Real Estate News About Woodbridge Virginia and Surrounding Communities: June 2009

Woodbridge Real Estate Market Having A 40%-Off Retail Price Sale Extravaganza!!

Why Buy AN Outfit At Nordstrom For $200 Retail When Macy's 40%-Off Sale Sells Same For $120?

A Buyer Transferring From California Cannot Wrap Her Brain Around Multiple Offers For Homes

Woodbridge Home Prices Bidding Up Because We Have Too Few Homes For Sale And Too Many Buyers

I am helping a nice lady who was transferred to Dulles from Los Angeles buy a home in the Bristow area.

We have seen some lovely homes in her price range.  She was shocked to find out that homes she saw last week all sold, with multiple offers, that turned the sale into an auction, with buyers pushing prices $15K - $25K over list price.

The letter/email I sent to the nice lady is SO GOOD, and SO ARTFULLY CRAFTED, my assistant urged me to share it with you.

--------------------------------

Dear Sally,

In this message I shall give you the same candid talk I would share with one of my cousins, or family members.

First, I hate this market. 

I hate watching homes, good and shabby, get multiple bids, and selling above the list prices.

You said, "I think the Cascade Falls house price is ok if without all holes on the wall and broken doors. It doesn't have washer and dryer and backyard. So it should be lower than the one sold at 230K."

I agree with you.

There are other folks who are shopping for a home in your price range, in the Bristow area, who will bid top-dollar to get that house because most homes in that price range, in that area, need SOME repairs of one sort or another.

"So it should be lower than the one sold at $230K."

"Should" is a word that the banks and sellers do not use.  They see more buyers than the number of homes for sale, they see prices rising with each home sold and closed, so in their world, they should get higher values because Bristow is a rising market, meaning home prices are rising.

Jenny, it is NORMAL for home buyers to look at a home price, and wonder, " What LOW price should we offer?  We should offer less than list price, then negotiate."

That does not work in 2009.

We are in a rising market in 2009.

In "normal" times, buyers wonder, "I wonder how low below list price I should offer for the house.  That's how the game works in "normal" times.

However, we are not experiencing "normal" right now.

The name of the game is, "How much over list price must I offer to beat my competition and win the bid to buy the house?"

Sure, a house may need $3,000 worth of new carpet, and a $3,000 paint job, but they will pay over the list price, and pay $6,000 to paint and carpet the house.

Why?

Because they are getting the house at a price now that is 40% off the 2005 price.

IT'S A 40% OFF SALE FOR HOME SHOPPERS

Just as if you went shopping for clothes.  Would you buy an outfit at Nordstrom at retail price, or would you walk through the mall to Macy's and get the same outfit 40% off retail?

If an outfit you want is $200 at Nordstrom, and you could get it for $120 at Macy's, you would buy at Macy's, right?

That is what is happening in real estate right now.

Those homes in the Pembrooke, Sheffield Manor, and Braemar were $400,000+ houses in 2005.

Home buyers quit buying in 2006, and waited on the sidelines through 2006, 2007, and 2008, watching the prices for those homes drop through $350K, $300K, $275K, $225K.

All of a sudden, all at once, the buyers decided the prices were so low, that it was time to jump into the game, and buy something.

So now a house may come up for sale at $225K, that attracts multiple bids that push the prices up.

There will be SOMEONE who is willing to out-bid everyone else at $240K or $250K.

Those folks aren't crying or upset about paying $15K-$25K over list price.  They are celebrating because they are buying the house they could not afford when it was $400K for 63% below top-dollar at a price they can afford.

So Sally, what's my point?

Sally, the point is you can get mad because houses in Bristow that need cosmetic repairs are selling $15K - $25K over the rock-bottom list price, or you can choose to be happy because you are taking advantage of the special "40% Off Sale!!" going on now.

Dos that make sense to you?  Do you see the logic?  Do you see what your competitors are doing?

Erick

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.

 

      

Most Commercial Real Estate Websites Give You Stinky Home Search Engines

Search For Woodbridge Homes For Sale On Most Sites And You Get Stale Information

Only One Search Site Works And It Is NOT MINE

Find Homes In Woodbridge For Sale, Under Contract, And Sold

I believe nearly every real estate website I see gives you a "Search For Homes" link that stinks.

Some are slanted toward showing listings from one company over all other listings from other companies.

Reltor.com is worthless.

The problem with those sites is that they do not give you a direct connection to real-time, accurate information contained in the Realtor's Multiple Listing Service (MLS).

Until now...

My friend, Frank Llosa, an outstanding real estate broker who works the Ballston area somehow crafted a website that is 100% accurate every time I compare his site to the Realtor's MLS system.

Ladies, Frank is more than smart, he's dreamy-handsome too!!

CLICK HERE NOW to see FranklyMLS.com for the most timely real estate information you can get.

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.

 

      

Woodbridge Home Shoppers Frustrated By Websites That Promise Full Access To Homes For Sale

Websites Promise Full Access To The Realtor's Multiple Listing Service (MLS)

Promises Broken Often Broken By Websites Offering Full Access To MLS For Woodbridge Real Estate

Good News    Two Websites Give You Nearly Perfect Access To MLS

The fact of the matter is that the Realtor's MLS is a subscription-based service for persons holding an active Virginia real estate license.

Moreover, Realtors pay "Subscription Fee" of hundreds of $$ quarterly to use the database.

MLS is the ONLY 100% accurate database.

Other sites, like Realtor dot com, Homes dot com, and company websites are advertising driven.  If an agent chooses not to pay to advertise a listing for a nice home on Realtor dot com, you won't find it.

However, Two Realtors Have Found A Way To Get You 99% Full-Access To MLS

Gentle Reader, I am among a vocal and growing contingent of agents who are demanding public access to our MLS. 

The old-timers fight us at every turn, and it's the old-timers who have time to serve as officers on the local Boards Of Realtors.

95% of all real estate transactions are done by 5% of the Realtors.

Folks like me, who want full public access to MLS, are also among the 5% who do the lion's share of the business.  It would not be fair to my clients to take time away from them to serve on my Board of Realtors, to attend frequent, tedious meetings.

Two Of My Colleagues Have Devoted Countless Sleepless Nights To Crafting Public MLS Access

The Boards Of Realtors Are Fuming Mad About These Sites But The Artful Programming Used Does Not Break Any Rules So The Old-Timers Can't Shut Down These Sites

My favorite website for easy access to the MLS is Frankly MLS. 

It does things no ad-driven sites do. 

Frankly MLS gives you listings of homes for sale, it shows you which homes are under contract, it identifies short-sales, and it gives you info about homes SOLD in the past 60 days so you can see for yourself what homes are actually selling for.

Ladies, Frank Llosa created Frankly MLS, and he is handsome, dashing fellow.  Candy for the eyes.  So I added his photo to the side, just so you can see that he is more than just smart... he is also dreamy!

My second-best favorite website is Real Bird.  Real Bird is new.  I do not have a lot of experience using it, so I am not ready to render my judgment.

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.

 

      

 

FRESH NEW COMPELLING VIDEO REVEALS THE TRUTH ABOUT GOVERNMENT WRECKING HOME SALES 

Woodbridge Virginia Real Estate News

Recent Stupid-Low Appraisals Killing Home Sales Like A Speeding Bullet

Stupid-Low Appraisals Broght To You By Federal Bureaucrats With No Real Estate Sales Experience

White House Orders Appraisers To Give 40% Of Their Paychecks To Fannie and Freddie.

It was a lovely day in early May, 2009.  Sunshine, warm air, birds singing in the trees.

Then, without warning, the day became one of the blackest, darkest days this humble author has yet to see.

Five bank appraisals for five home purchases, yielded values so far below the market values as to make us feel as if we were just experiencing a bad dream.  We would awake, and the nightmare would be over.

IF YOU OWN A HOME IN VIRGINIA, OR WISH TO BUY OR SELL A HOME, WATCH VIDEO BELOW

A home sold for $385,000 to my buyer, appraised at $300,000, $85,000 below market values.  Market values are defined as homes of similar size, with similar features, sold in the past 90 days.  Recent sales for similar homes in the neighborhood ran $380,00-$420,000.

Another home sold at market value, BANG!  Appraised $120,000 below price and value.

Three more appraised stupid-low: $45,000 low; $60,000 low; $10,000 low.

The contracts in Virginia say that one of three things must happen when a house appraises low to allow buyers and sellers to proceed to settlement.

1. Seller may lower the price to the appraised value, and all shall proceed to settlement.
2. Buyer may use the home loan allowed by the appraisal, and make up the difference in cash.
3. Buyer and seller may choose to split the difference.

If options 1,2, or 3 above do not happen, the buy/sell contract shall be void, the buyer's deposit refunded, and parties shall execute a mutual realease in writing.

Well, two of the five contracts are moving forward to settlement because the buyers and lenders vigorously protested the appraisals to their folks in Congress, and the folks in Congress jumped all over Fannie Mae and Freddie Mac with both feet.

Shift gears.  Imagine your boss calling you in for a "chat".  Your boss says, "The federal government says I have to cut your paycheck by 40%.  White House says we must lower your pay by 40%.  So you get the opportunity live on 60% of your pay.  Have a nice day.

NEW REGULATIONS WERE DUMPED ON FANNIE MAE AND FREDDIE MAC IN THE DARK OF NIGHT

REGULATIONS CREATED GUIDELINES FOR APPRAISERS THAT FORCE APPRAISALS STUPID LOW

WHITE HOUSE CONFISCATES 40% OF APPRAISERS INCOME

EXPERIENCED APPRAISERS QUITTING THE BUSINESS BECAUSE THEY CANNOT MAKE A LIVING AS WHITE HOUSE STEALS 40% OF THEIR PAY

Yep, with a midnight memo, Obama et al required all appraisers to give 40% of their income to Fannie and Freddie.  Plus, the appraisers still pay income taxes.

Like a thief in the night, your federal government is here to "help you".

A GOOD, full-time appraiser might make $65,000-$85,000.  A middle-class income.  They aren't getting rich off of ill-gotten booty.

Do the math.  Reduce the numbers above by 40%, and you'll see that an appraiser with a family to support has been dumped below the "Poverty Line" as defined by the same federal government that is now confiscating 40% of their pay.

Enough yapping.  Watch this COMPELLING VIDEO to see how Obama's vigorous actions to generate draconian new regulations will screw you.

 

 

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.

 

      

Sellers And Buyers...  This Post Applies To You

When You Sell Your Home In Woodbridge Virginia You Must Sell It Three Times

Not Once, Not Twice, You Must Sell Your Home Three Times

Price Is Everything

First, You Must Price Your Home To Convince The Realtors To Show It To Prospective Buyers

Next, You Must Price Your Home AT THE MARKET To Attract Home Buyers Inside Your Home

When You Accept An Offer From A Buyer, You Must Price Your Home To Satisfy The Appraiser

1. You Must Price Your Home To Get Realtors To Show Your Home To Buyers
Realtors know the prices at which homes have sold in your neighborhood.  When I sit down with buyers to review listings of homes that fit their wish-list, I look for reasons why some listings get culled-out and tossed in the trash.  When I see your house is over-priced compared to similar homes in your specific area, I tell my buyers, "It's over-priced", and they dump it in the waste basket. 

The Realtors who shall be choosing whether your home gets shown or tossed in the trash know market values.  Especially right now.  Why?  Because the cruel market conditions we've seen since 2006 have pushed weak, inexperienced agents out of the business.  The handful of we seasoned veterans who have sold real estate FOR A LIVING are the agents most likely to sell your home.

 

2. You Must Price Your Home To Attract Offers From Buyers Like A Magnet
Do you comparison-price shop?  Do you like the warm, fuzzy feeling you get when you know you got a GOOD DEAL when you make an expensive purchase?  I'll bet you love getting a good value at a bargain price when you shop.

Home buyers in 2009 have options.  Buyers have lots of options when they shop for homes right now.  Buyers can be choosy because they have plenty of lovely homes, at great prices from which to choose.  Why would they over-pay for your house when your competition is giving buyers more bang for the buck?

Sellers usually ask, "How can I get top-dollar for my home?  How can I get the highest price?"  Wrong question.  Now is not the time to get top-dollar.

Here is a better question that is GUARANTEED to sell your home with the fewest hassles: "How can I beat my competition?  What price will undercut my competiton?  How low do I have to price my house so that it jumps off the pile of listings as the best value?  What price will attract bargain-shopping buyers to my house like a magnet?"

 

3. You Must Price Your Home Within The Range Of "SOLD" Prices For Homes Yours To Sell It To The Appraiser And The Underwriter
Your buyer will buy your home with a home loan from a mortgage bank to fund their purchase of your home.  Banks require a market appraisal based on "SOLD" prices for homes similar to yours, that sold in the past 90 days.

Banks are running scared.  Banks are demanding close scrutiny of the market values from appraisers.  Moreover, new Fannie/Freddie/HUD guidelines for appraisers have pushed appraisers to select the lowest-priced SOLD homes in your area to define market value.

  

 

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.