Year of the Short Sale
Foreclosures, Manassas Real Estate
Here’s wishing everyone a prosperous 2008. 2007 was yet another volatile year for Northern Virginia real estate. Foreclosures and pre-foreclosure inventory has soared and continues to rise. I anticipate additional foreclosure activity as adjustable rate mortgages reset in record numbers.
Western Prince William County experienced record growth in 2005 and 2006, many of these homeowners purchased these homes with adjustable rate mortgage products. As these mortgages adjust and reset, many homeowners are finding themselves unable to afford the increased payment. They may be unable to sell through normal channels due to the decline in market values. Pre-foreclosure options may include loan refinancing, loan renegotiation, or short sale possibilities.
As an investor, there's great opportunity to find value and help families avoid foreclosure through the short sale process. If you're interested in more information regarding short sale opportunities, or you'd like to keep an eye on the changing values in the neighborhood, let me know. I’ll be happy to forward current market data to you. If you have questions regarding what a short sale is, how they may help you, or anything else about this market - post away!
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