This is the first blog for me Ever! The goal of this blog will be to provide straightforward insight to help BUYERS & SELLERS get an idea of what's happening in this VERY INTERESTING real estate market. Who's up, Who's down, Who's in trouble and who's prospering. What to look for and how to get a great deal.
I have clients ask me everyday what they should do? Right now, if you are a Buyer, you are in FANTASTIC shape. The interest rates just dropped about 1/2% in the mid 5's.........that's great. And to top it off, banks are fireselling houses. Let's face it, banks are banks and not property managers. The US Government is taking over Freddie Mac and Fannie Mae.
Right now in Prince William County there are over 125 SINGLE FAMILY homes, Yes "Single Family" Homes under $125,000!!! Now some are very rough while others need some paint and carpet. These homes were at one time over $350,000. If you want to move in, then there are several loan programs that will allow you to borrow money to make repairs (we can discuss in a future Blog about this). And if you're an investor, imagine a mortgage payment of $900 and a rental income of $1300 to $1400 per month. That's a home run (another topic for future blog).
Prince William took the biggest hit in Virginia with the foreclosures! But Prince William was the quickest to drop its prices and in result, Homesale volumes (not prices) are up 83% from 2007 this time last year. Prices are approximately down 36% from last year.
I hope you like the blog and will feature a lot of great information in the future. Thank you.
Friday, September 12, 2008
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2 comments:
I really appreciate you insight.
I am owner of a single family house in Prince William county, and one of the many unfortunate buyers of the year 2005.
My agent was not trust worthy as I found out in later years. I am a first time owner, and was only 25 years old when I bought the house. My Agent managed to pushed me to purchase a single family house when I was really looking for a condo. After months of failing contracts, we finally found the house I purchased. A true peice of garbage of a house...especially in comparison to today's available home inventory.
I bought over the appraised value due to a bidding war (which might have been staged by my agent and the seller's agent). Once the house didn't appraise to its value, my agent convinced me that the right thing is to finish the basement (before closing), so the bank would lend the money!
I spent my entire saving doing just that, since I did not know any better.
Also the appraiser was a friend of my agent and since he saw that the prgoress was slow, decided to setup a stage, where half the basement was finished, and he could take pictures of it for the bank! Seeing that this could save me from wasting my money on a quick and dirty renovation project, I went along with it all!
Today, I look back and just wonder how naive I was! Any advice you could give me? Do you think I have any reason to consult with a lawyer and try to sue? I have no evidence, except for the fact that the house really didn't ever appraise to the price I paid for!
Since then I have spent $70K loan money, fixing this old house!
I finally managed to rent it after it being empty for 3 years! The rest covers only half my mortgage but i am still very thankful for having tenants!
Do you think it might be appropriate to raise rent by next year?
I am desperatly looking for some light at the end of this tunnel!
I am 28, and I am having a hard time believing that I am stuck with such a high mortgage payment for 30 year fixed (combined $520K)
I appreciate any feedback that you might provide.
Dear Siroos,
Have you refinanced yet?
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