Real Estate News About Woodbridge, Mount Vernon, and Lorton Virginia: June 2013

Where Did All The Foreclosures Go?

Buying A Foreclosure In Woodbridge VAforeclosure in Woodbridge VA

What Happened To The Foreclosures In Woodbridge VA?

The Market Is Experincing A Shortage Of Inventory

The real estate market in Woodbridge VA is a sellers market because we don't have enough for sale to meet the demand from ready-to-buy buyers.

Back in 2007-2008, Prince William county was the hardest hit county in the Commonwealty of Virginia when it came to foreclosures.  The county had over 7,000 foreclosed home for sale.  

Today we have nine (9) foreclosures FOR SALE in Prince William County.

Buying a foreclosure in Woodbridge VA is not easy.foreclosures in Woodbridge VA

Oh, and before you begin licking your chops, thinking you can STEAL a foreclosre for a price WAY BELOW MARKET, the foreclosrues that are for sale are priced AT the market... and they will sell in less than two weeks, if recent history is correct (and it is).

The reason the market is so fast is because of the pent-up demand for houses that occurred 2007-2012, when potential buyer were sitting on the sidelines, waiting for something that would push them off the fence.

First, homes came on the market at attractive prices.

Next, the interest rates on home mortgages dipped below 3.5%, making monthly payments on homes affordable.

For example, a buyer could get a 3.5% FHA loan at 3% on a $400,000 house with principal and interestforeclosures in Woodbridge VA payments below $1,690 (Principal and interest, not including taxes, insurance, PMI, or APR)  Folks could buy a $400,000 single family home with total monthly house payments around $2,000.

Our region was not as severely affected by the real estate market as other markets around the nation.  Why?  Because unemployment here is low.  Other cities are still experiencing buyers markets, with too much inventory on the market, because unemployment is high.  Layoffs and RIF's left folks unemployed, with no way to make their house payments.

So the next time you gripe about the nasty road traffic in this area, or the high cost of living, stop for a moment and be glad you have the means to support your lifestyle.  Not a sermon, just a thought.

If you want to know more about buying a foreclosure in Woodbridge VA, call Erick Blackwelder at 703-677-1120 for a private telephone conversation.

You can have a no-hassle, no-pressure, no-obligation with Erick, a Woodbridge VA real estate market who is in the market daily.  

Call Erick right now at 703-677-1120 for a confidential conversation about buying a foreclosure in Woodbridge VA, or find out how you can get a lovely, well cared for home in the same price range for the same price as a foreclosure.  

Call Erick now at 703-677-1120 for a relaxed visit about the Woodbridge real estate market.

Erick BlackwelderCall or text Erick Blackwelder right now for help finding a home, or help selling your house.  

Don't worry... Erick doesn't bite, and you won't get a sales pitch.  Text or call Erick now at 703-677-1120 for a FREE consultation.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.

Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA  22079
Equal Housing Opportunity

 

 

 

 

 

 

 

"Hey Erick, tell me more about...."

Click the link above to email a question to me or call me now at 703-677-1120.  

 

 

Equal Housing opportunity.

Comment balloon 2 commentsErick Blackwelder • June 28 2013 09:08AM
Where Did All The Foreclosures Go?
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