The Mulhern Home Team

Bryan - have some patience for the time being. If the tax credit expires, you will see prices level off or decrease. If the tax credit is extended, you will probably see a market similar to what we have right now with an increase in REO properties because the banks are sitting on them. If this takes place, nothing has changed and you are still looking at rising prices. That's not to say you missed the boat, but you will be hard pressed to find homes at that price point that are not condo's and are in areas that are worth the investment of $175k. Just because you find a home at a great price, does not mean it is the best choice. I know other agents have already posted areas, so I am just backing up what they have already told you. In Prince William, you are looking at Manassas and the Woodbridge areas. The western half of the county does have some properties in that range, but they are short sales and townhouse/condo's which does not fit what you want. Fairfax and Loudoun only offer distressed property in that range, and a short sale requires a lot of patience while it gets resolved.

I don't think we are in a V shaped recovery, but I do think the best deals were in 2008...pricing can drop all it wants, but if the interest rates go up, are you really getting a better deal? 2008 had great interest rates, low demand, high quality supply, and low pricing. A lot will be determined with this tax credit and if it is extended. Oh and another thing, we all have different opinons on the market...we are not all alike...so others may offer different opinions. That does not mean they are wrong (I actually read most of their posts and find great information in them), just proves that you need to find someone that you can work with.

Jimmy Mulhern - Thu Oct 22 2009, 08:31