Bryan,

Present prices are somewhat inflated by the $8,000 tax credit expiring November 30.
You most likely will not have enough time to prepare everything in time to take advantage of the tax credit - unless you hurry, but that could do more damage than good - so you may as well wait for the winter bargains.

When shopping for a house take into account the re-sale value of the home and, if you have school age children, the area schools. I have school reports that you can order on my web site. You may also want to drive through the neighborhood on different days and at different times of the day, to see if you like the neighborhood. For example, driving during school bus hours will give a chance to talk to the Moms and learn a lot about the neighborhood. You should contact the local police and ask about the crime rate for the neighborhood. No one can guarantee a "safety" in any neighborhood, nevertheless you need to consider it when purchasing a home. The point is do not purchase a home based on price tag alone, do the research first.
Purchasing a home is a long-term investment, at least 7-15 years. In addition to that closing costs are high, so if you purchase a home and then find out that you and your family are not happy there, it is rather costly to sell and purchase another home.

I am an ABR, Accredited Buyer Representative, and will be happy to take the time required to help you locate not just a house but also a HOME.

Hi Bryan,

Iwork with many first time buyers looking for a property in Prince William uner $200,000. In this price range there are very few properties. You need an experienced Buyer Agent that will check the MLS for you several times a day and notify you immediately when a property comes on the market. On your part, you need to be prepared to look at the property immediately, and make an offer ASAP. This means you should have a good buyer agent and have met with a lender and been pre-approved so you will be ready to go. You are invited to attend a Buyers Seminar in my office tomorrow to learn move. Call 703-868-1625.

Flo Cannon, CRS
Weichert, Realtors
12479 Dillingham Sq.
Woodbridge, Va. 22192

Hi,
There are alot of bargains out there scared around Loudoun,Fairfax and prince William county.Depends on how far you want to travel to work.Call or email me.Also Penfed give 1% rebates to Buyer!

I just ran a list. The link's attached below. Here are properties that aren't condos, minimum of 3 bedrooms, 2 baths, in Northern Virginia (Fairfax, Prince William, and Loudoun Counties), priced at $176,000 or less. I eliminated all under contract, so these are all actives. (Some, I'm sure, aren't accepting more offers or will be gone in a few hours.) That produced 75 listings.

Then I increased the parameters a bit--changing it to a minimum of 3 beds/1.5 baths and raising the listing price to $185,000. That increased the number of listings to 95.

That should give you an idea of what's out there.

Hope that helps.

3+bed/2+baths Under $176,000
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=33…

3+bed1.5+baths Under $185,000
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=33…

Bryan,
A lot of the qs. u have r better answered by sitting down with a good buyer agent.
Inventory for lower price homes is drying up.
If and when more comes , they will get sold very quickly.
From the posts below, u will c that u will need professional help.
With the right help u can still get the home of ur choice.
rgds,
Ramesh Chandra
703 635 8209
mepcigroup@gmail.com

Regardless of what they may be saying, backed-up courts and delays are "smoke-and-mirrors" - the real truth is that banks are holding on to inventory to get prices up and make their assets (the properties they have on their books) worth more. This makes their books look better to shareholders and investors and will bring them more money once they sell them.

Another rumor floating around that is gaining momentum thanks to "unnamed sources" is that banks are trying to get into real estate. There are always loopholes to all regulations and laws and it's amazing how quickly those loopholes are found when you're talking millions if not billions of dollars.

Always peel the onion before coming to a conclusion and think of the motive of the person offering the information.

Danilo
http://LoudounScene.com
http://LoudounForeclosures.com

I work with several asset management companies and they're all telling me the same things: there will be a lot of inventory released 4th quarter 2009 and that the delays are a combination of court systems being backed up with foreclosure filings (some places are backed up as much as 500 days) and banks attempting to save homeowners from foreclosure.

Bryan - In regards to your guess..."not necessarily". Check with your loan officer for more details about that.

As for more inventory coming on the market, there's always inventory coming on the market. But there's less on the market now than we've seen in many years. Will there be an increase in the rate and amount of bank-owned properties coming on the market in the future? Nobody except the REO managers at banks know that. And that info is guarded more closely than the intelligence gathering at the CIA.

Hi Bryan - an FHA appraiser will be better able to answer your question about the guidelines. However, I do always ask an appraiser when things are missing from bank-owned properties that I have shown. For example, I know that the washer/dryer don't have to be in the home to be considered livable by FHA guidelines. I also know that it's okay if there are water marks on the ceiling but not okay if there's an active leak. Broken windows are not okay. It's okay if the flooring is not in the best shape and walls need to be painted. There are many bank-owned properties that do qualify for FHA without any lender-required upgrades. Mold is a huge issue that would have to be remediated by the bank before the house could close.

Just to be clear - any of the "not okay" items would still work as long as they were corrected prior to closing. The appraiser would come out again to make sure they were corrected.

And yes - new foreclosures are still occurring and coming on the market - expected to continue for at least a year if not longer.

I would be going FHA for the loan, so Im guessing that the home would need to be move in ready, or are there certain things the house DOESNT need in order to move into. (Appliances)

Will there be a release of new homes to the market? Are there still homes in the foreclosure process that could come on the market?

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

Hi Bryan - I think what you're seeing in the market is accurate. Plus, the bidding wars make the competition fierce and drive up the prices. Manassas and Manassas Park still have some great deals in your price range. Woodbridge does as well but I'm not as familiar. Sterling also comes to mind - there are some nicer areas of Sterling. Actually, there are two level townhomes in Herndon in this price range as well. You would have to drive by and research the neighborhoods to determine your comfortability levels.

Brayn,

At that price point, you can find bank-owned or short-sale town homes in Prince William County (Manassas, Woodbridge) as well as a few in Loudoun County (Sterling and Leesburg area). But they will all need some TLC/work because they're bank-owned or short-sales.

Note: The condition of the property is important due to the type of loan you're going with (FHA, VA or conventional) and each type of loan's requirements for the condition of the property. I don't know what type of financing you're going with, but that's something you should discuss with your loan officer as well as your Buyer's Agent.

I've recently worked with and am currently working with buyers in your same shoes so I'm very familiar with the types of properties available in/near that price point and where you can find them. If you would like to chat more, shoot me an email or call me at your convenience.

Danilo
703.582.6900 (cell)
danilo.bogdanovic@gmail.com
http://LoudounScene.com
http://LoudounForeclosures.com

get per qualified, then go to my web site and set up a search for the house you can afford in the area you wish to live and save it, so when a property meets your wish list or needs list you will be notified and I will be glad to show it to you. If you need a loan office please contact BO Lee 703-777-2900 she is with Prospeerity/ Wells Fargo Mortage., you will find here very helpfull.

It depends on where you'd like to live. If you're looking in Loudoun County, condos would definitely have to be included in your home search. In the Prince William County area, you are going to run into competing offer situations. For the PW market, your best bet would be to search for townhomes that are priced in the $130ish range so that you'll have room to compete. If you don't mind living in Fauquier County, there are some deals there. You can purchase a single family in the Catlett/Bealeton areas with a small amount of acreage in the $150ish range.