The Department of Defense National Relocation Program provides assistance to DoD employees (both military and civilian) who are transferred and need housing assistance on either end. A variety of Program both ones that have existed for years and new programs to address the recent housing market shift, provide help to those who qualify.
When looking at the home you want to purchase or even when making upgrades to your current property, keep in mind possible safety hazards that may affect you or others that live in or visit the home.
Open stairs like the ones picture from a tract home built in the 1980s were a popular way to make dark stairwells feel more light and open. However, I have heard from many sources about how they they can be even more dangerous than regular stairs for small children. Step-down room are another feature that although dramatic may be a hazard for children and anyone with mobility issues.
What’s my point? As glitzy and cool as some home features are, you need to step back and evaluate them based on objective criteria. This is especially true if the needs of you or a family member require specific accommodations.
Below are Market Statistics for May 2009. Click Here to see stats from last month. If you would like more detailed information or analysis and how it relates to your specific real estate needs, please feel free to contact me.
Regional Snapshot
Prince William County, Manassas City, and Manassas Park City
| 2009 | 2008 | % Change | |
| Total Sold Dollar Volume: | $198,361,135 | $226,166,579 | -12.29% |
| Average Sold Price: | $226,698 | $273,148 | -17.01% |
| Median Sold Price: | $190,000 | $244,400 | -22.26% |
| Total Units Sold: | 875 | 828 | 5.68% |
| Average Days on Market: | 78 | 127 | -38.58% |
| Average List Price for Solds: | $242,551 | $309,223 | -21.56% |
| Avg Sale Price as a percentage of Avg List Price: | 93.46% | 88.33% | |
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | |||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | |||
Local Snapshots
Woodbridge, VA 22192
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $25,300,445 | $25,043,032 | 1.03% | |
| Average Sold Price: | $223,898 | $305,403 | -26.69% | |
| Median Sold Price: | $178,750 | $259,750 | -31.18% | |
| Total Units Sold: | 113 | 82 | 37.80% | |
| Average Days on Market: | 59 | 131 | -54.96% | |
| Average List Price for Solds: | $238,024 | $335,773 | -29.11% | |
| Avg Sale Price as a | 94.07% | 90.96% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Woodbridge, VA 22193
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $30,637,404 | $39,949,225 | -23.31% | |
| Average Sold Price: | $181,286 | $256,085 | -29.21% | |
| Median Sold Price: | $160,000 | $221,000 | -27.60% | |
| Total Units Sold: | 169 | 156 | 8.33% | |
| Average Days on Market: | 71 | 139 | -48.92% | |
| Average List Price for Solds: | $192,848 | $290,376 | -33.59% | |
| Avg Sale Price as a | 94.00% | 88.19% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Woodbridge, VA 22191
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $24,909,227 | $26,703,850 | -6.72% | |
| Average Sold Price: | $200,881 | $251,923 | -20.26% | |
| Median Sold Price: | $167,452 | $213,950 | -21.73% | |
| Total Units Sold: | 124 | 106 | 16.98% | |
| Average Days on Market: | 80 | 117 | -31.62% | |
| Average List Price for Solds: | $217,959 | $293,099 | -25.64% | |
| Avg Sale Price as a | 92.16% | 85.95% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Dumfries, VA 22025
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $10,695,800 | $9,611,842 | 11.28% | |
| Average Sold Price: | $267,395 | $282,701 | -5.41% | |
| Median Sold Price: | $282,500 | $271,250 | 4.15% | |
| Total Units Sold: | 40 | 34 | 17.65% | |
| Average Days on Market: | 63 | 138 | -54.35% | |
| Average List Price for Solds: | $276,469 | $318,326 | -13.15% | |
| Avg Sale Price as a | 96.72% | 88.81% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Dumfries, VA 22026
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $4,325,411 | $5,827,871 | -25.78% | |
| Average Sold Price: | $205,972 | $253,386 | -18.71% | |
| Median Sold Price: | $230,000 | $289,900 | -20.66% | |
| Total Units Sold: | 21 | 23 | -8.70% | |
| Average Days on Market: | 86 | 196 | -56.12% | |
| Average List Price for Solds: | $223,618 | $312,919 | -28.54% | |
| Avg Sale Price as a | 92.11% | 80.97% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Triangle, VA 22172
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $2,825,650 | $2,530,319 | 11.67% | |
| Average Sold Price: | $217,358 | $361,474 | -39.87% | |
| Median Sold Price: | $146,850 | $405,000 | -63.74% | |
| Total Units Sold: | 13 | 7 | 85.71% | |
| Average Days on Market: | 115 | 100 | 15.00% | |
| Average List Price for Solds: | $229,042 | $379,646 | -39.67% | |
| Avg Sale Price as a | 94.90% | 95.21% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Manassas, VA 20112
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $12,969,710 | $9,880,889 | 31.26% | |
| Average Sold Price: | $370,563 | $380,034 | -2.49% | |
| Median Sold Price: | $332,000 | $332,500 | -0.15% | |
| Total Units Sold: | 35 | 26 | 34.62% | |
| Average Days on Market: | 73 | 154 | -52.60% | |
| Average List Price for Solds: | $404,993 | $445,487 | -9.09% | |
| Avg Sale Price as a | 91.50% | 85.31% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Manassas, VA 20111
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $13,516,941 | $13,727,110 | -1.53% | |
| Average Sold Price: | $187,735 | $211,186 | -11.10% | |
| Median Sold Price: | $147,451 | $187,000 | -21.15% | |
| Total Units Sold: | 72 | 65 | 10.77% | |
| Average Days on Market: | 85 | 124 | -31.45% | |
| Average List Price for Solds: | $196,703 | $233,306 | -15.69% | |
| Avg Sale Price as a | 95.44% | 90.52% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Manassas, VA 20110
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $17,020,215 | $15,617,120 | 8.98% | |
| Average Sold Price: | $171,921 | $197,685 | -13.03% | |
| Median Sold Price: | $155,000 | $180,000 | -13.89% | |
| Total Units Sold: | 99 | 79 | 25.32% | |
| Average Days on Market: | 85 | 112 | -24.11% | |
| Average List Price for Solds: | $184,876 | $229,349 | -19.39% | |
| Avg Sale Price as a | 92.99% | 86.19% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
Manassas, VA 20109
| 2009 | 2008 | % Change | ||
| Total Sold Dollar Volume: | $8,429,699 | $14,588,285 | -42.22% | |
| Average Sold Price: | $153,267 | $169,631 | -9.65% | |
| Median Sold Price: | $145,000 | $160,000 | -9.38% | |
| Total Units Sold: | 55 | 86 | -36.05% | |
| Average Days on Market: | 96 | 122 | -21.31% | |
| Average List Price for Solds: | $170,072 | $200,659 | -15.24% | |
| Avg Sale Price as a | 90.12% | 84.54% | ||
| percentage of Avg List Price: | ||||
| Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data | ||||
| Copyright 2009 - Information deemed reliable, but is not guaranteed. | ||||
For First-Time Buyers in Virginia that qualify, VHDA is now offering a a new program that allows you to secure a second loan to pay for your FHA down payment and some of your closing costs. The second loan is interest-free for the first 12 months (you just pay principal which on a loan of that size should be minimal). You then have the choice to use your up to $8000 first-time buyer tax credit to pay of the balance of the loan or use the credit for other purposes and continue to pay off the loan over the 29 remaining years with an interest rate equal to your first trust.
Complete details and guidelines for the First-Time Homebuyer Tax Credit Plus Program offered by VHDA
This is definitely a WIN WIN for first time buyers who either don’t have the down payment money on hand or those who have saved up the money and want to leverage it along with their tax credit. If you have any further questions or would like to explore acquiring your first time using this new program, please feel free to contact me.
As you consider the possibility of selling your home in Eastern Prince William County, it may be hard to see what makes the home most marketable in today’s market especially if you have lived in it for a long period of home. I have found asking yourself the following question really helps in this area:
What about about your current home attracted you to purchase it in the first place?
Chances are there is a buyer out there in a situation similar to what you were in and would appreciate similar things in their prospective new home.
As a real-life example, here are some of the things that attracted me to my current home when I purchased it about 4 years ago and features I feel would be an asset when and if I sell (More details regarding assessing a home’s features):
Even with socioeconomic trend changes over time, your home and/or its location have core features that will be attractive to a potential buyer.
Over the past month of working in the Eastern Prince William County real estate market, I have noticed some changes that have been continuing and I wanted to bring them out in the open now. In many local areas, including Lake Ridge and Dale City, the market (except for the upper end $500k+) has become a balanced market and in some instances slightly a seller’s market. Some recent observations:
So is it the right time to buy or sell? That is still a personal decision but recent market signs point away from the gloom and doom being broadcasted by the national media.
The June edition of "Matt's Real Estate Corner" newsletter is now available. Click here to view.
If you would like to receive my monthly newsletter directly via email please feel free to email me or text me (either directly using my Office phone number or using the widget on this page) your name and email address. I will be more than happy to add your to the list.
The next two week should be a very interesting time for the landscape of new car sales. The Recently announced list of Chrysler Corporation dealer closings is already in motion with the bulk of closing occurring here in the next two weeks.
An article by CBS and other sources report dealers discounting cars by up 40% off sticker as a result of the forced inventory liquidation.
From the quick research I’ve done it looks like discounts range anywhere from nothing (Challenger) to 20-40% (Grand Caravan, Durango, Ram, Nitro, Caliber, and other models). Time will tell if these deep discounts and Chrysler bankruptcy ultimate affect vehicle values down the road but as they say sometimes a deal “is just too good to pass up”.
After a false start, details of the new program that allows homeowners to use the first time homebuyer tax credit at closing have finally been released here. Below are the major points:
The program can only be used or FHA-insured loans. VA, conventional, and other programs are not included.
The credit cannot be used towards the required 3.5% down payment. Closing costs, mortgage discount/origination point(s), and other closing costs can be covered by the credit.
So while you cannot get your home of no money out of pocket, you can use the credit to “buy down” your mortgage interest rate and/or possibly negotiate a lower price on your home by minimizing the amount of money you would have to ask for from the seller for closing cost assistance.
As most people know, the condition of the flooring your home is one of the biggest items that factor into a buyer’s perceived value of the property. Carpet remains one of the more economical choices and is usually more suitable in some rooms and situations (such as rooms where people may lay directly on the floor).
Depending on the grade/quality of carpet, you can get a lifespan of anywhere from just 1-2 years to decades of normal wear and tear. Some factors can reduce the lifespan of carpeting including the amount of traffic the carpeting receives and pets being present.
So when should you replace your carpeting rather than have it cleaned?:
When choosing flooring in general, remember to think about long term trends as choosing a fad (such as a certain color carpeting) could be an issue down the road if decorating tastes change.
