Woodbridge Home Buyers, It's Time For Me To Sit You Down, Look You In The Eye, And Have "The Talk"
Welcome To The CCW (Cold Cruel World) Of Woodbridge Homes For Sale
Woodbridge Real Estate News You Can Use
Okay folks, listen up!
All of you who are thinking about buying a home in Woodbridge VA priced above $450,000, stand over HERE.
All of you who are thinking about buying a Woodbridge Home priced below $450,000, stand over THERE.
Okay now that you are in your respecitve herds, here is a quick word for you folks shopping for something over $450,000... You have lots of options, you can get a lot of home for your $$, so be happy. You are now dismissed. Exit the room through the double doors in the back.
Now, everyone shopping for a home priced between $450,000 and $250,000, move over HERE.
Those who are looking for a home priced below $250,000 stay where you are.
Okay, you folks in the $250K - $450K range listen up. You are entering a battle zone as you move forward with your home search. You will find some good options. Go for homes where nice folks live who are selling simply because they want to, and they have the means to sell.
Forget about short sales... we call short sales "Fake Listings" because national reports show that only 5% of homes selling by short sale, THAT GET A BONA FIDE CONTRACT TO SELL, actually go to settlement. The other 95% of short sales THAT GET A BONA FIDE CONTRACT TO SELL fall through becaue the bank holding the note does not do short sales, or the owners and agent do not meet the terms of the short sale in a timely manner.
Foreclosures MAY be a good option, depending upon condition. The majority of foreclosed homes need paint and carpet. Some need appliances. They all need a professional cleaning. However, the bank has clear title, most of the title work is done, so you may get from contract to closing in less than 30 days.
Be prepared for 2-5 other offers from other buyers if the house is in good condition. Ignore the list price cuz you'll probably need to bid $10,000 - $30,000 over list price to beat Look over the recent sales for similar homes in the same area. Offer your highest, "No Regrets" bid.
Forget about getting the house, as folks say, "without paying too much". Know that a bidder who is your competition has likely bid on another house and lost because they were outbid. They learned their lesson the hard way. You can count on them to bid a price equal to, or higher than the highest recent sale. If you REALLY want the house, take the highest recent sale, and bid above that value.
You folks looking between $250K and $450K may now leave. Use the double doors at the back of the room. Drive safely.
Now, it's time for "The Talk" with all y'all (all y'all... that's the Texan in me) who are shopping for a home priced below $250,000.
Be prepared for a horrible experience. It will not be fun. You're gonna hate the process. The bulk of the homes are vacant foreclosures, with filthy carpet, walls with scratches, crayon scribbles, and holes in the drywall.
Many of the houses smell like a sewage plant because the owner/bank turned off the water and the power months ago. Over time, the water in the traps beneath the sinks dry out, thereby allowing sewer gas to fill the house with nasty stench.
You will see basements converted to multiple bedrooms, not built to building codes, without building permits. The workmanship is disgusting.
The folks took the appliances when the bank foreclosed. Other folks will take everything they can sell on Craig's List... every light fixture, every sink, every faucet, shower head, kitchen counter tops, kitchen cabinets, furnace and water heater. Even so, 4-5 contractors will outbid each other to get the house.
There are ten (10) buyers for every habitable house under $250,000. How do I know? Simple. Each time we write an offer on behalf of a client who is shopping under $250,000, we find out that the winning bid was chosen from 10-12 bids on that house.
I have watched sadly as my clients shopping under $250K lose house after house because they were outbid. They cried, got angry, moped, and repeated over and over, "How can this be?"
I recently helped a nice lady go for a townhouse in Bristow listed by a bank for $235,000. Recent sales for similar homes in the area SOLD for $250K-$285K. This was her fourth home on which she bid, she lost the other 3 homes to higher bids.
She is still at the stage in the process where she fears over-paying more than fears losing the house. You who are following in her footsteps will likely be tempted to do the same.
She offerd $245,000. The listing agent said the house got twelve (12) bids, and her bid was second to the lowest.
The loan officer said her income qualifies her to buy up to $650,000 with only 25% of her monthly income going toward the $650,000 loan payment. If the nice lady would push her price up to $450,000, she could get out of the madness in the $250,000 price range, and still pay less than 20% of her income toward the house payment. She also has enough assets to pay cash for a $450,000 house and barely dent her bank account.
Get tough. Forget what Dad said about bidding 30% below list price. If you wish to pay no more than $220,000 for a house, don't look at anything priced above $199,000. You need room over the price that will allow you to bid, without exceeding your limit.
Bottom line... do all you can to move your buying power out of the $200,000 - $450,000 range, so you can get a lovely home, on a quiet street, in good condition, without the "Auction Madness".
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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.
Call or text Erick Blackwelder right now for help finding a home, or help selling your house.
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Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA 22079
Equal Housing Opportunity
Click the link above to email a question to me or call me now at 703-677-1120.
Equal Housing opportunity.