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.
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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.
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Some of the homes are in good condition, while others are an opportunity for a handy gal or guy to earn some sweat equity.
Click the link below to download the list to your computer. Print the list. Sift and sort. Compare the homes. Addresses and directions are included so you can drive by the homes that grab you.