Profile picture for wangjs

What is the prognosis for home values in Prince William County Va. in 2010/11?

We live in Prince William County Virginia and have been watching the steady decline in the Zestimate over the past several months.  We are also aware of the high number of forclosures in this county. Is there any reason to be optimistic in the coming year or so? We are getting the house ready to put on the market but also need to get decent equity out of the home so we can relocate to a new home better suited to our needs during retirement.
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December 26 2009 - Woodbridge
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Profile picture for Jmarkus79
Hello,

I also follow the market closely and just purchased a single family in the Dale City area.  I purchased a forecloser in Nov 09 at $250K and the estimates are now rising to the $265-$270K range.  I honestly believe we have reached the bottom and it's now back on the rise.   Looking at houses now I couldn't buy anything close to what I have now for the same price so that's a good sign for you.   WIll it reach the $410K it sold for in 2006 anytime soon...prob not.   Also, to whoever wrote about
"running for the hills and PWC being a bad area" that is all a matter of opinion.  I personally love it here in Woodbridge and it's been great for me an my family. 
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February 19 2010
Profile picture for andynicks
I live in Lake Ridge, VA and follow the real estate market very close.  I feel we've seen the bottom of the crash and have already seen home prices rebound sharply.  I purchased my townhouse for slightly less than $100k a little over a year ago as a foreclosure.  6 of the 9 homes in my row were foreclosed on around the same time and all went for less than $120k.  There are only a couple left in my neighborhood with the most recent foreclosure having been listed at $165k, to cite a specific example.  I am an investor and gutted and remodeled my home.  My realtor who has been in PWC for the past 30 years believes I will sell quickly at $175k with $200k not being out of the question.  This is just an example for you and I do not intend to comment on other areas of PWC... just Lake Ridge.  I see a lot of negative comments about the real estate market here, which has been absolutely horrible the past few years (my townhome was purchased by the previous owner in 2005 for over $300k) but they are beginning to come back.
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January 11 2010

First off the Zestimate takes into account all homes around your home for data. They are not what FAIR MARKET VALUE IS.

Zestimate is a range, however depending on the condition of your home, where your home is, the lot it is on and the condition of your neighborhood all help us predict a Fair Market Value.

I recently [content removed by moderator] sharing with folks Realtors need homes to sell. Inventory is low, demand is high, buyers are motivated to get a home Under Contract by April 30th, 2009 in order to secure the $8000 tax credit.

Imagine being able to choose the offer that best fits your situation.
Imagine being able to negotiate .
Imagine being able to settle on your current home, and rent it back from the buyers for up to 60 days to give you time to find your new home.
Imagine a door to door move.
Imagine a stress free transaction
All of this is possible with a good Realtor. 

Yes, values have come down, if you don't have to sell right now and your loan is not resetting, love the home your in and let the dust settle. However if you are a homeowner who purchased before 2004 who did not use the house like an ATM will find that this spring is a very good time to sell and in your words "run for the hills."

Let me know if you need help or have questions. I'm only a phone call away. [content removed by moderator]

Peggy James

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January 09 2010
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No reason to be optimistic at all about PWC. Not good demographics, lots of REO's and stacked loans. Sell it and run for the hills. 
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December 26 2009

Wangjs,

No one can predict for certain what the future holds - being an incurable optimist, I like to think that everything will work out for the best in the long run, hopefully.

However, do NOT expect the prices to go up too much any time soon - certainly not to the 2004-2006 price levels. 

If you plan to purchase your next home in Prince William County, the declining market should NOT matter so much - simply because you will sell your current home at a lower price, but you'll also purchase your next home at a lower price.

Let me know if you'd like to know the current market value of your home.

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December 26 2009
 
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