORE than the list price for a house.

Randy Realtor explains to Bobby that multiple bidders created an auction effect that pushed the prices higher.

Bobby Buyer thinks to himself, "Aw, that idiot Randy Realtor don't know what he's talkin' about.  Shoot, I'll bet I've FORGOTTEN more about buyin' houses than Randy will ever know".

Realtor Randy writes up an offer to buy the house for $200,000, Bobby signs it, and Bonnie cries.  Bobby is smug and confident that he's gonna prove Randy Realtor is an idiot.

The bank gets seven (7) bids.  All but one bid offer between $265,000 and $280,000... you can probably guess which bid was not with the rest of the pack.

The bank takes an offer for $275,000 from a buyer who is putting down a 30% down payment, who can take posession of the house in 14 days.

Randy Realtor delivers the sad news.  Bonnie cries.  Bobby looks at Randy with a wide-eyed expression and exclaims, "Shoot, I would have bid higher and beat that deal to get the house!!!  You should have told me to bid higher!!  You suck!!"

SUMMARY:  A NEW "SAYING" ABOUT BUYERS HAS EMERGED AMONG SUCCESSFUL AGENTS: "They (buyers) gotta lose three houses before they wake up and get in the game."

If you are a home buyer right now, you have a choice... you can lose three houses, get your hopes and dreams squashed before you get realistic about bidding to win, or you can skip those three losses by using the market data to craft a top-dollar bid that gets you the home you want.

Get your face handed to you a few times, or wise up and accept reality.

The choice is yours.

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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 Foreclosures And Woodbridge Real Estate Update

Woodbridge Real Estate Market Update By Market Segment

Being a sort-of celebrity as the "Woodbridge Real Estate Guy" can turn a quick trip into Safeway into a 30 minute event.  Folks I don't know will walk straight up to me, call me by name, and start a conversation about real estate.  Doesn't bother me a bit.  I've met a lot of nice folks that way.

A common question from folks right now centers around foreclosures: "Are foreclosures a 'good deal'?";  "Are there a lot of really nice foreclosed homes for cheap prices?"; "I'll bet banks are just 'giving them away' for pennies on the dollar, huh?".

Lots of experience helping a lot of buyers get homes over the past year has given me clear insight into the foreclosure market.

So here is my answer to the questions above: "Nope".

Here is my LONG answer to the questions above: "Nope, not anymore".

My answers typically trigger confused expressions on faces, jaws dropping, and pained requests for more details.

So, gentle reader, I shall pass to you what I share with my "fans".

Prince William County homes actively available for sale have dropped all through 2008, from roughly 6,000 homes for sale at the beginning of the year, down to less than 2,400 homes for sale by December 2008

Moreover, beginning in March 2008, 1,600-1,800 homes have sold every month.  Folks, those numbers smashed previous records by a mile.

Homes Under $120,000: 99% are trashed, in need of total tear-out and renovation, mold remediation, and various types of structural work.  Count on spending $25,000 - $40,000 to put in move-in condition.
    

Homes $120,000-$220,000: 95% are trashed, in need of total renovation, especially kitchens and baths.  Average cost to put them in move-in condition is $20,000.  
     

Homes $220,000-$300,000: 80% are trashed, in need of clean-out, paint, new flooring, some exterior repairs.  The other 20% have been cleaned, painted, and some have new carpet installed by the bank that owns the house.
     

Homes $400,000-$500,000: 30% are trashed, in need clean-out, paint and carpet, minor exterior repairs.  The other 70% are in move-in condition.
      

Homes $500,000+: 10% are trashed, in need of clean-out, paint, carpet, kitchen appliances, kitchen counter tops, kitchen cabinets, some/all light fixtures, some/all plumbing fixtures.  The upper-end homes are sometimes "stripped" as described above because the kitchen cabinets and appliances are typically top-quality stuff that the previous occupants sell for big $$$.  The granite counter tops also sell for top-$$$, as do the custom light fixtures and the fancy plumbing fixtures.
 

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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 In Golf Communities

Plus, Golf Course Homes For Sale Around Manassas VA, Manassas Park, Bristow...

Prince William County is blessed with miles and miles of lush green fairways, hundreds of clipped greens, and hundreds of home in and around golf communities.

This post gives you links to some of my favorite tracks, plus a link that opens a list of homes for sale right now in golf communities.

Woodbridge offers you a golf community with nearly-new homes called River Falls.  Old Hickory Golf Club give you a player-friendly track that threads its way through forest land, and among lovely 3,000+ square foot luxury homes.  The fairways are challenging but not punishing.  The greens are kind and gentle.  Old Hickory is public/private, offering you the choice between daily greens fees versus annual memberships that give you all the golf you can play.

Blooms Crossing in Manassas Park is next to Generals Ridge Golf Club was a private golf club that has since been purchased by Prince William County, and operates as a public club with annual memberships that give you all you can play.  I love it.  The fairways wind through billy-goat terrain surrounded by forest.  Nothing but hills and valleys.  Don't walk... take a cart.  Check your ego at the door, and be prepared to use your best course management skills, including a 5-iron tee shot on a par 5.  The front 9 is punishing.  The back 9 is a brutal beast that can cause even the most skilled duffers to cry the first time you play.  The greens have more curvy terrain than the Dallas Cowboys Cheerleaders.

Virginia Olaks Golf Club near Lake Manassas is a love/hate track surrounded by luxury homes in the $800,000+ price range.  My buddies Vinnie, Mark, and Jim love the course.  It bores me to tears.  The fairways can be narrow at times, and the rough is deep.  Daily play is offered, as well as memberships.

Stonewall Golf Club just west of Bristow threads its way through homes in the $900,000+ price range.  Stonewall is also a love/hate track.  Some folks love it, while other folks find it to be too predictable and too vanilla.  To me, each fairway, every hole looks the same.  While other tracks give you lovely ponds and lakes, Stonewall has ugly storm water management retention pits that are populated with weeds, reeds, tall grass, and lots of thorny vines.

Bristow Manor Golf Club gives you a lovely old white mansion that is now the club house, way out in the middle of nowhere, between Manassas Airport and Nokesville.  The front 9 has a funky design with more dog-legs than the local Animal Shelter.  In my opinion, the front 9 fairways are as shabby as some of the worst public courses.  Then all of a sudden, the back 9 greets you with a splendid links style layout, with lush rolling fairways surrounded by tall grasses that define the links style courses in Ireland and Scotland.  The back 9 is exquisite.  1990's vintage homes on 1+ acre homesites are widely spaced around the back 9.

Last but certainly not least, Prince William County Parks Authority gives you a variety of outstanding public courses that are beautifully designed, meticulously maintained, perfectly groomed.  Sometimes I have to pinch myself to remind myself that I am on a public, county park owned track as I am standing on a tee box looking up a gorgeous fairway.  Friends who live across Northern Virginia eagerly travel from far and wide to join me for a round or two on one of our public tracks.

CLICK HERE for a list of homes for sale today that are in golf communities.  Some overlook fairways, while others are close enough to smell the fresh-cut grass after the grounds crews groom the course.

You can get automatic, computerized updates by email when new listings of homes in golf communities go on the market for sale.  Drop me a quick email with your wish-list of features and prices so I can program our computers to scan all the homes listed every 24 hours, searching for homes that fit your criteria.  All matches will generate an automatic email that includes photos of the homes, the addresses, directions so you can drive by them, descriptions and features.

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 Are Good Value In Virginia Real Estate Experts Say

Seven Facts About Real Estate In Woodbridge Virginia

1. Virginia Outperforms The Nation
The Commonwealth of Virginia is in better shape than the nation as a whole.  Sales are up, mortgage bankers are taking oodles of home loan applications, home ownership is high compared to the rest of the nation, and we have fewer foreclosures.  -- Source: Virginia Homewoners Alliance

2. The Commonwealth's Overall Economy Is Healthy And Growing
Since January 2008, more than 200 companies have announced plans to open facilities in Virginia that will create 15,770 new jobs, and invest more than $2.19 million in the Commonwealth in 2009.  These new jobs are in addition to almost 19,000 new jobs that were created in 2008.  -- Source: Virginia Economic Development Partnership

3. Virginia Real Estate Markets Have Seen Fewer Foreclosures Than Most Of The United States.
The Mortgage Bankers Association reports that the national foreclosure rate is far lower than most folks imagine.  Just 2.75% of all US homes are near, or in foreclosure.  Meanwhile, only 1.46% of Virginia homes are near or in foreclosure.  Experts attribute Virginia's lower foreclosure rate to the Commonwealth's vigorous, good-paying job market.  -- Source: Mortgage Bankers Association

4. Virginia Closing Costs Are Lower
Virginia ranks 16th in the nation when it comes to closing costs, an average of $3,007.  The highest are in New York at more than $4,000, and the lowest is South Carolina at $2,650.  -- Source: BankRate.com Aug 7, 2008

5. Demand For Homes Is Rising Rapidly
More savvy buyers are taking advantage of the current market conditions and grabbing great home values. In the 3rd quarter of 2008, mortgage applications climbed, and across the Commonwealth, the "Active" inventory homes for sale has steadily declined month after month since January, 2008.  -- Source: The Virginia Association Of Realtors Database

6. The Future Looks Bright
The credit market is firmly in recovery, thanks to swift action by the Bush Economic Team and Congress to rescue the credit markets from speculative, risky derivitives.  -- Source: Fammie Mae

7. All Real Estate Is Local
Home values are, in fact, less affected by the national economy, and more supported by state and local government economic policies that make Virginia a better place for good companies to do business.  Folks as a whole tend to gripe about politics and politicians, but Virginia is fortunate to have hard-working legislators who live and work among us in our communities.  We owe our delegates and senators a big pat on the back for crafting legislation that makes Virginia a great place for companies to do business, especially companies that employ skilled, educated experts, doing high-paying jobs.  -- Virginia Homewoners Alliance

Forget national trends... pay no mind to statistics that lump prosperous Virginia with real estate disaster zones like Las Vegas, Miami, Phoenix, and southern California.

All real estate is local.

Las Vegas may be in the toilet, and Miami may be going down the drain, but Virginia is rolling along quite niceley.

Did this post tickle your curiosity?  CLICK HERE to send your question. 

Or give us a call: 703-677-1120.  We don't bite, or pressure you with annoying questions.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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 Homes Sold In 2008 Double Homes Sold In 2007

Prince William County Virginia Homes Sold in 2008 Double Homes Sold In 2007

Shocking!!!

Woodbridge Homes Sold In 2007 And 2008
Homes Sold In 2007: 1,899
Homes Sold In 2008: 4,190

Prince William County Homes Sold In 2007 And 2008
Homes Sold In 2007: 4,577
Homes Sold In 2008: 8,522

Woodbridge home sales jumped 2,291 units in 2008 compared to 2007.

Prince William County home sales jumped by 3,945 units in 2008 compared to 2007.

I'm no math genius, but my calculator says Woodbridge homes sold in 2008 were up 120% over 2007.

Mr. Calculator says that Prince William County Homes sold in 2008 were up 86% compared to 2007.

"But Mr. Erick, Mr. Erick!!!  The TV news says real estate sales are 'in a free-fall' and everybody should give up all hope for the future!"

FACT: All real estate markets are local.

Forget about national statistics.

National statistics lump our rebounding market in with places like Miami, Las Vegas, Phoenix, and California, where state-wide sales are WAY down.

What we have experienced since 2005, when home prices exceeded affordability, is what our market has experienced after other super-fast rising home prices episodes since 1946.

This is nothing new, extraordinary, nor unprecedented.

It's normal.

Will we suddenly find ourselves back into another fast-rising market next week?  Not according to history.

Prices are stabilizing now.

Next, in a year or two, home values will return to "normal" gains of 3%-4% per year for many years to come before the next market shift into super-fast rising prices.  Prices will peak, then fall back for 3-4 years thereafter.

Lather, rinse, repeat.

Did this post tickle your curiosity?  CLICK HERE to send your question.  Answers shall be sent by email ONLY, unless you specifically ask for phone call.

You can get computerized, automatic, customized FREE ALERTS by email when new listings of homes that fit your wish-list are posted on the Realtor's MLS.  You'll find out about the newest listings before most Realtors know about them.

That way you'll know when your dream home hits the market.

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